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Club at Tranquility Lake, a Class A multifamily property located in Pearland.
PEARLAND — Steel Castle Property Partners has purchased the 212-unit Club at Tranquility Lake, a Class A multifamily property located in Pearland. Steel Castle acquired the property through an REO auction at the time of foreclosure, closing in just 30 days. Steel Castle will continue to reposition and make capital improvements to the property, which already features a swimming pool and views of Tranquility Lake.
M&M BROKERS CHRISTIAN BROTHERS AUTOMOTIVE SALE
SCHERTZ — Marcus & Millichap has sold the 4,921-square-foot Christian Brothers Automotive, a car dealership located at 205 FM 3009 in Schertz. Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller. The buyer was an out-of-state investor.
SOUTHWEST MOLDING SIGNS 225,000 SF LEASE IN DALLAS
GRAND PRAIRIE — Stream Realty Partners has secured a new lease of 225,000 square feet for Southwest Molding in Grand Lakes Distribution Center, located at 3845 Gifford St. in Grand Prairie. This transaction stabilizes the 636,000-square-foot speculative distribution center. Cannon Green and Bob Hagewood of Stream Realty represented landlord, Crow Holdings, in the transaction. Nathan Orbin and Michael Swaldi of Jones Lang LaSalle represented the tenant.
110 WEST SEVENTH PLACE TOWER HAS BURST OF SIGNED LEASES
TULSA, OKLA. — Dallas-based Prescott Realty Group has secured new and renewal leases totaling 167,000 square feet at 110 West Seventh Place Tower in Tulsa. Three new tenants have been added: an oil and gas exploration firm has leased 44,681 square feet, a major national bank has leased 21,961 square feet and Airgas Mid-South Inc., has leased 58,640 square feet. Additionally, Atlas Pipeline Mid-Continent has renewed its 42,164-square-foot lease. The 28-story, 521,854-square-foot Class A office building is 96 percent leased, with the average lease term being 101 months. The building offers building automation system, a top-floor conference room with panoramic views, 11 newly renovated elevators, on-site management and an attached 586-space parking garage. Michael Predovic and Derek Bateman of Trinity Corporate Real Estate represented the landlord in the transactions.
JOHNSON CAPITAL HAS ARRANGED A $2.55M LOAN
Story Business Center, an industrial property located on Story Road near Beltline Road in Irving.
IRVING — Johnson Capital has procured a $2.55 million loan to refinance the 62,615-square-foot Story Business Center, an industrial property located on Story Road near Beltline Road in Irving. Jason Pumpelly of Johnson Capital’s Dallas office originated the 10-year, non-recourse loan through a CMBS lender.