ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Pantego Auto Center, a 36,910-square-foot retail center in Arlington. The center was fully leased at the time of sale to a mix of tenants that serve the automobile industry. Bill Jordan and Steven McClendon of Marcus & Millichap represented the seller, a private investor, in the transaction. Dimitri Jordan, Justin Miller and Davis Hansen, also with Marcus & Millichap, secured the buyer, a 1031 exchange investor.
TEXARKANA, TEXAS — Loc Performance Products, a Michigan-based defense contractor, has signed a 12,000-square-foot industrial lease at TexAmericas Center’s campus in Texarkana. The facility will provide kitting, assembly and machining services to the defense industry. Loc is in the process of hiring new employees to work at the facility.
HOUSTON — General contractor Endurance Builders has completed renovations of One and Three Riverway, two office buildings totaling 880,000 square feet in Houston. Ziegler Cooper Architects handled the design of the renovation program, which delivered new amenities such as a coffee bar, tenant lounge, fitness center and conference centers. Additionally, law firm McKinney Taylor PC has signed a 10,000-square-foot lease at Three Riverway and will move in this summer, and Commonwealth Projects LLC relocated to a 10,616-square-foot space at One Riverway earlier this year. CBRE handles leasing of the buildings, and Unilev Management Corp. manages them.
AUSTIN, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for a 71-room hotel project in Austin. The hotel will be located at the intersection of Tech Ridge Boulevard and East Yager Lane and will be operated under InterContinental Hotels Group’s Avid brand. Mitt Patel and Daniel Hartnett of Greysteel arranged the loan, which carries a seven-year term, on behalf of the undisclosed borrower. Construction is underway and expected to be complete by the end of 2020.
HUMBLE, TEXAS — Plastic manufacturer Starplast USA LLC has signed a 56,195-square-foot industrial lease at 8575 Volta Drive in Humble, a northern suburb of Houston. According to LoopNet Inc., the property was built in 2016 and spans 168,400 square feet. John Hornbuckle of Cypressbrook Co. represented the landlord, Nuveen Real Estate, in the lease negotiations. Ryan Fuselier of JLL represented the tenant.
CORPUS CHRISTI, TEXAS — EDGE Realty Capital Markets has negotiated the sale of Padre Commons, a 19,851-square-foot retail center in Corpus Christi. Shadow-anchored by Lowe’s, the property houses tenants such as T-Mobile, Cicis Pizza, Leslie’s Pool Supplies, HoneyBaked Ham and Sportsclips. Micha van Marcke and Chace Henke of EDGE represented the seller in the transaction. Additional terms of sale were not disclosed.
HOUSTON — NAI Partners has secured a 5,106-square-foot office lease at 510 Bering Drive in west Houston for Partners Surgical LLC, which acquires, develops and manages acute surgery centers across the United States. According to LoopNet Inc., the property was built in 1984 and totals 100,840 square feet. Dan Boyles of NAI Partners represented the tenant in the lease negotiations. Richard Barbles of Stream Realty Partners represented the landlord.
PEARLAND, TEXAS — California-based Drever Capital Management has broken ground on Larkspur at Shadow Creek, a 257-unit multifamily community in the southwestern Houston suburb of Pearland that will be marketed to seniors age 55 and above. The property will be situated on 12 acres and consist of a 215-unit primary apartment building with 18,000 square feet of amenity space, as well as 42 private cottages. The first units are expected to be complete in the second half of 2020. Drever also recently completed Larkspur at Twin Creeks, a 243-unit age-restricted community in metro Dallas, and is planning another age-restricted project in New Braunfels, a suburb of San Antonio.
RICHARDSON, TEXAS — Chicago-based NXT Capital has provided a $54.7 million loan for the refinancing of a 312,000-square-foot office building in Richardson, a northeastern suburb of Dallas. The Class A property is situated near Central Expressway and President George Bush Turnpike and offers amenities such as a fitness center, deli, bocce ball court and shuttle service to a nearby DART station. Greg Young of Grandbridge Real Estate Capital placed the loan on behalf of the undisclosed borrower.
IRVING, TEXAS — Berkadia has provided a $48 million acquisition loan through Freddie Mac for The Brandt, a 504-unit multifamily community in Irving. The property offers a variety of one- and two-bedroom floor plans ranging from 632 square feet to 1,045 square feet. Amenities include three pools, a fitness center, a dog park and a clubhouse. Andy Hill and Tyler Nowlin of Berkadia arranged the financing on behalf of the borrower, Western Wealth Capital, which will implement a value-add program that will upgrade unit interiors. The adjustable-rate loan carried a seven-year term and three years of interest-only payments.