Texas

The Boulder Group Arranges $6.2M Sale of Urgent Care Center in Irving

by Haisten Willis October 27, 2015

IRVING, TEXAS — The Boulder Group has arranged the $6.2 million sale of a single-tenant Family ER + Urgent Care property located at 8200 N. MacArthur Blvd. in Irving. The newly constructed, 10,200-square-foot building is located along North MacArthur Boulevard near I-635 (LBJ Freeway). Family ER + Urgent Care are freestanding emergency and urgent care centers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser, a joint venture utilizing a 1031 exchange, in the transaction. A Texas-based developer was the seller. The Family ER + Urgent Care lease is for 20 years and expires Jan. 31, 2035. The triple-net lease features 5 percent rental escalations every three years.

October 27, 2015

CBRE Arranges Office Relocation for Lennar Homes in San Antonio

by Haisten Willis October 26, 2015

SAN ANTONIO — CBRE has arranged a 15,409-square-foot office relocation lease for Lennar Homes of Texas Land and Construction. Lennar Homes will move from Parkway North Office Park, located at 1015 Central Parkway North, to RidgeWood Business Center II at 1922 Dry Creek Way. Both properties are in San Antonio. The move will take place in February 2016. The new office is a consolidation of San Antonio office space for Lennar Homes and two affiliated companies owned by Lennar Corp.: North American Title Co. and Universal American Mortgage Co., which are currently in separate offices. Jerry Freyo of CBRE’s Austin office, along with Carl Salvato of CBRE’s San Antonio office, represented the tenant in the lease transaction. Shawn Gulley of R. L. Worth Co. represented the landlord, RidgeWood Building Two. RidgeWood Business Center is a two-building flex project in the far north-central San Antonio submarket.

October 26, 2015

Multifamily Student Housing Texas

Berkadia Negotiates Sale of Student Housing Property in Austin

by Haisten Willis October 26, 2015

AUSTIN, TEXAS — Berkadia has negotiated the sale of Lonestar Lofts, a student housing property located at 2408 Leon St. in Austin. Forrest Bass of Berkadia’s Austin office completed the sale on Sept. 28. The buyer was a private investor from New York, and the seller was a local, private investor partnership. Lonestar Lofts was built in 1971 and offers studio, one-, two-, three- and four-bedroom floor plans. Unit amenities include stained concrete floors, black appliances, washers and dryers and a loft-style layout. Community amenities include a swimming pool with a pergola lounge area, barbeque grill and parking garage. The 50-unit student housing property is 100 percent occupied. Lonestar Lofts is located in the west campus submarket, one mile from the University of Texas and two miles from downtown Austin.sa

October 26, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 702-Unit Portfolio in Plano

by Haisten Willis October 26, 2015

PLANO, TEXAS — ARA Newmark has arranged the sale of two Class A apartment communities in Plano: Avalon at Chase Oaks, a 326-unit property, and Thornbury at Chase Oaks, a 376-unit property. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy, Brian O’Boyle, Jr. and Richard Furr led the marketing efforts for the two multifamily communities on behalf of Berkshire Group, a real estate investment management company headquartered in Boston. Frisco, Texas-based CAF Capital, a private equity real estate firm specializing in the acquisition, redevelopment, repositioning and subsequent sale of institutional quality multifamily real estate, acquired the communities for an undisclosed price. The properties were 96 percent occupied at the time of sale. Constructed in 1992 and 1996, respectively, Avalon at Chase Oaks and Thornbury at Chase Oaks back up to The Courses at Watters Creek golf course and are within a mile of each other. Plano is home to corporate and regional headquarters for JC Penney, Cinemark Holdings, Rent-A-Center, Dr. Pepper Snapple Group, Frito-Lay, Intel Security and Alliance Data Systems.

October 26, 2015

Office Texas

Moody Rambin Arranges Renewal of Office Space in Houston

by Haisten Willis October 26, 2015

HOUSTON — Apogee Consulting Group has renewed 3,018 square feet of office space at the Woodlake Park office building located at 2500 Tanglewilde St. in Houston. Terri Torregrossa of Moody Rambin represented the building owner, Woodlake Properties Ltd. Keith E. Lloyd of Marcus & Millichap represented the tenant in negotiations.

October 26, 2015

Office Texas

M&M Arranges Sale of 17,155 SF Medical Office Building in Midland

by Haisten Willis October 26, 2015

MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of DaVita Anchored Medical Office, a 17,155-square-foot, multi-tenant medical office property located in Midland. Geoff Ficke, Chris Adams and Neal Waldman of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. DaVita Anchored Medical Office is located at 705 Wadley Ave. in Midland, just west of North Pecos Street. Constructed in 1981, the asset is situated on approximately one acre. At the time of listing, the asset was 100 percent occupied with DaVita occupying nearly 60 percent of the rentable space. Additional tenants include Brock Oil, Core Labs and a nephrology practice.

October 26, 2015

Retail Texas

Davis Commercial Arranges Sale of Historic Theater in Dallas

by Haisten Willis October 23, 2015

DALLAS — Ashley Casterlin of Davis Commercial Real Estate represented Edwin Cabaniss, owner of the Kessler Theater in Dallas, in the purchase of the historic Heights Theater at 339 W. 19th St. in Dallas. Star Massing of Boulevard Realty represented the sellers, Sharon and Gus Kopriva. Cabaniss aims to transform the theater, which was recently granted landmark status, into a go-to venue for cultural arts events. With a mid-2016 opening planned, the theater will host events such as concerts, weddings and art openings.

October 23, 2015

Loans Multifamily Texas

Mason Joseph Co. Secures $11.2M Construction, Financing Loan in Metro San Antonio

by Haisten Willis October 23, 2015

SEGUIN, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured the closing of an $11.2 million loan for the construction and permanent financing of Walnut Grove Apartments, a proposed 116-unit market-rate apartment community in Seguin. The financing was secured through HUD’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Walnut Grove is being built on a vacant site near the Guadalupe Regional Medical Center and Seguin High School. The property will also be located near manufacturing plants including Caterpillar, Continental Motor Systems, Texas Power Systems, Tyson Foods and CMC Steel Texas. The apartment will offer 116 units across six three-story apartment buildings. MacDonald Cos. of Kerrville is developing the project. GG MacDonald Inc. will serve as the general contractor.

October 23, 2015

Retail Texas

Venture Arranges Lease on Behalf of Northern Tool + Equipment in Metro San Antonio

by Haisten Willis October 23, 2015

LIVE OAK, TEXAS — Venture Commercial has completed a lease on behalf of Northern Tool + Equipment in Live Oak in The Village at Forum Parkway shopping center. Clay Mote of Venture Commercial negotiated the deal on behalf of the tenant. David Nicolson of The Weitzman Group represented the landlord. The Village at Forum Parkway is located at 14619 I-35 North. Northern Tool opened its first store in 1981. Major segments that Northern Tool services include automotive, agriculture and construction. The hardware retailer also sells tools for woodworking, hunting, fishing and home improvement.

October 23, 2015

Industrial Texas

M&M Arranges Sale of 69,002 SF Industrial Building in Houston

by Haisten Willis October 23, 2015

HOUSTON — Marcus & Millichap has arranged the sale of West Hardy Business Park, a 69,002-square-foot industrial property located in Houston. Thomas Costello of Marcus & Millichap’s The Woodlands office marketed the property on behalf of the seller, a partnership. Costello also secured the buyer, a limited liability company. West Hardy Business Park is located at 15955 W. Hardy Road.

October 23, 2015

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