Texas

The Kislak Organization Buys 208-Unit Apartment Complex in Dallas

by Amy Works January 12, 2017

DALLAS — Miami Lakes, Fla.-based The Kislak Organization has acquired Routh Street Flats, an apartment complex located at 3033 Routh St. in Dallas. Alamo Manhattan sold the 208-unit property for an undisclosed sum. Built in 2015, the property features 149 one- and two-bedroom layouts, a gated parking garage, rooftop terrace, infinity pool, fitness center, business center, bike repair station, pet park, resident lounge, fire pits and picnic areas. Moran & Co. Southwest represented the seller. Team Mozer with George Smith Partners arranged the acquisition financing, which was provided by Connecticut General Life Insurance Co. Kislak has selected Cottonwood Residential to manage Routh Street Flats’ day-to-day operations.

January 12, 2017

RD Management Acquires 504,153 SF Shops at Tech Ridge in Austin

by Amy Works January 12, 2017

AUSTIN, TEXAS — RD Management has acquired Shops at Tech Ridge, a shopping center located in Austin, for an undisclosed price. Excluding the recently vacated Target store, the 504,153-square-foot property is 96 percent occupied. Since purchasing the property, RD Management has signed a lease with Floor & Décor for 77,958 square feet of space in the former Target store. Ross Dress for Less, PetSmart, Toys “R” Us and Conn’s HomePlus also occupy the center. The buyer plans to renovate the façade of the former Target space and develop two new pad sites at the center. The name of the seller was not released.

January 12, 2017

Office Texas

LandPark Advisors Arranges Acquisition of 143,211 SF Office Building in Stafford, Texas

by Amy Works January 12, 2017

STAFFORD, TEXAS — LandPark Advisors has brokered the acquisition of an office building located at 12603 Southwest Freeway in Stafford. Stone Mountain Properties acquired the 143,211-square-foot building for an undisclosed price. Constructed in 1981 and renovated in 2015, the property is a Class B, six-story building that has received $1.5 million in capital improvements since 2013. Bill McGrath and Peter Wall of LandPark Advisors represented the buyer in the deal. The name of the seller was not released.

January 12, 2017

Loans Office Texas

Virtua Partners Completes $18M Recapitalization of Midtown Atrium in Dallas

by Amy Works January 12, 2017

DALLAS — Virtua Partners has completed the $18 million recapitalization of Midtown Atrium, an office complex located in the northern submarket of Dallas. Virtua assisted the tenant-in-common investors with an extension of the current senior loan and a $2 million investment in preferred equity. The new capital is being used to fund tenant improvements, leasing commissions and property upgrades at the 113,359-square-foot building. Versant Commercial Brokerage, an affiliate of Virtua, assisted in placing the new preferred equity. Virtua Partners provided the loan guarantees and stepped in as the new sponsor. Clear Vista Management, also an affiliate of Virtua, will provide asset management services for the new financing package.

January 12, 2017

Multifamily Texas

Marcus & Millichap Negotiates Sale of 49-Unit Apartment Building in Dallas

by Amy Works January 12, 2017

DALLAS — Marcus & Millichap has facilitated the sale of Woodfront Condominiums, an apartment building located at 5411 Columbia Ave. in Dallas. An individual/personal trust sold the property for an undisclosed price. Constructed in 1984, the property features 49 for-rent apartment units in a mix of one- and two-bedroom units. John Barker and Daniel Burton of Marcus & Millichap represented the seller and secured the buyer, a private investor, in the deal.

January 12, 2017

Multifamily Texas

Greysteel Arranges Sale of 30-Unit Multifamily Property in Irving

by Amy Works January 11, 2017

IRVING, TEXAS — Greysteel has brokered the sale of Radford Place Townhomes, a multifamily property located at 3922 Evergreen St. in Irving. Texas 05 Partners LLC sold the property to Radford PT LLC for an undisclosed sum. Built in 1986, the property features 30 two- and three-bedroom units — 24 of which have been renovated — covered parking, a swimming pool and a hot tub. Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson of Greysteel represented the seller and procured the buyer in the deal.

January 11, 2017

Multifamily Seniors Housing Texas

SLIB Negotiates $3.7M Sale of Skilled Nursing Facility in Snyder, Texas

by Amy Works January 11, 2017

SNYDER, TEXAS — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $3.7 million sale of a skilled nursing facility in Snyder, located approximately 110 miles northeast of Odessa, Texas. The facility was built in 1977 and features 97 licensed and 72 operational beds. A Texas-based operator purchased the property. Neither the seller nor the name of the facility were disclosed. Matthew Alley led the SLIB team in negotiating the transaction.

January 11, 2017

Retail Texas

Marcus & Millichap Brokers Sale of 19,253 SF Retail Property in Denton, Texas

by Amy Works January 11, 2017

DENTON, TEXAS — Marcus & Millichap has arranged the sale of Market Square at Unicorn Lake, a 19,253-square-foot retail property located at 2900 Wind River Lane in Denton. Built in 2008, the 100 percent occupied property features all triple-net leases. Bill Jordan of Marcus & Millichap represented the seller, a private investor, and secured the buyer, an out-of-state private investor, in the deal. The acquisition price was not released.

January 11, 2017

Retail Texas

Pierson Retail Advisors Negotiates Sale of 14,925 SF Retail Center in Palestine, Texas

by Amy Works January 11, 2017

PALESTINE, TEXAS — Pierson Retail Advisors has arranged the sale of Palestine Town Center, a retail center located in Palestine. A local buyer acquired the 14,925-square-foot property for an undisclosed price. At the time of sale, the property was 91 percent occupied by tenants including Western Finance, Preferred Income Tax and Livingston Hearing Aid Center. Pierson Retail Advisors represented the seller, a private individual, in the transaction.

January 11, 2017

Office Texas

Salesforce Leases 18,172 SF of Office Space in Dallas

by Amy Works January 11, 2017

DALLAS — Avison Young, in partnership with LiquidSpace, has arranged a lease for office space at The Centrum in Dallas’ Oak Lawn/Turtle Creek submarket for Salesforce. The Fortune 500 company will occupy 18,172 square feet at the office building, which is owned by Quadrant Investment Properties. Charlie Morris of Avison Young brokered the lease transaction.

January 11, 2017

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