ANGLETON, TEXAS — UC Funds has secured a $4.8 million bridge loan for the acquisition and renovation of a 152-unit apartment community located in Angleton. The sponsor will implement a renovation program focused on repositioning the property. The renovation will convert the existing clubhouse into four additional units, bringing the total unit count of the property to 156. The property is situated on a seven-acre site and spans 13, two-story buildings. Angleton is located 40 miles south of Houston.
The story of the tortoise and the hare can be used to describe the major metros throughout Texas. In recent years, Austin has sprung to life while San Antonio has developed slow and steady. Most recently, however, it appears San Antonio’s office market has received a jolt — the second quarter of 2015 saw three to four times more activity than historic averages indicate — and San Antonio now boasts its lowest vacancy rate since 2008. With a 3.4 percent unemployment rate, San Antonio ranks third on the list of major metropolitan cities across the country with the lowest unemployment rates, trailing only Austin at 3 percent and Salt Lake City at 3.1 percent. These numbers are indicative of a much larger picture of San Antonio. Uniquely positioned to capture the spillover of tech companies and supporting businesses from Austin, its neighbor, San Antonio’s low rental rates for both Class A and B office space along with stable infrastructure make it a viable, attractive alternative for many major businesses looking to expand. But where in San Antonio is all this activity erupting? San Antonio’s newest residents are interested in one area, and you need look no further than the central …
AUSTIN, TEXAS — A partnership between Austin-based Generational Commercial Properties and Houston-based HTZ Investments has purchased a 34,000-square-foot site located at 801 Barton Springs in Austin. The site, located between Bouldin Avenue and South First Street on Barton Spring Road, is currently a parking lot occupied by food trucks. The new owners will construct an office building featuring 90,500 square feet of office space and 1,800 square feet of retail. Four stories of office will sit atop four-and-a-half levels of parking. Generational Commercial is the project’s developer. The design incorporates central core network technology, which allows tenants to control lights, temperatures, security and other building features from a computer or at home. Austin-based architecture firm Runa Workshop will design the building to LEED Silver standards. A site development permit from the city of Austin has been secured, and construction is slated to commence in the first half of 2016. AQUILA Commercial will lease the building. Rob Wendt with Centric Commercial represented the seller, and Reagan Smith with SRI Commercial represented the buyer in the transaction. This is the partnership’s first investment in Austin.
LUBBOCK, TEXAS — HFF has secured refinancing totaling $15.5 million for three apartment communities in Lubbock known as Stone Lake, Savannah Oaks and The Fountains. Working on behalf of the borrower, HFF placed three separate 10-year loans through Lincoln Financial Group. Each loan has a fixed interest rate with five years of interest-only payments. The communities total 480 units and feature swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks. Stone Lake is a 162-unit complex located at 7414 Elgin Ave. Savannah Oaks is located at 5204 50th St. and includes 150 units. The Fountains is located at 5001 Chicago Ave. and includes 168 units. All three were 97 percent occupied at the time of sale. De’On Collins and John Brownlee led HFF’s debt placement team.
ALLEN, TEXAS — Venture Commercial Real Estate’s investment sales team has arranged the sale of Allen Exchange, an 11,070-square-foot multi-tenant retail center located at the northwest quadrant of West Exchange Parkway and U.S. Highway 75 in Allen. Tenants in the center, which is located in front of a Walmart Supercenter and across from Texas Health Presbyterian Hospital of Allen, include Einstein Bros. Bagels, Allen Institute of Dentistry, Jersey Mike’s Subs, Glee Nail Bar and Fuzzy’s Taco Shop. In addition to brokering the sale, Venture Commercial represented the owner on the initial leasing of the retail project to full occupancy. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture represented the sellers, Hampton Properties and AEC Exchange LLC. Jim Gibson of Stan Johnson Co.’s Houston office represented the buyer, TSM Ventures.
HOUSTON — Vista Mason Creek Ltd. has sold a one-acre site to Mercantil Commercebank NA in west Houston. The property is located at the northeast corner of I-10 West and Merchant’s Way in Mason Creek Corporate, a 110-acre business park located at the northeast corner of I-10 and Mason Road. Mercantil Commercebank will build a full-service branch bank at the location. Dennis Johnston of Vista Brokerage Services represented the seller, and Nick Hernandez and Chace Henke of Transwestern represented the buyer.
PLANO, TEXAS — Foxworth Galbraith Lumber Co. has leased 22,709 square feet of office space in Preston Park Financial Center located at 4965 Preston Park Blvd. in Plano. Clint Madison and Rodney Helm with Cushman & Wakefield represented the landlord, Griffin Partners. Janice Peters of Hudson Peters Commercial represented Foxworth Galbraith Lumber Co.
BURLESON, TEXAS — Construction has begun on the Mustang Creek Estates of Burleson seniors housing project located at 1155 NW John Jones Drive in Burleson. The $7 million, 42,000-square-foot assisted living and memory care community will include six specially designed homes, housing up to 15 seniors each. The homes will include an open kitchen, personal assisted care and daily activities. The community will house 90 residents and will open in summer 2016. The community will sit on just over seven acres southwest of Burleson Church of Christ. Joseph E. Helmberger of Kimley-Horn designed the community.
HOUSTON AND STAFFORD, TEXAS — RealtyMogul.com has raised $1.2 million in equity for Brennan Investment Group to acquire a two-property, 132,997-square-foot flex industrial portfolio in Houston and Stafford. This is the third transaction between RealtyMogul.com and Brennan Investment Group. The buildings are located at 12705 Kirkwood Center and 8600-8850 Jameel Road. Both are grade-level industrial buildings, with a mix of office and warehouse space. At the time of closing the portfolio was 94 percent occupied by 36 tenants.
EL PASO, TEXAS — The Camino Real Regional Mobility Authority has awarded a $61 million transit contract to Paso del Norte Trackworks, a joint venture of Granite Construction Co. and RailWorks Track Systems Inc. The joint-venture team will be responsible for the construction of a new electric streetcar system linking the Mexican border, El Paso downtown business district, local hospitals, residential districts and the University of Texas El Paso. The work includes 4.8 miles of track, 27 streetcar stops, related street improvements, underground drainage, water and sewer improvements, two bridge modifications and a vehicle maintenance and storage facility near the existing Sun Metro Downtown Transfer Center. The Texas Department of Transportation is funding the project. Construction is scheduled to begin in December and will take approximately two years to complete.