SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Texoma Square, a 14,823-square-foot retail center located in the North Texas city of Sherman. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. The buyer was a Texas-based investor that acquired the property via a 1031 exchange. Additional terms of sale were not disclosed.
HOUSTON AND STAFFORD, TEXAS — Blue Stone Premier Properties LLC, which has offices in Houston and Charlotte, has purchased six apartment communities in Houston and one in the southwestern suburb of Stafford. The properties total 2,239 units and were between 84.5 and 94 percent occupied at the time of sale. All seven communities will receive value-add upgrades and will be rebranded. Prime Finance provided debt for the acquisition that was placed by Meridian Capital Group. The seller and sales price were not disclosed.
BENBROOK, TEXAS — Olympus Property, a locally based multifamily investment firm, has acquired Victorian Quarters at Team Ranch, a 248-unit community located in the Fort Worth suburb of Benbrook. The property, which was built in 2005, will be rebranded as Olympus Team Ranch. Communal amenities at the property include a pool, sundeck, outdoor grilling area with a TV and a dog park. Olympus plans to invest approximately $2 million in upgrades to unit interiors, including countertops, lighting and flooring. The seller was not disclosed.
SOUTHLAKE, TEXAS — RREAF Holdings LLC has broken ground on Phase I of a 16-acre mixed-use project in Southlake, a northern suburb of Fort Worth. A 239-room hotel will anchor the property, which could ultimately feature as much as 240,000 square feet of office, retail and restaurant space. Completion of the hotel is scheduled for fall 2020. The project team includes general contractor Hill & Wilkinson, architect Merriman Anderson Architects, civil engineer Cole Engineering, mortgage banker Staghorn Capital Partners and construction lenders Bancorp South and Mosaic Real Estate Investors.
COLLEGE STATION, TEXAS — Frisco, Texas-based Brian Schiff & Associates will develop The Langford Retirement Community, a seniors housing property in College Station. Methodist Retirement Communities will operate the property, which will comprise 72 independent living units, 24 assisted living residences and 18 memory support units. Spellman Brady & Co. handled the interior design of the property. A construction timeline for The Langford was not released.
LAKEWAY, TEXAS — NAI Partners has brokered the sale of a 7,119-square-foot office building located at 308 S. Meadowlark St. in Lakeway, a western suburb of Austin. Patrick Hill of NAI Partners represented the buyer in the transaction and negotiated a lease for the building’s new tenant, Claim Consultant Group, which will relocate its headquarters to the property later this year. Scott Studzinski and Grant McConnell of Elevate Growth Partners represented the seller.
AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., and Principal Real Estate Investors have broken ground on the final phase of Crestview Commons in Austin, a project that will add 226 residential units to the state capital’s supply. Phase IV of Crestview Commons, which is located in the city’s North Central submarket, will feature one-, two- and three-bedroom units ranging in size from 525 to 1,451 square feet. Amenities will include a pool, outdoor grilling areas, fitness center, entertainment kitchen, conference room, business center, rooftop club and package lockers. JHP Architecture designed the project, and Andres Construction is serving as general contractor. Amegy Bank provided construction financing. Leasing is scheduled to begin in March 2020.
WILMER, TEXAS — Illinois-based CenterPoint Properties will expand Ace Hardware’s industrial facility in the southern Dallas suburb of Wilmer by 450,000 square feet, essentially doubling the property’s current footprint. CenterPoint expects to begin construction during the second quarter and wrap up about 12 months later. The project will bring about 250 construction jobs to Wilmer, and an additional 70 jobs will be created at the facility, which will serve 300 or so Ace Hardware locations throughout the region.
DALLAS — EastGroup Properties Inc. has acquired Logistics Center 6 and 7, two industrial properties totaling 142,000 square feet in Dallas. The buildings are located within a master-planned park on land owned by Dallas-Fort Worth (DFW) International Airport. EastGroup acquired the buildings in a value-add play for $13 million.
GAINESVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of River Valley Health and Rehabilitation Center, a 116-bed skilled nursing facility in Gainesville, located north of Fort Worth near the Texas-Oklahoma border. The property was built in 1971 and averaged an occupancy rate of approximately 50 percent in 2018. Matthew Alley of SLIB represented the seller, a regional owner-operator, in the transaction. The buyer, a Texas-based owner-operator, plans to renovate the asset to boost occupancy.