THE WOODLANDS, TEXAS — The Howard Hughes Corporation (NYSE: HHC) and its wholly owned subsidiary, The Woodlands Development Company, have opened One Hughes Landing, the first office building at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Tenants of the 197,719-square-foot property include Strike LLC, Layne Christensen Co., PetroQuest Energy Inc., Summit Midstream, Sterling Construction, Wells Fargo Bank, GMA Garnet and Post Oak Bank. The developer is pursuing LEED Silver Certification for One Hughes Landing, which is an eight-story Class A tower. The Howard Hughes Corporation plans a total of 11 office buildings plus shopping, dining, entertainment and multifamily properties for the Hughes Landing development.
Texas
ROUND ROCK, TEXAS — CBRE will market Boardwalk Shopping Center, a super-regional power shopping center totaling 184,598 square feet in Round Rock, a northern suburb of Austin. The property, built in 1996 at the interchange of Interstate 35 and State Highway 45, is currently 98.6 percent occupied by tenants including Ross Dress for Less, PetSmart, Office Max and Party City. Boardwalk boasts a weighted average historical occupancy of 11.8 years and limited rollover, as 69 percent of the current tenants signed to leases through 2018 or later. Chris Cozby, Chris Gerard and Kevin Holland of CBRE are representing the seller, the name of which was undisclosed.
STILLWATER, OKLA. — The Dallas regional office of NorthMarq Capital has secured $13.4 million in construction financing for a new 194-unit student housing facility near Oklahoma State University. The mid-rise property, to be located at 213 W. Elm Ave., offers one- and two-bedroom floorplans. The loan includes a three-year term with one year of interest-only payments and a 30-year amortization schedule. Stephen Whitehead of NorthMarq arranged the terms for borrower Elsey Partners LLC.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Lowden Terrace, a 40-unit apartment complex in Fort Worth. Located at 2200 W. Lowden St., the four-building property is in close proximity to Texas Christian University. Lowden Terrace offers one- and two-bedroom floorplans as well as a communal laundry facility. Boyan Radic, Mason Green and Doug Banerjee of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Clarus Investment 4 LLC, and also secured the buyer, a Fort Worth-based limited liability company.
FORT WORTH, TEXAS — Hillwood Development company has selected architectural firm BOKA Powell to design the first Class A office building at Alliance Town Center, part of the larger AllianceTexas development. The speculative property, which will total 157,000 square feet over three stories, is slated for completion in mid 2014. Green design elements to be implemented include low-emissivity coated glass, exterior passive sun-shading devices and high-albedo roofing and paving to reflect light. Rogers-O’Brien Construction will serve as general contractor on the project.
GEORGETOWN AND KELLER, TEXAS — PinPoint Commercial LP and Thrive Senior Living have completed construction of two assisted living and memory care facilities in Texas. The Legacy at Georgetown is a 158-bed, 63,000-square-foot property in Georgetown, located about 28 miles north of Austin. The Legacy at Bear Creek is a 116-bed, 55,000-square-foot property in Keller, located about 20 miles north of Fort Worth. The former is situated adjacent to Scott and White Georgetown Clinic, allowing for convenient medical care, while the latter is near Keller Town Center, a master-planned, mixed-use development. PinPoint acted as developer on the projects, and Thrive will manage the properties.
IRVING, TEXAS — Cushman & Wakefield (C&W) has brokered the sale of Regent Commons, a 619,643-square-foot office complex in the Freeport/Las Colinas submarket of Irving. The property, originally constructed in 2006, comprises three LEED-certified, Class A buildings on 52 acres fronting Interstate 635 at 3950, 4000 and 4050 Regent Blvd. The buildings are fully leased to two tenants, Citibank and State Farm. Michael Rotchford, David Wenk, Robert Elms, Scot Farber and Maureen Kelly of C&W, along with co-broker Cassidy Turley, represented the seller, a fund affiliated with Brookfield Asset Management. GI Partners was the buyer.
COPPELL, TEXAS — The Mansour Group of Marcus & Millichap has brokered the $4.5 million sale of Arbor Manor Shopping Center in Coppell, approximately 20 miles northwest of Dallas. The 10,049-square-foot retail strip center, located at the intersection of Denton Tap and Sandy Lake roads, is leased to Einstein Bros. Bagels, SmashBurger and Jersey Mike’s. Alvin Mansour of the Mansour Group represented the buyer, a private out-of-state investor, in the transaction. The seller was a local developer.
SAN ANTONIO — BMC Capital has secured a $1.2 million loan for Magnolia Apartments, a 25-unit multifamily property in an historic area of San Antonio. The loan featured a seven-year fixed rate of 4.25 percent and a 30-year amortization. Mike Callis of BMC’s Denver office arranged the terms. BMC Capital, headquartered in Dallas, acts as both a direct lender and a mortgage banker for commercial real estate properties.
IRVING, TEXAS — Property owner Rosemont Realty has signed Tricolor Auto Group to a renewal and expansion of its corporate headquarters lease in the Las Colinas submarket of Irving, approximately 13 miles northwest of Dallas. Tricolor previously occupied 16,783 square feet at The Summit at Las Colinas office tower and will now expand by approximately 33 percent to 24,913 square feet. Rosemont was internally represented by Kirby White, while Jon Altschuler of Altshuler & Co. represented the tenant. The Summit at Las Colinas, located at 545 E. John Carpenter Freeway, boasts 19 floors, 375,505 square feet of space of an 89 percent occupancy rating.