DALLAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged an $8 million loan for the acquisition and redevelopment of a 50,675-square-foot former school campus in Dallas. The sponsor, Fort Worth-based investors/developers M2G Ventures and Todd Davenport, will convert the property into a mixed-use asset with office and retail space. Duke Dennis of MCA placed the loan through an undisclosed lender. Dennis also arranged $4.3 million in joint venture equity for the project.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Havenwood Apartments, a 316-unit community in Fort Worth. The property was built in 1985 and features one- and two-bedroom units averaging approximately 850 square feet, as well as two pools, a tennis and racquetball court and outdoor courtyard space. Al Silva of Marcus & Millichap represented the seller, a Florida-based investment firm, in the transaction. Silva also secured the buyer, a Dallas-based private investment firm that will implement a value-add program to the unit interiors, building exteriors and common area amenities.
AUSTIN, TEXAS — A partnership between Los Angeles-based CIM Group and Austin-based Aspen Heights Partners has completed construction of The Independent, a 58-story residential tower in downtown Austin that is known locally as the “Jenga” building. Rising 685 feet and encompassing 363 condominium units, The Independent is the tallest tower in Austin. The building is situated on 1.7 acres at the corner of West Third Street and West Avenue overlooking Shoal Creek. The Independent houses one-, two-, three- and four-bedroom units, as well as penthouses, and all residences feature 10-foot ceilings and private patios or balconies. Amenities include a pool, fitness center, resident clubhouse, a spa, theater, business center, dog park and a children’s play area.
WALLER, TEXAS — NRG Manufacturing, a division of AFGlobal Corp., will open a 238,900-square-foot campus within Waller Industrial Park, located on the northwestern outskirts of Houston. NRG has partnered with Houston- and Dallas-based developer Archway Properties to renovate an existing 144,500-square-foot warehouse and office facility and to build a 94,400-square-foot manufacturing and testing center. The latter is under construction and is expected to be complete in November. Don Dennis and Ben Allen of Archway’s advisory division represented the landlord, GeoSouthern Intermediate Holdings, in the lease negotiations.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $20.7 million for a pair of multifamily assets in Houston. In the first transaction, Jamie Safier of LMI Capital placed a $13.7 million loan for a 240-unit property in southeast Houston. The loan carried a 4.27 percent interest rate and five years of interest-only payments. In the second deal, Safier arranged a $7 million loan for a 105-unit community in east Houston. That loan was structured with a 4.63 percent interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.
NORTH RICHLAND HILLS, TEXAS — Weitzman has negotiated the sale of a 94,218-square-foot facility in the northern Fort Worth suburb of North Richland Hills. The property formerly served as an indoor gun range and retail operation for Total Shooting Sports. The buyer, e-commerce firm Weby Corp., will occupy the building as its new hub of operations. Derek Schuster and David Zoller of Weitzman represented the seller, an undisclosed limited liability company, in the transaction. Jim Hazard of ESRP represented Weby Corp., which has sold an array of products on Amazon since 2011 and has several physical stores in the metroplex. The company plans to reopen the gun range at some point to combine it with retail operations.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of Redline Storage, a 145-unit self-storage facility located in the northern Houston suburb of Spring. The property spans 28,248 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a limited liability company based in the area. Redline Storage was close to full occupancy at the time of sale.
DALLAS, FORT WORTH AND GRAND PRAIRIE, TEXAS — Locally based private equity investment firm MoxieBridge has acquired a 168,600-square-foot industrial portfolio in the Dallas-Fort Worth (DFW) metroplex. The portfolio, which was fully leased at the time of sale, spans seven buildings in Dallas, Fort Worth and Grand Prairie that were built between 2006 and 2009. Combined, the properties offer 560 trailer parking spaces and 34 tenant suites. With this acquisition, MoxieBridge now owns more than 1.3 million square feet of commercial and residential space in Dallas and Houston.
DALLAS AND ARLINGTON, TEXAS— Denver-based investment and management firm Baceline Investments has purchased two retail centers totaling 109,145 square feet in Dallas and Arlington. The properties include Cooper Street Marketplace, a 75,974-square-foot, multi-tenant shopping center in Arlington; and Tarrant Parkway, a 33,171-square-foot property in Dallas. The assets were acquired in conjunction with a 71,602-square-foot center in Indianapolis. The seller was not disclosed. Baceline now owns more than 2 million square feet of retail space across 15 states, a portfolio that has an occupancy rate of 91 percent.
HOUSTON — WeWork will open a 56,000-square-foot coworking space at 609 Main at Texas, a 1 million-square-foot office tower in downtown Houston that was developed by Hines. Members will have access to the building’s café and 7,000-square-foot fitness center. Michael Anderson and Damon Thames of Colvill Office Properties represented Hines in the lease negotiations. Mark O’Donnell of Savills Commercial Real Estate represented WeWork, which now has four locations in Houston. The opening is slated for late 2019.