DALLAS — EastGroup Properties has acquired five multi-tenanted warehouse/distribution centers totaling 722,000 square feet in the Valwood Industrial Park in Dallas. The total investment, including first-year capital improvements and lease-up costs, is $41.55 million. The properties are 95 percent leased out to 15 customers. EastGroup also purchased 4.1 acres of adjacent land for future development. The properties are anticipated to generate an annualized 6.3 percent cash yield.
SAN ANTONIO — Crossbeam Concierge, a Bethesda, Md.-based real estate investment and development firm, has delivered the 270-unit Villas at Mira Loma, a Class A multifamily community located in San Antonio's Live Oak submarket at 15400 Lookout Road. The development is Crossbeam Concierge's first ground-up development project since 2007. Crossbeam Concierge purchased the development site from Bryan-based Godfrey Residential Group, which developed the community. The community features a resort-like Water Plaza with a pool and sundeck, a fitness center and clubhouse. Dallas-based BGO Architects designed the community and Comerica Bank provided construction financing.
AUSTIN — PS Business Parks has acquired three multi-tenanted flex properties in Austin totaling 226,000 square feet for $14.9 million. The properties are 86.1 percent leased to companies with an average customer size of 21,600 square feet. PS Business Parks owns more than 1.7 million square feet of space in Austin, which was 95.8 percent leased prior to this transaction.
KATY — Houston-based PinPoint Commercial has commenced construction on a two-story, 104-bed assisted living and memory care facility known as The Legacy at Falcon Point. The facility will be located at the intersection of Roesner and Katy Gap roads in Katy. Construction is slated for a late 2013 completion. The facility will feature a restaurant, movie theater, store, spa, gym and sports bar. PinPoint is collaborating with Thrive Senior Living on the development.
DALLAS — Colliers International North Texas has arranged the sale of the 147,252-square-foot Advancial Tower, a 17-story Class A office tower located at 1845 Woodall Rogers Freeway in uptown Dallas. The office tower overlooks the newly delivered Klyde Warren Park and has a tenant roster including Advancial, Omniplan, GroupM and Genesco. Jim Graham, Creighton Stark and Ben Lurie represented the buyer in the transaction. Charter Holdings was the seller. Greg Grainger and David Quisenberry of Colliers will handle leasing and managing responsibilities for the tower.
HOUSTON — The Nora's Gift Foundation has selected Satterfield & Pontikes Construction to build the new 12,000-square-foot Nora's Home hospitality facility near the 45 million-square-foot Texas Medical Center in Houston, the world's largest healthcare campus. The $2.1 million facility will be located at 8300 El Rio St. and will provide lodging and support services for patients and families in a home-like environment. The property will feature 16 private bedrooms and bathrooms, a large commercial kitchen, great room, chapel, garden, community room, education center and free shuttle to the medical center. Satterfield & Pontikes plans to deliver the facility in August 2013. WHR Architects will provide design services, Walter P Moore will provide civil and structural engineering services and Affiliated Engineers will provide mechanical, electrical and plumbing engineering services.
BASTROP — Beech Street Capital has secured a $7.8 million FHA 223(a)7 loan to refinance The Lodge at Lost Pines, a 160-unit multifamily property located in Bastrop. Shamir Seidman of Beech Street originated the 30-year loan for Meridian Capital Group on behalf of the borrower, Brooklyn Bridge Inc. Duncan Mendelsohn of Beech Street was the FHA underwriter for the transaction.
AUSTIN — San Antonio-based Lynd and Austin-based Endeavor Real Estate Group has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building located at 311 Bowie St. in downtown Austin. Dallas-based L&B Realty Advisors is advising the institutional investor that is providing equity for the project. Lynd and L&B Realty have collaborated on one other high-rise in the past — the EnV in Chicago. The Bowie is located within the Market District along the planned expansion of the Hike and Bike Trail and across the street from Whole Foods Market headquarters and flagship store. Dallas-based HKS Architects is designing the project and Houston-based Harvey-Cleary Builders is the general contractor. The Bowie will include 4,000 square feet of ground-level retail, a 463-space parking garage on floors 1 through 7, 41,000 square feet of office space on floors 8 and 9 and residences on floors 10 through 35. The top story will house a swimming pool and fitness center. Amenities will include concierge services, a conference room and a landscaped deck on the 10th floor, as well as a clubroom and outdoor deck on the 31st floor that features an overhead trellis, fire pit and grilling area. The first residential units …
MOORE, OKLA. — UCR Investment Sales has arranged the $102.75 million sale of two shopping centers located in Oklahoma and New Jersey totaling 777,053 square feet. The Oklahoma shopping center, The Shops at Moore, is a 259,996-square-foot power center located in Moore. Anchor tenants include Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot and Hobby Lobby. David Disney of UCR represented the seller, an affiliate of Burk Collins & Co., in the Oklahoma transaction. Disney also represented the seller, an affiliate of Cypress Equities Real Estate Investment Management and Sarofim Realty Advisors, in the sale of the 517,057-square-foot Deptford Landing in Deptford, N.J.
HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired the 161,000-square-foot Bellaire Medical Center, a long-term acute care center and behavioral rehabilitation hospital located in Houston's Bellaire neighborhood. The hospital takes up an entire city block and is located four miles west of the 45 million-square-foot Texas Medical Center, the world's largest medical campus. Bellaire Medical Center has undergone $6 million worth of capital improvements since 2008, and $6.8 million is slated to be invested to further expand the facility. The medical center is fully leased to Cornerstone Healthcare Group and Ascent Health Corp. Griffin-American acquired the medical center directly from 5314 Dashwood, a subsidiary of PinPoint Commercial. Griffin-American financed the acquisition using $23.5 million from its unsecured line of credit from Bank of America and the remaining with cash on hand.