DALLAS — Inland American Communities Group Inc. (IAC), a development, acquisition and management company operating in university markets across the U.S., has rebranded to become University House Communities (UHC). University House Communities will continue to operate as a wholly owned subsidiary of Inland American Real Estate Investment Trust, a non-traded national REIT that manages a portfolio of commercial real estate assets in multi-tenant and student housing. Currently, University House Communities has five new properties under construction in Atlanta, Austin, Birmingham, Charlotte and Tempe, and continues to identify new development and acquisition opportunities across the country.
HOUSTON — TexWhouse Inc. has purchased two office/warehouse buildings in Houston. The two single-tenant buildings, spanning 6,000 square feet and a 10,000 square feet, are located at 3103 and 3113 Farrell Road, respectively. Mike Spears, Thomas Leger and Robert McGee of TNRG represented the buyer, TexWhouse, and the seller, Farrell Road Park North LLC.
AUSTIN, TEXAS — A new iLoveKickboxing franchise is set to open at 1700 S. Lamar Blvd. in Austin. The franchise is expected to open in the coming months, however, a firm date has not been set. Bryan McMurrey of CBRE represented the landlord, Collier Properties LLC, in the transaction. Nick Boyd of CSA Realty represented iLoveKickboxing franchisee Alejandro Acuna. The iLoveKickboxing location aims to emulate the workouts of professional fighters, while making them accessible to the average man or woman looking to engage in a healthier lifestyle.
FORT WORTH — Pacific Southwest Realty Services (PSRS), a San Diego-based commercial mortgage banking firm, has arranged a $3.3 million loan secured by a 36,000-square-foot retail property in Fort Worth. David Hamilton of the firm’s San Diego office arranged the transaction. The fixed-rate loan features a 15-year term with a 25-year amortization schedule and three five-year resets. The interest rate starts at 3.9 percent and resets every five years. There is no prepayment premium and the only lender fee was $2,500 for processing. Hamilton arranged the financing through a credit union that PSRS represents.
SAN ANTONIO — FelCor Lodging Trust Inc. has sold its 261-room Embassy Suites Hotel – San Antonio Airport for $29.5 million. FelCor will use the proceeds from selling this hotel to repay outstanding debt. Since 2010, FelCor has sold 35 non-strategic hotels for aggregate gross proceeds of $794 million.
MAGNOLIA, TEXAS — Mr. Handyman, a home repair and maintenance company, has opened a new office in Magnolia. The new, 1,540-square-foot space is located at 32914 Tamina Road. John Wenckens and Ryan Dierker with Newcor Commercial Real Estate represented the tenant, Mr. Handyman, in the transaction. Chuck Mack represented the landlord, Monarch Property Management.
EL PASO, TEXAS — CBRE Capital Markets has arranged the sale of a 42,750-square-foot, three-story medical/oncology facility in El Paso. El Paso-based Verchel Medical Properties purchased the facility from PlainsCapital Bank for an undisclosed price. The facility is located at 4532 N. Mesa St. on the western side of El Paso, and is within six miles of 14 hospitals and ambulatory surgery centers. The vacant property comes furnished with fixtures and equipment. The asset was built in 2009 on three acres, and includes a covered patient drop-off area, a retail-style pylon sign and available building signage. It was also designed to accommodate high patient volumes. Scott Herbold of CBRE Investment Properties | Healthcare, and William Caparis, SIOR, of CBRE’s El Paso office, represented the seller.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $23.1 million Fannie Mae loan for Lakeshore Pearl, a multifamily apartment complex located in Austin. The 230-unit, mid-rise apartment complex was built in 2013. Chris Black of Key’s commercial mortgage group arranged the financing, which was used to acquire the property, for the undisclosed borrower.
DALLAS — Venture Commercial Real Estate has arranged the lease of an 11,400-square-foot space in Dallas’ Design District. Paul Morgan Photography Inc. will occupy the space located at 921 N. Riverfront Boulevard. McGregor Converse of Venture represented the tenant in lease negotiations. John Bowles of CASE Commercial Real Estate Partners represented the landlord. Photography business Paul Morgan and People relocated its media studio and corporate office to this location from 333 1st Ave. in Deep Ellum.
AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Anderson Oaks Apartments in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a California-based investor, in the transaction. An undisclosed buyer purchased the property. Anderson Oaks is located at 9219 Anderson Mill Road in northwest Austin. Renovations were made to 24 units at the property. Amenities at the community include a swimming pool, a management office and business center and an on-site laundry facility. Arbor Property Management of Austin will continue to manage the property.