FORT WORTH, TEXAS — Hunt Capital Partners has closed an $11.9 million in LIHTC equity financing for the construction of The Vineyard on Lancaster, a 104-unit apartment project in Fort Worth. The property, which is expected to be complete by late 2019, will include commercial space for a medical clinic. The sponsor was Union Gospel Mission of Tarrant County, a Christian nonprofit organization.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Park Vista Retail, a 16,760-square-foot retail asset in Fort Worth. Joe Santelli and Matthew Sheard of Marcus & Millichap represented the seller a private investor, in the transaction. The duo also procured the buyer, another private investor. Both parties requested anonymity.
SHERMAN, TEXAS — Cadence McShane Construction Co. has broken ground on a new, 527,000-square-foot high school for the city of Sherman, located north of Dallas near the Oklahoma border. The new campus will be divided into three main buildings with open-air courtyards connecting each wing. Additional components will include a 2,000-seat stadium, an 800-seat auditorium, a competition gym and several practice gyms, baseball and softball fields, an indoor practice facility and a standalone field house. The campus is expected to be complete in time for the 2020 school year.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of RiverVue Apartments, a 375-unit multifamily property in Fort Worth. Built in 2017, the community is located within the 63-acre Trinity River in Waterside mixed-use development and consists of studio, one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling area, cyber lounge and conference room, on-site storage units, a game room and nearby walking trails. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the buyer, St. Regis Properties, in the sale. Jake Roberts, also of IPA, arranged a 10-year, fixed-rate loan for the acquisition through an undisclosed life insurance company.
AUSTIN, TEXAS — 3M, the Minnesota-based manufacturer best known for office products like Post-It notes and Scotch tape, will close its 220,000-square-foot plant in north Austin by the end of 2019. The property will be marketed for sale once it closes. According to the Minneapolis Star Tribune, the closing will impact approximately 120 jobs, though laid-off employees can apply for positions at 3M in other locations.
FORT WORTH, TEXAS — Dematic, an Atlanta-based provider of technology and software for supply chain operators, will open a new, build-to-suit distribution center in Fort Worth. The center will be used to store, sequence and ship company equipment, modules and components. Colliers International provided site selection services, and TCRG Properties and Ironwood Realty Partners are developing the property. The opening is slated for the second quarter of 2019.
DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.
TULSA, OKLA. — Dallas-based R/D Investors has acquired Tulsa Hills, a 700,000-square-foot retail power center located at 7336 S. Olympia Ave. in Tulsa. Completed in 2011, the center houses tenants such as Lowe’s Home Improvement, Target, Dick’s Sporting Goods, Best Buy, Marshalls, PetSmart and Ulta Beauty. The seller was not disclosed, but Tulsa World reports that the sale price was $70 million.
DENTON, TEXAS — Fisher59, a distributor of alcoholic beverages serving Texas and Oklahoma, will open a $35 million distribution center and headquarters in Denton. Designed by HDA Architects, the 218,800-square-foot project will feature a cross-dock configuration for the warehouse component, as well as 22,000 square feet of office space. The office build-out will deliver executive and private offices, a sales training room, fitness center and a café. Completion is slated for fall 2019.
CARROLLTON, TEXAS — ML Realty Partners has purchased a 102,012-square-foot industrial building located within Valwood Industrial Park in Carrollton, a northern suburb of Dallas. The property offers access to Interstate 35 and State Highway 161. Greg Nelson of Paladin Partners represented the seller in the transaction and will retain leasing responsibilities for the property.