SAN ANTONIO — Stream Realty Partners has acquired an 80,000-square-foot medical office building in San Antonio. The four-story, Class A property is located at 5109 Medical Drive on the Christus Santa Rosa Medical Center campus within the South Texas Medical Center. Constructed in 2008, the building is available for single-tenant occupancy or can be divided into 20,000-square-foot spaces for multiple users. Carolyn Hinchey Shaw and Jason Schnittger of Stream Realty will lead leasing efforts going forward, and the company will also manage the property.
Texas
DALLAS — Developer Billingsley Co. has leased 25,087 square feet of warehouse space in northern Dallas to Ultravision International, which manufactures, installs, finances and maintains LED displays. The property, located at 4542 McEwen Road, is within Billingsley’s Metropolitan Distribution District industrial development, which totals 684,451 square feet north of Interstate 635 and east of the Dallas North Tollway. Richmond Collinsworth of TIG represented the tenant, which will occupy the space by the end of this March.
DALLAS — Developer Greystar and design firm Meeks + Partners have completed Elan City Centre, a 330-unit multifamily community in the Galleria area of Dallas. The property offers one- and two-bedroom residences in both flat and townhome layouts, as well as amenities including a saltwater swimming pool, fitness facility, conference room and coffee bar. Unit interiors feature granite countertops, brushed nickel appliances, tile backsplash, oversized garden tubs and stand-up showers. Located on Galleria Drive, the complex is in proximity to the Dallas North Tollway and LBJ Freeway.
HOUSTON — HFF has brokered the sale of the Woodbranch Building, a 109,471-square-foot office building in Houston’s Energy Corridor submarket. Located at 12012 Wickchester Lane, the property was fully leased at the time of the sale. Dan Miller and Marty Hogan of HFF represented the seller, an affiliate of Parkway Properties Inc. CapRidge Partners LLC, an investment and management company based in Austin, purchased the asset free and clear of debt.
McKINNEY, KELLER AND TROPHY CLUB, TEXAS — Marcus & Millichap has brokered the sale of three properties net-leased to Merryhill Schools totaling 27,600 square feet in the northern suburbs of the Dallas/Fort Worth Metroplex. The tenant, a branch of Nobel Learning Communities Inc., operates a private preschool in each of the facilities. The assets include a 7,800-square-foot building located at 6050 Eldorado Parkway in McKinney, which is shadow-anchored by Market Street grocery store; a 7,800-square-foot building located at 1750 Rufe Snow Drive in Keller, in proximity to Walmart Neighborhood Market; and a 12,000-square-foot building located at 50 Village Trail in Trophy Club, in proximity to Tom Thumb. More than nine years remain on each of the leases, which include three, five-year renewal options and scheduled rent bumps. Chris Gainey and Philip Levy of Marcus & Millichap marketed the properties on behalf of the seller, a fund manager. The two also secured the buyer, a private investor.
LITTLE ELM, TEXAS — Churchill Capital Co. has arranged a $7.5 million permanent first mortgage for Lake Shore Crossing, a 42,530-square-foot retail property in the Dallas suburb of Little Elm. Constructed in two phases in 2002 and 2011, the strip center is located along Eldorado Parkway. The fixed-rate, 10-year CMBS loan, which includes one year of interest-only payments and an amortization schedule of 30 years, allowed the undisclosed Dallas-based borrower to exit existing SBA and USDA loans. Brad Donnell arranged the financing through Jamie Ruggiero of MC Five Mile.
DALLAS — General contractor Hill & Wilkinson and developers Gencap Partners and Spyglass Equities will break ground on a 180-unit multifamily complex in Dallas this month. The construction contract was worth a reported $32.5 million. The nine-story apartment building will include amenities such as a business center, exercise facility and outdoor pool, as well as space for a restaurant at street level. Located at 1900 Cedar Springs Road, the property is in proximity to Klyde Warren Park and Woodall Rodgers Freeway, which connects Interstate 35 and Interstate 45. Good Fulton & Farrell is serving as architect on the project, which is slated for completion in June 2015.
HOUSTON — CBRE has brokered the sale of Atascocita Commons, a 316,395-square-foot power center in northeast Houston. Located at 7061 FM 1960 East, the Class A retail property was 99.2 percent leased at the time of the sale to tenants including Ross, Kohl’s, TJ Maxx, HomeGoods, Party City, Office Depot and Petco. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the buyer, New York-based Kimco Realty. Cole Real Estate Investments, based in Phoenix, sold the asset.
HOUSTON — Churchill Capital Co. has arranged a $12.8 million permanent mortgage for a 157,800-square-foot office property in Houston. The Class B property, a 12-story tower, is located at 1415 N. Loop West, in the northwest quadrant of the city. The undisclosed Brooklyn, N.Y.-based borrower acquired the asset in early 2012 and, in conjunction with property manager Boxer Property, increased occupancy from 60 percent to 92.3 percent. Brad Donnell and Duke Stone of Churchill secured the 10-year, fixed-rate CMBS loan, which includes one year of interest-only payments and a 30-year amortization, through Jamie Ruggiero of MC Five Mile.
ARLINGTON, TEXAS — SkyWalker Property Partners has acquired the Chase Bank Center, a 108,170-square-foot office building in west Arlington. Located at 1301 S. Bowen Road, the four-story structure was 90 percent leased at the time of the sale to tenants including the Texas Department of Health & Human Services, Keller Williams and JPMorgan Chase. SkyWalker is planning $600,000 in upgrades to the facility, which was built in 1982 and last renovated in 2001. Beaux Riley and Gigi Grubbs of Coldwell Banker Commercial Alliance DFW will lease and manage the property going forward. SkyWalker purchased the asset from Dallas-based Rosemont Realty on behalf of Hangover Opportunity Fund LP.