CBRE announced the sale of Bella Vista Creek, a 272-unit, Class B multifamily community located at 3402 S. Buckner Boulevard in Dallas. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group led by Patrick and Madeleine Gergen. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Mike Canori with CBRE Affordable Housing in Seattle represented the seller. Terms of the transaction were not disclosed. Before purchasing the property, GVA Management already had a significant presence in the Dallas-Fort Worth market as they currently own and manage over 1,200 units in multiple complexes in the area. They made the decision to purchase the property as they look to expand in the metroplex. Constructed in 1985 and 1987, Bella Vista Creek features a mix of one- and two-bedroom units and community amenities including a business center, clubhouse, swimming pool, and gated access. The buyer has plans for an extensive rehab project, giving them an opportunity for additional rental income after the LIHTC LURA expires in 2021. “Having sold the property to the current owners, I was able to see the full evolution of the property with the sellers,” said Deuillet. “We’re seeing the level of interest in larger sized multifamily properties exceed pre-COVID levels as investors can take advantage of spending the money now to see an exponential amount of reward in the future.” “Our investors were very pleased with the profits received as a result of this sale,” said Patrick Gergen, CEO of AmeriCan Multifamily Alliance Group. The property was 93 percent occupied at the time of sale.

America’s Best Contacts & Eyeglasses leased a 3,499 square feet space at Denton Crossing Shopping Center at 1400-1800 South Loop 288 in Denton. The Retail Connection’s David Levinson and Jack Weir, negotiated the lease with Dawn Greiner and Ryan Johnson with SRS Real Estate Partners-Southwest, LLC.

GRAND PRAIRIE, TX – Major League Cricket (MLC) has received approval from the City of Grand Prairie on a long-term lease agreement to begin an extensive redevelopment of AirHogs Stadium as the organization’s first major cricket stadium in the United States. The parent company of MLC, American Cricket Enterprises (ACE) — in cooperation with USA Cricket, the national governing body for cricket in the United States — has retained the internationally renowned design firm HKS to repurpose and design what will be a world-class stadium for cricket in the United States. One of the best sports performance facilities in minor league baseball during its previous life as the home of the Texas AirHogs, the soon-to-be renamed stadium will now become a dedicated world-class cricketing facility. The redevelopment of the venue is scheduled to take place throughout 2021 before playing host to the Texas MLC franchise that is planned to launch in 2022, as well as a base for the USA Cricket National team and a premier High-Performance Center. “As the first Major League Cricket stadium in the United States, Grand Prairie represents a seminal moment for the sport in America, and we are incredibly excited to partner with the City of Grand Prairie to bring Major League Cricket to Dallas,” said Sameer Mehta and Vijay Srinivasan, co-founders of ACE and MLC. “Grand Prairie’s centralized location in the U.S. and the thriving Texas cricketing community, allied with the quality of the facility, made it the perfect site for us and we are certain that this is the beginning of a fruitful long-term partnership with the City that will bring much success.” Click to read more at www.usacricket.org.

Marcus & Millichap arranged the sale of 3501 MedCenter, a 145,096-square-foot multi-tenant medical office property in Amarillo, Texas. “We marketed this asset to a deep buyer pool and generated multiple offers, in spite of the truly unprecedented market conditions created by COVID-19 and the turbulent election season,” said Alex Vidal, a healthcare real estate investment specialist in Marcus & Millichap’s San Francisco office. “At the conclusion of a competitive bidding process, the buyer and seller both achieved their investment goals, underscoring the importance of hiring a skilled, healthcare-focused investment team to assist with medical office real estate transactions.” Vidal had the exclusive listing to market the property on behalf of the seller, an Amarillo-based private partnership led by Geoffrey Wright, M.D. and Joe Bob McCartt of McCartt Commercial Real Estate Services. Vidal also sourced the buyer, Equity Velocity Fund, which provided its own representation. Tim Speck, senior vice president and division manager, is Marcus & Millichap’s broker of record in Texas. The property was originally constructed as a retail mall in 1986 and was renovated to serve medical use in 1995. It is located on an 11-plus acre parcel near Interstate 40, in a strong healthcare submarket where medical offices are 95 percent occupied within a three-mile radius. Anchored by BSA Health System & NW Texas Healthcare System, 3501 MedCenter was 91 percent leased at the time of the sale.

The beauty of Cedar Hill is really unmatched in North Texas. The community of about 50,000 has found a home in the middle of nature, bordered by Cedar Hill State Park and Cedar Ridge Preserve. “You can live in the Hill Country and drive to Dallas in 30 minutes,” said Kim Buttram, economic development director of Cedar Hill Economic Development Corporation. Protecting that beauty is an important part of the planning process in Cedar Hill, which dedicates 20 percent of its land to the preservation of nature. To do so, city leaders have also been very thoughtful about where and how companies can settle, thrive and expand. The EDC has also played an important role. “One thing our EDC is really good at is anticipating the land use and preparing the land for the appropriate use,” Buttram said. “It’s been instrumental in laying the groundwork and infrastructure to support industry.” The result is the city’s industrial district, which includes the Cedar Hill Business Park. “The planning of the industrial district has always been one of the most pivotal things for the city because it positions industry within the natural environment,” said EDC marketing and research manager, Andy Buffington. “The leadership of the city has really taken that to heart to be discerning. It’s always been a very delicate balance.” Incorporated just over 30 years ago, the business park boasts tenants such as Dallas Aeronautical Services, Delta Steel and PepWear. As we go to print, only three lots totaling 21.3 acres remain available, for which the EDC is seeking out tenants focused on advanced manufacturing.
“We have several long-tenured tenants in our business park. That’s almost 30 years’ worth of relationship building,” Buffington said. Click to read more at www.rednews.com.

JLL Capital Markets has arranged acquisition financing for Los Altos Trinity Green, formerly known as Alta Trinity Green, a Class A, 324-unit multi-housing property in West Dallas. JLL worked on behalf of Barvin to originate the 10-year, 2.625 percent, fixed-rate Fannie Mae loan with five years of interest-only payments. The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender. With views of the famous Margaret Hunt Hill Bridge and Dallas skyline, Los Altos Trinity Green is part of the master-planned, 24.8-acre Trinity Green development. Completed in 2019, the property consists of 270,794 rentable square feet and offers studio, one-, two- and three-bedroom units. Community amenities include an outdoor lounge, rooftop deck, clubhouse and game room, resort-style pool, courtyard grilling area, fitness center and dog washing station. Located at 990 Singleton Boulevard, Los Altos Trinity Green is positioned in the burgeoning West Dallas area, just 10 minutes from downtown and its central business district, a major employment hub with more than 2,500 companies and 30 million square feet of office space that supports more than 135,000 jobs. Additionally, Los Altos Trinity Green is in proximity to nearly 600 dining and retail options, the city’s renowned medical district and Dallas Love Field Airport. The JLL Capital Markets team representing the borrower was led by senior managing director Susan Hill and managing director Cortney Cole.