RICHARDSON, TEXAS — Younger Partners has brokered the sale of Creekview Corporate Center, a two-building, 251,332-square-foot office complex located in the northeastern Dallas metro of Richardson. Scot Farber and Tom Strohbehn of Younger Partners represented the buyer, Pennsylvania-based Exeter Property Group, in the transaction. The seller was locally based owner Beltway Commercial Real Estate.
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of Memorial Park Place, an 80,349-square-foot office building in Houston. The five-story building was built in 1984 and was 91 percent leased at the time of sale to 33 tenants. Michael Johnson and Kevin McConn of JLL arranged the 10-year, fixed-rate loan through TIAA Commercial Finance on behalf of the borrower, Gupta Partners.
AUSTIN, TEXAS — Buffalo-based Reger Holdings will develop EastVillage, a 425-acre mixed-use project that will be located along the Parmer Lane tech corridor in northeast Austin. Both the Austin American-Statesman and Community Impact Newspaper put the value of the project at approximately $1 billion. Current plans call for approximately 800,000 square feet of office space, 300,000 square feet of retail and restaurant space, three hotels totaling 390 rooms, 2,000 multifamily units, an active adult community and a 150-acre nature preserve. The centerpiece of the development will be a 1.5-acre village green for outdoor events and gatherings, while a network of trails will also connect the various uses. Nearby employers include Samsung, Dell, Amazon and The Home Depot Technology Center. A construction timeline was not released.
SUNNYVALE, TEXAS — Developers Brian Flaherty and Eric Langford, the duo behind the redevelopment of the former Raytheon industrial campus in the northeastern Dallas suburb of Garland, have broken ground on a 643,760-square-foot industrial project in nearby Sunnyvale. The development will consist of two cross-dock buildings with divisibility to 100,000 square feet and 36-foot clear heights that will be built on a speculative basis. Paladin Partners is leasing the project, which is expected to be complete this fall.
IRVING, TEXAS — A partnership between locally based investment firm Cawley Partners and private equity firm Balfour Pacific Capital has acquired Westpoint I, a 150,000-square-foot office building in Irving’s Las Colinas district. Located at 1255 Corporate Drive, the six-story building sits on 5.3 acres and was 91 percent leased at the time of sale. The new ownership plans to upgrade the building’s common areas and add a grab-and-go food service. Parker McCormack and Andrew Levy of JLL represented the seller, New York City-based Highbrook Investors, in the transaction.
HOUSTON — Locally based firm Boyd Commercial has brokered the sale of an 84,200-square-foot industrial building located at 5708 N. Shepherd Drive in North Houston. David Munson and David Boyd of Boyd Commercial represented the seller, the Estate of Frank D. Adams, in the transaction. John Ferruzzo and Nick Peterson of Transwestern represented the buyer, Geirin North Shepherd LLC.
NACOGDOCHES, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Woodland Trails, a 72-unit apartment complex located about 150 miles north of Houston in Nacogdoches. The property was built in 1985. Gold Star Capital purchased the asset from an entity doing business as Hermosa Land Investment III LLC for an undisclosed price. Evan Burke of TMG brokered the deal.
HOUSTON — Apparel and accessories retailer Francesca’s has received approval from the U.S. Bankruptcy Court for the District of Delaware to enter into a sale agreement with TerraMar Capital and Tiger Capital Group. Under the new ownership, the Houston-based retailer will keep about 275 stores, or roughly half its total count, open for business and retain its current management team, according to The Wall Street Journal. Under the terms of the agreement, known as a stalking horse asset purchase agreement, the buyers have agreed to purchase substantially all of the Francesca’s assets for approximately $17 million in cash. Francesca’s declared bankruptcy in December, prompting reports of a buyout offer from TerraMar Capital; the retailer subsequently entered into a letter of intent with the Los Angeles-based investment firm. According to investopedia.com, a stalking horse bid is an initial bid on the assets of a bankrupt company that sets a minimum price threshold for subsequent bids.
HALTOM CITY, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Hidden Lakes and Ranch at Fossil Creek, two multifamily properties totaling 586 units in Haltom City, a northern suburb of Fort Worth. Hidden Lakes totals 312 units that average 928 square feet and come in one-, two- and three-bedroom floor plans. The property was 94 percent occupied at the time of sale. Ranch at Fossil Creek was built in 2002 and features 274 units across 13 buildings on a 17.5-acre site. The community was 92 percent leased at the time of sale. Both properties offer amenities such as pools, fitness centers, business centers, clubhouses and sports courts. Jeremy Sain and Brooks Burgin of JLL arranged the financing through Global Atlantic Financial Group on behalf of the borrower, Exponential Property Group.
AUSTIN, TEXAS — Stratus Properties (NASDAQ: STRS) has sold The Saint Mary, a 240-unit apartment community in southwest Austin, for $60 million. The sales price equates to $250,000 per unit. The garden-style community features one- and two-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen with a wet bar and a pet park. Austin-based Stratus Properties broke ground on The Saint Mary in June 2018 and delivered the community in December 2019. The property was 85 percent occupied at the time of sale. Andy Hill of Berkadia secured a bridge loan through Ares Management LP on behalf of the undisclosed buyer.