FRISCO, TEXAS — Developer Sam Moon Group is topping off the Hyatt Regency Stonebriar, an 18-story hotel in Frisco. Located near Dr. Pepper Ballpark, the 303-room hotel is attached to the Stonebriar Centre Mall and features a 54,585-square-foot conference center. Brasfield & Gorrie is the general contractor and HKS Inc. is the architect. Completion is slated for late spring 2020.
SAN ANTONIO — Worth & Associates has broken ground on two commercial properties totaling 220,000 square feet in San Antonio. RidgeWood Plaza II will be a 123,000-square-foot office building that will be situated on 15 acres, and TSAOG’s Ridgewood Orthopaedic Center will be a 97,000-square-foot medical facility. Both projects, which are situated within RidgeWood Park, are slated for a summer 2020 completion. The site also features two restaurant pad sites fronting U.S. Highway 281.
FORT WORTH, TEXAS — Wilks Heritage Group LLC has sold three industrial buildings totaling 72,476 square feet within IH-20 West Business Park in Fort Worth. The buyer was a partnership between Fort Worth-based Corinth Land Co. and Prattco Creekway Industrial (PCI). Investors Royalty Inc., a subsidiary of Corinth, provided equity for the transaction and Simmons Bank originated acquisition financing. The partnership now owns more than 500,000 square feet of industrial space in North Texas.
GRAND PRAIRIE, TEXAS — Cherryman Industries, a manufacturer and distributor of office furniture, has signed an 189,200-square-foot industrial lease at Grand Lakes 4053 in Grand Prairie, located roughly midway between Dallas and Fort Worth. Duke Realty owns the front-load building, which features 32-foot clear heights, a 185-foot truck court, 112 automobile parking spaces and 44 trailer parking spaces. Krista Raymond and Dave Anderson of CBRE represented Cherryman Industries in the lease negotiations. Randy Wood represented Duke Realty on an internal basis.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $29 million first mortgage loan for the acquisition of a 250-unit apartment community in Plano. The property is located within half a mile of U.S. Highway 75 and offers a pool, fitness center, outdoor grilling area, business center, tennis court, media room and an indoor basketball court. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Atlanta-based NitNeil Partners will develop an 877-unit self-storage facility at 2021 Airport Blvd in Austin. The four-story, 100,000-square-foot facility will be developed within a Qualified Opportunity Zone on the city’s east side. The opening is currently scheduled for March 2020.
MESQUITE, TEXAS — Urban Air Adventure Park, an entertainment concept that centers on trampolines, will open a 30,706-square-foot venue in Mesquite, an eastern suburb of Dallas. The venue will be located within a freestanding building at 3777 Childress Ave. that was previously occupied by sporting goods retailer Gander Mountain, which filed for bankruptcy in 2017. David Zoller and Derek Schuster of Weitzman represented the landlord in the lease negotiations. Mike Stern and Josh Flores of EDGE Realty Partners represented Urban Air, which plans to open the venue late this summer.
HOUSTON — Austin-based Retail Solutions has brokered the sale of a 28,000-square-foot warehouse located at 2121 Gulf Central Drive on Houston’s southeastern side. According to LoopNet Inc., the property was built in 1999. Jeff Fralick and Jim Thompson of Retail Solutions represented the buyer in the sale, and Ed Frantz of CBRE represented the seller. Both parties requested anonymity.
SAN ANTONIO — Mission Capital Advisors, a financial intermediary with five offices across the country, has arranged the sale of a 484,369-square-foot industrial portfolio in San Antonio. Four properties located on the northwest side of the city comprise the portfolio, which was 88 percent occupied at the time of sale. Will Sledge and Kyle Kaminski of Mission Capital represented the seller, a CMBS special servicer, in the transaction. Alex Draganiuk and Lexington Henn of Mission Capital arranged acquisition financing on behalf of the buyer, Los Angeles-based Entrada Partners.
PASADENA, TEXAS — New York City-based Ready Capital (NYC: RS) has provided a $38.9 million loan for the acquisition, renovation and stabilization of a 504-unit apartment community located in the eastern Houston suburb of Pasadena. The nonrecourse loan, some proceeds of which will be used to implement a capital improvement program, carried a 36-month term with two extension options and a floating interest rate. The borrower was not disclosed.
