HUTCHINS, TEXAS — Marcus & Millichap has arranged the sale-leaseback of a 69,750-square-foot industrial asset in Hutchins, a southern suburb of Dallas. Adam Abushagur of Marcus & Millichap represented the seller/tenant, Bocks Board Packaging, which occupies the entirety of the space. Abushagur also procured the buyer, an undisclosed limited liability company. The property drew six offers within its first week on the market.
MARION, TEXAS — NAI Partners has brokered the sale of a 30,000-square-foot industrial property located at 11820 W. Interstate 10 in Marion, about 30 miles northeast of San Antonio. The sale includes an additional 20 acres. Joshua Swank and Brett Lum of NAI Partners represented the seller, His Majesty Saint Adams, a San Antonio-based investment firm, in the transaction. The buyer was not disclosed.
SAN ANTONIO — A partnership between two California-based firms, AHV Communities and Bristol Group Inc., is underway on Pradera, a project in San Antonio that will deliver single-family homes exclusively for rent. The gated community will be located near the Alamo Ranch development on the city’s west side and feature 250 three- or four-bedroom residences with private front and backyards. The project will also deliver an amenity center with a clubhouse, community kitchen, pool, fitness center, a dog park and walking trails. Preleasing will begin during the third quarter and move-ins are expected to commence during the fourth quarter.
AUSTIN, TEXAS — An affiliate of Dallas-based developer RightQuest has broken ground on The Flats at ShadowGlen, a 248-unit apartment community situated on 12 acres on Austin’s east side. The property will offer one-, two- and three-bedroom units with rents ranging from $991 to $1,700 per month. Amenities will include a clubhouse with a media center, business center, pool, fitness center and a dog park. The first units are expected to be available for occupancy by summer 2019. Austin-based Journeyman Construction LLC is serving as general contractor for the project. San Antonio-based Mason Joseph Co. Inc. secured construction financing.
AUSTIN, TEXAS — The U.S. Army has selected Austin as the site of its new Futures Command headquarters, a project that will bring about 500 new jobs to the state capital. The Army’s Futures Command division will occupy space owned by the University of Texas (UT) in downtown Austin, with a directive to assess new weapons technology and emerging threats. The Army expects the new headquarters to be fully operational by summer 2019.
FORT WORTH, TEXAS — Greysteel has arranged the sale of Midtown Crossing, a 208-unit apartment property in Fort Worth. Built in 1984, the property consists of one- and two-bedroom units averaging 829 square feet per unit. Amenities include a pool and outdoor picnic areas with grills. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
GARLAND, TEXAS — Maryland-based Berkeley Point Capital has provided a $20.5 bridge loan for Broadway Apartments, a 288-unit multifamily asset located in the northeastern Dallas metro of Garland. Built in 1982, the pet-friendly community offers one- and two-bedroom units, as well as two pools and a fitness center. Proceeds from the loan will fund renovations to the property’s common areas, landscaping and amenity spaces, as well as its unit interiors and exteriors. New York-based Bedrock Capital arranged the loan on behalf of the borrower, Exponential Property Group.
THE COLONY, TEXAS — Lanoha Development Co. is underway on Live Grandscape, a 345-unit luxury apartment tower within Grandscape, a 433-acre mixed-use development located in the northern Dallas metro of The Colony. The 419,000-square-foot tower, which will include studio, one- and two-bedroom apartments, broke ground earlier this year. Amenities will include multiple pools, outdoor amenity spaces with cabanas and lounges, multi-story exercise facilities, a dog park, theater and coworking office spaces. Move-ins are scheduled to begin in 2020. Lanoha is based in Omaha, Neb., same as Grandscape’s developer and anchor retailer, Berkshire Hathaway-owned Nebraska Furniture Mart.
SPRING, TEXAS — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston has broken ground on a 102,250-square-foot mixed-use property within the 60-acre CityPlace development in the northern Houston metro of Spring. The project will deliver a 52,250-square-foot building with approximately equal amounts of office and retail space, as well as a 50,000-square-foot, 10-screen Star Cinema Grill. Completion is slated for the first quarter of 2019.
RICHARDSON, TEXAS — Dallas-based Cantrell Co. & Partners has arranged the sale of Camelot Apartments, a 117-unit multifamily community in the northern Dallas metro of Richardson. The property was built in phases in 1966 and 1970 and includes two pools, a fitness center and a playground. Sam Pettigrew of Cantrell represented the Toronto-based seller, which recently invested $650,000 in capital improvements to the property, in the sale. Pettigrew also represented the buyer, JSNB Camelot LLC, which will continue to make upgrades. Camelot Apartments was 96 percent occupied at the time of sale and drew a dozen offers.