DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $3.5 million acquisition loan for a 67-unit apartment complex located in Dallas. The loan featured a five-year term with a fixed 3.8 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
LANCASTER, TEXAS — NFI, supply chain solutions provider, will open a distribution center in in Lancaster in partnership with Rent-A-Center. The facility is the first of several distribution centers that will support Rent-A-Center operations across North America. Rent-A-Center offers furniture, electronics, appliances and computers through rental-purchase agreements at over 3,000 retail locations in the United States, Canada, Mexico and Puerto Rico.
Dallas/Fort Worth has experienced unprecedented growth over the past few years, and we have all the fundamentals in place to continue this growth. Since 2005, we have added more than 600,000 jobs to the region. That’s a whopping increase of 21 percent! The current outlook is for growth to continue at these levels. In fact, by 2030 population in our region is expected to hit 9 million, an increase of 2.1 million new residents. From a real estate perspective, these fundamentals will fuel demand across all property types for the foreseeable future. More importantly, DFW has evolved into one of the most balanced economies in the U.S. and has created the “perfect storm” for our continued, steady growth. In addition to our central location, key drivers include our diverse employment base, deep roots in technology, low cost of doing business, pro-growth philosophy and affordable housing. For a comparison to the rest of the country, office absorption in Dallas has paced ahead of most U.S. markets in the last few years. In the first quarter of 2015, Dallas made up almost 30 percent of the national net absorption among the 50 largest U.S. markets JLL tracks. While a large proportion of …
ODESSA, TEXAS — Cinergy Entertainment Group Inc. has purchased a property along State Highway 191, half a mile east of Faudree Road in the new Dorado Center in Odessa. Plans for the property include a 90,000-square-foot cinema entertainment complex. Lee Lewis Construction will break ground in the next few days. The theater, which will be called Cinergy Permian Basin featuring EPIC, will include 10 auditoriums, 18 lanes of bowling, a full-service bar, four billiard tables, a game floor with more than 110 games, redemption store, dining options and rock climbing walls.
DALLAS — Balfour Beatty Communities has acquired a five-apartment complex portfolio in metro Dallas in a joint venture with equity partners Block Multifamily Group and Harbert Management Corp. on behalf of the Harbert United States Real Estate Fund V (HUSREF V). Balfour Beatty Communities will perform all property management services across the portfolio through its multifamily division, and Block Multifamily Group will be responsible for all asset management services. The acquisition portfolio includes Madison at Round Grove, a 404-unit complex located at 201 E. Round Grove in Lewisville; Madison on the Parkway, a 376-unit complex located at 19002 Dallas Parkway in Dallas; Wimberly Apartments, a 372-unit complex located at 4141 Horizon N. Parkway in Dallas; Wimbledon Oaks, a 248-unit complex located at 1802 Wimbledon Oaks Lane in Arlington, and; Villas of Josey Ranch, a 198-unit complex located at 2050 Keller Springs Road in Carrollton.
DALLAS — Marcus & Millichap has arranged the sale of Town Creek Condominiums, a 98-unit property located in Dallas. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office negotiated the contract on behalf of the seller. Fluellen and Hoover also procured the buyer, an out-of-state partnership. Town Creek Condominiums is located at 9727 Whitehurst Drive, just southwest of Interstate 635. Constructed in 1984, the asset is situated on approximately 3.5 acres.
SAN ANTONIO — HFF has secured fixed-rate financing for Ventana Apartments, a 390-unit, Class A apartment complex in San Antonio. Working on behalf of the borrower, Venterra Realty, HFF placed the five-year, 3 percent fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset. Ventana Apartments consists of 25 two- and three-story residential buildings containing one-, two- and three-bedroom units totaling 380,076 rentable square feet. Community amenities include two swimming pools with cabanas, a fitness center, clubhouse and gated access. The property is located at 11020 Huebner Oaks and is 95 percent leased. Cortney Cole and Jordan Finch led the HFF debt placement team representing the borrower.
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IRVING, TEXAS — Woolley’s Classic Suites is set to build in Avion Business Park, a 50-acre tract of land located along State Highway 114 and Royal Lane in Irving. KDC is developing the business park. The 250-room, full-service hotel offers amenities including an on-site restaurant and lounge, in-suite dining, 24-hour gift shop and business center, meeting spaces, laundry, fitness center and complimentary airport shuttle. Avion Business Park is the second location in the United States for the Woolley’s Classic Suites hotel brand. The first Woolley’s opened in Denver in May of 2014. Construction on Woolley’s Classic Suites will begin in fall of 2015 with completion scheduled for winter 2016.
HOUSTON — Cousins Properties Inc. has arranged a lease renewal with Transocean Ltd. for 255,413 square feet at Greenway Plaza in Houston. Transocean, the fourth largest customer in Cousins’ Houston portfolio, currently occupies 4 Greenway Plaza in its entirety. The 255,413-square-foot transaction renews 100 percent of the company’s current space and extends their expiration from January 2017 to January 2023. Greenway Plaza is a 4.5 million-square-foot Class A office complex located in the Greenway submarket of Houston. With the Transocean renewal, leasing at Greenway Plaza now stands at 90 percent. Bob Boykin, Warren Savery, Bubba Harkins and Will Hightower represented Cousins in the transaction.
HIGHLAND VILLAGE, TEXAS — Trademark Property Co. has begun renovation work on the 389,090-square-foot Shops at Highland Village shopping center. Enhancements will include upgraded building facades, common area and landscaping improvements, public art, new amenities for adults and children, and new signage throughout the property. Located at 1701 Shoal Creek on the corner of FM 2499 and FM 407 in Highland Village, The Shops at Highland Village is anchored by AMC Highland Village 12, Whole Foods Market and Barnes & Noble Booksellers. The center includes 11 restaurants and 60 shops including Banana Republic, White House Black Market, Chico’s and Jos. A. Bank. The center is owned by AEW Capital Management and operated by Trademark Property Co.