GARLAND AND GRAPEVINE, TEXAS — The Dallas-Fort Worth office of Lee & Associates has completed two Texas industrial deals. First, Signature Home Furniture purchased a 23,500-square-foot warehouse located at 3939 Forest Lane in Garland. The seller is BCD Electro. Lee's Adam Strittmatter and Greg Nelson represented the buyer. Doug Molny of Jim Lake Cos. represented the seller. In addition, Insight Marketing signed a lease for 70,000 square feet of space at 1000 S. Nolen Drive in Grapevine. Lee's Donnie Rohde and Ken Wesson represented the tenant. Bradford Cos. represented the undisclosed landlord. Terms of both deals were not disclosed.
LUBBOCK, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $9.9 million loan for the refinancing of Sagewood Apartments, a 355-unit multifamily community located in Lubbock. Constructed in 1984 and expanded in 1998, the property is situated at 5917 67th St. Occupancy was 90 percent at the time of closing. The loan, which was procured through Freddie Mac, carries a 10-year term and a 5.79 percent, fixed interest rate. Mona Carlton of HFF arranged the financing through the buyer, McDougal Cos.
DALLAS — Monmouth Real Estate Investment Corp. has purchased a 184,317-square-foot industrial property located in Dallas. The building is situated on 10 acres at 2000 Luna Road within Valwood Industrial Park. It was completed last year and is leased to Carrier Corp. for a 10-year term. The company uses it as a regional distribution building. The seller was Langford Property Co. a developer of speculative and build-to-suit projects in Texas. Jud Clements and Robby Rieke of Holliday Fenoglio Fowler represented the seller. The purchase price was not disclosed.
MANSFIELD, TEXAS — The Shops at Mansfield LLC has announced that Kroger Marketplace will anchor Broad Street Commons, a shopping center currently under development at the corner of East Broad Street and Highway 360 in Mansfield. The new concept from Kroger will feature 68,000 square feet of grocery items and 55,000 square feet of general home merchandise, including a kitchenware section, a Fred Meyer jewelry store and a home furnishings section. The opening is expected in summer. Karla Smith and Jean Smith of United Commercial Realty represented The Shops at Mansfield in lease negotiations. In addition to the Kroger Marketplace, Broad Street Commons will include a 16,000 square feet of inline retail space, pad sites and a Kroger fuel station. Conifer Real Estate is developing the project.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of a 128-room Rodeway Inn located at 1209 N. Interstate 35 in new Braunfels. Allan Miller of Marcus & Millichap's Austin office represented the seller and procured the buyer, both of which were undisclosed limited liability companies. The acquisition price was not disclosed.
CARROLLTON, TEXAS — Monmouth Real Estate Investment Corp. has acquired a 184,317-square-foot industrial property located within Valwood Industrial Park in Carrollton for approximately $17.9 million. The building is situated at 2000 Luna Road and is occupied by Carrier Enterprises through 2019. It was constructed in 2009. Darren Sides of Porthaven Partners represented Monmouth in the transaction. The seller's name was not disclosed.
SUGAR LAND, TEXAS — Sugar Land-based Curtice Commercial Real Estate is nearing completion for Mody Plaza, a three-story, 25,000-square-foot commercial project located within Sugar Land's Lake Pointe Development. Initial plans for the building call for retail space on the ground floor, with restaurants or professional office space on the second and third floors. The building will also feature an attached two-story parking garage. Johnson Atala & Associates is serving as project architect.
TULSA, OKLA., AND NORTH RICHLAND HILLS, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged two loans totaling $22.63 million for two multifamily communities. The first property, Lakeside Place, is a 210-unit apartment complex located in Tulsa. The second property, The Venue at Hometown, is a multi-use property located in North Richland Hills that consists of 189 apartments and 46,000 square feet of ground-floor retail space. The Lakeside Place loan carries a 5.63 percent interest rate. The Venue at Hometown loan carries a 5.75 percent interest rate. Both loans feature fixed interest rates, 10-year terms and 30-year amortization schedules. The lender for both transactions was Alliant Capital, which utilized the Fannie Mae DUS program. MCA's Todd McNeill secured the Lakeside Place loan, and Hook Harmeling, also of MCA, secured the Hometown loan.
AUSTIN, TEXAS — Spire Realty Group has purchased Chase Tower, a 21-story, Class A office tower located at 221 W. Sixth St. in Austin's central business district. The building contains 389,502 rentable square feet and was 96 percent leased at the time of closing. Spire plans to complete capital improvements to the building in the near-term. Andrew Levy and Todd Savage of Holliday Fenoglio Fowler represented the sellers: ERG Chase Tower LP, Chase Tower REO LP, NNN OF8 Chase Tower REO LP and NNN VF Chase Tower REO LP. Spire provided in-house representation.
AUSTIN, TEXAS — Phoenix-based Cole Real Estate Investments has acquired Mueller Regional Retail Center, a 351,462-square-foot retail property located in Austin. The center is anchored by The Home Depot, Best Buy, Marshalls, PetSmart, Staples and Bed, Bath & Beyond. The seller as well as the acquisition price were not disclosed.