GRAND PRAIRIE, TEXAS — The Kislak Organization has purchased The Fairways Apartments, a 348-unit multifamily community located at 1450 N State Highway 360 in Grand Prairie. The Fairways is a garden-style apartment community that offers a mix of one- and two-bedroom apartment homes and townhomes with fireplaces, walk-in closets and private patios and balconies. The community was built in 1984. Kislak plans to upgrade the property’s clubhouse and recreational facilities. Nearby attractions to the community include Six Flags Over Texas theme park, the Texas Rangers’ Globe Life Park stadium and the Dallas Cowboys’ AT&T Stadium.
Texas
DALLAS — CBRE has brokered the sale of Galleria North Tower I, a Class A office tower located at 13737 Noel Road in north Dallas. The 16-story, 379,518-square-foot office tower is 87 percent occupied, and includes an executive parking level beneath the building, as well as an adjoining parking garage. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill arranged the transaction on behalf of FSP Galleria North Limited Partnership. Deutsche Asset & Wealth Management acquired the tower on behalf of one of its institutional clients for an undisclosed price. Galleria North Tower I’s tenant mix includes Dealertrack Technologies, EmCare Holdings, Insperity and U.S. Bank.
OKLAHOMA CITY —The LaSalle Group has broken ground on a 30,000-square-foot, $9.5 million memory care facility in southwest Oklahoma City. Autumn Leaves of Southwest Oklahoma City will accommodate nearly 50 residents with Alzheimer’s and other forms of dementia. LaSalle recently opened Autumn Leaves of Edmond and currently has 36 communities open or under construction across the country. Autumn Leaves of Southwest Oklahoma City is a partnership between The LaSalle Group, Silverado Interests and Prosperity Bank. The community is expected to open during the first quarter of 2015.
HOUSTON — Boxer Property has acquired Northwest Crossing II, a three-story, multi-tenant office building of approximately 135,571 square feet, located at 7676 Hillmont Street in the Northwest submarket. Boxer Property plans to renovate the property with updates to all of the common areas, lobby, restrooms and lounge space, as well as offering Boxer Workstyle space, which caters to businesses looking for collaborative workspace.
AUSTIN, TEXAS — Dougherty Mortgage LLC has closed a $5.5 million Fannie Mae refinance loan for the Triple Crown Apartments, a 182-unit multifamily housing property in Austin, located at 7020 Grand Canyon Drive. The 10-year term, 9.5-year yield maintenance loan was arranged by Dougherty’s Dallas office on behalf of a local ownership group, 7020 Grand Canyon LLC.
TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Cash America Pawn, a 22,080-square-foot, net-leased property located at 3501 North Stateline Avenue in Texarkana. Vincent Knipp, associate vice president of investments and Chance Hales, an associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a private investor. Knipp and Hales also secured the buyer, a private investor.
AUSTIN, TEXAS — Adolfson & Peterson Construction has topped out the $90 million Forest Park Medical Center in Austin. Adolfson & Peterson is serving as the general contractor for the hospital, which is being developed by Neal Richards Group. The project is being built on an 8.5-acre site inside of a 59-acre master campus located near state highway 45 and La Frontera Boulevard in Williamson County. The 145,000-square-foot, four-story hospital will feature 46 private inpatient rooms, including 12 family suites, six intensive care rooms and 10 fully integrated operating suites. Also part of the development is an 80,000-square-foot medical office building and an 181,000-square-foot garage.
BAYTOWN, TEXAS — Exxon Mobil Corp. has begun construction on a chemical plant in Baytown, as well as begun expansion of a nearby plant in Mont Belvieu. The plants will use shale-derived natural gas to make plastics and other material. According to reports, the Baytown plant will be able to produce 1.5 million tons of ethylene per year. Exxon's plant is expected to be online by 2017. Bechtel, Linde, Mitsui Engineering & Shipbuilding and Mitsubishi Heavy Industries have been awarded contracts for phases of the two projects.
HOUSTON — Q10|Kinghorn, Driver, Hough & Co. has secured $3 million in permanent financing with a 20-year term for a group of 20 commercial condominium buildings made up of one- and two-story structures. The 93,000-square-foot complex, which is located just off of Highway 290 in northwest Houston, is 100 percent leased. Rudolph Ernst Krueger owns WWT International Inc. and was the borrower.
HOUSTON — TTS Marine Inc. has leased 14,560 square feet of industrial space at the Vickery Industrial Plaza, located at 14730 Vickery in Houston. Travis Land of NAI Houston represented the landlord, United Equities. Bruce Fehn of DTZ represented TTS Marine.