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.
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.
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.
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.
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.
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.
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.
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.
LAMPASAS, TEXAS — Marcus & Millichap has negotiated the sale of the Fresenius Medical Care facility in Lampasas. The 7,000-square-foot, net-leased property is located at 1202 Central Texas Expressway. Scott Ryan of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Ryan also secured the buyer, a private REIT.
HOUSTON — Dick’s Sporting Goods plans to open six stores this fall for its entrance into metro Houston. The sporting goods retailer will open 105,000-square-foot stores at the Shoppes at ParkWest, located at 24600 Katy Freeway in Katy, and at Baybrook Mall at 1132 Baybrook Mall Drive in Friendswood. Traditional single- and bi-level stores will open in Deerbrook Mall at 20131 Highway 59 N. in Humble; First Colony Mall at 16535 Southwest Freeway in Sugar Land; The Woodlands Mall at 1201 Lake Woodlands Drive in The Woodlands; and at Willowbrook Mall at 2000 Willowbrook Drive in Houston. The stores range from 50,000 square feet to 83,000 square feet. The Pittsburgh-based chain operates more than 645 stores in 47 states.