HOUSTON — NXT Capital has provided an $18 million loan to finance the acquisition of a 216-unit, Class B apartment community in Houston. The property name was undisclosed, but the asset is situated 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with a business center, fitness center, sand volleyball court, outdoor fire pits, outdoor grills, dog park, putting green and a swimming pool with a sun deck. Steve Whitehead of NorthMarq Capital’s Dallas office placed the loan with NXT Capital on behalf of the undisclosed borrower.
PLANO, TEXAS — CityCentral, a coworking office space provider based in Dallas, has leased 30,616 square feet within Atrium at Collin Ridge in east Plano. The 281,315-square-foot office building is located at 500 N. Central Expressway at the northeast corner of President George Bush Turnpike and North Central Expressway. CityCentral’s new location will provide more than 100 private offices, as well as coworking spaces, meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services Inc. represented CityCentral in the lease negotiations, while Paladin Partners represented the undisclosed landlord. This will be CityCentral’s third location in the Dallas market, with a fourth location opening in Frisco later this year.
PLANO, TEXAS — Metro Dallas-based development firm Centurion America has acquired the majority of the Collin Creek Mall in Plano, with plans to spend $1 billion to convert the 1.1 million-square-foot shopping destination into a mixed-use development. According to Community Impact Newspaper, the company acquired the anchor buildings formerly occupied by Macy’s, Dillard’s and Sears, as well as the interior structure of the mall. John Schupp, Mike Kennedy and Darrell Betts of Avison Young brokered the sale of the mall and the adjacent property formerly occupied by Sears. Once rezoning is approved, construction is slated to begin in summer 2019. The project is expected to be completed in multiple phases with a final completion date tentatively set for 2021. The future of the mall, which has faced declining occupancy in recent years, has been uncertain since Dallas developer Sam Ware’s bid to acquire the property fell through in 2018.
FORT WORTH, TEXAS — Grapevine, Texas-based 2GR Equity, in a joint venture with Paravest Capital and StreetLevel Investments, will develop a 215,000-square-foot retail power center at the corner of Chisholm Trail Parkway and McPherson Road in Fort Worth. The center, which will be branded The Shops at Chisholm Trail Ranch, will be situated on 35 acres within the Chisholm Trail Ranch master-planned development. The property is 70 percent preleased to tenants such as Marshalls, Old Navy, Ulta Beauty, Five Below and Sprint. The project is scheduled for completion during the first half of 2020.
SHENANDOAH, TEXAS — Dallas-based developer Sam Moon Group is nearing completion of Metropark Square, a 175,000-square-foot mixed-use project in Shenandoah, about 30 miles north of Houston. The development will feature a 10-screen AMC movie theater, Urban Air Adventure Park, outdoor event space, Dave & Buster’s, Hyatt House hotel and other retail and restaurant options. The movie theater will open in February and Urban Air will open in March. Houston-based NewQuest Properties will handle leasing of the other retail spaces.
FORT WORTH, TEXAS — Mallory Alexander, a third-party logistics provider, has leased 155,038 square feet at 35/20 Crossroads Distribution Center in Fort Worth. The rail-served property features 32-foot clear heights, 190-foot truck court depths and access to Interstates 35 and 20. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove, in the lease negotiations.
HOUSTON — Houston-based Finial Group has negotiated an 18,471-square-foot industrial lease renewal at Four Seasons Business Park in Houston. Jack Gaffney of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Interwell US LLC, which services the upstream side of the oil and gas industry, was not disclosed.
HOUSTON —New York City-based Meridian Capital Group has arranged a $51.6 million acquisition loan for Lakeview Apartments and Estates, two multifamily properties in Houston totaling 566 units. Both properties offer resort-style pools, fitness centers and nearby jogging trails. Zev Karpel of Meridian Capital Group arranged the loan, which featured a 12-year term, a 4.89 percent interest rate and a 30-year amortization schedule, through Capital One on behalf of the borrower, Marlin Spring Investments.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of AStoreroom Mini-Storage, a 582-unit facility in New Braunfels, about 35 miles northeast of San Antonio. The facility was expanded in 2017 to include an additional 219 units. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were limited liability companies that requested anonymity.
HOUSTON — Dornin Investment Group, which has offices in Las Vegas and Laguna Beach, Calif., has sold 11777 Katy Freeway, a 120,520-square-foot office park located in the Energy Corridor area on Houston’s west side. Situated on 3.7 acres, the property was 60 percent occupied at the time of sale. Payton Indermuehle and Todd Jurek of Keen Realty Group LLC represented the buyer, Next Investments LLC, in the transaction. Dornin Investment Group was self-represented.