Texas

MCR Development Completes Renovation of Courtyard by Marriott Brownsville

by Haisten Willis August 24, 2016

BROWNSVILLE, TEXAS — MCR Development LLC has completed a renovation of the Courtyard by Marriott Brownsville, a 90-room select-service hotel. Located off I-69 East, the newly renovated hotel features an updated exterior with a stucco façade. The renovation of the hotel’s exterior follows recently completed updates to the interior, which included upgrading the lobby and guestrooms and the addition of a bistro. The hotel is located near Mitte Cultural District and the University of Texas at Brownsville.

August 24, 2016

NAI Partners Brokers Sale of 24,000 SF Office/Warehouse in Houston

by Haisten Willis August 24, 2016

HOUSTON — NAI Partners has represented Panattoni Development Co. in the sale of a 24,000-square-foot office/warehouse facility located on 10.6 acres to Eagle Fabricators Inc. The facility is located at 5522 Shirley Lane in Houston. John Ferruzzo and Clay Pritchett of NAI Partners represented Panattoni Development during the transaction negotiations.

August 24, 2016

Multifamily Seniors Housing Texas

Medistar Corp. to Develop Seniors Housing Facility in El Paso

by Haisten Willis August 23, 2016

EL PASO, TEXAS — Medistar Corp. is a developing a new VibraLife seniors housing community located at 3421 Joe Battle Blvd. in El Paso. Vibra Healthcare LLC will be the operator of the facility. Now under construction across Joe Battle Boulevard from the Hospitals of Providence east campus, the facility will provide 92 total beds, including 60 beds of skilled nursing, 16 beds of assisted living and 16 beds of memory care. Medistar’s Craig Laher is the lead development officer for the project. Pi Architects designed the new VibraLife facility, and SCI Construction Inc. is the general contractor. Construction is scheduled for completion in early 2017.

August 23, 2016

Healthcare Texas

Hat Trick Development to Build Medical Facility in Metro Austin

by Haisten Willis August 23, 2016

BEE CAVE, TEXAS — Hat Trick Development plans to build a medical office project known as the Medical Towers at Bee Cave. Alive and Well wellness center will be the lead tenant at the property, occupying 8,000 square feet. The 80 percent-leased development is located on a 2.1-acre site off the northwest corner of RM 620 and State Highway 71 in Bee Cave. Tenants in the 23,000-square-foot project will include Lone Star Podiatry and River City Docs. Adam Metcalf is the owner of Alive and Well. Construction should begin in September and will be completed by the end of 2017. H+SP is the project’s architect, LJA Engineering Inc. is the engineering firm and Structura Inc. is the general contractor.

August 23, 2016

Loans Multifamily Texas

JLL Secures $42.5M Refinancing for Multifamily Asset in The Woodlands

by Haisten Willis August 23, 2016

THE WOODLANDS, TEXAS — JLL Capital Markets has completed the $42.5 million refinancing of Millennium Six Pines, a 314-unit, Class A multifamily asset located in The Woodlands. JLL secured the loan through its Fannie Mae DUS lending platform on behalf of the borrower, The Howard Hughes Corp. Mike Melody, Randy Fleisher and Dustin Dulin led the JLL team on the deal. Millennium Six Pines is located 30 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport. The five-story building’s community amenities include a pool, clubhouse, fitness center and gated access. In-unit amenities include granite countertops, washers and dryers, patios/balconies, fireplaces and hardwood floors in living areas.

August 23, 2016

Industrial Texas

M&M Brokers Sale of Two Self-Storage Properties in Metro Dallas

by Haisten Willis August 23, 2016

SAGINAW and MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Longhorn Road Self Storage and Samuell Boulevard Self Storage located in Saginaw and Mesquite, respectively. Nicholas Ling, Brandon Karr and Danny Cunningham of Marcus & Millichap’s Austin and Fort Worth offices marketed the property on behalf of the seller, a limited liability company. Ling, Karr and Cunningham also secured the buyer, another limited liability company. Longhorn Road Self Storage is located at 131 Longhorn Road in Saginaw. Built in 1984, the property includes 330 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and climate-controlled units. Samuell Boulevard Self Storage is located at 3940 Samuell Blvd. in Mesquite. Built in 1984, the property comprises 551 units and features an on-site manager’s residence, garage-style roll-up doors, perimeter fencing and lighting, personalized keypad gated entry and 24-hour video surveillance.

August 23, 2016

Loans Multifamily Texas

BMC Capital Arranges $1.2M Loan for Multifamily Property in Houston

by Haisten Willis August 23, 2016

HOUSTON — BMC Capital’s Dallas office has arranged a $1.2 million loan for Fountain Springs, a multifamily property located in Houston. The non-recourse loan features a 4.5 percent fixed rate for 15 years along with a 15-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.

August 23, 2016

Office Texas

Hall Group to Begin Construction on Office Building in Hall Park

by Haisten Willis August 22, 2016

FRISCO, TEXAS — Hall Group is set to begin construction on a Class A office building at 3201 Dallas Parkway in Hall Park. The 12-story, 300,000-square-foot project will be the 17th building in Hall Park, a 162-acre, 2.2 million-square-foot development in Frisco. The groundbreaking ceremony is planned for late September. The new building will contain 25,000-square-foot floor plates and is designed to achieve LEED Silver certification. The two-story lobby will include works of art and sculpture from the Hall Collection, and all floors will feature 10-foot ceilings. Outdoor spaces will incorporate landscaping, a water feature and an adjacent event lawn. The building will be the tallest to date at Hall Park and will overlook Dallas North Tollway. Hall Group opened the first speculative building at Hall Park in 1998. The park is 96 percent leased with 16 completed buildings and a roster of 184 tenant companies and 8,000 employees.

August 22, 2016

Multifamily Texas

JLL Capital Markets Sells Multifamily Asset in Corpus Christi

by Haisten Willis August 22, 2016

CORPUS CHRISTI, TEXAS — On behalf of Cottonwood Residential, JLL’s capital markets team has completed the sale of San Marin Apartments in Corpus Christi. Castle Lanterra Properties purchased the 220-unit, Class A multifamily property. Scott LaMontagne, Moses Siller and Zar Haro led the JLL team in the deal. The buyer intends to add interior upgrades to make the asset more competitive with newly constructed apartment communities. San Marin is a 192,004-square-foot, garden-style apartment community consisting of 10 three-story residential buildings across 9.5 acres with garages and carports. The complex features an on-site fitness center, sand volleyball court, dog park and a swimming pool.

August 22, 2016

Industrial Texas

M&M Negotiates Sale of Self-Storage Facility in Houston

by Haisten Willis August 22, 2016

HOUSTON — Marcus & Millichap has negotiated the sale of Kingwood Storage, a self-storage facility located in the Kingwood area of Houston. The 254-unit asset was built in 1985. Dave Knobler and Justin Miller of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. Knobler and Miller also secured the buyer, a limited liability company from California. Kingwood Storage is located at 1964 Northpark Drive.

August 22, 2016

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