Texas

M&M Arranges Sale of 51,425 SF Retail Property in South Padre Island

by Haisten Willis June 11, 2015

SOUTH PADRE ISLAND, TEXAS — Marcus & Millichap has arranged the sale of Plaza 410, a 51,425-square-foot retail property located in South Padre Island. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a partnership. Levy also represented the buyer, a private investor. Plaza 410 is located at 410 Padre Blvd. and is 74 percent leased to tenants including Tuesday Morning, Spec’s Family Partners, Tate’s Clothiers, Sisters Trading Co., Jong Mi Park, Subway, Coast to Coast Beachwear and SPI Fellowship Group. The building was constructed in 1985 and sits on a 2.7-acre lot.

June 11, 2015

HFF Negotiates Sale of 59-Unit Apartment Complex in Austin

by Haisten Willis June 11, 2015

AUSTIN, TEXAS — HFF has negotiated the sale of SoCo I and II, a 59-unit boutique apartment complex located in Austin. HFF marketed the asset on behalf of Artesia. EG Funds Management purchased the property for an undisclosed amount. SoCo I & II is located at 3504 and 3508 Alpine Circle between South Congress and South 1st streets in the South Austin submarket. Renovated in 2014, the community consists of a pair of two-story buildings situated on 1.4 acres. It was 98 percent occupied at closing. Matt Pohl, Sean Sorrell and Ryan McBride led the HFF investment sales team representing the seller.

June 11, 2015

Office Texas

Hillwood Launches New Urban Division

by Haisten Willis June 11, 2015

DALLAS — Hillwood, a privately owned real estate developer, is set to form Hillwood Urban, a new real estate division. Hillwood Urban will focus on large corporate office developments and mixed-use projects on core urban land sites, as well as suburban land opportunities in North Texas. Hillwood Urban will be led by Mike Berry, president of Hillwood Properties, along with existing Hillwood leadership such as Ken Reese, executive vice president of Hillwood Investments; Walt Zartman, senior vice president for Hillwood Development; Jacob Walter, vice president for Hillwood Development; and Bill Burton and Russell Laughlin, executive vice presidents of Hillwood Properties.

June 11, 2015

Industrial Texas

Avison Young Arranges Land Sale in Metro Houston

by Haisten Willis June 11, 2015

BAYTOWN, TEXAS — Lee Jones and Tommy LeBlanc of Avison Young represented the Hunt Family in the sale of 44 acres near the Grand Parkway to Guy Pfitzner, who was represented by Brenda Wagner of Mary Dunn Real Estate. The property is located a half mile east of Highway 99 on FM 565 in Baytown.

June 11, 2015

Loans Multifamily Seniors Housing Texas

Love Funding Secures $16.4M Loan for Seniors Housing Development in Metro Dallas

by Haisten Willis June 10, 2015

MCKINNEY, TEXAS — Love Funding (LFC) has secured a $16.4 million loan for the construction and financing of a new seniors housing community in McKinney. This is the second loan LFC and its local Dallas associate, Warsaw Realty Group, have provided in this community to partners David Brooks and George Fuller. St. Paul’s Square Senior Living will open in Adriatica Village. Work began eight years ago on the initial stages of the development, which included structured parking, a chapel surrounded by water, single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market under a 128-foot tall bell tower. The village was designed so that residents can leave their cars at home on evenings and weekends. The new apartment addition, which is being funded by FHA financing secured by Love Funding senior director Laura Saull-Smith, will be a four-story, mid-rise apartment community with 121 units, all restricted to those aged 62 and older.

June 10, 2015

Retail Texas

Christian Louboutin To Open First Location in Houston at The Galleria

by Haisten Willis June 10, 2015

HOUSTON — Christian Louboutin will open its first store in Houston at The Galleria in fall 2016. Louboutin is known for its red-soled shoes that have been a staple of women’s footwear for over 20 years. The Galleria location will be the designer’s 19th U.S. store and will carry women’s and men’s shoes, handbags and small leather goods. Louboutin will be located in Galleria I near Neiman Marcus. Simon Property Group recently announced a $30 million complete renovation of The Galleria’s luxury wing to complement the construction of a new flagship Saks Fifth Avenue store slated to open in spring 2016. The redevelopment project will include the addition of 110,000 square feet of new retail space and the creation of a 14,000-square-foot freestanding retail building.

June 10, 2015

Industrial Texas

M&M Arranges Sale of 38,060 SF Self Storage Facility in Metro Houston

by Haisten Willis June 10, 2015

PINEHURST, TEXAS — Marcus & Millichap has arranged the sale of Ray Childress Storage located in Pinehurst. The asset has 21,600 net rentable square feet and 16,400 feet of covered and uncovered parking. Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. Knobler also secured the buyer, a limited liability company. Ray Childress Storage is located at 35615 FM 149 in Pinehurst.

June 10, 2015

Multifamily Seniors Housing Texas

Seniors Housing Community to Undergo $36 Million Renovation/Expansion in Dallas

by Haisten Willis June 10, 2015

DALLAS — Edgemere, a seniors housing community in Dallas, will soon undergo a large-scale renovation and expansion project to address the growing demand for senior living options in the local area. Financing for the project was completed through the sale of $36 million in Series 2015 bonds. When complete, the project will add between 30 and 40 new jobs to the local economy. The renovation project is designed to bridge the gap between the Italian style that Edgemere is known for and the modern luxuries that current and future retirees are seeking. A 6,000-square-foot performing arts center will be built to provide a larger abundance of entertainment options. An extensive renovation is planned for the two dining venues aimed at giving them the look and feel of authentic restaurants in Italy. The Plaza at Edgemere will also be undergoing an expansion that will add eight new assisted living apartment homes, 12 new memory support suites and 15 new skilled nursing private suites. The Plaza commons areas will also be updated with indoor/outdoor courtyards and renovated dining areas. An underground parking garage will be added.

June 10, 2015

Hospitality Texas

HFF Arranges Sale of Three-Property Hotel Portfolio in San Antonio

by Haisten Willis June 10, 2015

DALLAS — HFF has arranged the sale of a three-property hotel portfolio totaling 313 rooms in San Antonio. HFF marketed the property on behalf of the seller, Barshop & Oles Co. Silverwest Hotels LLC purchased the assets for an undisclosed amount. The hotels in the portfolio are the 118-room Fairfield Inn & Suites San Antonio NE/Schertz, located at 5008 Corridor Loop in Schertz; the 98-room Hampton Inn & Suites San Antonio/Schertz, located at 17702 IH-35 North in Schertz; and the 97-room Hampton Inn San Antonio – Northwoods, located at 2127 Gold Canyon Drive in San Antonio. All of the hotels, which opened between 2000 and 2009, feature a business center, fitness room, outdoor pool, complimentary breakfast and meeting space. All of the assets are located along major traffic arteries in the San Antonio/Austin corridor. John Bourret and Brooks led the HFF investment sales team representing the seller.

June 10, 2015

Office Texas

TIG to Develop $31M Office Building in Sam Rayburn Tollway Corridor in Metro Dallas

by Haisten Willis June 9, 2015

ALLEN, TEXAS — TIG Real Estate Services Inc. plans to build Ridgeview Business Center, a $31 million, 154,000-square-foot, six-story office building in Allen. Located on eight acres along the Sam Rayburn Tollway between Stacy and North Watters roads, Ridgeview Business Center will be the first office building developed in the corridor, which includes 1,300 acres of developable land stretching six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. Future land-use plans show office, entertainment and mixed-use development along the corridor. Construction will begin once 25 percent of the space has been pre-leased. International architectural firm Gensler has designed the exterior.

June 9, 2015

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