MONT BELVIEU, TEXAS — Fidelis Realty Partners has broken ground on Mont Belvieu Marketplace, a 287,000-square-foot retail center in Mont Belvieu, a city approximately 30 miles east of Houston. The property will be located at the intersection of FM 3180 and Langston Boulevard. An 87,000-square-foot H-E-B store will anchor the property, which is scheduled to open in early 2018.
HOUSTON — Tradition Senior Living LP, a developer and operator of seniors housing communities, has begun work on The Tradition-Buffalo Speedway, a 316-unit facility situated on 7.6 acres at 9339 Buffalo Speedway in Houston. The property will offer 222 independent living units and 94 assisted living/memory care units. Amenities include an underground parking garage, on-site restaurant options and a fitness center with an indoor pool and Pilates studio. The initial opening is slated for late 2018.
HOUSTON — Inland Real Estate Acquisitions has acquired two medical office buildings in Houston, both of which are leased to U.S. Pain & Spine Institute. The Houston Hospital for Specialized Surgery, located at 5445 La Branch St., measures 34,600 square feet and offers surgical beds and three operating rooms. The USPS Surgical Institute, located at 8111 Southwest Freeway, measures 37,000 square feet and serves as an ambulatory surgery center. Inland Real Estate Acquisitions, which serves as the purchasing arm of The Inland Real Estate Group of Cos. Inc., also brokered the sale.
KYLE, TEXAS — San Antonio-based Mason Joseph Co. Inc. has arranged $20.1 million in construction and permanent financing for Plum Creek Vue, a 180-unit apartment community in Kyle, a city roughly midway between Austin and San Antonio. The HUD loan carries a fixed interest rate for the 15-month construction period and subsequent 40-year term. Blazer Building Texas is constructing the property, which is located at the intersection of Cromwell and Dorman drives.
CORPUS CHRISTI, TEXAS — NAPA Ventures LLC, an Austin-based investment firm, has acquired Yardarm Apartments, a 150-unit multifamily property located at 10660 Leopard St. in Corpus Christi. The company will renovate the property’s pool area, parking lots, leasing and business center, and fund improvements to the interiors of the units. The name of the seller and sale price were not disclosed.
BOERNE, TEXAS — Austin-based developer Land Strategies Inc. is nearing completion of Phase I of Seven Oaks Office Park, a 27.7-acre office development located on Bee Cave Road in Boerne, a northern suburb of San Antonio. Phase I of construction will include a seven-story, 120,000-square-foot office building and a 604-space parking structure. Completion is scheduled for August, according to the Austin Business Journal.
DALLAS — Serendipity Labs Inc., a provider of coworking space for the office and hospitality sectors, will open its first location in the Dallas area at KPMG Plaza at HALL Arts in the city’s Arts District. The location will feature a 29,000-square-foot workplace on the building’s 17th floor and lobby level. Worth Coworking LLC will operate the location, which will offer dedicated offices and project rooms, as well as the capacity to host professional networking events.
MCALLEN, TEXAS — Marcus & Millichap has brokered the sale of Redbud Place, an 80-unit apartment complex situated on four acres at 1001 E. Redbud Ave. in McAllen. Built in 2003, the property consists of 24 one-bedroom units and 56 two-bedroom units. Mike Moffitt Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Whitney Rhoades, Danalee Corso and Scott Logan, also of Marcus & Millichap, procure the buyer, a private investor.
FRISCO, TEXAS — Henry S. Miller Cos. (HSM) has secured a 1,800-square-foot retail lease at Preston Hickory Crossing in Frisco. Verizon Wireless will occupy the space and open for business during the third quarter. Paul Vernon and Sean Lockovich of HSM represented the landlord, BAUG Corp., in the lease negotiations. The representative of the tenant was not disclosed.
SAN ANTONIO — BMC Capital has arranged $1.1 million in cash-out refinancing for a 32-unit multifamily property in San Antonio. Clayton Wells of BMC Capital arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule, through an agency lender on behalf of the undisclosed borrower.
