PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Harris Professional Pavilion, a 17,636-square-foot retail/office center in Pasadena, a southeastern suburb of Houston. Justin Miller, Harris Brooks and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based investor, in the transaction. Tommy Lovell III and Richard Robson, also of Marcus & Millichap, procured the buyer, which acquired the property via a 1031 exchange. Other terms of sale were not disclosed.
FORT WORTH, TEXAS — MedEquities Realty Trust Inc. (NYSE: MRT) has signed a 15-year lease with Creative Solutions in Healthcare, a Fort Worth-based operator of skilled nursing and assisted living facilities. Beginning in 2019, Creative Solutions will assume operations of all 10 MedEquities facilities currently leased to an affiliate of OnPointe. Creative Solutions currently operates 55 skilled nursing and assisted living facilities in Texas.
COPPELL, TEXAS — Tempest Telecom Solutions LLC, a provider of equipment and repair services for the telecommunications industry, has signed an industrial lease in metro Dallas. The company will occupy 52,366 square feet at Coppell Business Center II. Eric Crutchfield of Stream Realty Partners represented Tempest in the lease negotiations. Lincoln Property Co. represented the landlord internally.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided a $105.8 million HUD loan for 16 skilled nursing facilities located throughout Texas. The financing was used to fund the acquisition of 12 properties and to refinance four other properties. The portfolio totals 1,924 beds. Grant Saunders and Peter Trazzera of KeyBank originated the loan on behalf of the borrower, a joint venture between Capital Senior Ventures and BlueMountain Capital Management.
PLANO, TEXAS — Northland Properties Corp., a Canadian firm that owns hotel chains, restaurants and sports teams, has opened Sandman Signature Plano-Frisco, a 233-room hotel located on the northern outskirts of Dallas. The property is situated near Dr. Pepper Arena, home of the Dallas Stars hockey team, as well as The Star, the Dallas Cowboys’ headquarters in Frisco. The hotel’s amenities include a pool, fitness center and multiple onsite bars and restaurants.
CEDAR PARK, TEXAS — AQUILA Commercial will develop Cross Creek Landing, a 63,297-square-foot office project that will be located in the northern Austin metro of Cedar Park. The three-story building will be situated near The Grove mixed-use development and will offer onsite showers and a 5:1 parking ratio. Austin-based Runa Workshop is designing the project, which is slated for an early 2020 delivery. AQUILA will also handle leasing of Cross Creek Landing.
OKLAHOMA CITY — CBRE has arranged the $11 million sale of a 75,115-square-foot retail property leased to Floor & Décor in Oklahoma City. The newly built, freestanding building is located within the newest phase of Westgate Marketplace at the crossing of Interstate 40 and South MacArthur Boulevard. Local real estate firm Zerby Interests sold the property to Phoenix-based VEREIT Acquisitions LLC. Jason Little and Justin Brannon of CBRE brokered the transaction.
SAN ANTONIO — Chicago-based Pearlmark Real Estate Partners has originated a $4.5 million mezzanine loan for McAllister Plaza, a 190,511-square-foot office building in San Antonio. The proceeds will be used to finance tenant improvements and leasing commissions. The 12-story property is located near San Antonio International Airport and the Loop 410/Highway 281 interchange. The borrower was not disclosed.
Twenty-five years ago, the Plano-Frisco-McKinney area was replete with open fields, cows and dirt roads. Today, the intersection of State Highway 121 and the Dallas North Tollway is central to Dallas-Fort Worth’s (DFW) development activity. Every red light within a three-mile radius of that intersection has cars stacked 10 deep. The entire area is a metropolitan buzz of noise and activity. The key to understanding how real estate markets — not just retail —in these cities changed so dramatically in less than 20 years lies in geography. The (DFW) metroplex consists of about 9,286 square miles, which is roughly double the size of the Los Angeles metro area, not to mention bigger than the combined size of Rhode Island and Connecticut. The sheer mass of land in DFW and diverse city development policies ensure population densities and characters vary tremendously from one submarket to another. Consequently, retail real estate in the metroplex exists and thrives in pockets. Given the benefit of the expanded infrastructure that the Plano-Frisco-McKinney area has enjoyed over the last two decades, it comes as little surprise that the region would eventually be a magnet for rooftops — and associated retail activity. Basic Numbers CoStar Group identifies …
DALLAS — Hines has broken ground on The Victor, a 39-story residential tower that will be located within the Victory Park mixed-use development in Dallas. According to culturemap.com, the project carries a price tag of $150 million. The for-rent property will consist of 344 units featuring 10-foot ceilings, private balconies and floor-to-ceiling windows. Amenities will include a resort-style pool, a fitness center, coworking and conference spaces, social lounges with complimentary beverage and coffee bars, a pet spa, bike shop and 9,500 square feet of street-level retail space. Munoz + Albin designed the building, which is slated for a second-quarter 2021 completion. Preleasing will begin in fall 2020.