Texas

BRES, Advalurem Receive $60.5M Loan for Refinancing of Apartment Community in Metro Dallas

by Taylor Williams October 6, 2020

LEWISVILLE, TEXAS — A joint venture between real estate services firm BRES and New York-based investment firm Advalurem Group has received a $60.5 million Freddie Mac loan for the refinancing of Bella Madera, a 612-unit apartment community in the northern Dallas suburb of Lewisville. Bella Madera features one- and two-bedroom units and amenities such as a pool, fitness center, two dog parks, a volleyball court and a tanning studio. The Class A property was 97 percent occupied at the time of the loan closing. The loan was structured with a 10-year term and a sub-3 percent fixed interest rate. The lender was not disclosed.

October 6, 2020

Acquisitions Retail Texas

Coldwell Banker Arranges Sale of Former Sears Store at Valle Vista Mall in Rio Grande Valley

by Taylor Williams October 6, 2020

HARLINGEN, TEXAS — Coldwell Banker Commercial has arranged the sale of the former Sears department store at the Valle Vista Mall, a 739,000-square-foot retail property located in the Rio Grande Valley city of Harlingen. Sears, which had been one of the mall’s anchor tenants without owning the space since its construction in 1984, vacated the 90,000-square-foot space in 2018 as part of a larger series of store closures. New York-based Valle Vista Mall Holdings LLC sold the asset to ZE Valle Vista Realty LLC for an undisclosed price. The new ownership will redevelop the space but did not release specific plans.

October 6, 2020

Acquisitions Healthcare Texas

Ridgeline, Harrison Street Acquire 70,000 SF Medical Office Building in Irving

by Taylor Williams October 6, 2020

IRVING, TEXAS — A joint venture between Ridgeline Capital Partners and Harrison Street has acquired a 70,000-square-foot medical office building located at 6121 N. State Highway 161 in Irving. The property was built on 4.1 acres in 2019 and was 82 percent leased to five tenants at the time of sale. The undisclosed seller represented itself in the transaction.

October 6, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 23,380 SF River Oaks Shopping Center Near Fort Worth

by Taylor Williams October 6, 2020

RIVER OAKS, TEXAS — Marcus & Millichap has brokered the sale of River Oaks Shopping Center, a 23,380-square-foot retail property located on the western outskirts of Fort Worth in River Oaks. Dollar Tree and grocer La Michoacana anchor the center, which was fully leased at the time of sale. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller, a developer, in the transaction. The duo also procured the buyer, a private investor.

October 6, 2020

Acquisitions Restaurant Retail Texas

Local Investment Firm Purchases Restaurant Occupied by Maria’s Taco Xpress in Austin

by Taylor Williams October 6, 2020

AUSTIN, TEXAS — An undisclosed, locally based investment firm has purchased a 1,922-square-foot retail property in the South Lamar neighborhood of Austin that is occupied by Maria’s Taco Xpress. Brad Bailey and Adam Rabin of CBRE brokered the deal on behalf of Maria Corbalan, the owner of the restaurant, which has been open since 1997. Weitzman is working with the new ownership to re-tenant the building.

October 6, 2020

Arizona Loans Multifamily Oklahoma Western

Gantry Arranges $86.5M in Financing for Seven-Property Multifamily Portfolio in Arizona, Oklahoma

by Amy Works October 5, 2020

TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.

October 5, 2020

Industrial Leasing Activity Texas

AmerCareRoyal to Open 400,000 SF Distribution Center in North Fort Worth

by Taylor Williams October 5, 2020

FORT WORTH, TEXAS — AmerCareRoyal, a Pennsylvania-based provider of disposable foodservice and healthcare products, will open a 400,000-square-foot distribution center in Fort Worth. AmerCareRoyal expects to take occupancy of the space, which is located within Speedway Logistics Crossing on the city’s north side, before the end of the year. Indianapolis-based Scannell Properties owns the development.

October 5, 2020

Acquisitions Multifamily Texas

CEG Multifamily Buys 216-Unit Apartment Community in Bryan, Texas

by Taylor Williams October 5, 2020

BRYAN, TEXAS — San Diego-based investment firm CEG Multifamily has purchased Springs at University Drive, an apartment community located in the Central Texas city of Bryan. According to apartments.com, the property totals 216 units and offers amenities such as a pool and a fitness center. Springs at University Drive was built in 2017 on 13 acres and is located less than five miles from Texas A&M University. Will Balthrope, Jennifer Campbell, Tommy Lovell III, Richard Robson and Will Griffin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Continental Properties, and the buyer in the transaction.

October 5, 2020

Loans Multifamily Texas

Associated Bank Provides $23.6M Loan for Refinancing of New Dallas Multifamily Community

by Taylor Williams October 5, 2020

DALLAS — Associated Bank has provided a $23.6 million loan for the refinancing of The Collection, a 90-unit multifamily community located in the Lower Greenville area of Dallas. The property consists of six buildings housing 90 townhomes with an average unit size of 1,642 square feet. Ted Notz of Associated Bank originated the financing on behalf of the borrower, AHC Funds. Construction of The Collection began in 2017 and was completed earlier this year.

October 5, 2020

Acquisitions Industrial Office Texas

Newcor Brokers Sale of 21,261 SF Office, Warehouse Building in Houston

by Taylor Williams October 5, 2020

HOUSTON — Newcor Commercial Real Estate has brokered the sale of a 21,261-square-foot office and warehouse building located at 3367 N. Sam Houston Parkway W. in Houston. The property is situated on 1.3 acres and offers two conference rooms, executive offices, a gym and two kitchen areas. David Alexander of Newcor represented the seller, NOCNIR LLC, in the transaction. Josh Morrow of Avison Young represented the buyer, DLAC Ventures LLC.

October 5, 2020

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