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Monday, October 26, 2020
Real Estate Newsmakers: MEDICAL DISTRICT APARTMENTS SOLD TO FOREIGN INVESTOR

Newsmakers: MEDICAL DISTRICT APARTMENTS SOLD TO FOREIGN INVESTOR

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MEDICAL DISTRICT APARTMENTS

SOLD TO FOREIGN INVESTOR

CBRE announced the sale of Magnolia at Mistletoe Heights, a 35-unit, Class A multifamily complex located in the Fort Worth Medical District, in early September. A foreign investor purchased the asset from locally based Magnolia Property Co. for an undisclosed price.

Chris Deuillet and Chandler Sims, with CBRE Capital Markets’ Investment Properties in Dallas, represented the seller.

The 26,855-square-foot apartment complex is located at 2101 West Rosedale St., just east of Interstate 30. It was built in 2017.

“We were able to tap into CBRE’s international coverage to attract foreign interest during our marketing,” said Deuillet. “Recently, we have had a significant amount of success selling to foreign investors. Mistletoe Heights is a complex that most purchasers considered for wealth preservation and a long-term hold strategy.”

ASCEND, CIVITAS PARTNER

ON SENIOR LIVING PROJECT

Ascend Partners LLC is collaborating with Fort Worth-based senior living management company Civitas Senior Living, for the construction of The Grandview of Chisholm Trail, their newest boutique project.

The 70,000-square-foot community will offer 67 assisted-living and 16 memory-care apartments. Amenities will include private residences, concierge-style services, chef-prepared meals and 24/7 professional care.

“Our passion is people, and our mission is to inspire active, healthy and happy lives,” said Civitas’s founder and CEO, Wayne Powell.

“Residents will enjoy luxury living consistent with what you would find in resorts, with state-of-the-art finishes,” said Anand Patel of Ascend Partners.

“Partnering with Civitas Senior Living offers a unique opportunity to combine the comprehensive passions of their proven programs with our innovative design and dedication to creating a better senior living environment,” Patel said. Plans for the Civitas-Ascend partnership include other senior living communities, both in the area and in other locations, in the future.

Partners who are contributing to the design, development and completion of the project are Sage Development Group, Arrive Architecture Group, Senior by Design and Ridgemont Contractors. The Grandview of Chisholm Trail is scheduled to open in November 2019.

BOB MOORE BEGINS WORK

ON R+L TRUCK TERMINAL

Construction has begun on R+L Carriers’s new truck terminal in Sanger. The facility, built by Arlington-based general contractor Bob Moore Construction, will include three buildings and a fuel island, totaling over 142,000 square feet. The terminal is a part of R+L Carriers’s efforts to streamline processes in Texas, and, once completed, the terminal is expected to create 200 jobs over the next five years.

“We’re very excited to be working with a client like R+L Carriers and we think this could be the beginning of a great partnership” said Larry Knox, executive vice president of Bob Moore Construction. “Over 900,000 square feet out of 1.2 million square feet of concrete has been poured on or ahead of schedule, and we’ll soon be ready to begin construction on the terminal, shop and wash buildings.”

SALES

Motorplace USA LLC has purchased 6.3 acres at 1400 North Las Vegas Trail and Loop 820 in White Settlement. Chris L. Stewart of Vasseur Commercial Real Estate Inc. represented the seller, Neshyba Family Living Trust. Motorplace USA provides storage space for items from cars, trucks and motorcycles to boats, jet skis and RVs. Each space, called an Autominium, is a titled unit and ownership includes access to common areas plus a members-only clubhouse. John Zimmerman with Briggs Freeman Sotheby’s International Realty will handle the sale of the Autominiums.

SHOP Companies Investment Sales team announced the sale of Burleson Commons Shopping Center, a 24,029-square-foot, three-building retail center shadow-anchored by a 114,000-square-foot Kroger Marketplace in Burleson. At the time of sale, the property was 100 percent leased. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Companies represented the seller, a Texas limited partnership. The buyer was a limited liability company from Texas.

LEASES

Fit Body Bootcamp leased 3,000 square feet at 1120 S. Blue Mound Road in Saginaw. The high-intensity interval training and active-rest training gym is expected to open by October. Barrett England of Vision Commercial represented the tenant and Todd Hawpe of Transwestern represented the landlord.

Norma Stones Home Decor and More, a holiday gift and accessories store, has leased 33,945 square feet of space at the Diamond Oaks Shopping Center, 4105 Denton Highway in Haltom City. The store is set to open Dec. 1. Norma Stones was self-represented, and Mike Tran of Vision Commercial represented the landlord, SVP MDO LLC.

Flux MMA has leased 203 square feet of the Diamond Oaks Shopping Center at 4105 Denton Highway in Haltom City. The opening date has yet to be decided. Mike Tran of Vision Commercial represented the landlord, SVP MDO LLC, and Kyle Short represented the tenant.

Maggie and Me Boutique has leased 1,625 square feet in Village Park, Woodcrest Capital’s newest retail center located in Pantego. Taylor Marks with Woodcrest Capital represented the landlord.

Dura Sip LLC has leased 10,000 square feet of space at 1001 Rondo Drive, Suite 150, for its first office Fort Worth. Landlord WPWP Real Estate Holdings LLC was represented by Chris L. Stewart of Vasseur Commercial Real Estate Inc. while Mike McGee of McGee and Associates represented the tenant.

Send real deals to Robert Francis at rfrancis@bizpress.net.

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