Texas

M&M Arranges Sale of Retail Property in Metro Austin

by Haisten Willis November 24, 2014

ROUND ROCK, TEXAS — Marcus & Millichap has arranged the sale of K2 Plaza, a 9,600-square-foot retail property located in Round Rock. Michael Buckner and Richard Mireles of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Gus Lagos and Nik Kapetanakis of the firm’s Houston office represented the buyer, also a partnership. K2 Plaza is located at 399 W. Louis Henna Blvd. in Round Rock, a quarter-mile west of I-35. The property was built in 2001 on one acre.

November 24, 2014

Berkadia Secures $55M Loan for Construction of New Apartment Complex

by Haisten Willis November 24, 2014

LEWISVILLE, TEXAS — Berkadia Commercial Mortgage LLC has secured a $55 million loan for the construction of Discovery at the Realm, an apartment complex that will be located in Lewisville. Joseph Hevey of Berkadia worked with the borrower, Bright Realty, to secure the three-year, interest-only loan through Mutual of Omaha Bank. The bank provided $43 million in senior debt financing. Great Southern Bank of Springfield, Mo., also participated in the construction loan, and Cornerstone Real Estate Advisers LLC provided $12 million in mezzanine debt financing. Construction will begin on Discovery at the Realm in December. The property will be located at the southeast corner of Windhaven Parkway and Castle Hills Drive, 25 miles north of Dallas. The complex will consist of 423 units located across three buildings on more than 20 acres of land. The total cost for the project will be more than $75 million. BB&M Architecture is providing architectural services, while Andres Construction of Dallas will serve as the general contractor.

November 24, 2014

Multifamily Texas

NorthMarq Arranges $103.7M Financing for Three Apartment Complexes in Texas

by Haisten Willis November 21, 2014

PEARLAND, MCKINNEY AND KATY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has negotiated the $103.7 million refinancing of three apartment complexes in Texas. The properties, containing a total of 872 units, are located in Pearland, McKinney and Katy, Texas. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac. Two of the assets were financed with 10-year fixed loans and five years of interest-only payments. The third was financed with a seven-year variable loan and three years of interest-only payments.

November 21, 2014

Office Texas

TerraFirma Earth Technologies Relocates Headquarters in Houston

by Haisten Willis November 21, 2014

HOUSTON — TerraFirma Earth Technologies, a Houston-based dewatering firm, is moving its headquarters to a larger office and yard space in Houston to accommodate more heavy equipment and office space requirements. The new corporate headquarters is located at 11215 Old Fairbanks N. Houston Road. The firm is moving its headquarters Dec. 1 and also has opened a satellite office in Denver. TerraFirma assists owners and contractors throughout the U.S. maintain acceptable groundwater levels for both temporary and permanent projects.

November 21, 2014

Retail Texas

M&M Arranges Sale of Two Net-Leased Properties in Houston

by Haisten Willis November 21, 2014

HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.

November 21, 2014

Office Texas

KDC, Sarofim Realty Advisors Begin Construction on Two-Story Office Building

by Haisten Willis November 21, 2014

HOUSTON — KDC and Sarofim Realty Advisors have begun construction on a two-story, 68,950-square-foot office building that will be home to Lennar Homes of Texas Land and Construction Ltd. The property is located at 681 Greens Pkwy. across from the current Lennar headquarters. The new building will house 225 associates from Lennar, Village Builders, Friendswood Development Co., Universal American Mortgage Co. and North American Tile Co. The property will include a 5,000-square-foot design center to showcase product offerings from Village Builders. Another feature is a two-story lobby that will extend through the core of the building. The building is scheduled for completion in October 2015. Powers Brown Architecture provided architectural services for the project. Rosenberger Construction is the general contractor and Halff Associates is the civil engineer. Jerry Frey, Ron McWherter and Darren Gowell with CBRE represented Lennar in the transaction. JP Hutcheson of Cassidy Turley represented KDC and Sarofim Realty Advisors.

November 21, 2014

Texas

NorthStar Income Originates $84M Loan for Office Complex in Metro Dallas

by Haisten Willis November 20, 2014

IRVING, TEXAS — NorthStar Real Estate Income II Inc. has originated an $84 million senior loan secured by a Class A office complex in Irving. NorthStar initially funded $63 million of the senior loan and intends to fund the remaining $21 million over the 36-month loan term. The property was built in 2001 and spans 526,000 rentable square feet of office space across two adjoining buildings.

November 20, 2014

Office Texas

First American Relocates to New Office Space in Dallas

by Haisten Willis November 20, 2014

DALLAS — Boxer Property has arranged the lease of a 5,403-square-foot office space for First American Payment Systems in Dallas. The company, which provides payment solutions for small and mid-sized businesses, will occupy space in Executive Center II, located at 8330 Lyndon B Johnson Freeway in Dallas. The new space is an increase of more than 4,461 square feet from the company’s former suite. Gloria Medlock and Gil Engelhardt of Boxer negotiated the lease. Executive Center II is a Class A office space with amenities including an auditorium, two conference rooms, newly renovated lobbies, a loading dock, gym and full-service café. The property is located near North Park Mall, Park Lane and the Galleria.

November 20, 2014

Multifamily Texas

Olympus Property Acquires Apartment Complex in Downtown Dallas

by Haisten Willis November 20, 2014

DALLAS — Olympus Property has acquired The Mosaic, a 440-unit high-rise apartment building in downtown Dallas. The Mosaic consists of two connected residential towers of 21 and 32 stories along with a nine-story parking garage. The buildings were originally home to the Fidelity Union Life Insurance Co. The buildings were constructed in 1951 and 1962 and were redeveloped into apartments in 2007. Amenities include a swimming pool and spa, outdoor movie theater, gas fire pit, outdoor kitchen, gym, lounge, billiards area and a cigar lounge/poker room. The Mosaic contains 285 one-bedroom and 148 two-bedroom units.

November 20, 2014

Office Texas

JLL Arranges Office Lease in Dallas

by Haisten Willis November 20, 2014

DALLAS — JLL has negotiated a 157,568-square-foot office lease at One Arts Plaza on behalf of EnLink Midstream Partners LP and EnLink Midstream LLC. One Arts Plaza is located at 1722 Routh St. in the Dallas arts district. The company plans to relocate in 2016. Steve Thelen, Jeff Staubach and Torrey Littlejohn of JLL negotiated the lease on behalf of the tenant. Dallas-based architecture firm Corgan will design the new space.

November 20, 2014

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