HOUSTON — LMI Capital has arranged loans for three properties in Houston. In the first transaction, Brandon Brown of LMI Capital arranged $4.3 million in debt for the refinance of two Class A, boutique multifamily assets in the Spring Branch submarket. The 10-year, fixed-rate loans both loans feature 4 percent interest rates and 30-year amortization schedules. In the second transaction, Brown arranged $8.4 million in debt for the refinance of a 124-unit seniors housing complex in Missouri City. The 10-year, fixed-rate CMBS loan will provide cash out proceeds to the client. The loan represented a 75 percent loan-to-value ratio and included a 30-year amortization schedule. In the third transaction, Jamie Stein of LMI Capital arranged $6.5 million in financing for a garden-style apartment complex in the Spring Branch submarket. Stein secured a 10-year, fixed-rate loan inclusive of a capital improvements component with a CMBS lender. The mortgage includes three years of interest-only payments.
AUSTIN, TEXAS — Under Armour has opened its Connected Fitness digital headquarters in downtown Austin. The new facility is located within a new commercial development near the restored City of Austin Power Plant. The office currently employs more than 100 engineers, data scientists, designers and product designers in digital health, fitness and sports. The building spans more than 35,000 square feet and occupies the second floor of the adjacent building to the City of Austin Power Plant. The five acres surrounding the office are being transformed into a mixed-use development, which will feature more than one acre of public open space and a plaza; a 30-story residential tower and 33,000 square feet of retail space. This is the first Under Armour office in Texas, and the only office in the brand’s history solely dedicated to digital innovation. The Under Armour Connected Fitness team will focus on building the company’s digital products.
HOUSTON — Boyd Commercial/CORFAC International has arranged several real estate transactions for The Detering Co., including the relocation of the firm’s offices. The Detering Co. has relocated from Washington Avenue to a new, 107,000-square-foot facility located at 6800 Helmers St. The property is situated on a 19-acre site located near Loop 610 North in Houston. J. Michael Boyd of Boyd Commercial LLC/CORFAC International represented The Detering Co. in the move and several other deals, which took over two years to orchestrate. The transactions included the sale of three parcels of land, the purchase of two parcels of land and a build-to-suit of an office and warehouse facility. The Detering Co., a building materials supply company, formerly occupied more than five acres and 70,000 square feet at its former headquarters located at 3028 Washington Ave. Detering’s new headquarters fronts Irvington and Bennington Streets as well as Helmers. The property includes a 16-acre site acquired from Quasar Land Ltd., and a three-acre site acquired from Irvington Holdings LLC. A new 107,000-square-foot built-to-suit facility was recently completed and opened at the company’s new headquarters. Detering demolished a building on the property it acquired to make room for the new building. In addition, Detering …
HOUSTON — Moody Rambin has arranged the sale of a 2,553-square-foot office building in Houston. The property is located at 9525 Huffmeister Road at the northwest part of Houston off Highway 290. Jim Autenreith and Dan Nguyen of Moody Rambin represented the buyer, Sawin Service Automation Inc., in the sale. Leighton Investments LLC was the seller.
DENTON, TEXAS — H&M, Hennes & Mauritz AB (H&M), a fashion retailer, will open a new location in Denton. The 23,000-square-foot property is located at the Golden Triangle Mall and is set to open this fall. H&M currently operates 14 locations in the state of Texas. With the opening of the Golden Triangle Mall store, H&M will add about 30 people its estimated total of 15,000 U.S. employees. H&M operates 364 locations across the country.
AUSTIN, TEXAS — Bluerock Residential Growth REIT Inc. has entered into an agreement to acquire Fox Hill Apartments, a 288-unit Class A apartment community in Austin. Bluerock plans to invest $10.6 million to acquire an 85.6 percent indirect joint venture interest in Fox Hill. The joint venture is expected to acquire Fox Hill for $38.2 million. The acquisition will be capitalized with a $26.7 million senior mortgage from Fannie Mae . The loan has a term of seven years with 3.6 percent interest, and will be interest-only for the first two years. Bluerock’s third-party joint venture partners in the transaction are expected to contribute 4.4 percent of the equity. Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts averaging 1,066 square feet. The community sits on 44 acres and features several amenities.
FORT WORTH, TEXAS — Adolfson & Peterson has completed a new medical office building and ambulatory surgical center. The Park Hill Medical Office Building and Ambulatory Center is located at the corner of Kimzey Street and Locke Avenue in downtown Fort Worth. LandPlan Development Corp. of Frisco developed the project, which includes a three-story, 51,500-square-foot medical office complex. The first floor houses a 16,946-square-foot ambulatory surgical center that includes five operating rooms, associated post anesthesia care units, pre-ops and OBS rooms. The remaining two floors feature shell space for future clinics. Construction of Park Hill Medical Office Building began in April 2014 and was officially completed in February.
SAN ANTONIO — ARA has arranged the sale of Regency at Lookout Canyon, a 320-unit, Class A apartment complex located in San Antonio. The property was 95 percent occupied at the time of sale. ARA Newmark’s Patton Jones and Matt Michelson represented the seller, a private investment group out of Atlanta. Salt Lake City-based Bridge Investment Group Holdings was the buyer. Built in 2007, Regency at Lookout Canyon includes one-, two-, three- and four-bedroom units.
WYLIE, TEXAS — Marcus & Millichap has arranged the sale of 1st Wylie Shopping Center, a 12,115-square-foot retail property located in Wylie. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Wayne Bares, also of Marcus & Millichap’s Dallas office, procured the buyer, a local partnership. 1st Wylie Shopping Center is located at 620 N. Highway 78, southwest of East Brown Street. The property includes three freestanding, multi-tenant buildings and is situated on 1.5 acres along a major retail corridor for the city of Wylie. At the time of listing, tenants included Domino’s Pizza, Jackson Hewitt Tax Service, Diamond Nails & Spa and several others.
Austin is happening. The city was ranked No. 1 for small business growth by Forbes.com and No. 1 in Kiplinger Finance Magazine’s “10 Best Cities for the Next Decade.” Steady population growth has created demand for virtually all real estate product types in Austin. While the office market and vertical condo developments grab most of the headlines, the regional industrial real estate market has recovered significantly from the recession and is expanding in lock step with the overall economy. The Texas capital is now the 11th most populous city in the U.S. and the fourth largest in Texas. From a population of 132,459 in 1950, the city grew to 465,622 in 1990, 656,562 in 2000, 790,390 in 2010 and an estimated 865,504 today. More new industrial product was delivered in Austin last year, approximately 675,000 square feet, than any year since 2008. Another 550,000 square feet of industrial property is expected to deliver this year. In a market of 46 million square feet in total, these are robust years for industrial development. Net absorption for the year was 376,279 square feet, according to Xceligent. While positive, it was substantially less than the 887,544 square feet of net absorption in 2013. …