GRANBURY, TEXAS — Marcus & Millichap has brokered the sale of Lakeshore at Granbury, a 41-unit apartment property located at 800 Panama Court near Highway 377 in Granbury. The community offers residents easy access to Lake Granbury with its private dock and private boat ramp. Robert Denninger of Marcus & Millichap's Dallas office represented the seller and procured the buyer, both limited liability companies, in the transaction.
ARLINGTON, TEXAS — Nebraska-based Tenaska Inc. has renewed its 32,102-square-foot lease at the Offices at Brookhollow in Arlington. The Offices at Brookhollow is an 80,104-square-foot office development at 1701 E. Lamar Blvd. Karen Simon and Brian Scott of Bradford Commercial Real Estate Services represented the landlord, 1031 Arlington LLC, in the five-year lease renewal. Renee Efimoff of SCM Real Estate Services Inc. represented the tenant.
FORT WORTH, TEXAS — Trademark Property Co., a real estate developer and investor based in Fort Worth, has plans to build Waterside, a new 63-acre master-planned development, in Fort Worth. The project will located on the Trinity River at Bryan Irvin Road and Arborlawn Drive. Waterside will be built as a walkable shopping, leisure, office, hotel and residential district. The development will include an extension of the Trinity Trails, an internal trail system, bridge, canoeing/kayaking, dog park, central plaza, riverfront amphitheater, 200,000 square feet of retail/restaurants, 20 to 30 acres of residential space, 100,000 to 200,000 square feet of office space and a signature hotel. Construction is slated to begin in spring 2014 and Phase I is slated for a spring 2015 opening. Trademark is under contract to purchase the land from the Lockheed Martin Recreation Association, a nonprofit corporation providing recreational facilities and activities for Lockheed Martin employees, retirees and dependents.
DALLAS — Forest City Enterprises Inc. has closed a strategic capital partnership with AIG Global Real Estate for the development of 3700M, a 381-unit apartment project in the West Village neighborhood of Dallas. The project, located at 3700 McKinney Ave. at Blackburn Street, will include a 21-story tower, as well as a five-story mid-rise component. Forest City and AIG will share ownership and fund the equity requirements for the project. The new community began construction in December 2012 and will wrap up construction in the third quarter of 2014. Amenities will include a pool, cooking areas, covered seating, a water feature and 37,000 square feet of ground-level retail. Cityplace Co. will own 3700M's ground-level retail component. Civitas Capital Management is providing construction financing through the government's EB-5 loan program.
KYLE, TEXAS — A joint venture between MedProperties Holdings LLC, Avail Healthcare Ventures and Trivant Healthcare is investing in the development of a new 40-bed freestanding rehabilitation hospital in Kyle. The hospital will be known as the Warm Springs Rehabilitation Hospital of Kyle. Avail and Trivant will jointly serve as the developer of the 54,400-square-foot hospital, which will located on a three-acre site at the intersection of Kyle and Seton parkways. The hospital will be fully leased by a joint venture partnership between Post Acute Medical LLC and Seton Healthcare. American National Bank of Texas is providing construction financing. The hospital will begin construction within 60 days and the construction period will last approximately one year.
SOUTHLAKE, TEXAS — Forest Park Medical Center Southlake, an approximately 142,000-square-foot hospital in Southlake, will open its doors May 29 and begin serving patients on June 10. The hospital will include 54 private inpatient rooms, including 10 VIP suites. The hospital will also include 12 fully integrated operating suites. The hospital will be part of the physician-owned and operated Forest Park Medical Center system.
COLLEYVILLE, TEXAS — Silver Oak Commercial Realty has arranged the sale of an 8,000-square-foot medical office building, located at 5408 Colleyville Blvd. in Colleyville. LeAnn Brown of Silver Oak represented the seller, HRT Properties of Texas, in the transaction.
HOUSTON — McCann Realty Partners LLC has started construction on the 323-unit Retreat at Vintage Park Apartments in Houston's Champions submarket. The property will be located in the Vintage development adjacent to the 420,000-square-foot Vintage Park Lifestyle Center. The Class A community will feature attached and detached garages, a fitness center, resort-style swimming pool, cyber cafe and a gourmet kitchen. Pegasus Residential LLC will manage the community, which is slated to begin lease up in the first quarter of 2014. Wells Fargo Bank N.A. funded the construction loan, and McCann will act as its own general contractor for the project.
SAN ANTONIO AND AKRON, OHIO — Johnson Capital's Dallas office has arranged $18.6 million in joint venture equity financing for the construction of two new student housing developments in San Antonio and Akron. The NRP Group LLC (NRP), the borrower and developer of the communities, has broken ground on the projects and is expecting to wrap up construction before the fall 2014 semester. The San Antonio complex is called The Luxx, which will house students from the University of Texas at San Antonio. The 668-bed development costs approximately $32 million to build. The Akron facility is called The Depot, which will house students from the University of Akron. The 624-bed facility costs approximately $37 million to construct. A corporate investor provided the equity capital.
AUSTIN, TEXAS — A joint venture partnership between Austin-based Cielo Realty Partners and MIMCO Inc. recently purchased a 47,050-square-foot retail property at the intersection of Highway 71 and U.S. Highway 290 in Austin. The property is currently leased to Planet Fitness and Goodwill, and marketing for the remaining 13,050 square feet is underway.
