DALLAS — Claudia Crow has been named director of marketing and brand strategy for TCN Worldwide’s international real estate services organization. Crow brings nearly two decades of commercial real estate and marketing experience to her position, including 14 years with TCN Worldwide in the roles of marketing and public relations from 2000 through 2014. She was most recently the managing director of commercial services for a real estate brokerage firm in Dallas. Crow has an MBA from the University of North Texas.
HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinancing of two garden-style apartment complexes in Houston. Mullin placed a 10-year loan exceeding $24.5 million for a 650-unit asset in southwest Houston. The agency loan was a refinance that provided cash-out proceeds to the borrower and featured a fixed 4.1 percent interest rate and five years of interest-only payments. The borrower will use the excess proceeds to return capital, make ongoing improvements to the property and fund future acquisitions. The second transaction for Mullin pertained to a 250-unit property in Houston’s Brookhollow submarket. The acquisition financing included a 10-year term, five-year interest-only period, fixed 3.9 percent interest rate and leverage exceeding 73 percent of the purchase price. The borrower plans to complete a capital improvement plan, the funds for which will be provided by the lender.
HOUSTON — Allied Orion Group has been selected to manage Tree Tops at Post Oak, a 112-unit apartment community located in Houston’s Galleria area. Located inside the 610 Loop at 4510 Briar Hollow Place, the three-story apartment community includes 13 floor plans with one- and two-bedroom options. Owned by Nimes Capital, Tree Tops at Post Oak Apartments features ceramic tile floors, ceiling fans, nine- and 10-foot ceilings, crown molding, walk-in closets and balconies/patios. Residents have access to amenities including a business center with high-speed internet, 24-hour fitness center, pool, outdoor gas grills, covered parking and laundry centers on every floor.
DALLAS — Salman Tabani of Tabani Realty has arranged the sale of the Best Western Plus Hotel and Conference Center in Dallas. The newly renovated, 160-room hotel is located at the intersection of Highway 635 and Highway 75. The property was sold to an out-of-state private investor. Tabani Realty is a commercial brokerage firm based in Addison, Texas that specializes in hospitality, retail, land, multifamily, office and investment property sales.
HOUSTON — On behalf of Griffin Partners, JLL has secured the sale of Nassau Bay Town Square, a 100 percent occupied, 50,253-square-foot retail development in Houston. An undisclosed buyer purchased the Class A asset for an undisclosed price. JLL also secured $12.9 million in acquisition financing, with Wells Fargo providing the securitized loan. George Cushing and Wendy Vandeventer led the JLL team on the sale. Jimmy Board and Paul House led the firm’s financing efforts. Located directly across from NASA’s Johnson Space Center, Nassau Bay Town Square is part of a 660,000-square-foot mixed-use development that includes office, multifamily and hotel assets. Tenants of Nassau Bay Town Center include Jimmy Johns, Five Guys, Berkeley Eye Center and Texas Citizens Bank.
HOUSTON — NAI Partners has brokered the purchase of a 15,000-square-foot warehouse facility on two acres within Hardy Industrial Center located at 21430 Spring Bridge Drive in Houston. Michael Keegan of NAI Partners represented the buyer, Spring Bridge Properties LP, during the negotiations. Richard Quarles and Mark Nicholas of JLL represented the seller, Vigavi Realty LP.
LA FERIA, TEXAS — Marcus & Millichap has arranged the sale of La Feria Post Office, a 4,980-square-foot net leased property located in La Feria. Foster Best, Stephen Berchelmann and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Michael Shall of the firm’s Portland office secured and represented the buyer, a limited liability company. La Feria Post Office is located at 123 W. First St. The property is situated on one acre and includes a concrete parking area. A 10-year primary lease term is in place with over four years remaining on the first of two renewal options. The property is located within the city’s central business district and two blocks from La Feria City Hall.
FRISCO, TEXAS — Seattle-based Nordstrom Inc. plans to open a Nordstrom Rack at The Centre at Preston Ridge in Frisco. The 33,000-square-foot store is scheduled to open in fall 2017. Brixmor Property Group owns the retail center. Nordstrom Rack will join Saks Off 5th, T.J. Maxx, Target, DSW, Ross Dress for Less, Ulta Beauty, Old Navy and Best Buy. The Centre at Preston Ridge is located at the corner of Gaylord Parkway and Preston Road, just northwest of the Dallas North Tollway and Sam Rayburn Tollway intersection. This will be the sixth Nordstrom Rack in the Dallas area. The company also operates four Nordstrom stores: Stonebriar Centre, NorthPark Center, Galleria Dallas and North East Mall. Nordstrom Rack is the off-price retail division of Nordstrom, offering apparel, accessories and shoes at a savings of 30 to 70 percent compared with regular prices.
AUSTIN, TEXAS — Centric Commercial/CORFAC International has represented Daryl Flood Logistics in the lease of 104,146 square feet within Vista Industrial Park at 15833 Long Vista Drive in north Austin. Daryl Flood Logistics leased an entire building from Global Logistics Properties (GLP), which owns numerous buildings in the park. The 2.5 million-square-foot industrial park is located near I-35 and Grand Avenue Parkway. Russell Todd and Andrew Swanson of Centric Commercial/CORFAC International, along with Bob Berry of Avison Young, represented Daryl Flood Logistics in the long- term lease. Daryl Flood Logistics is headquartered in Coppell and maintains service and distribution facilities in Austin, Houston, El Paso, Lubbock and Grand Prairie. The company provides retail, e-commerce, home and technology-oriented logistics, shipping and fulfillment services.
MCALLEN, TEXAS — Hilton Worldwide has opened the Embassy Suites by Hilton McAllen Convention Center, the brand’s first hotel in south Texas. The property features Design Option III, which emphasizes space efficiency. The hotel is located three miles from McAllen Miller International Airport and near several manufacturing facilities in Mexico. The hotel includes 12,000 square feet of event space for conferences, weddings and holiday parties. The main ballroom may accommodate as many as 600 guests and can also be divided into five smaller spaces.