ARLINGTON, TEXAS — Eastern Union Funding, a New York-based mortgage brokerage firm, has arranged a $1.5 million loan for the refinancing of the Quality Inn at Arlington Highlands, a 128-room hotel located near AT&T Stadium in Arlington. Peter Blass of Eastern Union arranged the loan through Southwest National Bank on behalf of the borrower, RMG Hospitality. A portion of the funds will be used for renovating the property.
HOUSTON — Stream Realty Partners and development partner AMD Global LLC will develop Memorial Medical Pavilion, a 101,744-square-foot, Class A medical office complex near the Texas Medical Center in Houston. In early June, joint venture between Stream, AMD and Diamond Realty Investments Inc., an affiliate of Mitsubishi Corp., purchased the two-acre site on which the complex will be developed. Construction is scheduled to begin in December with occupancy slated for the first quarter of 2019.
BURLESON, TEXAS — Abby Development has broken ground on Auberge of Burleson, a 250-unit, Class A multifamily community located near the intersection of State Highway 174 and FM 731 in the southern Fort Worth metro of Burleson. The property, which features a 24-hour fitness center, resident coffee bar and a dog park, will be part of the 95-acre Arabella of Burleson master-planned development.
LUBBOCK, TEXAS — Coldwell Banker Commercial Capital Advisors has arranged the sale of South Plains Plaza Shopping Center, a 108,326-square-foot retail property located at 6703 Slide Road in Lubbock. The center is currently leased to tenants such as Michaels, Office Max, Mattress Firm and Wing Stop. Eric Eberhardt and Alex Eberhardt of Coldwell Banker represented the buyer in the transaction. Other terms of sale were not released.
ALLEN, TEXAS — Massachusetts-based tech firm NETSCOUT Systems Inc. will relocate its research and development office to One Bethany at Watters Creek in the Dallas metro of Allen. The company will lease a 145,000-square-foot building from Kaizen Development Partners that will house more than 500 employees. The Class A property will feature an outdoor courtyard, fitness center, cafeteria and parking garage exclusively for employees. The relocation is scheduled for summer of 2018.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of La Quinta Inn & Suites Beaumont West, a 65-room hotel located at 5820 Walden Road in Beaumont. Skyler Cooper, Lisa Hankamer, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company. The asset had a list price of $6 million. Other terms of sale were not disclosed.
SEATTLE — Online retail giant Amazon (NASDAQ: AMZN) has agreed to acquire high-end grocery chain Whole Foods Market Inc. (NASDAQ: WFM) for $13.7 billion. The all-cash transaction amounts to $42 per share and includes the Austin, Texas-based grocer’s net debt. Whole Foods Market will continue to operate stores under the Whole Foods Market brand. John Mackey will remain CEO of Whole Foods Market, and the company’s headquarters will remain in Austin. “This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” says Mackey. Completion of the transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017. “It seems that Amazon, after all, is one of brick and mortar’s biggest believers — and for good reason. The grocery sector has been in major growth for some time now, and Amazon’s entry into the space will be a game changer,” says Rafael Romero, vice president on the retail team at Coral Gables, Florida-based CREC, an independent real estate firm. “It will be interesting to see how other high-end and organic …
Much like the overall U.S. economy, the Dallas-Fort Worth (DFW) office market is statistically trending upward and will experience continued growth in 2017 as indicated by first quarter numbers. Overall, the marketplace is experiencing sustained growth thanks to small- to medium-sized businesses expanding at a rapid rate, investors selectively chasing higher yields and market cores shifting to suburban areas. According to Stream’s first quarter 2017 data, the market experienced cautious growth in the latter half of 2016, with stagnations that are common during election years. Yet the report indicates 2017’s outlook is very promising. With 75 percent of the metro’s office markets posting a decrease in vacancy, we have much to look forward to over the remainder of the year. Only submarkets with heavy volumes of speculative office construction have not seen as much in the way of decreasing vacancies. Kicking off with a bang, the Dallas office market saw leasing activity ramp up dramatically to begin 2017. With quarter one in the books, we can project continued job growth, a robust local economy and heavy deal activity. Noteworthy Dallas Developments Similar to 2016, buildings that primarily focus on improving parking availability and walkable retail options will have the best …
MCALLEN, TEXAS — Acre Construction will build a 46,000-square-foot shopping center along the Expressway 83 frontage west of McColl Road in McAllen. Branded Premier Plaza Retail Center, the project’s first phase of construction, which is set to break ground in July, will deliver 25,000 square feet and Phase II will deliver 21,000 square feet. Completion dates are slated for late 2017 and early 2018, respectively. The property will also feature Class A medical space on the second floor.
LAS COLINAS, TEXAS — Irving-based developer and builder JPI has broken ground on Jefferson Eastshore, a 286-unit, Class A multifamily community overlooking Lake Carolyn in the Dallas metro of Las Colinas. Located within walking distance of the Irving Convention Center DART station, the property will feature a resort-style pool, fitness center and a yoga studio. Leasing is scheduled to begin in fall of 2018.
