PAYLESS SHOESOURCE SOLD
Marcus & Millichap has sold the 3,140-square-foot Payless ShoeSource retail property at 2500 East Pioneer Parkway in Arlington, according to Tim A. Speck, first vice president and district manager of the firm’s Dallas office. Blake Burnett in Marcus & Millichap’s Dallas offic, had the exclusive listing to market the property on behalf of the seller, a partnership.
Each agent from Giordano Wegman Walsh and Associates was designated as a Christie’s International Real Estate luxury specialist by Christie’s International Real Estate, the real estate arm of the Christie’s Auction House, during the 2017 Luxury Specialist Conference held in September in San Diego.
The award is given to top agents in the industry who have shown a dedication to client service and to acquiring knowledge across the spectrum of luxury asset classes.
Rick Wegman, partner of Giordano Wegman Walsh and Associates, said, “Being a Christie’s International luxury specialist is only available to Christie’s affiliates and their agents, making it one of the more exclusive and distinguished designations an agent can obtain in our industry.”
FORT CAPITAL ADDS
The Fort Worth-based real estate investment firm Fort Capital has acquired of four industrial projects in Fort Worth totaling 369,625 square feet.
The properties are at 94 percent occupancy. They are: Suffolk Business Park, with five buildings totaling 116,000 square feet, located at 2951 Suffolk Drive, 2921 Suffolk, 2905 Suffolk, and 2901 Suffolk; a 63,795-square-foot property at 2020 E. Fourth St.; a 16,000-square-foot property located at 500 E. Central Ave.; and a 173,830-square-foot property located at 1101 NE 23rd St.
“These industrial assets are huge for Fort Capital. It is the start of a much larger industrial platform we plan on creating throughout DFW and Texas,” said Chris Powers, CEO and founder of Fort Capital. “I’ve been extremely pleased with Sarah LanCarte heading up our commercial acquisitions division and the strides she’s taken to grow our industrial property portfolio. Sarah has built an incredible network throughout the industrial market and is building a team and pipeline of deals that will further enhance our presence throughout DFW and Texas. We have set lofty goals of owning and operating 2,000,000 square feet of industrial property by Q3 2019.”
3 APARTMENT COMPLEXES
GET FUNDING, REFINANCE
Mark One Capital, a leading provider of capital markets expertise with access to commercial real estate loan products, has announced three commercial real estate loan transactions originating from the firm’s Dallas office, according to Tim A. Speck, first vice president and district manager. They are:
• Refinancing of Grand Prairie Villas, a 34-unit apartment complex in Grand Prairie. Farhan Kabani, senior vice president capital markets, and Chris Parker, director, both in the firm’s Dallas office, arranged the loan. The loan was structured with a 10-year term and amortizes over 30 years with a fixed interest rate of 4.22 percent. This was a cash-out transaction with a loan-to-cost at 92 percent. The loan amount was $1.2 million.
• Funding for Belmont Oaks, a Class C, 45-unit apartment complex built in 1984 in Fort Worth. Kabani and Parker arranged the loan. The loan was structured with a nonrecourse, 10-year term and amortizes over 30 years with a fixed interest rate of 4.33 percent. The loan amount was $1.76 million with a loan-to-value of 80 percent. All leases on the property were month-to-month.
• Funding for Fossil Ridge, a Class C, 44-unit apartment community built in 1984 in Fort Worth. Kabani and Parker arranged the loan. The loan was structured with a nonrecourse, 10-year term and amortizes over 30 years with a fixed interest rate of 4.03 percent. The loan amount was $1.25 million with a loan-to-value of 80 percent. This was a cash-out transaction with high deferred maintenance.