BEDFORD — Addison-based Legacy Alliance Holdings has acquired the 59,909-square-foot Bedford Meadows, a retail center located in Bedford. The property was 40 percent occupied at the time of the sale. Before the sale, the property's former owner, VFC Partners 7, foreclosed on a $3.85 million loan. Legacy was self-represented by Brad DeYoung in the transaction, and Nelson Somerville of Southlake-based Vaughn Commercial Realty represented the undisclosed seller.
SAN ANTONIO — Arizona-based MC Cos. has purchased the 250-unit Shadow Valley Apartments, a Class B garden-style community located at 5650 Grissom Rd. in San Antonio. MC Residential will manage the community after capital improvements are completed. The property will be renamed The Place at Shadow Valley. Financing for the acquisition was provided by a Fannie Mae loan through Wells Fargo.
DALLAS — NorthMarq Capital has arranged $14 million in first mortgage financing for the 224,662-square-foot The Arbors Shopping Center, located at 18150-18410 Preston Rd. in Dallas. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan with a 30-year amortization schedule through State Farm Life Insurance Co. on behalf of the borrower, Preston Road Associates.
ALEDO — Marcus & Millichap has brokered the sale of 118 Marble and 106 Bear Cat, two industrial facilities located in Aledo. The Marble property is a 10,000-square-foot facility that was 88 percent leased at the the time of the sale. The Bear Cat facility is a 14,323-square-foot property and was fully occupied at the time of the sale. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a private investor, in the transactions and procured the buyer, a limited liability company.
HOUSTON — MetLife has completed the sale of a 50 percent interest in the 1.7 million-square-foot Wells Fargo Plaza, a 71-story office building located at 1000 Louisiana St. in Houston's CBD, to New York State Common Retirement Fund. MetLife will retain asset management responsibilities and the remaining 50 percent interest. The property is 96 percent leased to 37 tenants. Robert Williamson and Scott Galloway HFF's Houston office and Mark Gibson of the firm's Dallas office represented MetLife in the transaction, and Clarion Partners represented New York State Common Retirement Fund.
SAN ANTONIO — Embrey Construction has broken ground on Pearl Brewery's 300-unit Can Plant Apartments, a multifamily community located at 503 Avenue A in San Antonio. The development will include a resort-style swimming pool, parking garage, health club and social lounge. An affiliate of San Antonio-based Silver Ventures is developing the property, which is designed to achieve the 2008 National Green Building standard. The property is slated for a third quarter 2012 delivery.
EL PASO — Cypress Equities has arranged $57.3 million loan for the 591,000-square-foot Bassett Place, an enclosed mall located at 6101 Gateway W. in El Paso. The mall is 93 percent leased to tenants such as Kohl's, Target and Premiere Cinema 18. Cypress arranged a $49.3 million senior loan through CIBC on behalf of the borrower, Bassett Place Real Estate Co. Cypress also arranged $8 million in mezzanine financing through RCG Longview. Part of the funding will go toward capital improvements associated with two new leases with Dollar Tree and Shoe Carnival in one of the mall's outparcel buildings.
FORT WORTH — HFF has arranged a $4 million loan for the refinancing of the 83,402-square-foot Hulen Square, a shopping center located at 6201-6299 Granbury Rd. in Fort Worth. Travis Anderson of HFF's Dallas office arranged the 5 year loan through ViewPoint Bank on behalf of the owner, Cencor Realty Services.
DALLAS — A new restaurant developed by Stephan Pyles is coming to 17Seventeen McKinney, an office tower located at 1717 McKinney Ave. in Dallas. Pyles has signed a 7,493-square-foot lease with Granite Properties for ground floor space. The 120-seat restaurant will open in the spring of 2012. Mitch Traub, Wyatt Russo and Jim Weir of the Retail Connection represented the landlord in the leasing transaction. Jack Gosnell of United Commercial Realty's Dallas office represented Pyles.
FORT WORTH — Education Realty Trust has agreed to purchase the leasehold interest of the 244-unit GrandMarc at Westberry Place, a collegiate housing community on the campus of Texas Christian University in Fort Worth, for $54.7 million. The transaction is expected to close in mid-November. The property is 97.8 percent leased and is subject to a 53-year ground lease with TCU. In addition, the housing community includes 30,000-square-feet of ground floor retail that is currently 100 percent leased.