SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $79 million in financing for the renovation of the historic El Tropicano Hotel in San Antonio. Originally built in 1962, the El Tropicano is located in the city’s River Walk area. Following the renovation, the property will feature 315 guestrooms, an 8,065-square-foot pool deck and more than 16,000 square feet of event space and food-and-beverage outlets. Jordan Ray, James Matheny, Steven Buchwald and Rachael Krawiecki of IPA arranged the financing through Fortress Investment Group on behalf of the owner, Trestle Studio.
HOUSTON — Dallas-based Lincoln Property Co. has completed Maverick Distribution Center, a 435,680-square-foot industrial project in North Houston. Designed by Powers Brown Architecture and built by general contractor E.E. Reed, the facility sits on a 26-acre site that is adjacent to George Bush Intercontinental Airport. Building features include 40-foot clear heights, 70-foot speed bays, abundant car and trailer parking and suitability for either a single or multiple users. Lincoln’s internal team of Kevin Wyatt, Robert Willard and SuAnna Sanchez is marketing Maverick Distribution Center for lease.
GARLAND, TEXAS — North Texas-based investment firm M2G Ventures has purchased a 215,000-square-foot industrial property in Garland, a northeastern suburb of Dallas. The four-building complex at 10202 Miller Road is known as Northgate and was originally built in 1975. Northgate features 24-foot clear heights and was 98 percent leased to 10 tenants at the time of sale. Stephen Bailey, Dustin Volz, Dom Espinosa, Zach Riebe and Travis McEldowney of Newmark represented M2G Ventures in the transaction. The seller and sales price were not disclosed.
HOUSTON — Alliance Industrial Co. will develop a 185,428-square-foot project in northwest Houston. Known as Brookhollow West, the development will consist of two rear-load buildings totaling 134,525 and 50,903 square feet. The buildings will be situated on a 12.7-acre site and will feature 32-foot clear heights and 130-foot truck court depths. Seeberger Architecture is designing Brookhollow West. Other project partners include Langan Engineering and a joint leasing team of Lee & Associates and Boyd Commercial. Delivery is slated for early next year.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 23,639-square-foot restaurant building located at 611 Houston St. in downtown Fort Worth. The building was originally constructed in 1939 and includes an 8,100-square-foot basement with potential for future redevelopment. The building was fully leased at the time of sale to The Library Bar and Pete’s Dueling Piano Bar, which have occupied the space for more than two decades. Joe Santelli of Marcus & Millichap represented the seller and procured the buyer, both of which were local investment groups that requested anonymity, in the transaction.
SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has completed Los Arcos at Vida, an $81 million project in San Antonio. The property is located within the 600-acre Vida master-planned development on the city’s south side and totals 324 units. Residences come in one-, two-, three- and four-bedroom floor plans and are reserved for households earning between 30 and 70 percent of the area median income. Amenities include a pool with a sundeck, barbecue grills and picnic areas, a conference center and cybercafé, activities room, community garden, playground and onsite laundry facilities. The project was financed in large part by $36 million in tax credits issued by the Texas Department of Housing & Community Affairs.
DALLAS — An affiliate of California-based investment, development and finance company Bolour Associates Inc. has provided an undisclosed amount of acquisition financing for a 112-unit affordable housing community located at 4753 Duncanville Road in southwest Dallas. The property was originally built in 1989 and features one-, two- and three-units that range in size from 663 to 1,059 square feet. Income restrictions for the community were not disclosed. John Choi of Concord Summit Capital arranged the financing on behalf of the unnamed borrower.
FORT WORTH, TEXAS — Fonroche Lighting, a French provider of solar-powered streetlights, has opened a 20,088-square-foot headquarters facility in Fort Worth. Fort Worth-based Empire Holdings designed and built the facility, which is located within Campus Industrial Park on the city’s southeast side. The space features customized elements for engineering, sales and production departments, as well as floor-to-ceiling glass windows, exposed ceilings, private and communal office spaces, purpose-built cargo docks, oversized automatic overhead doors and storage and freight handling areas.
RICHARDSON, TEXAS — Topaz Labs, a provider of AI-powered photo and video enhancement technology, has signed an approximately 19,000-square-foot office lease expansion in the northeastern Dallas suburb of Richardson. The deal effectively triples the company’s footprint at its headquarters facility, which is located at 5100 Belt Line Road, to about 28,000 square feet across the top two floors of the three-story building. Nick Lee and Walker Hume of NAI Robert Lynn represented Topaz Labs in the lease negotiations. Kristi Waddell, Addie Ludwig and Jeremy Duggins of Cawley Partners represented the landlord.
AUSTIN, TEXAS — Franklin Street, a Tampa-based commercial real estate services firm, has launched a multifamily investment sales division for Texas markets. The business unit will operate as a seven-person team from the firm’s existing office in Austin, which opened about a year ago and now comprises more than 20 professionals who also offer services for land, office and industrial verticals. Patrick Strake, an Austin native and former Marcus & Millichap team member, will lead the new multifamily division.