CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a 172-unit apartment property located in Carrollton. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office secured the buyer, a limited liability corporation based in New York. Fox Creek Apartments is located at 1910 S. Josey Lane. The complex includes apartment homes with four floor plans ranging from 712 to 1,000 square feet. Constructed in 1969, Fox Creek features a total of five two-story buildings under flat roofs. The construction consists of brick siding with asphalt surface parking. The rentable square footage is 142,456 and the total lot size is 6.2 acres. The previous owner spent more than $1.08 million renovating the property in the past 16 months. The exterior renovations include roof replacement, exterior paint, a resealed and restriped parking lot, landscaping upgrades, wrought iron perimeter fence and plumbing and electrical improvements. The interior renovations include new appliances, faux wood flooring, new carpet, resurfaced countertops and new plumbing fixtures in select units.
FLOWER MOUND, TEXAS — Victory Real Estate Group has begun construction on a seven-acre tract of land located at the northeast corner of FM 3040 and Morriss Road. Located in Flower Mound, Victory at FM 3040 will be a mixed-use retail development comprising two pad sites and 37,600 square feet of retail space. Construction will be completed in the near future. The center is currently 50 percent pre-leased. The acre site was the only remaining undeveloped corner and will have the only street facing retail on all four corners in Flower Mound.
GRAND PRAIRIE, TEXAS — CBRE Capital Markets has arranged the sale of Derby Park, a 360-unit multifamily community in Grand Prairie. Intergerman Derby LP purchased the asset from a private equity firm for an undisclosed price. Dirk Goris, Chris Deuillet and Daniel Baker with CBRE’s Dallas office represented the seller. The 95 percent occupied property is located at 606 W. Palace Parkway at the northwest corner of Beltline Road and I-30. The buyer is planning interior unit upgrades for the complex. Community amenities include two swimming pools, a cyber café, business center, fitness center and a playground.
COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.
HARLINGEN AND EL PASO, TEXAS — Sealy & Co., a commercial real estate investment and operating company, has acquired a 902,715-square-foot, Class A industrial portfolio in the Rio Grande Valley and El Paso. Four buildings totaling 758,715 square feet are located in El Paso, and the remaining building totaling 144,000 square feet are located in Harlingen. The portfolio, which is currently 95 percent leased, consists of five buildings developed between 1997 and 2001. The El Paso buildings are located less than five miles from the Zaragoza Bridge, which is the main distribution border crossing between Juarez, Mexico and El Paso.
SWEETWATER, TEXAS — The Greysteel Co.’s Net Leased investment sales team represented the seller, SL60 Holcomb LLC, in the sale-leaseback transaction of a Schlotzsky’s- and Cinnabon-branded restaurant property in Sweetwater. At closing, the seller entered into a new 20-year triple net lease with renewal options. The property is located at an off-ramp of I-20 between Midland and Abilene and also benefits from pass-through traffic from Lubbock and Austin. Greysteel also procured the buyer, Microproperties Acquisitions Co., a privately-held REIT with a particular focus on investing in restaurant properties, as well as sale-leaseback transactions.
SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Southlake Medical Center, an 11,992-square-foot medical office property located in Southlake. Ron Hebert and Wayne Bares of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a developer. The buyer, an out-of-state national medical fund investor, was also procured by Bares. Southlake Medical Center is located at 300 S. Nolen Drive, just south of Highway 114. Situated on less than two acres, the construction of the one-story asset began in 2013 and was completed in 2014. At the time of sale, the asset was 100 percent occupied by three tenants: an ambulatory surgical center, a pain management group and a colorectal surgeon.
BOERNE, TEXAS — National Cooperative Bank (NCB) has provided a $4.8 million construction loan to the Congregation of Benedictine Sisters of Boerne, located 30 miles northwest of San Antonio. The financing will be used for the construction of a new monastery and administrative offices. In February 2012, the congregation informally subdivided its 42-acre property and listed 14 acres for sale. The new monastery facilities will be built closer to the existing Boerne ministries and will provide prayer, meeting and work spaces, as well as community and private living spaces. The Benedictine Sisters are monastic women committed to community and a life of work and prayer. The Congregation of Benedictine Sisters is a 501(c) (3) nonprofit corporation.
DALLAS — Frontier Equity has acquired The Addison, a recently renovated 206,000-square-foot office property located just south of Belt Line Road in Dallas. The building has been occupied by a few large users since its original construction, and now has roughly 60,000 square feet of space available for rent. It is located near the Addison Walk retail center, which includes a Starbucks Coffee, Kenny’s Wood Fired Grill, Jason’s Deli, Smoothie King and other retailers. In addition, the property has an on-site deli, 24-hour security, a full-service gym and a 536-room Marriott hotel next door. The Addison is privately owned and operated by a joint venture between Artemis Real Estate Partners and Frontier Equity. Holt Lunsford Commercial will handle leasing and management duties for the property on behalf of the ownership.
HOUSTON — Houston-based Mattress Firm Inc. plans to consolidate the company’s two Houston offices into one corporate campus with more than 350 employees. The company will move into a 130,000-square-foot property at 10201 S. Main St. in June 2016, providing more space and growth opportunities for the specialty bedding retailer. The new corporate campus will include an on-site cafeteria, meeting spaces and conference centers. The property is in close proximity to several of the area’s retail, dining and entertainment destinations. The campus will also provide access to Loop 610, US 59, SH 288 and US 90. Future plans for the campus may include an on-site gym, wellness center, walking trails and sleep centers. The new Mattress Firm headquarters will occupy the entire building, currently leased by Stage Stores Corporate.