DALLAS — Maravilla Apartments LP has acquired Rush Creek Apartments, a 310-unit multifamily community in Dallas. Built in 1966, the property features one- and two-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the purchase through a partnership with Old Capital Lending on behalf of Maravilla. The loan carried a 12-year term and 30-year amortization schedule.
FARMERS BRANCH, TEXAS — The Retail Connection (TRC) has negotiated an 18,023-square-foot lease at 4141 LBJ Freeway in Farmers Branch, a northern suburb of Dallas. David Levinson and Kathleen Nash of TRC represented the undisclosed landlord in the lease negotiations. Jimmy Pham of Concept Commercial Realty represented the tenant, Elite Gymnastics.
DALLAS — California-based Thorofare Capital has provided a $36 million loan for the refinancing of Heritage Square I & II, an office complex totaling 368,214 square feet in Dallas. The Class A property is located at the corner of Interstate 635 and the North Dallas Tollway. Proceeds will be used to repay a maturing loan and fund tenant improvements, leasing commissions and other capital expenditures. The loan was provided to the borrower, Brookwood Heritage Square LLC, an entity sponsored by Brookwood Financial Partners LLC, which acquired the asset in 2013.
GRAND PRAIRIE, TEXAS — The City of Grand Prairie, located just west of Dallas, has opened The Epic, a 125,000-square-foot fitness and entertainment center. Situated within EpicCentral, a 172-acre development that includes a water park and adult activity center, The Epic features fitness facilities, entertainment and event space, as well as multiple onsite dining options. Architecture firm HKS designed the facility. The grand opening was held Saturday, Nov. 17. The development team will also break ground in January on a 10-acre PlayGrand Adventures park, which will be also located within EpicCentral.
KEMP, TEXAS — Dougherty Mortgage LLC has closed a $12.6 million Fannie Mae acquisition loan for The Hamlins at Cedar Creek Lake, a 208-unit multifamily property in Kemp, about 50 miles southeast of Dallas. The community offers one- and two-bedroom units and amenities such as a resort-style pool, resident clubhouse, fitness center, business center and package handling service. The loan, which was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Hamlins LLC, featured a 12-year term and 30-year amortization schedule.
HOUSTON — CommonGrounds, a San Diego-based coworking concept, will open a 28,000-square-foot space at Greenway Plaza in Houston. The space will be integrated into The Hub, the center of the 11-building office campus. The space, which will be the company’s second in Texas and 12th overall, is slated to open in spring 2019.
ANGLETON, TEXAS — Lee & Associates has brokered the sale of a 20,954-square-foot office building located at 2309 W. Mulberry St. in Angleton, a city situated roughly 50 miles south of Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the seller in the transaction. Debbie Cowart of Coldwell Banker Commercial represented the buyer. Both parties requested anonymity.
DALLAS — Convexity Properties, a subsidiary of Chicago-based trading firm DRW, will develop The Crossing, an eight-acre mixed-use project in Dallas. The Crossing will be located near the Mockingbird Station mixed-use development in the Highland Park area. The project will feature 90,000 square feet of street-level retail and restaurant space, as well as 500,000 square feet of multifamily space, which according to The Dallas Morning News equates to 330 units. Part of the project entails improving an existing eight-story, 225,000-square-foot office building. A timeline for construction has not yet been established.
DALLAS — Lee & Associates has brokered the sale of a 29,900-square-foot industrial property located at 10930 Petal St. in northeast Dallas. According to LoopNet Inc., the single-tenant property was built in 2003. Brett Lewis, Taylor Stell and George Tanghongs of Lee & Associates represented the seller in the transaction. Scott Axelrod of Henry S. Miller represented the buyer. Both parties requested anonymity.
HOUSTON — EDGE Realty Capital Markets has negotiated the purchase of Harrisburg Retail Center, a 14,230-square-foot asset located at 7011 Harrisburg Blvd. in the East Downtown submarket of Houston. Turimex Internacional, one of the largest transportation companies in Mexico and the United States, anchors the property. Burdette Huffman and Josh Jacobs of EDGE Realty represented the undisclosed seller in the transaction. Mark Kalil of Mark Kalil & Associates represented the buyer.
