DALLAS — Vestar has been retained by a large institutional owner to handle the property management, leasing and marketing of Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas. The company plans to refresh the property’s merchandising strategy while enhancing the shopping experience. Village on the Parkway is 91 percent leased to tenants including Whole Foods Market, AMC Theatres, Neighborhood Services, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T, Beauty Brands and 24 Hour Fitness. Village on the Parkway is located along the Dallas North Tollway at Belt Line Road and Montfort Drive in the far north Dallas area. Vestar manages more than 23 million square feet in Texas, California, Arizona, Colorado and Nevada.
AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $2.5 million acquisition loan for a 36-unit apartment property located in Austin. The loan features a 75 percent loan-to-value ratio, five-year term, fixed interest rate at 4.37 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s credit union correspondent relationships.
PASADENA, TEXAS — NAI Partners represented Bart Industries LP in leasing 30,000 square feet of new industrial space located at 1605-A Genoa Red Bluff in Pasadena. John Ferruzzo and Chris Kugle of NAI Partners represented the landlord, Bart Industries, while Leigh Anne Ahr of Proximity Real Estate Advisors represented the tenant, WLSC Incopro LLC.
CARROLLTON, TEXAS — Variosystems Inc. has purchased a 14,550-square-foot light industrial building in Valwood Industrial Park for its international headquarters. The electronics service company is planning to relocate in 60 to 90 days to 1628 Valwood Parkway in Carrollton from its current leased space in Southlake. Variosystems has acquired a former call center on nearly 3.5 acres from Global Harvest Church, which was represented by George Tanghongs of Lee & Associates. The property is located near I-35, I-635 and the George Bush Turnpike and was developed in 1986. The air-conditioned tech space will be retooled to include employee areas. Founded in 1993, Variosystems specializes in engineering and global project management. It employs more than 1,100 professionals in the U.S., Switzerland, Sri Lanka and China.
HOUSTON — Newk’s Eatery, a fast-casual restaurant, has reached a development agreement with New Orleans-based Southeast Restaurant Group (SRG), founded by Elie Khoury, to open 10 new Newk’s locations in metro Houston. With the agreement, SRG becomes Newk’s largest franchisee. SRG is currently a franchisee of TGI Fridays and Chevys Fresh Mex, operating restaurants in Texas, Arkansas, Mississippi, Louisiana, Alabama, Tennessee and Florida. It also operates its own concepts, including a Mediterranean-style restaurant in the Miami area, a Creole-inspired restaurant in New Orleans and The Round House Bar & Grill, located in the Holiday Inn hotels owned by its affiliate, KFK Group. Newk’s will open nearly 30 new company-owned and franchised locations during 2015, with plans to reach 200 total units by 2018.
HOUSTON — Developer Archway Properties broke ground on Wildwood Corporate Centre II, the second phase of the corporate campus for GeoSouthern Energy, on May 7. Kirksey designed Wildwood I and II with EE Reed as general contractor. Sitting adjacent to Wildwood Corporate Centre I, Corporate Centre II consists of an eight-story, 218,000-square-foot office tower; a five-level, 780-car parking garage; and a two-story, 10,000-square-foot fitness facility. Wildwood Corporate Centre II is seeking LEED Silver certification, and the project is expected to be complete in August 2016.
ARLINGTON, TEXAS — The Greysteel Co. has arranged the sale of West Village, a 66-unit apartment complex located at 300-310 W. Pioneer Parkway in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel served as advisor and agent to Westside Village LP in the sale of West Village to Alpine Heritage Group LLC.
DALLAS — Hartman Hillcrest LLC, an affiliate of Hartman Short Term Income Properties XX (Hartman XX), has purchased the Commerce Plaza Hillcrest office property in Dallas. Commerce Plaza Hillcrest is a 203,688-square-foot, nine-building office complex located on Lyndon B. Johnson Freeway (IH-635) and Hillcrest Road. The property sits on 10 acres and is 74 percent leased to 95 tenants. The property primarily caters to smaller community tenants. Tenants include Signature Medical Imaging (14,410 square feet) and Playworks (5,408 square feet).
DALLAS — Marcus & Millichap has arranged the sale of 5905 Victor Street, a 16-unit apartment property located in Dallas. Stephen Crittenden, William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Crittenden, Jarnagin and Ware also procured the buyer, a local investor. The buyer acquired the property as part of a 1031 exchange with an asset in Austin. Prior to marketing the asset, the seller renovated the interiors of 40 percent of the units and then capitalized on the investment through significant rental rate increases.
EL PASO, TEXAS — Cypress Equities plans to renovate Bassett Place mall’s food court and add the area’s first Dave & Buster’s into the current merchant roster. Dave & Buster’s anticipates the opening of the new El Paso location at Bassett Place later this year. To make way for the nearly 36,000-square-foot entertainment destination, Bassett Place’s Café Plaza Food Court will be redeveloped into a smaller six-unit facility. The existing food court will be closed for the remainder of 2015, with new eateries slated to open during the first quarter of 2016. Built in 1962 on 56 acres of what was then the far-east side of El Paso, Bassett Place is El Paso’s original shopping center. The development is anchored by Costco Wholesale, Kohl’s, Ross, Target and Premiere Cinemas + IMAX. Specialty shops include Finish Line, Rack Room Shoes, David’s Bridal, GameStop, rue21, Express, F.Y.E and Office Depot.