SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Imperial Oaks Shopping Center, a 10,501-square-foot retail property located at 2319 Rayford Road in Spring. The center, which is shadow-anchored by Kroger, currently houses tenants such as Verizon Wireless, Today’s Vision and Sports Clips. Burdette Hoffman of EDGE represented the seller, Rayford Retail Partners, in the transaction. Sumner Hollingsworth of Hollingsworth & Associates represented the undisclosed buyer.
LAREDO, TEXAS — Retail Solutions has secured a 25,000-square-foot lease at Laredo Town Center, a retail center located at 5511 Bob Bullock Expressway. Chris Flesner of Retail Solutions and Jim Weir of The Retail Connection represented the landlord in the transaction Jim Tapp of The Tapp Co. represented the tenant, Ross Dress for Less.
SAN ANTONIO — Port San Antonio has broken ground on Phase I of Project Tech, a $20 million project that will deliver a 90,000-square-foot facility that will be leased to various cybersecurity firms. The property, which is scheduled for 2018 completion, will anchor a larger office development that could span as much as 500,000 square feet across 17 acres. Suites in the building will start at 2,500 square feet per suite.
PLANO, TEXAS — Aircraft manufacturing firm Boeing will establish the headquarters of its newly formed global services division at Legacy West, a 250-acre, mixed-use development located at 5905 Legacy Drive in the Dallas-Fort Worth metro of Plano. The division, which will be operational in July, will serve as the central hub for more than 20,000 employees worldwide.
WACO, TEXAS — Dougherty Mortgage LLC, a Minnesota-based mortgage broker, has arranged an $11.1 million Fannie Mae loan for the acquisition of Blair’s Cove Apartments, a 256-unit multifamily property in Waco. The loan, which was arranged on behalf of Upper Level Acquisitions II LLC, features a 10-year term, 30-year amortization schedule and one year of interest-only payments. The property is located at 2425 S. 21st St., approximately two miles from Baylor University.
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate, a Dallas-based brokerage and management firm, has negotiated the sale of Northridge Business Center, a 37,400-square-foot industrial flex building located at 2002-2006 State Highway 360 in the Dallas-Fort Worth metro of Grand Prairie. Michael Spain and Kevin Santaularia of Bradford Commercial represented the seller, Northridge LLC, in the transaction. Chapald-BC LLC, a New Mexico-based firm, purchased the property.
DALLAS — Marcus & Millichap has brokered the sale of Chiquita, a 24-unit apartment complex located at 3955 Mather Court in Cockrell Hill, an area within the North Oak Cliff neighborhood in west Dallas. Stephen Crittenden of Marcus & Millichap represented the buyer and seller in the transaction, both of whom were private investors. The property was presented as a distressed sale opportunity and offered at a 10.8 percent capitalization rate.
AUSTIN, TEXAS — Over 1,200 leaders from across all facets of the student housing industry descended on Austin last week for the 9th annual InterFace Student Housing conference, held at the J.W. Marriott. The conference concluded April 7 after two-and-a-half days of networking and educational sessions on topics ranging from the state of the industry, to leasing and marketing, development and design. While the industry is evolving, sunny skies continue to be the forecast for years to come. Rising rental rates are coupled with record-breaking levels of asset sales, and an increase in institutional and foreign investment, further legitimizing the sector. The conference kicked off Wednesday, April 5, with the 6th annual SHB Open Golf Outing at Barton Creek Resort & Spa, and then moved to the third floor of the J.W. Marriott Austin, where a record-breaking number of attendees met to network and dine over a range of industry topics. The afternoon began with a round of Speed Networking, where over 100 industry experts participated in short, four-minute conversations designed to spur discussion and foster new relationships. The group then moved into 25 InterFace+ Info Roundtables on topics ranging from the possible obsolescence of interior amenities, to international student housing opportunities and …
SAN ANTONIO — Dougherty Mortgage LLC, a Minnesota-based mortgage broker, has secured a $16.5 million Fannie Mae loan for the acquisition of Parc 410 Apartment Homes, a 344-unit multifamily property located at 5927 N.W. Loop 410 on San Antonio’s northwestern side. Property amenities include two pools, tennis and basketball courts, fitness center and a gated dog park. The 12-year loan, which features a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending on behalf of the borrower, 5827 Loop 410 LLC.
STAFFORD, TEXAS — Mission Capital Advisors has arranged $10.5 million in first mortgage financing for Avera Commerce Center, a 16-building industrial complex in Stafford, a southwestern suburb of Houston. Situated on 14.5 acres at 3928-4012 Bluebonnet Drive, the property measures 249,823 square feet. Ari Hirt, Steven Buchwald, Eugene Shevaldin, Lexington Henn and Will Sledge of Mission Capital arranged the loan on behalf of the borrower, Raith Capital Partners. Raith will use a portion of the non-recourse loan to make capital improvements to Avera Commerce Center.