Pioneer Realty Capital LLC, an Arlington-based commercial mortgage intermediary and non-bank lender specializing in debt and equity transactions, has closed a $3.2 million loan to refinance and recapitalize the Summit Point Office building in Austin. The loan was negotiated and arranged with an international investment banking firm that specializes in providing long-term fixed-rate debt structures for multi-tenant office buildings.
The sponsors acquired the property in mid-2016 as an underperforming asset with a plan to resolve deferred maintenance and bring in new tenants. The sponsors approached Pioneer Realty Capital about recapitalizing the asset to repatriate capital to investors. The sponsors also needed a hedge against interest rate inflation.
Pioneer Realty prepared a detailed Offering Memorandum highlighting the economic benefits of this investment and subsequently received multiple offers from competing debt funds.
“Ultimately, our team identified an international investment banking firm seeking to deploy capital on newly stabilized multi-tenant office assets. This was our first transaction with the sponsors and we look forward to representing future debt request on their behalf in the capital markets,” said Charles Williams, managing member of Pioneer.
SALE
Marcus & Millichap has announced the sale of Next Century Dental Southlake, an 8,100-square-foot office property at 2680 E. State Highway 114 in Southlake, according to Kyle Palmer, vice president/regional manager of the firm’s Fort Worth office.
Cody Payne, senior associate and Ross L. Meisner, associate in Marcus & Millichap’s Fort Worth office, had the exclusive listing to market the property for the seller, a private investor. The property was built in 2004.
“We were able to generate multiple offers very quickly for our seller on this deal and sell it at a submarket high price per-square-foot,” said Meisner.
LEASES
Sam’s Vape & Tobacco has leased Suite 102 at the Orchard Center, 1890 S. Old Orchard Road in Lewisville, and expects to open Aug. 15. Sam’s Vape & Tobacco was self-represented. Michael Gonzalez of Vision Commercial represented the landlord, B2 Orchard LLC.
The Scuba Stop, a scuba gear store, leased 1,080 square feet at the Bardin Crossing Shopping Center, 1100 E. Bardin Road in Arlington. The business is relocating from Mansfield. The Scuba Stop was self-represented, and Barrett England of Vision Commercial represented the landlord.
Better Home Products renewed and expanded its lease for 179,875 square feet of industrial space at Great Southwest Distribution Center, 600 109th St., in Arlington. John Brewer of Transwestern represented the tenant.
Lamar Outdoor renewed its lease for 20,237 square feet of industrial space at Arlington Business Park, 625-629 109th St., in Arlington. Transwestern’s John Brewer represented the landlord. Matt Burton of Mohr Partners represented the tenant.
Silver Creek renewed its lease for 14,045 square feet of office space at MacArthur Plaza, 5525 N. MacArthur Blvd., in Irving. Matt Hurlbut and Nathan Durham of Transwestern represented the landlord, Brookwood Financial. John Beach of Jackson Cooksey represented the tenant.
TF Holdings Inc. signed a lease for 12,848 square feet of office space at One Panorama Center, 7701 Las Colinas Ridge, in Irving. Duane Henley and Nathan Durham of Transwestern represented the landlord, RM Panorama LLLP, and the tenant.
Lane Construction signed a ease for 6,321 square feet of office space at Mercantile Center One, 3001 Meacham Blvd., in Fort Worth. Transwestern’s Randy Garrett and LaTerra Commercial’s Jo Thompson represented the tenant. Andrew Ward of Mercantile Partners LP represented the landlord.
United InvestexUSA LLC d/b/a New Western Acquisitions has leased 2,265 square feet in Tower 360, 1901 N. State Highway 360 in Grand Prairie. Kurt Cherry and Shea Byers of PMRG represented the landlord, Capitol Commercial Investments Inc., and Jeff Patman of Site Selection Group represented the tenant.
Butler Aerospace Construction leased 4,979 square feet of space in Ballpark Circle, 1401 Nolan Ryan Expressway in Arlington. Kurt Cherry and Shea Byers of PMRG represented the landlord, Lexington Realty Trust.
Send real deals to Robert Francis at rfrancis@bizpress.net.