HOUSTON — MetroNational, owner, manager and developer of Memorial City, a 250-acre mixed-use property in Houston, has completed its newest building, The Treehouse. The building uses green technology and includes office and meeting space. The Treehouse is a two-story, 14,700-square-foot structure featuring a geothermal cooling and heating system, solar panels, rainwater collection, a wind turbine and rooftop garden. Located at 963 Bunker Hill Road, the building’s owners hope to receive LEED Platinum certification.
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FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
GARLAND, TEXAS — Westmount Realty Capital LLC has announced two new leases at the Logistics Pointe/Garland property located at 2600 McCree Road in Garland, Texas, near Dallas. The property is adjacent to Interstate 635 and includes 1.1 million square feet on a 66-acre, rail-serviced site. Calavo Growers Inc., a publicly traded provider of fresh foods, extended its lease of 149,000 square feet for an additional 15 years. H&M Bay, a provider of temperature-controlled freight solutions, signed a new 10-year lease for 67,800 square feet.
HOUSTON — Marcus & Millichap has announced the sale of 1515-1507 West Gray Street, a collection of retail properties totalling 16,000 square feet in Houston. Derek Gargrove and Justin Miller with Marcus & Millichap’s Houston office facilitated an assemblage of the properties to affiliates of Braun Enterprises. The properties are located just east of the River Oaks Shopping Center.
PALM COAST, FLA. — Atlanta-based Branch Properties LLC, in conjunction with Michael Collard Properties, plans to commence the $40.8 million redevelopment of Palm Harbor, a Publix-anchored shopping center in Palm Coast. Branch and Michael Collard purchased the 28.7-acre site from The Inland Real Estate Group in May. Plans call for an additional 50,000 square feet of new retail space at the center. As part of the expansion, Publix signed a lease for a new 53,785-square-foot store, approximately 20 percent larger than the existing store. The shopping center, which will be renamed Island Walk, will be revitalized in three phases. Phase I includes the addition of several small shop tenants and will be completed by spring 2015. Phase II includes the new Publix store and additional small shops and will be completed by fall 2015. The final phase is the addition of retail space to the east of the new Publix and will be completed by mid-2016. Construction is slated to kick off in the fall. Synovus Bank provided a construction loan for the project.
MARIETTA, GA. — Atlanta-based SDM Partners has purchased Sandy Plains Business Park, a 167,329-square-foot office/flex business park in Marietta, a northwest suburb of Atlanta. SDM purchased the three-building asset from an unnamed global investment manager. The property was 94 percent leased at the time of the sale. The Bank of North Georgia, represented internally by Mark Hancock, provided acquisition financing, and Rooker Properties provided equity financing. Colliers International’s Atlanta office will provide leasing and property management services at the business park. Matt Tritschler of Avison Young represented the seller in the transaction.
MARIETTA, GA. — The Radisson Atlanta Northwest has opened in Marietta, an Atlanta suburb, following a comprehensive renovation. San Diego-based LLJ Frontera Atlanta Ventures owns the 218-room, 10-story hotel. Dallas-based Frontera Hotel Group manages the property. The Radisson Atlanta Northwest features 6,600 square feet of flexible meeting space, a full-service restaurant, lobby bar with 12 large-screen TVs, fitness center and a seasonal outdoor swimming pool.
COLUMBIA, S.C. — Hilton Worldwide is bringing Columbia its first dual-branded hotel at 1615 Gervais St., the site of the current Clarion Hotel Downtown. Franchisee Gervais Street Hotel LLC and development and management firm CN Hotels Inc. will rebrand and convert the Clarion into a 110-room Hilton Garden Inn and 100-room Home2 Suites by Hilton. The new hotel property will open in 2016 and will join Hilton’s existing 16 dual-branded hotels. The two hotels will share amenities, including 5,500 square feet of meeting space, an outdoor pool, indoor pool, outdoor garden, firepit and Carolina’s Restaurant.
BILOXI, MISS. — CBRE has arranged $23.2 million in refinancing for Arbor Place Apartments, a 328-unit, Class A multifamily community located at 1955 Popps Ferry Road in Biloxi. The property features an average unit size of 1,310 square feet in one-, two- and three-bedroom floorplans. Arbor Place’s amenity package includes a swimming pool, walking trails, business center, fitness center, playground, picnic pavilions, outdoor fireplaces, dog park and a clubhouse/leasing office. Glenn Housman of CBRE arranged the 10-year loan through Fannie Mae’s Structured Adjustable Rate Mortgage (SARM) program on behalf of the borrower, Arbor Properties Inc.
PHILADELPHIA — SugarHouse Casino is breaking ground for a $164 million expansion, which is slated to open in 2015. The expansion will bring more amenities to the property along the Delaware Riverfront, including a multi-purpose event space with waterfront views, new restaurants, a parking garage and a dedicated 30-table poker room. Additionally, the expansion will bring 500 permanent jobs and 1,600 construction jobs to Philadelphia.