FARMERS BRANCH, TEXAS — MedCore Partners has acquired The Avenues of Park Forest, an 86-unit seniors housing property in the northern Dallas suburb of Farmers Branch that offers assisted living and memory care services. MedCore plans to renovate the unit interiors and common areas, upgrade building exteriors and landscaping and rebrand the property as The Grove on Forest Lane. The seller was not disclosed.
LUBBOCK, TEXAS — Northmarq has arranged a bridge loan of an undisclosed amount for the acquisition of 34th Street Retail, a 42,152-square-foot strip center in Lubbock. The property was originally constructed in 1960. David Mott of Northmarq arranged the fixed-rate loan on behalf of the sponsor, NetCo Investments LLC. The direct lender was not disclosed.
GRAND PRAIRIE, TEXAS — New York-based investment firm IG Logistics has acquired a 28,000-square-foot warehouse in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the property at 104 E. Trinity Blvd. was built on 9.2 acres in 1998 and features 16-foot clear heights. At the time of sale, the building was fully leased to Beacon Roofing Supply. The seller was not disclosed.
ARLINGTON, TEXAS — Southern California-based investment firm Archway Equities has sold Harmony Apartments, a 616-unit multifamily community in Arlington. Built in 1984, Harmony Apartments offers one- and two-bedroom units and amenities such as two pools, a fitness center, business center and outdoor grilling and dining stations. Drew Kile, Joey Tumminello, Michael Ware and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap, represented Archway Equities in the transaction. Aspen Capital Group purchased the asset for an undisclosed price. The seller held the property for three years and executed a capital improvement plan during that stretch.
ROANOKE, TEXAS — JLL has negotiated the sale of HWY 114 Distribution Center, a 568,632-square-foot industrial facility located in the North Texas city of Roanoke. The 68.6-acre site is located two miles east of the intersection of I-35 and State Highway 114. The cross-dock facility was completed in 2021 and features 36-foot clear heights, 119 dock doors and 229 parking spaces. Los Angeles-based Cohen Asset Management purchased the property from Provident Realty Advisors for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL brokered the deal. At the time of sale, HWY 114 Distribution Center was fully leased to UNIS, a California-based third-party logistics provider.
RICHARDSON, TEXAS — Locally based investment firm ClearWorth Capital has acquired Belle Grove at Custer, a 202-unit multifamily property located in the northeastern Dallas suburb of Richardson. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a fitness center, business center, playground, tennis court, walking/biking trails and onsite laundry facilities. ClearWorth Capital purchased the asset from RealSource for an undisclosed price with plans to implement a value-add program. Chris Deuillet, William Hubbard and Jaxx Davis of CBRE brokered the deal. Belle Grove at Custer was 94 percent occupied at the time of sale.
DALLAS — Locally based firm GTC Real Estate Investments will develop Trinity Industrial Park, an 80,000-square-foot project that will be located in the Brookhollow submarket of Dallas. Trinity Industrial Park will comprise two buildings on a 5.4-acre site at 8733 N. Stemmons Freeway. Azimuth Architecture Inc. will handle design, and Pritchard Associates Inc. will serve as construction manager. NAI Robert Lynn will lease the development. Construction is scheduled to begin in the first quarter of 2023 and to be complete by the end of next year.
MCKINNEY, TEXAS — Avison Young has arranged the sale of a 48,304-square-foot office building located in the northern Dallas suburb of McKinney. The property was built on 2.7 acres in 2006 and includes 152 surface parking spaces. Susan Gwin Burks, Bruce Butler, John Bowles and Philip Boren of Avison Young represented the seller, Dallas-based PAR Capital, in the transaction. Bill Cox of Carey Cox Co. represented the undisclosed, locally based buyer. The building was roughly 95 percent leased at the time of sale.
AUSTIN, TEXAS — Locally based investment and development firm Rastegar Property Co. has broken ground on INF1NITY Park, a 600,000-square-foot industrial project in Austin. The property will be situated on 50 acres at 11708 McAngus Road near the Tesla Gigafactory and will be developed in phases. Phase I will comprise three buildings ranging in size from 90,000 to 168,000 square feet, one of which is already fully preleased. The second phase will feature a 241,920-square-foot building that will be marketed as a build-to-suit opportunity. The buildings will offer 32- to 36-foot clear heights and a total of 246 docks and 800 parking spaces.
AUSTIN, TEXAS — A partnership between Stream Realty Partners and Charlotte-based investment firm Barings will develop 1400 East, a six-story office building in East Austin. The square footage of the project is still being determined. Amenities will include private patios on each floor, a ground-floor paseo and onsite restaurant space, as well as a fitness center and bike valet services. HKS is the project architect. Construction is scheduled to begin in early 2023 and to be complete in late 2024.