SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of Southcross Square, an 85-unit multifamily property located at 3907 E. Southcross Blvd. in San Antonio. Zar Haro, Michael Moffitt Jr., Moses Siller and Scott Lamontagne of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company. The property is comprised of 32 one-bedroom/one-bathroom units and 53 two-bedroom/one and one-half bath units.
PLANO, TEXAS — The Medical Center of Plano has broken ground on a new 10,500-square-foot satellite emergency room, located at the southeast corner of Coit Road and State Highway 121/Sam Rayburn Tollway in Plano. The emergency room will operate 24 hours a day, seven days a week year-round and will be staffed by board-certified emergency physicians and registered nurses. The property will include 12 private patient rooms. Two rooms will be themed for pediatric patients in an alliance with Medical City Children’s Hospital. Read King Medical Development has developed the architectural plans and specifications for the complex. Batten and Shaw Inc. will serve as the general contractor for the project. The emergency room is scheduled to open in January 2014.
PLANO, TEXAS — ARA has arranged the sale of Reserve at Pebble Creek and Somerset at Spring Creek, two multifamily properties in Plano totaling 416 units. Aragon Holdings purchased the portfolio for an undisclosed price from Venterra Realty Management. Brian Murphy, Brain O’Boyle Sr. and Brian O’Boyle Jr. of ARA represented the seller in the transaction.
DALLAS — City Doc Preston Royal Urgent Care has opened a new location at 10759 Preston Road in Dallas. City Doc offers urgent care services including immunizations, care for accidents and fractures and general health evaluations. This marks the fourth Dallas-area City Doc location.
LAREDO, TEXAS — Horizon Group Properties Inc. has unveiled its plans for the development of a 350,800-square-foot outlet center to be named The Outlet Shoppes at Laredo. The center will be located at the Gateway to the Americas near Highway 35 and will open in 2015.The Outlet Shoppes at Laredo will house 80 to 90 stores, bringing an estimated 1,000 new jobs to the Laredo area as well as generating more than $130 million in annual sales.
SAN ANTONIO — Ron Davis of Johnson Capital’s Dallas office has arranged $2.4 million in joint venture equity financing for the construction of Autumn Leaves of Stone Oak, a 30,000-square-foot memory care center located at 20272 Stone Oak Parkway in San Antonio. Davis procured the equity investment from Dallas-based MedProperties Holdings LLC. The project cost will total $10.7 million. The LaSalle Group is the developer for the project. Frost Bank provided the construction loan. Autumn Leaves of Stone Oak is expected to open in spring 2014 and will house 50 residents with Alzheimer’s, dementia and memory impairment.
IRVING, TEXAS — Texas Irondale Office LLC has purchased a 52,000-square-foot office building, located at 1411 Greenway Drive in Irving. Bob Buell and Louie Weber of Fults Commercial Real Estate represented the seller, and Bob Luttrell of Jackson Cooksey represented the buyer in the transaction.
AUSTIN, TEXAS — CBRE has negotiated the sale of the Continental Building at 9101 Burnet Road and the Briarcroft Building at 12710 Research Blvd. in Austin for an undisclosed price. The Continental Building is a 58,700-square-foot, Class B office property located in the North Central Austin submarket. The building sits within the boundaries of the City of Austin’s North Burnet/Gateway Master Plan, which includes improvements and rezoning for restaurants, transportation and other mixed-use enhancements. The property was 85 percent occupied at the time of close. The Briarcroft Building is a 63,825-square-foot Class B office property situated in the center of Austin’s technology corridor in the Northwest submarket. The space was 85 percent occupied at the time of close. Walter Saad and Cathy Nabours of CBRE Austin represented the seller, Kennedy Wilson. Luke Wood of Haverwood Management represented the buyer, OakPoint.
DALLAS — Dougherty Mortgage LLC has closed a $3 million loan for the refinance of Virginia Manor Apartments, a 156-unit market rate multifamily property located in Dallas. Dougherty arranged the seven-year term, six-and-a-half-year yield maintenance refinance loan on behalf of the borrower, VM Investments LLC.
IRVINE, CALIF. — Irvine-based Steadfast Income REIT Inc. has acquired three apartment communities in separate transactions for a combined total of $62 million. The communities include the 240-unit Quail North in Oklahoma City, the 144-unit Rosemont Olmos Park in San Antonio and the 240-unit Grayson Ridge in Fort Worth. With the three acquisitions, the REIT owns more than 8,500 apartment units in 10 states totaling $770 million.