Texas

TPMC to Renovate Park Towers Office Complex in Houston

by Haisten Willis March 24, 2016

HOUSTON — TPMC Realty Corp. (TPMC) will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston located at 1233 W. Loop S. The renovation will include elevator bank corridors, restrooms, the lobby, fitness facilities and a conference center. Highlights include: Restrooms equipped with luxury hospitality-like finishes and automatic flushing, soap, water and hand towel dispensers; lobbies with welcoming concierge layout and four televisions, with updated security badge technology and Wi-Fi; conference center made of two interconnected rooms with Wi-Fi presentation technology connected to TVs in each room; New elevator cabs with Thyssen Krupp destination-based dispatch technology, touch screen kiosks and streaming TV monitors, and; lighting upgrades throughout tenant and common areas to incorporate LED bulbs. Bob Parsley of Principal of Colliers International is handling the leasing for Park Towers. The two towers combine for more than 300,000 square feet of Class A office space, with two blocks of 111,250 square feet spanning five floors and multiple options for exclusive tenant signage capabilities. The redevelopment should be finished by the end of the year. Ziegler Cooper Architects is the architect, and O’Donnell Snider Construction is the general contractor.

March 24, 2016

Metropolitan Capital Arranges Sale and Financing for Huntsville Crossing Shopping Center

by Haisten Willis March 24, 2016

HUNTSVILLE, TEXAS — Metropolitan Capital Advisors has arranged the sale and acquisition financing for Huntsville Crossing Shopping Center, a 23,760-square-foot retail center located in Huntsville. The property is located in front of a new power center anchored by Target, Kroger, Academy Sports + Outdoors, PetCo, Ross and Marshalls. In November 2014, Metropolitan Capital Advisors arranged the construction debt and equity to build the project on behalf of a partnership between Dallas-based Brand Capital Partners and Loon Partners. The property was 100 percent pre-leased to Spec’s, Mattress One, Chipotle and Buffalo Wild Wings prior to breaking ground. The project was completed in October 2015 with the last tenant taking occupancy in February 2016. Metropolitan Capital Advisors and Marcus & Millichap co-brokered the sale of the property to a California-based buyer utilizing a 1031 tax-deferred exchange. Metropolitan Capital Advisors also arranged the acquisition financing for the buyer with Longview-based Texas Bank & Trust.

March 24, 2016

Office Texas

KBS Signs More Than 60,000 SF in Leases at West Loop I & II in Metro Houston

by Haisten Willis March 24, 2016

BELLAIRE, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed nine leases totaling 60,227 square feet at West Loop I & II in Bellaire with tenants in the medical and financial industries. Bellaire Dermatology and Eye Center of Texas signed the two largest leases, at 16,334 square feet and 15,120 square feet, respectively. Located three miles west of Houston’s central business district, West Loop I & II is a Class A, two-building office complex with 313,873 rentable square feet. It sits on a 5.6-acre office property with an eight-story parking garage and a covered walkway. The property is near the residential communities of Bellaire and West University with access to I-610. Amenities include structured parking, a deli, park and on-site security. John Spafford and Allie Hubbard of PM Realty Group represented KBS in the lease negotiations. Greg Hall with Greater Houston Commercial Properties represented Eye Center of Texas, and Jon Silberman and Dan Boyles of NAI Partners represented Bellaire Dermatology.

March 24, 2016

Industrial Office Texas

Colliers International Arranges 34,220 SF Office/Warehouse Lease in Metro Houston

by Haisten Willis March 24, 2016

WALLER, TEXAS — Colliers International has arranged a 34,220-square-foot office/warehouse lease for Cordyne Inc. at 1500 Alegacy Place in Waller. Walter Menuet and Tom Condon Jr. of Colliers represented the landlord, Alegacy Development, in the transaction. Colt Haack of Coldwell Banker Properties Unlimited represented the tenant.

March 24, 2016

Industrial Texas

NAI Partners Negotiates Sale and Purchase of 9,100 SF Industrial Property in Metro San Antonio

by Haisten Willis March 24, 2016

PLEASANTON, TEXAS — NAI Partners has negotiated the sale and purchase of a 9,100-square-foot industrial property on a four-acre lot at 449 Corgey Road in Pleasanton. Chris Caudill and Wade Carter of NAI Partners represented the seller, Code Red Safety, during the negotiations. Dan Boyles Jr. and Clare Flesher of NAI Partners represented the buyer, Johnson Specialty Tools.

March 24, 2016

Multifamily Texas

Drever Capital Buys Villages at Lake Jackson Apartment Complex

by Haisten Willis March 23, 2016

LAKE JACKSON, TEXAS — Drever Capital Management has acquired The Villages at Lake Jackson, a Class A, 174-unit garden apartment community in Lake Jackson. Drever Capital Management bought the 96 percent occupied multifamily property from Spyglass Capital Partners of Demarest, N.J. The new owner is launching a property improvement program whereby the kitchen bar tops will be lowered to counter height with granite added throughout the kitchen and bathrooms. Stainless steel appliances, plank flooring and two-inch wood blinds will also be added, and the exterior will receive new landscaping, painting, an improved lighted monument sign and enlarged pool area with two gas grills and pool furniture. Tom Cabibi, who rejoined Drever Capital to head up acquisitions, led Drever’s efforts toward the purchase. Ryan Epstein of Berkadia’s Houston office brokered the transaction on behalf of the seller. Brant Smith of Berkadia Commercial Mortgage in Austin arranged acquisition financing through Freddie Mac.

March 23, 2016

Multifamily Texas

ARA Newmark Brokers Sale of Apartment Complex in Metro Dallas

by Haisten Willis March 23, 2016

RICHARDSON, TEXAS — ARA Newmark has brokered the sale of Jefferson Center, a new 360-unit, Class A apartment community in the Dallas suburb of Richardson. The property was 94 percent occupied at the time of sale. ARA Newmark’s Richard Furr, Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. represented seller, JPI, in the transaction. California-based buyer Frankel Family Trust plans to rename the community Estates of Richardson. The Frankel Family Trust is adding a lighted tennis court and community building that will contain an indoor basketball court, racquetball court, fitness areas and table tennis. Constructed in 2015 by JPI, Jefferson Center fronts the George Bush Turnpike/Highway 190 and features a swimming pool with water features, two playgrounds, a jogging path, bocce ball court, horseshoe pit, sand volleyball court, dog park and an outdoor theater. Units average 943 square feet and feature one-, two- and three-bedroom options.

March 23, 2016

Loans Multifamily Texas

BMC Capital Provides $1.2M Acquisition Loan for Apartment Property in Temple

by Haisten Willis March 23, 2016

TEMPLE, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.2 million loan for the purchase of Silver Park Apartments, a 48-unit multifamily property located in Temple. The loan features a seven-year term with a 4.6 percent fixed interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships.

March 23, 2016

Loans Retail Texas

Metropolitan Capital Advisors Arranges $2.6M Construction Loan for Retail Center in Roanoke

by Haisten Willis March 23, 2016

ROANOKE, TEXAS — Metropolitan Capital Advisors has arranged a $2.6 million construction loan for a 24,000-square-foot retail center located within the Roanoke Crossing Power Center in Roanoke. Walmart and Home Depot anchor the power center. The project is 100 percent pre-leased to Dollar Tree and PetSmart. Roanoke Crossing was originally developed in the early 2000s. The adjacent land tract was the final phase of the project. The project is located at the intersection of U.S. Highway 377 and Texas Highway 114, which has a combined traffic count of 155,000 vehicles per day.

March 23, 2016

Multifamily Texas

IPA Brokers Sale of 189-Unit Apartment Complex in Fort Worth

by Haisten Willis March 23, 2016

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of AMLI 7th Street Station, a 189-unit apartment community in Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller, AMLI Residential Properties, and procured the buyer, Fort Worth-based Olympus Property. AMLI 7th St. Station is located at 2601 W. 7th St. AMLI 7th Street apartments feature nine-foot ceilings with crown molding and full-size washer and dryer connections. Select units feature Travertine wood-burning fireplaces with mantels. Community amenities at AMLI 7th Street include a one-acre dog park, pool and heated spa, media center and garden-style courtyards.

March 23, 2016

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