HOUSTON — Newmark Knight Frank (NKF) has negotiated a 107,571-square-foot industrial lease extension at 502 Garden Oaks Blvd. in Houston. Griffin Rich and Reggie Beavan III of NKF represented the tenant, Kulkoni Inc., a supplier of wire ropes, cables and chains, in the lease negotiations. Insite Realty Partners represented the landlord, Billingsley Pine Forest #19 Ltd.
CYPRESS, TEXAS — Cinemark Holdings will open an eight-screen CUT! by Cinemark movie theater in Cypress, a northwestern suburb of Houston. The theater will feature wall-to-wall screens, enhanced sound systems, a full-service food menu and bar and an outdoor patio with a fireplace and games. Washington Prime Group will develop the theater, with construction scheduled to begin in November and the opening slated for July 2020.
FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller
BAYTOWN, TEXAS — California-based apartment investment firm Passco Cos. has acquired Boterra Bay Apartments, a 384-unit multifamily community located in the eastern Houston suburb of Baytown. The Class A property will be rebranded Sapphire Bay Apartments. Floor plans consist of one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances and walk-in closets. Amenities include a pool with a tanning deck, a fitness center with yoga and spin studios, outdoor kitchen with grilling stations, dog park, business center and a resident clubhouse. Thomas Alleman and Brandon Miller of Newmark Knight Frank represented the seller, a joint venture between Houston-based The Boterra Group and Dallas-based Edison Capital Holdings, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing on behalf of Passco.
AUSTIN, TEXAS — Investment firm CIM Group has purchased Chase Tower, a 21-story, 390,000-square-foot office building located at 221 W. Sixth St. in downtown Austin. Built in 1974, the property spans a full city block and is surrounded by an abundance of restaurant, retail, entertainment and hotel options. Chase Tower is also located near hiking and biking trails fronting Lady Bird Lake. The seller was not disclosed.
SAN ANTONIO — Chicago-based NXT Capital has provided a $28.5 million loan for the refinancing of a 278-unit apartment community in San Antonio. The property is located within a master-planned community featuring over 10 million square feet of retail space and 5 million square feet of office space within a five-mile radius. Communal amenities of the multifamily property include a resort-style pool with a tanning ledge, cabanas with grilling stations, an outdoor fire pit, dog park, clubroom, cybercafé, 24-hour fitness center and an indoor/outdoor lounge. Jason Bond and Dan Kearns of JLL placed the loan with NXT Capital on behalf of the undisclosed borrower.
COLLEGE STATION, TEXAS — SVN International Corp. and Riverstone Commercial Real Estate have established a partnership that will create a full-service franchisor of the SVN brand known as SVN | Riverstone Commercial Real Estate. Jim Jones and Jess Buenger will lead the new company, which will be based in College Station. The firm will offer brokerage and advisory services to commercial real estate buyers, sellers, landlords and tenants across the Central Texas markets, as well as consultancy services on investments and development projects.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of a 24,464-square-foot industrial property located at 1304 Summit Ave. in Plano. The asset was built on 2.3 acres in 1981. Adam Abushagur of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were private investors.
DALLAS — Uber (NYSE: UBER) has signed a 450,000-square-foot lease within The Epic, a mixed-use development in Dallas. Uber will move to the second planned 23-story office building, which will total 470,000 square feet, when completed. Westdale Real Estate Investment and Management, the owner and developer of The Epic, plans to break ground in the fourth quarter of this year with delivery slated for the fourth quarter of 2022. In the meantime, Uber will occupy 168,000 square feet on the ninth to 15th floors of the existing Epic office tower beginning in July 2020. The company plans to move about 700 employees to Dallas in July, then more than 3,000 in 2022. Uber plans to begin tenant improvements and buildout in the new tower in the second quarter of 2022. This is the second massive lease signing recently for the transportation company. Earlier this week, Uber announced that it signed a 10-year, 463,000-square-foot lease in Chicago’s Old Post Office. The Epic is located on the eastside of downtown Dallas, adjacent to Deep Ellum. The new tower will complete The Epic, which currently comprises 251,000 square feet of office space, 55,000 square feet of retail and restaurant space, the 164-room Pittman …
DALLAS — JLL has arranged a $128.3 million construction loan for The Link at Uptown, a 25-story office tower that will be located in the Uptown area of Dallas. Located at 2601 Olive St., the property will total 300,000 square feet. De’On Collins of JLL arranged the five-year, floating-rate loan through Broad Street Real Estate Credit Partners III, an investment fund managed by the Merchant Banking Division of Goldman Sachs. The borrower was Kaizen Development Partners. The target completion date is fall 2021.