DENTON, TEXAS — Illinois-based investment firm ML Realty Partners has acquired a 153,150-square-foot industrial building located at 2340 I-35 W. Service Road in the North Texas city of Denton. According to commercialcafé.com, the freestanding property was built on a 36.3-acre site in 2006. The seller and sales price were not disclosed. ML Realty Partners has tapped CBRE to lease the building.
COPPELL, TEXAS — Biotechnology firm Genera has signed a 260,819-square-foot industrial lease renewal and expansion at 600 Freeport Parkway in Coppell, located near Dallas-Fort Worth International Airport. Matt Hyman and Bryan Parker represented the landlord, Indianapolis-based Duke Realty, in the lease negotiations on an internal basis.
HOUSTON — Marcus & Millichap has brokered the sale of Studio 6 Houston, a 134-room hotel that is located on a three-acre site at 220 Bammel Westfield Road in North Houston. Gordon Allred and Tulsee Nathu of Marcus & Millichap represented the seller, Dallas-based Prosper Hospitality, in the transaction. The buyer, Salt Lake City-based investment firm MCRE, plans to convert the property into a residential community.
SAN ANTONIO — New York City-based Ready Capital has closed a $20.2 million loan for the acquisition, renovation and stabilization of an unnamed, 208-unit apartment complex in the Far West submarket of San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
ROCKWALL AND MCKINNEY, TEXAS — Locally based developer SWBC Real Estate has sold two apartment communities totaling 566 units in the Dallas area. The Royalton at Rockwall Downes is a 295-unit property located east of Dallas that SWBC built in 2021 and that offers one-bedroom, two-bedroom, and three-bedroom units with an average size of 1,006 square feet. Amenities include a resort-style pool and spa, fitness center and spin studio, dog grooming facility and a gaming center. Central Park at Craig Ranch is a 271-unit community located north of Dallas within the Craig Ranch master-planned development in McKinney that was completed by SWBC in 2019. This property offers the same types of floor plans and a similar amenity package as Royalton at Rockwall Downes. Affiliates of Lightbulb Capital Group, the family office of Los Angeles-based Jay Schuminsky, purchased both properties for undisclosed amounts. Will Balthrope, Drew Kile, Joey Tumminello, Michael Ware and Taylor Hill of Marcus & Millichap’s Institutional Property Advisors (IPA) brokered the deals on behalf of SWBC.
SOUTHLAKE, TEXAS — Granite Properties has broken ground on the second phase of Granite Place at Southlake Town Square, a project that will add 143,500 square feet of office space to the supply of Tarrant County. Designed by Corgan Associates, the five-story building will complement Granite Place I, which was completed in 2017 and is now fully leased. Granite Place II will feature a touchless path from the parking garage to the office, as well as touch-free entry doors and bathroom fixtures and clean air technology in the HVAC system. Additional amenities will include outdoor working and meeting space, a corporate living room, fitness center and grab-and-go food service. DPR Construction is the general contractor for the project, completion of which is slated for February 2023.
COPPELL, TEXAS —Dynamic Glass Products, a Wisconsin-based provider of glass products for the real estate and advertising industries, has signed a 116,980-square-foot industrial lease at 611 S. Royal Lane in Coppell, located near Dallas-Fort Worth International Airport. According to LoopNet Inc., the property was built in 2001 and totals 383,925 square feet. Matt Hyman and Bryan Parker represented the landlord, Indianapolis-based Duke Realty, in the lease negotiations on an internal basis. David Eseke and Clay Balch of Cushman & Wakefield represented Dynamic Glass.
MCALLEN, TEXAS — NAI Rio Grande Valley has brokered the sale of a 61,000-square-foot cold storage facility in McAllen, located near the Texas-Mexico border. The property features 17 climate-sensitive loading docks and 26,000 square feet of cold storage space, as well as dry storage and office space. Wonderful Citrus Packaging LLC sold the property to Green Light Go, a California-based provider of logistics services to the agriculture sector. The sales price was not disclosed. The property had been vacant for several years at the time of sale.
AUSTIN, TEXAS — iBorrow, a commercial bridge and direct lender, has provided a $13.9 million acquisition loan for an 86,910-square-foot office building located at 1200 E. Anderson Lane in North Austin. The three-story building sits on a 3.6-acre site and was fully leased at the time of the loan closing. The undisclosed borrower will use a portion of the proceeds to fund a capital improvement plan that is scheduled to be complete in October 2023.
DURANT, OKLA. — SG Blocks Inc. (NASDAQ: SGBX), a New York City-based developer of modular construction, has acquired 114 acres in Durant, located near the Texas-Oklahoma border, for the development of a $200 million industrial and multifamily project. Current plans call for 300 residential units in one-, two- and three-bedroom formats that range in size from 1,000 to 1,500 square feet, as well as 680,000 square feet of industrial space across eight 60,000-square-foot facilities. The Durant Industrial Authority sold the land. The groundbreaking is slated for the fourth quarter.