GARDEN RIDGE, TEXAS — Love Funding has arranged an acquisition financing loan of $4.9 million for Graceland at Garden Ridge, a 46-bed assisted living and memory care center located approximately 25 miles northeast of downtown San Antonio. The facility, located at 19095 FM 2252, was originally constructed in 2007. Leonard Lucas of Love Funding’s Boston office secured the loan for the buyer, Cara Graceland LLC, through the HUD 232/223(f) LEAN program.
Texas
TULSA, OKLA. — Monmouth Real Estate Investment Corp. has acquired a 46,260-square-foot industrial building in Tulsa for $3.7 million. The property, located at 2800 N. Garnett Road, is net-leased by The American Bottling Company. Parent company Dr Pepper Snapple Group Inc. guarantees the lease, which has 10.5 years remaining on its original 15-year term. The build-to-suit structure serves as a distribution center for various beverage brands.
McALLEN, TEXAS — The Boulder Group has brokered the sale of a net-leased Walgreens property in McAllen for $2.3 million. The property, built at the northwest corner of Pecan Boulevard and North 23rd Street in 1993, totals 13,029 square feet. Five years remain on Walgreens’ original 25-year lease term, and the tenant also has five renewal options of five years each. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, an East Coast-based institution, in the transaction. The buyer is a Midwest-based investor.
IRVING, TEXAS — Churchill Capital has arranged $41 million in refinancing for a 510,173-square-foot office asset in the Las Colinas Urban District of Irving, approximately 10 miles northwest of downtown Dallas. Located at 600 E. Las Colinas Blvd., the property includes a 22-story tower and a five-story parking garage overlooking Lake Carylon. Among the major tenants of the building are Fleet Pride, Horizon Lines, Berkley Specialty Underwriting, Young President’s Organization and JP Energy Partners. Duke Stone and Katie Newman of Churchill arranged the non-recourse, fixed-rate loan through J.P. Morgan Chase Bank NA on behalf of the borrower and property owner, TCI.
SAN ANTONIO — A joint venture between an affiliate of the USAA Real Estate Co. and Cencor Realty Services has acquired an investment stake in Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio. The property is currently 100 percent occupied by 29 tenants, including the 81,027-square-foot HEB, as well as Hobby Lobby, Chase Bank and Whataburger. Located at the corner of Culebra Road and Loop 1604, the center is approximately 15 miles northwest of the city’s downtown area. Cencor, which is the property management and development affiliate of The Weitzman Group, developed the property and will continue to operate it under the new agreement.
FARMERS BRANCH, TEXAS — Boxer Property has acquired the 153,387-square-foot office property located at 4100 Spring Valley Rd. in Farmers Branch, a northern suburb of Dallas. The 10-story tower is anchored by Panda Energy, Comerica Bank and Joint Venture Business Center and features a recent common area renovation. The Energy Star-rated facility is also in close proximity to both Interstate 635 (Lyndon B. Johnson Freeway) and the Dallas North Tollway. Jack Crews and Evan Stone of Jones Lang LaSalle represented the undisclosed seller in the transaction, while Boxer Property represented itself.
BAYTOWN, TEXAS — An affiliate of First Market Properties LLC has purchased Forest View Apartments, a 158-unit, Class B multifamily complex in Baytown, approximately 25 miles east of Houston. The property, which is located at 301 Tri City Beach Road, was 93 percent occupied at the time of the sale. First Market Properties, a fully integrated real estate investment firm with offices in Miami and New York, plans to upgrade the asset.
KILLEEN, TEXAS — Marcus & Millichap has brokered the sale of a 46,335-square-foot self storage facility in Killeen, approximately 65 miles north of Austin. The facility, operated as Rancier Mini Storage, is situated at 1003 N. 38th St. Built in 1985, the property features video surveillance, computerized gated entry, climate-controlled units and garage-style, roll-up doors. Brandon Karr of Marcus & Millichap represented the seller, a private investor, in the transaction. Karr also secured the buyer, a partnership based in California.
AUSTIN, TEXAS — The investment sales division of Austin-based brokerage Retail Solutions has closed the sale of Corporate Center III, a 33,626-square-foot retail asset in Austin. Located at 8868 Research Boulevard, the property is in close proximity to the major thoroughfares of I-35 and Mopac Expressway. Tenants of the fully occupied facility include Uptown Dance and Gracie Barra Brazilian Jiu Jitsu. Alan Rust of Retail Solutions represented the seller, Park Corporate Center LTD, in the transaction. Jung Yu of E-Executive Realty represented the buyer, ATC Center LLC.
HOUSTON — Hunington Residential Inc. will break ground on Vargos on the Lake, a multifamily rental property in Houston, on Oct. 30. The complex, set to include 276 total units in various one-, two- and three-bedroom configurations, will be constructed on land that was formerly home to Vargos, a high-end steakhouse. Among the planned amenities are two dog parks, three outdoor kitchens, a swimming pool and yoga studio. The property will also incorporate several green living features, including electric vehicle charging spaces, solar panels and energy-efficient water heating. Completion is slated for summer 2014.