Texas

Memory-Care-Prosper

PROSPER, TEXAS — Dallas-based Tribute Senior Living will begin construction this spring on an advanced memory care and seniors living community at the corner of Preston Road and Broadway in Prosper, Texas. Upon completion in 2016, the 60,000-square-foot community will be home to 100 residents.  “There are more than 5.2 million people living with Alzheimer’s disease in the United States,” says Charles Hodges, a partner with Tribute. “That number is expected to grow to more than 16 million by 2050. Those are very real numbers and when you also consider the family and friends touched by this horrible disease, we are talking about hundreds of millions of people affected in one way or another.” Sodalis Elder Living principal and Tribute Senior Living partner Mark Rushing will serve as the operating partner. The team has formally partnered with Dr. Paula Grammas, former executive director of the Garrison Institute on Aging and tenured professor of neurology at the Texas Tech University School of Medicine, to ensure that the communities utilize every environmental  and care advantage in treating Alzheimer’s and dementia.

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All-Ways-Storage

LAKEWAY, TEXAS — Muskin Commercial has arranged the sale of 538 units at the All-Ways Storage facility located at 15402 Kollmeyer Drive and 911 N. Ranch Road 620 in Lakeway. The site includes 131 climate-controlled and 386 non-climate-controlled units, along with 21 uncovered outside storage parking spaces. The property sits on three tracts of land with frontage along RR 620.A Maryland-based self-storage company purchased the property. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, All-Ways Self Storage LP of Austin, who was the original builder and developer of the property.

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marcus-millichap

LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of AAA-Tech Self Storage, a self-storage facility with 56,806 rentable square feet located in Lubbock. Roger Hendricks of Marcus & Millichap’s Dallas office represented the buyer, a private investor. An outside broker represented the seller. AAA-Tech Self Storage is located at 222 N. Ave. U, at the southeast corner of Baylor Street. Built in 1968 and renovated in 2002, the facility is situated on nearly five acres and includes 499 units. The property includes a sales office, manager’s apartment, indoor and outdoor units and roll-up doors.

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AUSTIN, TEXAS — Trulan Property Advisors has brokered the sale of a 35,000-square-foot building located at 7944 Great Northern Boulevard in Austin. The property is on a long-term lease to the Magellan International School and sits on more than two acres. Jason Middlebrook with Trulan Property Advisors represented the buyer, Austin-based Long View Equity Partners.

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BEE CAVE, TEXAS — Rocco’s Grill is relocating to 12432 Bee Cave Road from its original Lakeway Commons Shopping Center location. The new location spans 6,334 square feet and features two outdoor dining and entertainment areas, including a covered patio and an outdoor deck. The property is adjacent to the Hill Country Galleria, will have larger seating capacity, more parking and is estimated to open in late April. Rocco’s Grill, founded by Rocco C. “Rockey” Piazza 13 years ago in Lakeway, serves Italian recipes including pasta, seafood and steaks. Bryan McMurrey of CBRE represented the landlord, Hill Country Galleria LLC, in the transaction. Currin Van Eman of VC Interests LLC represented Rocco’s Grill.

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Canal-Centre

IRVING, TEXAS — CBRE’s Capital Markets Office Investment Group has arranged the sale of Canal Centre, a Class A office property located in Irving. Canal Centre is comprised of a recently redeveloped, 10-story office building with 238,051 rentable square feet and a six-story parking garage. Libitzky Property Companies purchased the asset from LaSalle Investment Management for an undisclosed price. CBRE’s Eric Mackey, Gary Carr, John Alvarado and Robert Hill represented the seller. Canal Centre is positioned at the heart of the Urban Center within the master-planned Las Colinas community. Las Colinas is home to 8,500 businesses, including 50 Fortune 500 companies, five Fortune 500 global headquarters and roughly 100 multi-national companies.

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Grand-Estates-Founders-Park

DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.

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Avendaro-at-Canyon-Creek

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

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killeen

KILLEEN, TEXAS — The Boulder Group has arranged the $1.7 million sale of a single-tenant Family Dollar property located at 4802 Bridgewood Drive in Killeen. The 9,180-square-foot, newly constructed property is located at the intersection of West Stan Schlueter and Bridgewood Drive. Jordan Kaufman of The Boulder Group represented the seller, a Texas-based private developer, in the transaction. A private Midwest-based investor purchased the property in a 1031 tax-deferred exchange. Family Dollar has 10 years remaining on its lease at the building. The lease features 10 percent rental escalations in each of the six five-year renewal option periods.

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macarthur-apartments

IRVING, TEXAS — Marcus & Millichap has arranged the sale of MacArthur Apartments, an 86-unit apartment property located in Irving. The property is located at 1201 W. Rochelle Road between North MacArthur Boulevard and Clearbrook Drive. Built in 1963, the asset includes 43 one-bedroom and 43 two-bedroom units with a total of eight one-story buildings. The property features a leasing office, a storage unit and a laundry facility. The property was fully occupied at the time of sale. Matt Davis of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor.

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