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OfficeTexas

TRAMMELL CROW, PREI TO DEVELOP LEGACY TOWERS IN PLANO

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PLANO, TEXAS — Trammell Crow Co. and Principal Real Estate Investors (PREI) have formed a joint venture to develop Legacy Towers, a two-phase speculative office building project located at the southeast corner of the Dallas North Tollway and Legacy Drive in Plano. The joint venture has begun the demolition of the former Stacy Furniture headquarters building at the site. Phase I of Legacy Towers includes a 13-story, 342,066-square-foot office tower and six-story parking structure, which will be connected via an air-conditioned walkway. Trammell Crow and PREI expect the tower will be available for occupancy in third quarter 2014. The joint venture and the architect, HKS Inc., are designing Legacy Towers to achieve LEED Gold certification. Wells Fargo is the project lender, and CBRE Dallas is marketing and leasing Legacy Towers.

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MultifamilyTexas

FOUNTAIN BREAKS GROUND ON TWO STUDENT HOUSING COMMUNITIES

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SAN ANTONIO AND HOUSTON — Dallas-based Fountain Residential Partners has broken ground on two student housing projects in Texas, which will house students from The University of Texas at San Antonio (UTSA) and The University of Houston (UH). Occupancy is slated to begin for fall 2014 for both Prado near UTSA and The Vue on MacGregor near UH. Prado, a 498-bed community with a 6,000-square-foot restaurant and 10,000-square-foot, two-level amenity center, will be located across the street from UTSA. The development will include granite countertops, open floor plans, wood-like flooring, stainless steel appliances, 50-inch flat-screen TVs with DVR and WiFi throughout. The Vue on MacGregor, a five-story, 347-bed community, is the first privately owned, off-campus student housing community serving UH. The project is located within walking distance to campus and near two new light-rail stations. Dallas-based Centerpoint Builders will be the general contractor for both projects. Dallas-based Grand Campus Living will provide leasing and management services for both communities. Stuart Roosth Architects designed Prado, and 5G Studio designed The Vue on MacGregor.

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RetailTexas

DAVID DISNEY BROKERS SALE OF PRESTON OAKS SHOPPING CENTER

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DALLAS — David Disney, formerly with UCR Investment Sales, has closed on the sale of Preston Oaks, a 103,000-square-foot grocery-anchored shopping center in Dallas. The center is located at the southeast corner of Preston Road and Royal Lane in the Preston Hollow neighborhood. H-E-B's Central Market grocery concept anchors Preston Oaks. Other tenants include White House | Black Market, Gap, Pier 1 Imports, Francesca's, Neighborhood Services and McDonald's. Jacksonville, Fla.-based Regency Centers acquired the center in an off-market transaction from a partnership controlled by Trademark Property Co. Disney, along with Stuart Brackenridge of Regency Centers, represented the buyer in the transaction. The seller was self-represented.

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MultifamilyTexas

ARA RAISES $15M IN JV EQUITY, $70M ACQUISITION FINANCING

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HOUSTON — In the sale of five multifamily communities in Houston, ARA's Capital Markets group in Houston raised $15 million in joint venture equity and $70 million in acquisition financing. Adam Allen of ARA led the team in the transactions. Allen raised equity from a large private equity fund in the sale of the 240-unit Hermann Park Plaza. Allen represented MM Properties in the deal. Allen also raised equity from a mid-market private equity fund in the sale of the 283-unit Palms at Walnut Creek. Allen originated a 10-year acquisition loan through Freddie Mac in conjunction with KeyBank for the 171-unit Parc Royale property in Houston's Westchase District. Allen represented Allen Harrison Co. in both the Palms at Walnut Creek and Parc Royale transactions. Allen also originated a 12-year loan through Freddie Mac in conjunction with KeyBank for the acquisition of Broadstone Uptown and Broadstone West Way in Houston's Galleria submarket. Allen represented Centennial Holdings in the deal.

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RetailWestern

TRION PROPERTIES SELLS VISALIA CENTER FOR $4 MILLION

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VISALIA, CALIF. – Trion Properties, a Los Angeles-based real estate investment company, has sold a 57,254-square-foot shopping center located at 3230-3298 S. Mooney Blvd. in Visalia to a family trust for $4 million, or roughly $70 per square foot. Trion Properties acquired a nonperforming note on the asset in 2012 in an all-cash transaction from a regional bank, which had to remove it from their books by year-end. Nick Whitstone at CBRE handled the note transaction. The property reverted to Trion in a foreclosure sale on February 4, and Trion immediately listed the property for sale with Mark Denholm from CORE Commercial, who represented Trion in the disposition. The property, which was built in 1977, was approximately 60 percent leased at the time of the sale with a tenant roster that includes King Buffet and Tuesday Morning.

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RetailWestern

LAND FOR FERRARI MASERATI DEALERSHIP IN TORRANCE SELLS FOR $2.3M

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TORRANCE, CALIF. – A 28,500-square-foot land parcel in Torrance has sold to Beverly Hills Ferrari Maserati for $2.3 million. The parcel is located at 23305 Hawthorne Blvd. It is slated for a 20,000-square-foot Ferrari Maserati dealership. Beverly Hills Ferrari Maserati was represented by Sheri Messerlian of NAI Capital’s South Bay office. The seller was Vivial Markham Trust.

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MultifamilyWestern

AUSTIN COMMONS, GATEWAY APARTMENTS IN ALAMEDA COUNTY RECEIVES $40.5M

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HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

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Mixed-UseWestern

CONSTRUCTION COMMENCES AT THE ARGO AT TOWN LAKE IN TEMPE

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TEMPE, ARIZ. – Construction has begun on The Argo at Town Lake, a mixed-use development in Tempe. The $39.5-million project will feature 328 residential units and ground-floor space that will include a retail component, bike shop, business center, coffee shop, leasing office and parking garage. It is scheduled for completion in the first quarter of 2015. The project is being developed by Lennar, built by Summit dck and designed by Todd & Associates Architects.

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RetailWestern

PLAZA DE ORO SHOPPING CENTER IN MURRIETA RECEIVES $16M IN REFINANCING

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MURRIETA, CALIF. — Plaza De Oro, a 99,102-square-foot shopping center in Murrieta, has received $16 million in refinancing. The center is located on Washington Avenue near Calle Del Oso Oro. Notable tenants include Ralph’s, CVS and Starbucks. The non-recourse loan features a 10-year term with two yeas interest-only and a 30-year amortization schedule. Financing was arranged by Jamie Dick of Newmark Realty Capital’s San Diego office. It was provided by a major East Coast-based bank.

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