HOUSTON — Dougherty Mortgage has originated a $10 million Fannie Mae loan to refinance Villa Springs Apartments in Houston. The 216-unit community is an affordable housing property featuring a newly remodeled clubhouse, playground and fitness center. Dougherty’s Minneapolis office arranged the 15-year loan on behalf of the borrower, Houston Leased Housing Associates IV LP.
Texas
HOUSTON — Marcus & Millichap has arranged the sale of a 110,000-square-foot manufacturing facility in Houston. The property is fully leased to Lectrus Corp., an electrical system integrator and custom metal enclosure designer. Ben Tashakorian and Toby Boessen of Marcus & Millichap’s San Diego office represented the seller in the transaction. Timothy Speck of Marcus & Millichap assisted in the transaction.
IRVING, TEXAS — Hold-Thyssen has arranged the sale of a 106,500-square-foot research and development facility at 8600 N. Royal Lane in the Irving suburb of Dallas. The property is located in Freeport Business Park north of the Dallas-Fort Worth International Airport. The facility was fully leased at the time of the sale, with Siemens Real Estate occupying roughly 63 percent of the property. Richard Fisher of Hold-Thyssen represented the seller, a German-based real estate owner. Austin-based Goldstar Investments Ltd. purchased the asset for an undisclosed price.
STAFFORD, TEXAS — Prime Property Investors (PPI) has acquired Estates at Fountain Lake, a 306-unit multifamily property in the Houston suburb of Stafford. The 14-building, garden-style community includes one- and two-bedroom apartments with rents averaging $1,300 per month, as well as a swimming pool, clubhouse and fitness center. Constructed in 1998, the complex — which was previously branded as Alexan Fountain Lake and is fully leased — is located on Fountain Lake Drive, just east of South Dairy Ashford Road. Northbrook, Ill.-based PPI acquired the asset from Dallas-based Trammell Crow Residential and plans upgrades for both unit interiors and communal amenities. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA Capital Markets represented the seller in the transaction, and Adam Allen, also of ARA Capital Markets, assisted in the capitalization of the property.
HOUSTON — Marcus & Millichap has brokered the sale of a 110,000-square-foot industrial property in Houston. The manufacturing facility is located on more than 35 acres, in close proximity to I-45 and the George Bush International Airport. Lectrus Corp., an electrical system integrator and designer of custom metal enclosures, fully leases the building on a triple-net basis. Ben Tashakorian and Toby Boessen of Marcus & Millichap marketed the property on behalf of the unnamed seller. Timothy Speck, also of Marcus & Millichap, assisted in the transaction.
FORT WORTH, TEXAS — HFF has arranged construction financing for the development of Victory Medical Center, a 104,971-square-foot surgical hospital to be located in Fort Worth. Planned for a six-acre site on the corner of Pennsylvania Avenue and South Main Street, the three-story facility will include eight operating rooms, four special procedure rooms, seven intensive care rooms and 24 inpatient beds. Victory Healthcare fully occupies the property, which is slated for completion in 2015. Jeremy Sain and Steven Heldenfels led the HFF team that worked on behalf of the borrower, a joint venture between Harrison Street Real Estate Capital LLC, Pisula Development Co., Victory Healthcare and a physician-owned group. Comerica Bank provided the 6.5-year loan.
ARLINGTON, TEXAS — Lee & Associates has arranged a 39,264-square-foot industrial lease in Arlington for FlexXray LLC, a provider of advanced inspection services and contract packaging solutions. The tenant will occupy space within the warehouse at 3751 New York Ave., which is in proximity to the interchange of I-20 and State Highway 360. Trey Fricke and Reid Basinger of Lee & Associates represented FlexXray in the negotiations. Matt Dornak of Stream Realty Partners represented the landlord, G&I VII Midpoint LP.
Galveston is poised for economic growth and expansion on several fronts. With a proven track record for resiliency, the city has continued to see investments across the island touching all geographic and economic clusters. As illustrated in the 2013 Developer Profile magazine, a publication of the Galveston Economic Development Partnership (GEDP), more than $2 billion in investment is currently in process across the island. The area is seeing new investment in both public and private sector ventures. Retail, commercial, residential, industrial and institutional projects continue moving forward at an accelerated pace. Education & Healthcare As home to the University of Texas Medical Branch at Galveston (UTMB), Texas A&M University at Galveston (TAMUG), Galveston College, Texas A&M Engineering Extension Service (TEEX) Center for Marine Training and Safety, the Galveston Independent School District and several other private schools and charter schools, Galveston Island has a strong education sector. These institutions are each making investments, which points to an enhanced and superior environment for education and healthcare services. For example, UTMB is currently constructing the new Jennie Sealy Hospital, a $438 million facility with 310 patient rooms, 58 intensive care unit beds and 20 state-of-the-art operating rooms. The hospital is expected to open …
FRISCO, TEXAS — Disney Investment Group (DIG) has brokered the sale of Westside Market, a 93,562-square-foot grocery-anchored shopping center in Frisco. Tom Thumb occupies 70,000 square feet within the property, which also features a Tom Thumb fuel center. Located on the corner of FM 423 and Lebanon Road, the asset was 98 percent leased at the time of the sale. David Disney of DIG represented the unnamed seller in the acquisition and also procured the buyer, Inland Real Estate Acquisitions Inc. Matthew Tice of Inland facilitated the purchase on behalf of the buyer.
ARLINGTON, TEXAS — Lee & Associates gas brokered the sale of a 60,546-square-foot industrial property in Arlington. The building, located on 2.5 acres at 1101 Avenue G, features clear heights of 18 feet, three dock-high doors and two grade-level doors. Mark Graybill, Tom Walrich and Reed Parker of Lee & Associates represented the seller, W.W. Henry Co. LP, in the transaction. Nathan Lawrence of CBRE represented the buyer, Capital Partners LLC.