FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million. To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.
HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.
ARLINGTON, TEXAS — KWA Construction has broken ground on Phase I of Arlington Commons, the largest multifamily redevelopment project in Arlington’s history. Designed by JHP Architecture/Urban Design, the 1,300-unit development will be located at 425 E. Lamar Blvd. near Globe Life Park. Developer The Nehemiah Co. expects the $200 million project to be completed in 2026. General contractor KWA Construction recently began demolition at the site. Phase I of the four-phase development will occupy 5.6 acres of the 22.2-acre site and consist of a four-story, 353-unit apartment complex and garage. Phase I will also include a 1,589-square-foot leasing office, 869-square-foot clubhouse, 1,173-square-foot fitness center and 2,100-square-foot lounge and conference area. The redevelopment has garnered $10.5 million in economic incentives from the Arlington City Council. Floor plans will consist of one- and two-bedroom units ranging from 777 to 1,281 square feet, with private balconies or patios available. Amenities at Arlington Commons will include a swimming pool, fountains, fire pit and outdoor kitchen. KWA Construction expects to complete Phase I in the next two years.
DALLAS — KDC plans to develop a multi-story office building within the $200 million West Love mixed-use project near Dallas Love Field Airport. Located at 2345 W. Mockingbird Lane, KDC’s 150,000-square-foot office building will include structured parking along with views of Love Field and downtown Dallas. The office building is a key element in the mixed-use plan for West Love, located on 37 acres between Maple Avenue and Forest Park Road. In addition to the office building, West Love’s initial phase includes two Starwood hotels, 368 apartment homes and 65,000 square feet of retail and restaurant space. A later phase will include an additional 750 apartments. West Love will be a pedestrian-friendly community with extensive landscaping. Starwood Hotels & Resorts Worldwide, Atlantic Hotels Group and Civitas Capital Group are developing the 224-room, dual-branded Aloft and Element hotel project, now under construction and slated for completion in December. Highridge Partners and affiliates will develop the apartments and retail spaces, which are expected to be completed in mid-2017.
LEAGUE CITY, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19 and includes: Crow’s Nest Apartments, a 176-unit complex built in 1984 with mostly one- and two-bedroom units; Harbor Walk Apartments, a 138-unit complex built in 1987 and made exclusively of two- and three-bedroom units. 29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.
BRYAN, TEXAS — Oldham Goodwin Group, in conjunction with Cresa Boston, has represented Wayfair Inc. in the lease of a new 51,185-square-foot customer service center located at 3101 University Drive E. in Bryan. Wayfair has one of the world’s largest online selections of furniture, home furnishings, décor and goods, including more than 7 million products from over 7,000 suppliers. The low-rise office building will serve as the location for Wayfair’s new Bryan/College Station customer service center. The Bryan/College Station customer service center is expected to bring 450 jobs to the Research Valley area and is scheduled to open in Spring 2016. Jody Slaughter of Oldham Goodwin Group, along with David Ross, Matt Harvey and Tim Myllykangas of Cresa Boston, represented Wayfair in lease negotiations.
EULESS, TEXAS — Cinépolis USA has signed a lease for 52,000 square feet in the second phase of Glade Park, a new power retail project located at the southwest corner of SH-121 and Glade Road in Euless. Blake Shipp of The Weitzman Group handled negotiations for Cinépolis USA as the theater chain’s tenant representative in metro Dallas. Neil Baron represented the cinema chain as its in-house representative. Cinépolis USA will develop a multi-screen cinema at Glade Park that will feature automated recliners, a bar and gourmet snacks. The location is set to open in summer 2017.
AUSTIN, TEXAS —Hank Crane of BMC Capital’s Austin office has arranged a $1.7 million loan for the refinancing of Woodland Corners, a 63-unit apartment community in Austin. The loan features a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
DALLAS — Quadrant Investment Properties (QIP) has acquired Saint Paul Place, a 22-story, 273,217-square-foot office building located on the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District. The building is 78 percent leased to tenants including D-Magazine, Crowe Horwath and Sendero Business Systems. QIP plans to implement several improvements to the office tower including lobby amenity upgrades and a new tenant conference center and lounge that features a balcony overlooking the Dallas Museum of Arts sculpture garden. The new ownership will also upgrade corridors and implement a building-wide spec suite program. Headquartered in Dallas, QIP is a commercial real estate investment company targeting value-add office and industrial opportunities in Texas and the southwest United States. Celeste Fowden, Seth Thatcher and Ben Davis of CBRE will lease the project. HFF represented the seller in the transaction, and JLL procured financing for the asset.
HOUSTON — Advenir, a provider of multifamily real estate investment and management services, has acquired Advenir at Stone Park, formerly known as Broadstone Stone Park Apartments. The property is a 480-unit, Class A apartment community located at 6160 E. Sam Houston Parkway N. in Houston. Advenir has acquired more than 1,100 apartment units in metro Houston during the last nine months. Advenir at Stone Park is a two-phased development with the first phase built in 2004 and the second completed in 2007. Amenities include two fitness centers, two business centers, two swimming pools, available detached garages and carports and controlled access gates. Advenir plans to invest $4 million to renovate and modernize all of its common area facilities, the property exteriors and unit interiors. The property is located within walking distance to The Shops at Stone Park and New Forest Crossing Shopping Center, which include 533,000 square feet of retail combined.