Texas

Liberty Property Trust Begins Construction on 44-Acre Industrial Park in Irving

by Haisten Willis February 11, 2016

IRVING, TEXAS — Liberty Property Trust has begun construction on a 44-acre industrial park in Irving called Liberty Park GSW North. Liberty broke ground on two buildings, which total 537,300 square feet. The buildings are designed to achieve LEED certification and are located at 951 Valleyview Lane and 5430 FAA Blvd. 951 Valleyview Lane will be a 341,400-square-foot building with 32-foot clear heights, more than 380 parking spaces and a 185-foot truck court. 5340 FAA Boulevard will be a 195,900-square-foot building with 28-foot clear heights, more than 270 parking spaces and a 130-foot truck court. A third building will be located along Frye Road and consist of 182,520 square feet. Construction hasn’t begun on the Frye Road facility. Upon completion, the park will offer three Class A industrial buildings totaling 720,500 square feet. GSR Andrade is the architect for the new building, Jordan Foster Construction is the general contractor and Halff Associates is the civil engineer.

February 11, 2016

the-hype-student-housing-baylor-university

Grandbridge Provides $12.5M Loan for Student Apartment Complex Near Baylor University

by Haisten Willis February 11, 2016

WACO, TEXAS — Grandbridge Real Estate Capital has closed a $12.5 million acquisition/renovation loan on a 200-unit, 430-bed student apartment project just north of Baylor University in Waco. Baylor is a private university with an enrollment of just under 17,000 students. The property is known as The Hype, but will be re-branded for the 2016/2017 school year. Originally constructed as a non-student property in 1970, the property was renovated in 2013 and 2014 and transformed into a dedicated student housing community. The borrower will continue to upgrade the property through interior and exterior renovations, including relocating the main entry point to the south side of the property, near Baylor’s new McLane Stadium. Tom Walsh of Grandbridge originated the loan through BB&T Real Estate Funding, Grandbridge’s exclusive proprietary lending platform. The non-recourse loan features a two-year interest-only period, an initial adjustable interest rate below 3.9 percent and future funding of all renovation costs. In addition to the relocation of the property entrance, the borrower’s renovation plan includes amenity upgrades, parking area upgrades, adding additional bathrooms to certain units, washers and dryers and furnishing for all units.

February 11, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Multifamily Property in Metro Dallas

by Haisten Willis February 11, 2016

FORNEY, TEXAS — ARA Newmark has arranged the sale of Gateway Cedars, a 334-unit, Class A property in the Dallas suburb of Forney. Built in 2015, Gateway Cedars is located on U.S. Highway 80, 30 minutes east of downtown Dallas. Amenities include a swimming pool, two outdoor fireplaces, lighted pergolas, a putting green and a bocce ball court. The 14-acre property is the first phase of apartments to be built in the 2,000-acre master-planned Gateway development. Other plans for the development include 120 acres of retail, 540 acres of single-family residential housing and additional multifamily space, as well as several hundred acres of multi-use space. ARA Newmark’s Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr., Richard Furr and Bart Wickard led the marketing efforts for the property on behalf of Dallas-based developer Gateway Holdings. An undisclosed buyer acquired the property for an undisclosed price. Gateway Cedars was 99.4 percent occupied at the time of sale.

February 11, 2016

texas-health-residential-treatment-center-mansfielde-the-beck-group

Healthcare Texas

The Beck Group Begins Construction on Residential Treatment Center in Metro Dallas

by Haisten Willis February 11, 2016

MANSFIELD, TEXAS — The Beck Group has begun construction on the Texas Health Residential Treatment Center in Mansfield. Beck will design and build the 75,000-square-foot, two-story building. The facility, the first of its type for the health system, will provide residential treatment for adolescents and adults in the Dallas/Fort Worth area and beyond who need professional help to resolve addictions. Clients will typically stay at the treatment center for about 30 days. During their stay, patients will be involved in daily routines that will mostly include group therapy and wellness-focused activities. When complete in early 2017, the project will include a fitness center, yoga studio, massage therapy, movie theater and dining area.

February 11, 2016

Office Texas

CBRE Capital Markets Sells Arbor Square Office Asset in Austin

by Haisten Willis February 10, 2016

AUSTIN, TEXAS — CBRE Capital Markets’ Investment Properties division has sold Arbor Square, a 50,836-square-foot, multi-tenant office park in Austin. Los Angeles-based Entrada Partners purchased the asset from California-based AMC Investments for an undisclosed price. Arbor Square I & II consists of two storefront-style office buildings. Arbor Square is located at 12885 Research Blvd., adjacent to Lakeline Mall in the northwest Austin submarket. The Class B asset was developed in 1984 and renovated in 2007. It was 90.2 percent occupied at closing.

February 10, 2016

Office Texas

Revere Capital Relocates Headquarters from Connecticut to Dallas

by Haisten Willis February 10, 2016

DALLAS — Revere Capital has relocated its headquarters from Rowayton, Conn., to Dallas. Revere Capital originates and acquires senior mortgages, second mortgages, mezzanine and debtor-in-possession loans throughout the United States. Revere also underwrites investments in all commercial property asset types and corporate loans, heavy equipment, airplanes and art lending. Revere Capital has a staff of 17 and is located at 2000 McKinney Ave. Clark Briner founded Revere Capital following his work as an investment banker with Deutsche Bank in New York City and at Macfarlan Capital Partners, an institutional private equity real estate firm. He has served as an owner, lender, operator, sponsor and equity partner in commercial real estate.

February 10, 2016

Hospitality Loans Texas

KeyBank Provides $8.5M in CMBS Financing for Texas Hotel Portfolio

by Haisten Willis February 10, 2016

BEAUMONT AND LUMBERTON, TEXAS — KeyBank Real Estate Capital has secured an $8.5 million, non-recourse CMBS first mortgage loan for a two-property hospitality portfolio. The portfolio consists of a Comfort Inn located in Beaumont and a La Quinta Inn and Suites located in Lumberton. Both properties are located near major interstates and highly traveled state highways. Randy Martin of Key’s Commercial Mortgage Group secured the financing.

February 10, 2016

Retail Texas

SHOP Cos. Arranges Sale of 14,680 SF Retail Center in Metro Dallas

by Haisten Willis February 10, 2016

CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.

February 10, 2016

Industrial Texas

Lee & Associates Negotiates 15,406 SF Industrial Sale in Metro Dallas

by Haisten Willis February 10, 2016

ROWLETT, TEXAS — Lee & Associates has negotiated the sale of a 15,406-square-foot industrial building located at 4720 Industrial St. in Rowlett. Brett Lewis of Lee & Associates’ Dallas/Fort Worth office represented the seller, Sarah Hannah Ltd. GatSplat was the buyer.

February 10, 2016

Hospitality Texas

Hilton Worldwide Opens Embassy Suites by Hilton El Paso

by Haisten Willis February 9, 2016

EL PASO, TEXAS — Hilton Worldwide has opened the Embassy Suites by Hilton El Paso. The 187-room hotel, formerly the El Paso Suites, debuts following a multimillion-dollar renovation. TRS El Paso Property LLC owns the hotel and has selected Spire Hospitality to manage it. Two-room suites include a separate living area, private bedroom, two televisions, wet bar, microwave and mini-fridge. Amenities include a free breakfast, heated indoor pool, fitness center, business center and free Wi-Fi. The hotel features more than 5,400 square feet of flexible meeting space and can accommodate events of up to 200 guests. Located less than three miles from El Paso International Airport at 6100 Gateway Blvd. East, Embassy Suites by Hilton provides a free shuttle for arriving and departing guests.

February 9, 2016

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