PLANO — Columbus, Ohio-based Red Mortgage Capital has provided $14.97 million in acquisition financing and refinancing for the 286-unit The Park at Fox Trails, an apartment community located at 6300 Roundrock Trail in Plano. Aventura, Fla.-based Trade Street Property Fund is sponsoring the borrower and the loan was through Fannie Mae Dus' ARM 7-6 program.
SAN ANTONIO — NorthMarq Capital has arranged a $13 million first mortgage loan for the 114,433-square-foot The Oaks at University Park, an office park located in San Antonio. The property features tenants such as Allstate and Community First Health. William Luedemann of NorthMarq's Houston office arranged the 15-year loan with a 25-year amortization schedule through John Hancock Life Insurance Co. on behalf of the borrower, Building One Oaks.
PLANO — A new joint venture between Dallas-based Hines and institutional investors advised by J.P. Morgan Asset Management-Global Real Assets have acquired the 215,499-square-foot The Plaza at Legacy, an office building in the Legacy Business Park in Plano. The acquisition also includes a 12-acre adjacent land parcel. Hines developed the property as a build-to-suit for Computer Associates in 2001 and sold the asset to ING-Clarion in 2004 but continued to manage the property until 2006. Jones Lang LaSalle's Houston Real Estate Investment Banking team advised Hines in the joint venture equity and debt. Computer Associates has reconfigured its space renewed its lease for 43 percent of the property in a 10-year deal, leaving approximately 120,000 square feet of space available for multiple tenants. Computer Associates' reconfiguration has led to a repositioning of the office building, which will include upgrading the lobby, adding a deli/sundry store, adding a fitness center and upgrading common areas on each floor. The retrofit is slated for an end of 2012 completion and is being financed by U.S. Bank. Hines is co-marketing the available office space with Cassidy Turley.
KELLER — Cadence McShane Construction Co. has been selected to construct the 78-unit Legacy at Bear Creek, a 51,000-square-foot assisted living and memory care facility located on 6.8 acres at Keller Smithfield Road in the Keller Town Center, a 340-acre mixed-use planned development in Keller. McShane's co-developers are PinPoint Commercial and The 410 Group and Wakefield Beasley & Associates is the project's architectural firm. The property will have a retention pond, outdoor seating areas and walking trails within two courtyards. The facility is slated for a December 2012 completion.
PLANO — Beech Street Capital has closed an $8.25 million Fannie Mae conventional loan to refinance the 232-unit Woodlands of Plano, an apartment complex located in Plano. Joel Mazur of Beech Street's Bethesda, Md., office originated the 5-year financing. The property features 51 two-story buildings and laundry facilities.
DALLAS — Pie Five Pizza Co. has opened its fifth location, a 2,100-square-foot restaurant located at 15250 North Dallas Parkway in Dallas. The restaurant is the fifth restaurant in the chain's 7 months of operation. There are currently two other Pie Fives in construction in Carrollton and Arlington, and the company hopes to have eight locations by its 1-year anniversary in June.
PEARLAND — Harbor Freight Tools has opened a 14,330-square-foot store at Pearland Plaza, located at East Broadway Street and Barry Rose Road in Pearland. Brixmor Property Group, the landlord, was self-represented by Dianne Colella in the lease transaction. Branson Edwards of Grubb & Ellis' Chicago office represented the tenant.
CARROLLTON AND DALLAS — Cobalt Capital Partners, through its Cobalt Industrial REIT III, has acquired a 914,209-square-foot industrial portfolio of eight properties in Carrollton and Dallas. The properties include 581,396 square feet at 1505, 1600, 1601, 1625 and 1640 Wallace Dr. in Carrollton; 209,000 square feet at 2829 Sea Harbor Rd. in Dallas; 62,893 square feet at 1620 Rafe St. in Carrollton; and 60,920 square feet at 1621 W. Crosby St. in Carrollton.
DALLAS — The former 12,934-square-foot Smith & Wollesnky building, located at Dallas North Tollway and Frankford Road in Dallas, has been purchased and will be a new site for Pappasito's Cantina. David Zoller of The Weitzman Group's Dallas office represented the undisclosed seller in the transaction. Sam Beys of Preston Commercial Group represented the buyer.
POTTSBORO — Dallas-based Net Realty Advisors has arranged the sale of the 8,000-square-foot Family Dollar, located at Franklin Street and Highway 120 in Pottsboro. Family Dollar has a 10-year lease with four options to extend. Gavin Kam and Brad Kam of Net Realty Advisors represented the buyer, a West Coast-based all-cash investor, in the transaction.
