DALLAS — Dougherty Mortgage LLC has arranged a $9 million Fannie Mae loan for Bristol Square, a 341-unit apartment complex in Dallas. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, McGuire Family Taraval Property LLC. Apartment units at Bristol Square include ceiling fans, walk-in closets, washer and dryer connections, sunrooms, patios and balconies.
BEAUMONT, TEXAS — NAI Wheeler has brokered the sale of the Historic Hotel Beaumont. NAI represented the seller, the city of Beaumont. Garden Street Holdings LLC was the buyer. Hotel Beaumont was built in the “Beaux-Arts” architectural style in 1922 and received historical designation in 1978. The property was renovated in 2000 and is surrounded by museums and other historical buildings.
ROWLETT, TEXAS — Marcus & Millichap has arranged the sale of a 4,965-square-foot McDonald’s in Rowlett. Blake Burnett of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Jason Vitorino and Jared Aubrey of the firm’s Dallas office procured the buyer, also a limited liability company. The McDonald’s is located at 8503 Lakeview Pkwy. near the Lakeview Square shopping center. Nearby tenants include Albertsons, Tom Thumb, Starbucks and Chase Bank.
ARLINGTON, TEXAS — UCR Investment Sales has arranged the sale of Arlington Park Square, a 94,125-square-foot retail center located in Arlington. The property is located at the northeast corner of South Cooper Street and West Arbrook Boulevard. The Parks at Arlington Mall anchors the property. Fitness Connection is the shadow anchor. The property was 47 percent occupied at the time. Five retail pad sites, including ground leases for Jack in the Box, Rockfish Seafood Grill and Raising Cane’s, were also part of the transaction. Adam Howells, Jace Hinderland and Jessica Donnelli of UCR marketed the property on behalf of the Dallas-based seller. Bo Avery, president of TriMarsh Properties, purchased the center for an undisclosed sales price.
SUGAR LAND, TEXAS — Dollar Tree and Five Below have signed new leases at Colony Square, a retail center in Sugar Land. Colony Square is anchored by a Lowe’s and is located across from First Colony Mall. The center includes retailers such as Academy Sports + Outdoors, PetSmart, Toys ”R” Us, Ashley Furniture HomeStore and Jo-Ann Fabric and Craft Stores. Dollar Tree and Five Below will each occupy 9,900 square feet and will be located between PetSmart and Jo-Ann Fabric and Crafts. Each will open in early 2015.
AUSTIN — BMC Capital has arranged a refinancing loan for 36 apartment units in the SoCo area of Austin. The borrower used a hard money loan to purchase the units and Hank Crane of BMC’s Austin office arranged the new loan with a lower, long-term fixed interest rate. The new, 10-year loan carries a 5.5 percent interest rate with a 30-year amortization schedule.
HOUSTON — Coldwell Banker Commercial United has arranged the sale of Tiffany Bay Court, an apartment complex located at 16505 Tiffany Bay Court in Houston. Patrick Buckhoff of Coldwell Banker represented the seller. Jerry Turner of Jerry Turner Realty represented the buyer, Homes Renew LLC.
DESOTO, TEXAS — Mark One Capital has arranged financing for the purchase of a four-story, 88-room Holiday Inn Express in Desoto, a suburb of Dallas. Chris Parker and Farhan Kabani of Mark One’s Dallas office arranged the financing. Chris Gomes of Marcus & Millichap’s Dallas office and Allan Miller of the firm’s San Antonio office represented the buyer and the seller in the transaction. The hotel was built in 2006 and renovated in 2012.
NORMAN, OKLA. — Marcus & Millichap has arranged the sale of Christian Brothers Automotive, a 4,945-square-foot, net-leased property in Norman, Okla. Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller, a private investor. Steven Schechter of the firm’s Encino office represented the buyer, a personal trust that purchased the property in a 1031 tax-deferred exchange. Christian Brothers Automotive is located at 3050 Yarbrough Way in Norman, just north of Rock Creek Road. The Houston-based company has more than 115 locations in 15 states.
MCKINNEY, TEXAS — A joint venture between Kensington Realty Advisors and SEDCO Capital has acquired Orchard Park, a seniors housing complex in McKinney, a suburb of Dallas. Orchard Park is a 97-unit assisted living and memory care facility located 30 miles north of downtown Dallas. The property was completed in 2011 and is located near a major hospital.
