BROWNSVILLE, TEXAS — Real estate investment and development firm RightQuest LLC has broken ground on Bella Vista Apartments, a two-phase project that will consist of 250-plus units in Brownsville at the southernmost tip of Texas. RightQuest is working with general contractor Peterson Construction Inc. on behalf of JJR Group LTD, a privately held company. The first units will be ready for occupancy in March 2014. Bella Vista is the third Class A apartment property developed by RightQuest in the last 18 months.
Texas
SAN ANTONIO — Marcus & Millichap has arranged the sale of the Waters at Northern Hills, a 304-unit multifamily community at 4031 Thousand Oaks Drive in San Antonio. The property, set on a private lake, includes a mix of one- and two-bedroom apartments plus a fitness center, wooded picnic area and swimming pool. Will Balthrope, Scott Lamontagne, Zar Haro and Michael Moffitt of M&M represented the seller, a 501(c)(3) not-for-profit company.
HOUSTON — NAI Houston has brokered the sale of a 37,500-square-foot warehouse at 8200 Telephone Road in Houston. The property is located on a 2.7-acre lot in the South Highway 35 industrial submarket. NAI’s John Ferruzzo and Clay Pritchett represented the seller, Eastpark Partners Limited, while Doyle Toups of Moody Rambin Interests represented the buyer, DSDY Real Estate LLC.
IRVING, TEXAS — The Debt and Equity Finance Group of CBRE Capital Markets has secured $8 million in financing for 1212 Corporate Drive in Irving, a multi-tenant office asset of Libitzky Holdings LP. The 124,128 square-foot property, located in the Las Colinas neighborhood, was built in 1982 and renovated in 2008 and 2009. Libitzky has owned the building since 2011. Greg Greene, Matt Ballard and Patrick Benoist of CBRE’s Dallas office arranged the terms of the 10-year, fixed-rate loan.
HOUSTON — A second Houston location of the Yucatan Taco Stand and Tequila Bar has been confirmed for 1001 Studewood Street No. 1 in Houston. The company has signed a retail restaurant property lease for a total of 4,900 square feet, of which Yucatan will occupy 3,200 square feet. The operator will use the remaining space for a concept yet to be named. Christopher Dray of Moody Rambin represented the landlord, The Omaha & South Texas Land Company LLC. Mark Raines of CBRE represented the tenant.
DALLAS — Marcus & Millichap has arranged the sale of the 208-unit Hidden Oaks multifamily community in Dallas after fielding 15 offers in the three weeks that the property was marketed. Al Silva of M&M’s Fort Worth office both represented the seller, DCP Hidden Oaks LLC, and secured the buyer, a Texas investment group. The property, located at 9236 Church Road in the Lake Highlands submarket, was 92 percent occupied at the time of sale. The buyer plans renovations in addition to the $1.5 million in capital improvements recently made under previous ownership.
DUNCANVILLE, TEXAS — Colliers International has brokered the sale of the Shops at Waterview Park, a four-building, 62,279-square-foot portfolio in Duncanville that currently houses service-oriented tenants including medical offices, financial services firms and restaurants. Colliers will also retain the leasing assignment for the property, which is located at the west intersection of Main Street and Highway 67, approximately 13 miles southwest of Dallas. Kevin Brookmole and Wade Smith of Colliers’ North Texas office, along with Tom Lagos and El Warner of the firm’s Los Angeles office, represented the seller, Duncanville Villages Retail Ltd. Buyer Interra Management Co. did not have a representative.
HOUSTON — Developer Moody Rambin plans to break ground this September on Town Centre One, a 270,000-square-foot office building in Houston’s Town & Country Village development. Designed by Kirksey Architecture, the complex will also include a second office building of 100,000 square feet known as Town Centre Two, an eight-level parking garage and a 20,000-square-foot community theater. The location just east of Houston’s Energy Corridor will provide both views of downtown and pedestrian access from the adjacent CityCentre mixed-use development. The projected construction completion date is December 2014.
ROUND ROCK, TEXAS — NorthMarq has arranged acquisition financing of $52.3 million for Monterone at Round Rock Apartments, a 583-unit Class A multifamily community in the Austin suburb of Round Rock. Alison Williams of NorthMarq’s Tampa office and Stephen Whitehead of the firm’s Dallas office represented the Toronto-based borrower, which will pay a sub-4 percent fixed rate for 10 years with two years interest-only. The loan amortizes over 30 years. Patton Jones of ARA Austin represented the seller in the acquisition.
SAN ANTONIO — Stream Realty Partners has signed Friedrich Air Conditioning Co. to a lease of 17,600 square feet in building two of the Isom Business Center, an industrial property in the Northeast submarket of San Antonio. Friedrich, a manufacturer of residential and commercial air conditioning and refrigeration products, will use the space as a research and development facility. In total, Isom Business Center comprises 175,200 square feet in three buildings. Stream’s Jason Schnittger represented landlord DRA Advisors in the deal, while Chuck King of Travis Commercial Real Estate Services Ltd. represented the tenant.