PLANO, TEXAS — General Dynamics Mission Systems Inc., a Virginia-based defense contractor, will relocate from Richardson to a 104,000-square-foot office space located at 1000 Klein Road in Plano. The City of Plano provided an economic grant for the move, which is expected to bring an additional 280 jobs to Plano, according to the agenda from the Plano City Council’s most recent meeting. The deal calls for 250 of those jobs to be operational by the end of May.
HOUSTON — Williams, a Tulsa-based natural gas infrastructure operator, has renewed its 353,944-square-foot office lease at its namesake tower in Houston’s Galleria neighborhood. The company currently has about 700 employees in the 1.5 million-square-foot building, which was developed by Hines in the early 1980s. Ronnie Deyo and Beau Bellow of JLL represented Williams in the lease negotiations. Dave Hanusa, Bonnie Kelley-Dienna and Jason Presley of CBRE represented the landlord, Invesco Real Estate. Following this renewal, the tower is 92 percent leased.
AUSTIN, TEXAS — Ready Capital Structured Finance, a New York-based bridge and mezzanine lender, has closed an $11.9 million loan for the acquisition, renovation and stabilization of a 200-unit multifamily property in Austin’s Far North Central submarket. The non-recourse, floating-rate loan features a 24-month term with two extension options and a facility to provide for capital expenditures. The name of the property and the borrower were not disclosed.
DALLAS AND FORT WORTH, TEXAS — JLL has negotiated the sale of a portfolio of six self-storage properties totaling more than 3,300 units located throughout the Dallas-Fort Worth (DFW) area. The Class A facilities were all built between 2001 and 2017 and total approximately 430,000 square feet. Features of the properties include a varying percentage of climate-controlled units, 24-hour video surveillance and perimeter fencing. California-based self-storage REIT Public Storage purchased the portfolio from a joint venture between Advantage Storage and Harrison Street Real Estate Capital. Steve Mellon and Brian Somoza of JLL brokered the deal.
STAFFORD, TEXAS — HFF has arranged the sale of Stafford Commerce Center, a 68,300-square-foot, Class A distribution warehouse in the southwestern Houston metro of Stafford. Built in 2016, the property features 24-foot clear heights, a 130-foot truck court, 14 dock-high loading doors and 8,548 square feet of office space. The property was fully leased at the time of sale to Quest Design & Fabrication, which designs and produces sales and welcome centers for retail companies. Trent Agnew, Rusty Hamlyn and Charlie Strauss of HFF represented the seller, Houston-based Black Flag Properties, in the transaction. An affiliate of STAG Industrial Inc., a Boston-based REIT, acquired the property for an undisclosed price.
FARMERS BRANCH, TEXAS — Transwestern has secured a trio of office leases totaling 163,834 square feet at Two Colinas Crossing, a 181,072-square-foot, Class A office property in Farmers Branch. IBM leased 66,018 square feet; Home Point Financial leased 64,788 square feet and an undisclosed financial services firm leased 33,028 square feet. The property, which is now 98 percent occupied, was completed in 2000 and fronts a 110-acre lake with a 10-mile trail system. Duane Henley and Nathan Durham of Transwestern represented the landlord, an affiliate of New York-based REIT Lexington Realty Trust.
AUSTIN, TEXAS — Condor Hospitality Trust Inc., a Maryland-based, publicly traded hospitality REIT, has acquired a 122-room TownePlace Suites hotel located in the North Tech Ridge submarket of Austin. The purchase price of the Marriott-branded asset was approximately $19.7 million. Aimbridge Hospitality will continue to manage the pet-friendly property, which features 24-hour fitness and business centers and an outdoor pool with a fire pit.
SAN ANTONIO — Marcus & Millichap has brokered the sale of 12414 Nacogdoches Road, an 11,200-square-foot office property in northeast San Antonio. The two-story property consists of seven suites totaling 8,800 square feet of net rentable space. Joshua Murphy of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed limited liability companies.
AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Bay Area Mini Storage, a 635-unit self-storage facility located at 2301 Rodd Field Road in Corpus Christi. The property features 95,479 square feet of net rentable space and visibility from State Highway 357, and has undergone three expansions since its original construction in 2003. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor. Both parties requested anonymity.