Texas

Marcus & Millichap Arranges Sale of 76-Unit Multifamily Property in San Antonio

by Haisten Willis August 12, 2016

SAN ANTONIO — Marcus & Millichap has arranged the sale of Flats at Olmos, a 76-unit multifamily property located at 103 Jackson Keller Road in San Antonio. Mike Moffitt of Marcus & Millichap’s Austin office represented the seller and secured the purchaser, a regional private entity that plans to complete light interior and exterior enhancements. Flats at Olmos is located near the Alamo Quarry, Northstar Mall and the Uptown/Tobin Hill entertainment district. The property’s amenities include picnic areas, two pools and a laundry facility.

August 12, 2016

CBRE Arranges Sale of Dominion Plaza in Dallas

by Haisten Willis August 11, 2016

DALLAS — CBRE Capital Markets’ Institutional Properties has arranged the sale of Dominion Plaza, a Class A office asset in north Dallas, to an undisclosed buyer. The property includes a 14-story office tower and a three-story office building spanning 318,695 square feet. The property also includes a four-level parking garage and surface parking. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the transaction on behalf of the seller, Dalfen America Corp. Dominion Plaza is 83.5 percent leased to tenants including Regus, Tenet Healthcare, Old American County Mutual, RoundPoint Mortgage and healthcare staffing firm ESS. On-site amenities at the property include a renovated fitness center, full-service deli, conference facility and outdoor courtyard.

August 11, 2016

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $25M in Metro Houston

by Haisten Willis August 11, 2016

HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinance of two garden-style apartment complexes in the Houston area. In the first transaction, Mullin placed a $20 million, 10-year loan for a 1,000-unit asset located in south Houston. The loan was a refinance providing cash out proceeds to the borrower, and featured a fixed interest rate and a flexible prepayment structure. Working on behalf of the borrower in the second transaction, Mullin originated a $5 million, five-year loan for a 150-unit asset in Texas City. The acquisition financing included a fixed interest rate of 4.3 percent and proceeds of 75 percent of the purchase price.

August 11, 2016

Loans Retail Texas

Pioneer Realty Capital Secures $2.5M Loan for Retail Center in Grand Prairie

by Haisten Willis August 11, 2016

GRAND PRAIRIE, TEXAS — Pioneer Realty Capital LLC, a Texas-based commercial mortgage lender, has closed a $2.5 million refinance loan for Carrier X 303, a 43,351-square-foot retail center in Grand Prairie. Pioneer Realty Capital structured the long-term loan with a fixed 3.6 percent interest rate. The Pioneer Realty Capital team worked with both the property owner and the capital partner.

August 11, 2016

Valley-Ranch-Town-Center-party-city-hobby-lobby

Retail Texas

Party City, Hobby Lobby to Open in Valley Ranch Town Center in The Woodlands

by Haisten Willis August 11, 2016

THE WOODLANDS, TEXAS — Party City plans to open a 12,000-square-foot store in Signorelli Co.’s Valley Ranch Town Center in early December. Valley Ranch Town Center is a 1.5 million-square-foot mixed-use development that includes 1 million square feet of retail space and 500,000 square feet of residential, entertainment, civic and hospitality projects. Over 100 acres of parks, lakes and greenspace are part of the master plan, along with New Caney ISD’s 8,500-seat Texan Drive Stadium and 400-seat swimming facility. Also under construction is Hobby Lobby, a retailer offering more than 75,000 arts, crafts, hobbies, home décor, holiday and seasonal products. The company operates nearly 700 stores across the country, and is preparing to open a 55,000-square-foot store in Valley Ranch Town Center in the first quarter of 2017.

August 11, 2016

Retail Texas

M&M Brokers Sale of Shopping Center in Metro Houston

by Haisten Willis August 11, 2016

KATY, TEXAS — Marcus & Millichap has brokered the sale of Marcel Commons of Katy, a 35,127-square-foot shopping center in Katy. Derek Hargrove, Justin Miller and Davis Hansen of Marcus & Millichap’s Houston office represented the seller, a Houston-based developer. The team also procured the buyer, a local private investor. The property is located at 25727 Westheimer Parkway, across from a Harvest Market grocery store and a few blocks to the north of a recently opened Walmart Neighborhood Market. At the time of the sale, Marcel Commons of Katy was 100 percent occupied by a mix of restaurant, medical and service-related tenants.

August 11, 2016

Office Texas

The Wedge Group Completes $10M Renovation of 43-Story Office Tower in Houston

by Haisten Willis August 10, 2016

HOUSTON — The Wedge Group has completed the $10 million capital improvement campaign at 1415 Louisiana, a 43-story, Class A office tower located in Houston’s central business district. Updates to the property include a new main lobby with Italian stone, new building entry and canopy and updated monument signage. The renovated lobby features a custom glass wall designed by architectural glass artist Paul Housberg. Elevator cabs in the tunnel-connected Clay Street parking garage were also refinished. Built in 1983 and last renovated in 1993, the tower spans 520,000 square feet. On-site amenities include a deli, 200-person conference facility and executive dining with The 43rd Restaurant. The Wedge Group, a private equity investment firm specializing in acquisition investments, owns 1415 Louisiana, which has 170,000 square feet of office space available. Chip Colvill, Connor Saxe and Vince Strake of Colvill Office Properties lead the leasing effort on behalf of WEDGE Group, while Hines manages the facility.

August 10, 2016

Multifamily Texas

Morgan Opens Pearl Washington Apartments Near Houston Heights

by Haisten Willis August 10, 2016

HOUSTON — Morgan has opened Pearl Washington, an apartment development in Houston. The midrise property is located at the corner of Washington Avenue and T.C. Jester Boulevard near Memorial Park and the Houston Heights neighborhood. Pearl Washington contains five stories, with 322 one-, two- and three-bedroom units over two levels of garage parking. All units, which range from 652 square feet to 1,443 square feet, include balconies. Amenities include a swimming pool with cabanas and a sun deck overlooking Washington Avenue. In addition, there are two courtyards with hammock swings, a bocce ball court, grilling areas and a dog park. The community was co-developed with LCB Holdings Inc., and Wells Fargo provided the construction financing.

August 10, 2016

Multifamily Texas

Olympus Property Acquires Two Multifamily Assets in Metroplex

by Haisten Willis August 10, 2016

SACHSE AND FORT WORTH, TEXAS — Olympus Property has acquired Mansions at Woodbridge (renamed Olympus Woodbridge) in Sachse and The Davis in Fort Worth. Built in 2014, the 381-unit Olympus Woodbridge is a garden-style community situated on 18 acres. Olympus Woodbridge is the final property to be added to Olympus Property’s fifth fund. Completed in 2016, The Davis is a garden-style community with 392 units situated on 23 acres. Olympus Woodbridge and The Davis are available to accredited investors in WW Olympus Property VI LLC. The Davis will be the first investment for Olympus Property’s sixth fund, WW Olympus Property VI LLC.

August 10, 2016

Office Texas

Triten Tops Out 186,000 SF Office Tower in Houston

by Haisten Willis August 10, 2016

HOUSTON — Triten Real Estate Partners has topped out Lockton Place, an eight-story, 186,000-square-foot office building with a six-story garage in Houston’s Westchase district. The project, which broke ground in March, is 80 percent pre-leased and on track for an early 2017 delivery. Lockton Place features energy-efficient design with a “living wall” of landscaping that helps define an outdoor garage connection and gathering space. The building will house amenities including a café/bar, fitness center, conference room, an eighth-floor penthouse with 10-foot ceilings and an outdoor terrace. The project team includes Ziegler Cooper Architects, Harvey Builders and Kudela Weinhiemer Landscape Architects. Lockton Place is located at 3657 Briarpark Drive.

August 10, 2016

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