AUSTIN — Atlanta-based ARA has arranged the sale of Northland at Stonehollow, a 606-unit apartment complex located in north-central Austin. Patton Jones of ARA represented the seller, Northland Investment Corp., in the transaction. The buyer, a real estate investment firm, is an affiliate of Heitman LLC. Built in 1996, the complex consists of one-, two- and three-bedroom units. Amenities include a clubhouse, gym, business center, media center, theater room and two pools. It was 95 percent occupied at the time of sale.
Texas
HOUSTON — Kinghorn, Driver, Hough & Co. has arranged an $11.1 million construction loan for Reed’s Landing Business Park located near Beltway 8 and Aldine Westfield in Houston. Phase I of the building will be a 147,112-square-foot manufacturing/distribution building with a 30-foot clear height, designed for either multi or single tenant use. It is scheduled for completion in early 2015. Upon completion, the entire project will include four buildings with a total of 517,382 square feet. Larry Peters and Matt Franke of KDH arranged the loan.
SAN ANTONIO — The LaSalle Group will soon begin construction on Autumn Leaves of Westover Hills, a 36,000-square-foot assisted living community dedicated to memory care. The company currently owns and operates 36 similar communities across the country. Autumn Leaves of Westover Hills will feature three courtyards and an open café. The memory care center is expected to bring 45 jobs to the area and provide care to 54 residents living with Alzheimer’s, dementia and other forms of memory impairment. This is The LaSalle Group’s second community in metro San Antonio following the recent opening of Autumn Leaves of Stone Oak in north San Antonio.
ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Allentown Office Building, a 29,979-square-foot office property in Allen, a northern suburb of Dallas. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Hebert also procured the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange. Allentown Office Building is located at 100 Allen Parkway in Allen, less than one mile from North Central Expressway. The two-story property was built in 1985 on 3.6 acres. The property was 80 occupied at the time of sale.
GRAND PRAIRIE, TEXAS — Lee & Associates has arranged the lease renewal for a 50,000-square-foot industrial space located at 1421-1425 Ave. R in Grand Prairie, just west of Dallas. Mark Graybill and Scott Giordano of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Fit Supply, a provider of commercial fitness equipment. Dan Lawson of Proterra Properties Inc. represented the landlord, Greenbriar Holding Dallas.
MIDLAND, TEXAS — Institutional Property Advisors has arranged the sale of 352 multifamily units in Midland. The property name was not disclosed. Will Balthrope and Drew Kile with IPA represented the seller and procured the buyer in the transaction. The property was built in 1982 and is located off State Highway 250.
AUSTIN — Cousins Properties Inc. has signed five new leases totaling 157,279 square feet at Colorado Tower in downtown Austin. The 373,000-square-foot, Class A property is now 95 percent leased, up from 51 percent in June. Companies leasing space in the building include Parsley Energy Inc., Atlassian Inc., IPSoft Inc., Kelly Hart & Hallman LLP and Invesco Management Group Inc. Rachel Coulter and Kevin Kimbrough with Oxford Commercial represented Cousins in the transactions. Colorado Tower is expected to be complete this December. The building will be the first high-rise office tower developed in downtown Austin since 2003.
MIDLAND, TEXAS — A 90-guestroom, four-story Holiday Inn Express by InterContinental Hotels Group has opened in Midland. Dallas-based Mayse & Associates Inc. designed the hotel, which spans 55,200 square feet on Crump Street near I-20 and Rankin Highway. Lubbock-based Greenstreet Inc. constructed the project. Insignia Hospitality Group owns and manages the hotel.
RICHARDSON, TEXAS — Dal-Rich Village, a retail center opened in 1964 at the southeast corner of Coit Road and Beltline Road in Richardson, has been renamed Dal-Rich Towne Square. The center has landed a new anchor, Richardson Mercantile, a store selling gifts, furniture, jewelry, antiques, apparel and home décor. Richardson Mercantile has leased a 50,031-square-foot space. Michelle Caplan and Joey Keffler with the Commercial Retail Division of The Weitzman Group handled negotiations for the shopping center along with David McNeil and Joe Lea of Cencor Asset Managers. Ryan Shafer with North Central Texas Realty represented the tenant. The Weitzman Group leases space at the center and Cencor Asset Managers manages the property.
CLEBURNE, TEXAS — Marcus & Millichap has arranged the sale of Northridge Court, an 86-unit apartment complex in Cleburne. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen and Hoover also procured the buyer, another limited liability company. Northridge Court is located at 101 Westcourt Street in Cleburne, just off Henderson Street. The property was built in 1967 and is more than 90 percent occupied. The complex includes 14 buildings with an average unit size of 874 square feet.