TOMBALL, TEXAS — Houston-based Baker Katz has begun construction on the company’s retail center in Tomball, approximately 33 miles northwest of Houston. The property, which was purchased by Baker Katz earlier this year, was formerly a gas station. The site is located at FM 2920 and Highway 249, adjacent to another Baker Katz-owned shopping center. The building will be occupied by a 3,400-square-foot Pacific Dental Services office and a 4,200-square-foot Mattress Firm store. In total, the building will span 7,600 square feet. The two tenants are slated to open late this year.
Texas
CLEBURNE, TEXAS — Dougherty Mortgage LLC has arranged a $2.4 million Fannie Mae loan for the acquisition of Northridge Court Apartments, an 86-unit apartment complex in Cleburne. Dougherty’s Dallas office arranged the 10-year loan for DCP Skyline II LLC. The loan carries a 30-year amortization schedule. Dougherty Mortgage is based in Minneapolis with regional offices in California, Colorado, Maryland and Texas.
HOUSTON — Marcus & Millichap has arranged the sale of Ella Plaza, a 34,695-square-foot retail property in Houston. The asset had a list price of $3.75 million. Gus Lagos and Alex Bouchard with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Lagos and Bouchard also secured the buyer, a partnership. Ella Plaza is located at 3414-3496 Ella Boulevard in Houston.
RICHARDSON, TEXAS — Regency Centers will build a 40,000-square-foot Whole Foods Market at KDC’s 186-acre CityLine project in Richardson. Whole Foods will anchor the initial 81,000-square-foot phase of Regency Centers’ CityLine Market, a retail center on 11.3 acres at the intersection of Renner Road and Plano Road. The store is slated to open in spring 2016.
GALVESTON, TEXAS — Hunt Cos. and Texas A&M at Galveston have entered into agreements for the design, development and construction of a proposed 612-bed, $45 million on-campus Maritime Academy Cadet Residence Hall. This is the first project Hunt and Texas A&M have developed together. Hunt is serving as the master developer, while Hunt affiliate Moss & Associates will operate as the design-build contractor for the residence hall. Construction is slated for completion in the fall of 2015.
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of United Dialysis Center, a 7,420-square-foot office property in Greenville. Terms of the sale were not released. Geoff Ficke and Chris Adams with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the 1031 tax-deferred exchange buyer. United Dialysis Center is located at 4309 Ridgecrest Road in Greenville, just south of U.S. Highway 380 and adjacent to Hunt Regional Healthcare Hospital. The property is 100 percent occupied.
THE WOODLANDS, TEXAS — The Woodlands Development Co., a subsidiary of The Howard Hughes Corp., has announced the sale of an 8.9-acre tract to Mercedes-Benz of The Woodlands for construction of a car dealership. The land is on the east side of the I-45 frontage road just north of State Highway 242. Construction of the 60,000-square-foot dealership is under way, with the opening planned for February of 2015.
PLANO, TEXAS — The Woodmont Co. has completed the sale of a newly constructed 14,500-square-foot retail property occupied by Walgreens in Plano, a suburb of Dallas. Brad Cruickshank and Randy Bell of The Woodmont Co. represented the seller, Plano Spring Creek Partners, in the transaction. The buyer, a California-based private investor, was represented by Patrick McCaughey and Ted Gallagher of Cassidy Turley/Terranomics. The property traded at a 5.3 percent cap rate. It is situated on 1.4 acres of land at 6324 Custer Road. and is an outparcel to the Custer Creek Shopping Center.
MANOR, TEXAS — Hunington Properties Inc. has arranged he sale of the Shops at Shadow Glen, a 15,438-square-foot shopping center in Manor. The project sits on 2.5 acres at the northwest corner of the intersection of Shadow Glen Boulevard and Highway 290. Edward A. Benton and Hunington Properties sold the property on behalf of a Houston developer. The buyer was a local investor from Austin. Hunington Properties will continue to manage and lease the property.
HOUSTON — Hunt Mortgage Group has provided two Fannie Mae loans totaling $12.5 million for the refinancing of two apartment complexes in Houston. The borrower is a Texas limited partnership. The properties include Hammerly Villa Apartments and Eagle Hollow Apartments. Hammerly Villa is a 174-unit complex in west Houston with a mix of one-, two- and three-bedroom units. It is comprised of 13 apartment buildings, plus a leasing office and two laundry rooms. After its acquisition in 2000, the owners made improvements to the units totaling $850,000. The property was built in 1972 and the loan amount was $4 million. Eagle Hollow contains 350 units and was refinanced with an $8.5 million loan. Hunt Mortgage is a subsidiary of Hunt Companies, formerly Centerline Capital Group.