FRISCO, TEXAS — Pillar has arranged a $9.2 million Fannie Mae acquisition loan for Stonebrook Village, a multifamily affordable housing property. Stonebrook Village includes one-, two- and three-bedroom apartment units located in Frisco. The property was developed in 1994. Marc Cesare of Pillar’s Dallas office originated the fixed-rate, 10-year term loan with a 30-year amortization schedule. Stonebrook Village is located near the North Dallas Tollway and just north of the new Dallas Cowboys world headquarters scheduled for completion in 2016.
LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of Centre At South Shore Harbour, a 28,150-square-foot retail property located in League City. Matthew Mignerey and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Mignerey and Hargrove also secured and represented the buyer, a private investor. Centre At South Shore Harbour is located at 2800 Marina Bay Drive.
DALLAS AND HOUSTON — Caddis has sold its southwest medical office building portfolio to Griffin-American Healthcare REIT III Inc. The portfolio, totaling 182,528 square feet, includes two medical office buildings located in metro Houston, one medical office building in metro Dallas in addition to a hospital/medical office building complex in Durango, Colo. The Texas properties include Winding Way Medical Plaza, a two-story, 27,405-square-foot building, which was built in 2008 and is located in Friendswood. It is 92 percent occupied. Memorial Hermann is the anchor tenant; South Texas Medical Clinic, a two-story, 55,000-square-foot medical office building located in Wharton. It is fully leased to Memorial Hermann Medical Group. Services in the building include family practice, internal medicine, obstetrics/gynecology, neurology, radiology and a lab and pharmacy. It was built in 1987; Keller Medical Plaza, a 31,070-square-foot, retail-style building, which was completed in 2011 in Keller. It is 94 percent leased, primarily to Texas Health Resources (THR) and THR affiliates, including anchor primary care and sports medicine tenants.
MISSOURI CITY, TEXAS — Trammell Crow Co. and partner Artis REIT have acquired two land tracts totaling 127 acres in Missouri City. The partnership plans to develop a new, Class A industrial business park called Park 8Ninety, which will accommodate more than 1.7 million square feet of build-to-suit or speculative office/warehouse, distribution and manufacturing space. Construction on the first phase of Park 8Ninety, which will include three buildings totaling over 330,000 square feet of industrial space, is expected to begin in Summer 2015, with completion scheduled for Spring 2016. The property is located at the south corner of U.S. Highway 90A and Beltway 8 (Sam Houston Parkway), 20 miles southwest of downtown Houston. Barney Van Huss represented the seller, Ellis Management, which sold a 75-acre parcel. Ron Dagley of The Betz Cos. represented a local investment group, which sold an adjacent 52-acre parcel. Bo Pettit and Alexander Reilly of Boyd Commercial LLC/CORFAC International represented Trammell Crow Co. and Artis REIT in the acquisition.
HOUSTON — McCarthy Building Cos., and the Metropolitan Transit Authority of Harris County (METRO) have broken ground on the METRO Harrisburg Overpass project located in Houston’s East End. The project will be the final piece of METRO’s Green Line, which travels through downtown to the Magnolia Transit Center. The $27 million project will involve construction of a 2,400-linear-foot grade separation at the Houston Belt and Terminal (HBT) and Union Pacific Railroad (UPRR) railroad tracks located west of Hughes Road. It will include a bridge structure with aesthetic architectural features, two 16-foot wide vehicular traffic lanes, a 26-foot LRT guideway located in the center of the bridge structure, and two five-foot wide emergency walkways on each side of the bridge. The overpass is set to be complete in 12 months.
ADDISON, TEXAS — Behringer is relocating its corporate headquarters to Tollway Center, a 200,000-square-foot, six-story office building in Addison. The investment management firm, currently headquartered at One Addison Circle, has executed a 10-year lease for a new principal place of business located at 14300 Dallas Pkwy. The company expects the move to be completed by the third quarter of 2016. Jeff Staubach and Torrey Littlejohn of JLL represented Behringer, while JLL’s Jubal Smith and Matt Samler negotiated business and economic incentives. Tollway Center, which Cawley Partners is developing, will feature an open-air rooftop terrace, fitness center and indoor cafe. The project began in June 2014 when Cawley Partners identified six acres of land between Belt Line and Spring Valley Road on the west side of the Dallas North Tollway.
SUGAR LAND AND SPRING, TEXAS — Marcus & Millichap has arranged the sale of two properties in metro Houston. In the first transaction, the firm arranged the sale of The Crossing at Telfair Commons, a shopping center in Sugar Land. Justin Miller and Derek Hargrove marketed the property on behalf of the seller, a local developer. Miller and Hargrove also secured the buyer, a limited liability company. The Crossing at Telfair Commons is located at 520 Highway 6. It is shadow-anchored by an HEB grocery store and adjacent to Chuy’s Mexican Food and Whataburger. In the second transaction, Marcus & Millichap arranged the sale of Ace Hardware, a 15,500-square-foot, net-leased property located in Spring. Jerry Goldstein and Kelley Workman of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Goldstein secured and represented the buyer, a partnership. Ace Hardware is located at 9001 Spring Cypress.
HOUSTON — The San Diego and Houston offices of Colliers International have arranged the sale of a 10,125-square-foot, single-tenant retail property located at 959 Bay Area Blvd. in Houston for $4.7 million. A CVS that has 11 years reaming on its 22-year lease occupies the property. Jon Busse and Charles Herder of Colliers International represented the seller, Burlingame Gulf LLC. David Wells of Wells Net Lease Group and JRW Realty represented the buyer, Exchange Right Real Estate LLC. The buyer is a tenant in common entity that specializes in the acquisition of single tenant, net-leased properties.
HOUSTON – CBRE has arranged the sale of 1000 Main, a Class A office tower located in the Houston Central Business District. The 36-story office tower includes 836,015 rentable square feet. Union Investment Real Estate purchased the asset, built in 2003, from Invesco Real Estate for an undisclosed price. Metzler Real Estate advised Union Investment, a European asset manager, in the transaction. CBRE’s Russell Ingrum, Bernard Branca and Jared Chua represented the seller. The property was awarded LEED Gold Certification from the U.S. Green Building Council in 2013. Gensler & Associates and Century Development Corp. designed and built the property.
HOUSTON, AUSTIN AND ODESSA, TEXAS —Dallas-based Stroud Development and Stroud Investments have finalized the sale of four assisted living and memory care communities in the Houston, Odessa and Austin Markets to ROC Seniors. The sale, valued at more than $70 million, was financed using the HUD 232 debt program and has been a joint venture project with Orchard Park Senior Living. Development began in 2011. Bedford, Texas-based Arrive Architecture Group designed the Orchard Park communities. Each community serves 57 assisted living residents and includes a separate secured wing serving 40 Alzheimer’s and/or dementia care residents. The Orchard Park communities also feature landscaped courtyards, private dining amenities, special events venues, fitness and wellness areas, therapy rooms and a salon. Additional services include transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living.