ARLINGTON, TEXAS — General Motors (GM) and NorthPoint Development have broken ground on Arlington Automotive Logistics Center, a two-building, 1.2 million-square-foot industrial property in Arlington that will support GM’s nearby manufacturing plant. The project is expected to be complete in 2018 and create an additional 850 jobs. Bob Moore Construction has been named general contractor for the center, which will house about 1,250 employees and provide warehouse services.
DALLAS — Newmark Knight Frank (NKF) has negotiated the sale-leaseback transaction of a 476,341-square-foot, Class A industrial property in the Dallas area. Valued at more than $21 million, the property is located near both Interstate 35E and 20 and features 38,760 square feet of office space, 16 dock doors and a sprinkler system. Corey Chase of NKF represented the buyer, Chicago-based Brennan Investment Group, in the transaction.
DALLAS — Stream Realty Partners has brokered the sale of a 218,409-square-foot warehouse in Dallas. Located at 10848 Luna Road, the property features 28-foot clear heights, eight drive-in doors, a fenced yard and rail service. Ryan Boozer of Stream represented the buyer, Ryan Street Developers LLC in the transaction. Avison Young represented the undisclosed seller.
HOUSTON — Pioneer Realty Capital has closed a $3.2 million loan for the acquisition of USA Wheel & Tire Outlet, a 48,000-square-foot flex property located at 6628 Gulf Freeway in Houston. Pioneer Realty Capital arranged the loan on behalf of Aslam Property Inc., which will use the space for warehousing purposes. The transaction marks the third collaboration between Aslam and Pioneer Realty Capital within the last year.
HOUSTON — Whitestone REIT has landed an $80 million loan for the acquisition of BLVD Place, a 216,692-square-foot mixed-use asset located at 1700 Post Oak Blvd. in the Galleria area of Houston. Anchored by Whole Foods Market, the property was 99 percent occupied at the time of loan closing to tenants such as Frost Bank, Verizon Wireless and True Food. Matt Kafka and Kelly Layne of HFF arranged the 10-year, fixed-rate loan. Whitestone acquired the property for approximately $158 million from a partnership between San Francisco-based asset management firm Bailiard Inc. and local developer Wulfe & Co.
CYPRESS, TEXAS — KeyBank Real Estate Capital has provided a $33.2 million first mortgage loan for North Haven Apartments, a 310-unit multifamily community located at 17802 Mound Road in Cypress. Trevor Ritter of KeyBank arranged the 10-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower.
IRVING, TEXAS — Publicly traded oil and gas firm Pioneer Natural Resources will relocate its headquarters to the 51-acre, $1.5 billion Hidden Ridge development in Irving. KDC developed the 10-story office property at 777 Hidden Ridge that will serve as Pioneer’s new office space. Chicago-based Mesirow Financial purchased the property from Verizon in August 2016 in a sale-leaseback deal for approximately $344 million.
HOUSTON — Hunington Properties Inc. has brokered the sale of Shops at Cinco Rancho West, a 26,721-square-foot retail center located on the SEC Cinco Ranch Boulevard at FM 1463 in Houston. Rafael Melara of Hunington represented the seller, a local investor and procured the buyer, a Massachusetts-based family trust. Both parties requested confidentiality.
HOUSTON — Hunt Mortgage Group has provided a $11.6 million Fannie Mae loan for the refinancing of Northland Woods Apartments, a 280-unit, garden-style multifamily community located at 15165 Vickery Drive in Houston. Built in 2005, the 21-building property features two pools, a business center, on-site laundry facilities and a fitness center.
DALLAS — De La Vega Development will develop OVERstreet at SEVENTYfive, a 1.4 million-square-foot mixed-use project situated at the corner of North Central Expressway and Haskell Avenue in Dallas. The four-building project will deliver 767,000 square feet of office space, a 150-room hotel, 59,500 square feet of retail and restaurant space and a 462,000-square-foot residential tower. The project will also include three parking garages totaling 2,770 spaces. De La Vega purchased the 10-acre tract on which the project will be developed, according to The Dallas Morning News.
