HOUSTON — Alliance Residential Co. has commenced construction on the 272-unit Broadstone Post Oak, a five-story luxury apartment community located in the Lakes of Post Oak development in Houston's Galleria submarket. The clubhouse and first units are expected to be be delivered in the second quarter of 2013, and completion is slated for the end of 2013. The property features 500 feet of private lake frontage. Amenities will include a business center, iCafe, resident lounge, climate-controlled corridors, two-story fitness center overlooking a lake and two courtyards.
FORT WORTH — Dallas-based Venture Commercial represented Hillwood Communities in the sale of 20 acres, located on North Tarrant Parkway between Ray White Boulevard and Highway 377 in north Fort Worth. The site will be the home of the 322-unit The Sovereign, a luxury apartment community. Atlanta-based Davis Development purchased the property and is anticipating breaking ground in late 2012. Ken Reimer and David Davidson of Venture represented the seller in the transaction.
AUSTIN — The Weitzman Group has arranged the sale/leaseback of the 9,280-square-foot 3011 North Lamar Boulevard, a multi-tenant office building just north of The University of Texas' campus in Austin. Brad Bailey of The Weitzman Group's Austin office represented the buyer, a local family partnership, in the transaction.
DALLAS — Walker & Dunlop has provided $6 million in financing for the 357-unit Villas at Montierra, an affordable housing property located in Dallas. Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule. The property was 88 percent leased and features a playground, laundry facilities, a courtyard, picnic area with barbecue grills, mail center, access gates and two swimming pools.
PRESCOTT, ARIZ. — Depot Marketplace, a 91,461-square-foot, grocery-anchored shopping center, has sold to Depot Marketplace Investors LLC for $11.2 million. The property was redeveloped in 1991 and currently boasts a 92 percent occupancy rate. Bob Young, Glenn Smigiel, Steven Brabant, Rick Abraham and Nancy Romanovsky of CBRE’s Phoenix office, along with Bebe Wright of Arizona Commercial in Prescott, represented the seller, Depot Marketplace Owners LLC, in this transaction.
ONTARIO, CALIF. — Pacific Plaza Shopping Center in Ontario has sold to Westwood Financial Corp. for $7.4 million. The 49,901-square-foot shopping center was built in 1989. It is located at 2544-98 South Archibald. The center is currently 58 percent leased. Notable tenants include 24-Hour Fitness, Taco Bell, Manila Bay Seafood, Pizza Hut, Frazee Industries, Bank of America and Vineyard of Hope. Westwood was represented by Alan Kruger of Marcus & Millichap in this transaction.
SAN DIEGO – A 15,459-square-foot retail building that currently hosts a CVS Pharmacy has sold to Wateridge Kiffmann Investors, LLC for $7.2 million. The property is located at 4404 El Cajon Blvd. Wateridge was represented by Michael Campbell of Cassidy Turley San Diego. The seller was represented by the firm’s Chuck Klein and Kevin Held.
ORLANDO, FLA. — Orlando-based Rhodes+Brio Architects has been selected to design two Orlando elementary schools, both of which are budgeted at $10 million. The new buildings will replace two older properties. The schools include the 85,000-square-foot Eccleston Elementary School, located at 1500 Aaron Ave., and the 85,000-square-foot Washington Shore Elementary School, located at 944 W. Lake Mann Dr. Ground breaking for Eccleston is set for this August and construction will begin on Washington Shores in the summer of 2013.
MOUNT JULIET AND SMYRNA, TENN. — Academy Sports + Outdoors has plans to build two new stores in Tennessee. Construction has started on the 71,250-square-foot store at the 365,000-square-foot The Paddocks, a shopping center located at the intersection of Mount Juliet and Pleasant Grove roads in Mount Juliet. Academy Sports + Outdoors acquired the land from The Gipson Company. In May, the company will also break ground on a 71,250-square-foot location at the 185,000-square-foot The Gateway Centre, located at the intersection of Ridley Parkway and Wolverine Drive in Smyrna. Academy Sports + Outdoors purchased the land from GCAG Gateway. Drew Chorney and Brian Forrester of The Shopping Center Group's Nashville, Tenn., office represented both sellers in the transactions. GBT Realty represented Academy Sports + Outdoors in the land acquisition at The Gateway Center. Completion for both stores is slated for early fall.
FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $6.82 million sale of a 19,176-square-foot Fresh Market, located at 400 N. Federal Hwy. in Fort Lauderdale. Lior Regensteif of Marcus & Millichap's Encino, Calif., office, along with Kirk Felici of the firm's Miami office, represented the seller, a developer, in the transaction.