DALLAS AND ARLINGTON, TEXAS — Perimeter Healthcare, a behavioral healthcare company backed by Ridgemont Equity Partners, has acquired two 116-bed inpatient psychiatric hospitals located in the Dallas-Fort Worth (DFW) metroplex. The facilities will reopen in 2019 as Perimeter Behavioral Hospital of Dallas and Perimeter Behavioral Hospital of Arlington. This transaction marks Perimeter’s third acquisition in the past seven months. The seller was not disclosed.
GARLAND, TEXAS — Dallas-based Holt Lunsford Commercial has secured a 30,833-square-foot industrial lease renewal at 2450-2462 Merrit Drive in Garland, a northeastern suburb of Dallas. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Taurus Investment Holdings. Shirley Laymance of CBRE represented the tenant, Carrier Enterprise LLC.
DALLAS — Seritage Growth Properties (NYSE: SRG) has broken ground on Park Heritage, a mixed-use project located at the intersection of the LBJ Freeway and Preston Road in north Dallas that could ultimately span as much as 2 million square feet. Seritage is the master developer, and Dallas-based KDC currently plans to develop about 1.1 million square feet of Class A office space. Toll Brothers Apartment Living will construct the first phase of the project’s multifamily component, which calls for roughly 300 units. At full build-out, Park Heritage could span as much as 275,000 square feet of retail, restaurant and entertainment space, 660 to 800 multifamily units and up to 300 hotel rooms, as well as three acres of open space. Construction work will begin with the demolition of the former Sears building and automotive center, located at the site of the old Valley View mall, followed by investment in the surrounding infrastructure. Seritage was formed in 2015 to unlock the underlying real estate value of a portfolio acquired from Sears Holdings.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Fowler’s RV Park, a 217,800-square-foot manufactured housing community in Fort Worth. The property comprises 65 recreational vehicle sites, 10 apartments and four commercial units on five acres. The property, which was close to fully occupied at the time of sale, was acquired at a 10 percent cap rate and a price of approximately $22,900 per site. A local bank provided acquisition financing at a 70 percent loan-to-value ratio. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
HOUSTON — HFF has negotiated the sale of Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property is located near Beltway 8 at the intersection of Beechnut and Wilcrest streets, which have a combined traffic count of nearly 60,000 vehicles per day. Beechcrest Shopping Center was 100 percent leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller, South Florida-based Global Fund Investments LLC, in the transaction. Houston-based Wu Investments acquired the asset for an undisclosed price.
DALLAS — California-based CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Lakewest Rehabilitation & Skilled Care, a 118-bed skilled nursing facility located in Dallas. Next Gen P LLC is the operator of the property, which was acquired for roughly $10 million. Initial annual cash rent will be approximately $900,000. The seller was not disclosed.
AMARILLO, TEXAS — The Richland Cos., a privately held full-service real estate firm, has purchased Lone Star Heart Center, a 4,830-square-foot medical office building located in the West Texas city of Amarillo. The property, which was 100 percent leased at the time of sale to a single tenant, offers access to Interstate 40 as well as multiple medical facilities and a large selection of lodging options. The seller was not disclosed.
HOUSTON — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, has sold Archstone Toscano, a 474-unit multifamily community in Houston, for $98 million. The company announced the deal in its first-quarter earnings report. Built in 2013, the community offers one-, two- and three-bedroom units ranging in size from 642 to 1,745 square feet and offering stainless steel appliances, walk-in closets and individual washers and dryers. Amenities include a resort-style pool with a sundeck, fitness center, business center, outdoor grilling areas, access to hiking and jogging trails and a clubroom with a TV and coffee bar. The buyer was not disclosed.
CORSICANA, TEXAS — Karr Self-Storage, a division of Marcus & Millichap, has brokered the sale of Mini-West Storage, a 735-unit facility located in Corsicana, about 60 miles south of Dallas. Built in stages between 1986 and 2016, the property comprises 192 climate-controlled units and 543 non-climate-controlled, drive-up units totaling 81,050 net rentable square feet. Additional features include property-wide surveillance cameras, perimeter fencing and lighting and the capacity for future expansion. Brandon Karr and Danny Cunningham of Karr Self-Storage represented the seller, a private investor, and procured the buyer, a Colorado-based owner-operator. The sale included two adjacent parcels, one of which houses a self-service car wash. The sales price was not disclosed.
ROWLETT, TEXAS — Southeastern Business Intermediaries (SBI), an Atlanta-based self-storage brokerage firm, has negotiated the sale of Long Horn Self Storage, a 345-unit facility located in the eastern Dallas suburb of Rowlett. The sales price was approximately $3.5 million. SBI represented the buyer, a national self-storage investment and management firm, in the transaction. Craig Rice of CSD Realty Co. represented the undisclosed seller.