JASPER, TEXAS — Midwest Retail Properties (MRP) has acquired Jasper Plaza, a 13,520-square-foot retail center in Jasper, located north of Beaumont near the Texas-Louisiana border. The property is situated off Highway 190, next to Lowe’s Home Improvement store and directly in front of a Walmart Supercenter. MRP acquired the center as part of a portfolio of two other retail properties in Boaz, Ala., and Jacksonville, Texas. The seller was not disclosed.
ROCKWALL, TEXAS — Locally based developer SWBC is nearing completion of The Royalton at Rockwell Downes, a 295-unit multifamily project in the northeastern Dallas suburb of Rockwall. The project represents Phase I of a larger development that will ultimately add 590 new units to the local supply. The Royalton at Rockwall Downes will offer one-, two- and three-bedroom residences that are furnished with stainless steel appliances, hardwood-style floors and granite countertops. Amenities will include a pool, spa, an indoor/outdoor game room, fitness center with a spin studio and a dog wash saloon. SWBC expects to complete Phase I in March 2021 and to begin construction of Phase II shortly thereafter. Cross Architects designed the community, and G&A Consultants served as the civil engineer.
SAN ANTONIO — NorthMarq has provided a $24.6 million Fannie Mae acquisition loan for The Park on Wurzbach, a 264-unit multifamily asset in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, tile backsplashes and individual washers and dryers. Amenities include a pool and a fitness center with yoga and spin studios, as well as a clubhouse with a kitchen, billiards table and TVs. Faron Thompson, Ali Meek and Matthew Bronstein of NorthMarq originated the 10-year loan on behalf of the borrower, Houston-based Venterra Realty. Martin Bronstein, Ralph Howard and Bryan Tran, along with Scott LeMontagne, Moses Siller and Zar Haro of NorthMarq, negotiated the transaction on behalf of the seller, a partnership between BHW Capital and Gray Street Partners.
ARLINGTON, TEXAS — Dallas-based design/build firm ARCO/Murray has completed a North Arlington Self Storage, a 937-unit facility. Developed by Cogent Capital, the five-story property spans 100,665 gross square feet and includes an interior drive aisle, detached single-story units and a 900-square-foot sales office. Extra Space Storage will manage the property. ARCO/Murray provided complete design-build services including architectural, structural, MEP design, permitting and construction.
OKLAHOMA CITY — Dallas-based Elkhorn Capital Partners has acquired Quail Plaza Apartments, a 92-unit multifamily community in Oklahoma City. According to Apartments.com, the property features one- and two-bedroom units and amenities such as a pool, fitness center, playground, game room and bike storage area. The seller and sales price were not disclosed.
DALLAS — DXP Enterprises, a distributor of repair and maintenance products for several industries, has signed a 104,902-square-foot industrial lease renewal at Building A of Pinnacle Industrial Center in Dallas. Jason Moser of Stream Realty Partners represented the tenant in the lease negotiations. NAI Robert Lynn represented the landlord, Pinnacle A LLC.
PLANO, TEXAS — J.C. Penney has drafted and filed an asset purchase agreement (APA), effectively moving the Plano-based retailer one step closer to concluding negotiations for its acquisition by Brookfield Asset Management and Simon Property Group, a $1.75 billion deal that was announced in September. J.C. Penney CEO Jill Soltau described this filing as “another important milestone in our restructuring plan” that should help the company shed its Chapter 11 bankruptcy status in time for the holiday shopping season. A hearing to seek court approval for the transaction is expected to be scheduled for early November 2020. If court approval is received and other closing conditions in the APA are met, the sale of J.C. Penney’s retail and operating assets should close by December, company officials said.
DALLAS — Harwood International has unveiled plans for a new 360,000-square-foot office project that will be located in the company’s 19-block Harwood District in between Uptown and downtown Dallas. The 27-story building will feature a 17,000-square-foot rooftop terrace and sky garden, as well as a fitness center with locker rooms and multi-purpose flex space for conferences, catering or other curated events. The design and architecture firms behind Harwood No. 14 are Dallas-based HDF (architect of record), Dallas-based Corgan (associate architect) and Tokyo-based architect Kengo Kuma & Associates (design architect). Construction is scheduled to begin this winter.
PLANO, TEXAS — Cawley Partners has broken ground on The Parkwood, a 120,000-square-foot office project that will be located at 3930 N. Dallas Tollway in Plano. Designed by global architecture firm Gensler, the Class A building will serve as the headquarters for First United Mortgage, which will occupy more than 50 percent of the leasable space and open a First United Bank branch on the main floor. Other building features include spacious floor plates, a fitness center and a 4:1000 parking ratio. Ridgemont Construction is the general contractor for the project, which is expected to be complete in November 2021. Cawley Partners also recently announced plans to develop a 150,000-square-foot office project near Dallas Love Field Airport.
MCKINNEY, TEXAS — Locally based owner-operator Conti Organization has acquired Rustic of McKinney, a 260-unit apartment community located at 2700 N. Brook Drive on the northern outskirts of Dallas. Built in 1997, the garden-style property is situated on 13 acres and offers amenities such as a newly renovated clubhouse, pool, outdoor kitchen and dog park. Taylor Hill, Michael Ware, Jay Gunn, Tom Burns and Will Jarnagin of Berkadia brokered the deal, the seller of which was not disclosed.