DALLAS — Bart Dickinson of NorthMarq Capital’s Dallas office has arranged the $3.5 million refinancing of Oak Lawn Crossing shopping center, a 19,500-square-foot retail property located at 2920 Oak Lawn Ave. in Dallas. The loan was structured with a 12-year term and 20-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
SAN ANTONIO — JLL has entered into an agreement to acquire Travis Commercial, a San Antonio-based real estate leader in property leasing and management, multi-market corporate services, tenant representation, investment sales and construction management. The acquisition is scheduled to close in the next few weeks, subject to customary closing conditions. Commercial principals Mark Krenger, Chuck King and Jeff Miller will join as managing directors and share leadership positions of the combined business. Senior team members Roger Hill and Lisa Mittel will join the firm along with more than 30 industry experts and staff. Krenger and King will oversee agency leasing, and Miller will lead the tenant representation and markets corporate solutions groups. The leadership trio will work under the direction of Jeff Staubach and David Carroll, president and market director of the south-central region. Travis Commercial was co-founded by Krenger and King in 1998, with Miller joining in 1999, and has since grown into a full-service commercial real estate firm.
GRAND PRAIRIE, TEXAS — Ventures Development Group LLC has closed a $29 million loan and broke ground on a 247-unit apartment community located at 3090 Outlet Parkway in Grand Prairie. Leasing is expected to begin in spring 2017, with completion of the property expected by the following fall. The project is located at the northeastern quadrant of I-20 and Texas Highway 360. The one-, two- and three-bedroom residences will include granite countertops and in-unit washers and dryers. Amenities will include a fitness center, clubroom and tenant lounge, swimming pool and a structured parking garage with direct access to all residential units, which will range in size from 650 to 1,400 square feet. Humphreys & Partners Architects designed the project. Dallas-based Realty Capital Partners LLC provided a portion of the equity capital, and San Francisco-based Realty Shares Inc. provided the preferred equity capital. Dougherty Mortgage provided the construction and permanent financing. Stream Residential, a division of Stream Realty Partners, will manage leasing and marketing efforts.
EL PASO, TEXAS — Dallas-based Covington Group Inc. has begun a multi-million dollar capital improvement project for the six-building, 548,629-square-foot Butterfield Trail portfolio in El Paso. Affiliates of Covington Group acquired the portfolio from Butterfield Trail Trust 1 earlier this year for an undisclosed price. Covington Group has hired Christian Perez Giese and Chad McCleskey of CBRE’s El Paso office as the portfolio’s leasing agents. The portfolio, made up of warehouse and flex buildings, was 69 percent occupied at the time of purchase. The most significant capital improvements are underway at 19 Leigh Fisher Blvd., where there is a 120,000-square-foot vacancy. Improvements include a white box inside the warehouse area, new exterior and interior lighting and exterior paint and landscaping, as well as removal of a former tenant’s manufacturing infrastructure and overall deferred maintenance to the property. Covington expects to complete improvements to the entire portfolio by the end of this summer.
RICHARDSON, TEXAS — Steve Doyle has been promoted to vice president of business operations at Hill & Wilkinson General Contractors. Doyle will serve as the firm’s general counsel and oversee all legal activities of Hill & Wilkinson, including risk management and contracts. Steve’s experience includes the application of construction law and developing an understanding of the risks in the construction industry. Prior to joining Hill & Wilkinson, Steve served as corporate counsel for Austin Industries. He earned his bachelor’s degree in architectural engineering from the University of Texas at Austin and his Juris Doctorate from the University of Texas School of Law. Steve teaches a construction law course at the Southern Methodist University Dedman School of Law. He is a member of the construction law section of the State Bar of Texas and the American Bar Association Forum on the construction industry. He is also a past chair of the construction law section of the Dallas Bar Association.
SAN ANTONIO — Marcus & Millichap has arranged the sale of North Central Federal Clinic, a 34,500-square foot office property located in San Antonio. Joshua Murphy and Kenneth Hartmann of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor, and also secured and represented the buyer, a private equity fund. North Central Federal Clinic is located at 17440 Henderson Pass. The United States Department of Veteran Affairs and the Department of Defense built the property to serve the medical needs of veterans.
SUGAR LAND, TEXAS — Heavy Construction Systems Specialists (HCSS) has moved into a new office building located at 13151 W. Airport Blvd. in Sugar Land. Designed by Studio RED and built by Rosenberger Construction, the commercial office building features a climbing rope net in the lobby and an adult slide. HCSS’s goal was to create a fun, energetic and creative atmosphere to serve as a catalyst for retaining and recruiting talent. The 15,400-square-foot building, intended for HCSS’s software development group, is organized into pods that accommodate six to eight employees. A lounge space joins the pods together and is open to both floors. Conference rooms, manager offices and support spaces are also included.
SAN ANTONIO — Transwestern’s San Antonio office has secured a lease with Sorenson Communications Inc. at Fountainhead Business Park in San Antonio. Sorenson Communications, a provider of communications products and services for the deaf and hard-of-hearing, has leased over 25,000 square feet of office space. Transwestern’s Larry Mendez and Kelly Ralston represented the owner, Shorecliffs Investments, and CBRE’s Mike Sawtelle and Sherri Fesperman represented the tenant. Fountainhead Business Park consists of two, Class A office buildings in San Antonio’s northwest submarket at 3846 Medical Drive and 4511 Horizon Hill Blvd.
MANSFIELD, TEXAS — A California investor has sold the 19,724-square-foot Walnut Plaza to a local limited liability company in an all-cash transaction. The property is 81 percent leased to tenants including H&R Block and Rent-A-Center and was developed in 1985. Walnut Plaza is situated on a 1.3-acre tract with frontage along FM 157 in Mansfield. Joe Hamilton of Coldwell Banker Commercial Alliance represented the seller, Stanley Fong, who has owned the property at 2000 FM 157 since 2005. The new owner, 2000 Walnut Plaza LLC, plans to renovate the property as part of its investment strategy. In the past decade, the population has more than doubled to 77,000 residents in the three-mile trade area. The average household income tops $101,100 in a one-mile trade area. Bob Kent of Kent Realty in Addison represented the buyer.
CUSHING, OKLA. — Franklin Street Capital Advisors (FSCA) has closed a $1.5 million refinance loan for Cushing Plaza, a 66,454-square-foot shopping center located in Cushing. Ben Miller and Casey Siggins of FSCA secured the loan on behalf of the owner, Lone Star Equities Inc. The 10-year loan includes a 4.5 percent fixed interest rate and a 20-year amortization schedule. Anchored by Cost Cutter, the 7.6-acre property is located at 2220 E. Main St. and is fully leased to tenants including Hibbett Sporting Goods, Stage Stores, Stanley’s Rent to Own and Compliance Advantage.