HOUSTON — Hendricks & Partners has brokered the sale of the 76-unit Memorial Trails, an REO, garden-style apartment complex located at 14900 Memorial Drive in Houston. Chris Ross, Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office, along with Chris Malcolm of Hendricks & Partners' north Los Angeles branch, represented the seller, Newport Beach, Calif.-based Kinecta Federal Credit Union, in the transaction. The buyer was San Francisco-based FAOF Memorial Trails.
DALLAS — Jones Lang LaSalle has secured Crosstex Energy's 108,525-square-foot lease at Crosstex Court, a seven-story corporate office development previously known as Cedar Springs Plaza, located at 2501 Cedar Springs Road in uptown Dallas. Steve Thelen, Jeff Staubach, Torrey Littlejohn and Vince Burt of Jones Lang LaSalle represented the tenant in the lease transaction. Michael Dudley and Hunter Lee of CBRE Group represented the landlord, Caddo Holdings.
SAN ANTONIO — Johnson Capital has arranged $6.7 million in mezzanine financing for the construction of the 225-unit Tobin Lofts, an off-campus student housing development serving the students of San Antonio College, which owns the $30 million development. Tobin Lofts will also feature a retail component. NRP Group has begun developing the property, which will open prior to the fall 2013 semester. Austin-based Campus Advantage will manage the community upon completion. Ron Davis of Johnson Capitals' Dallas office arranged the loan through a national private equity fund, while a separate $20 million construction loan was provided by a regional bank.
PLANO — The Plano Independent School District has selected Cadence McShane to complete an 86,000-square-foot expansion project at Plano West Senior High School, located at 5601 W. Parker Road in Plano. The construction assignment includes building a two-story, 52,000-square-foot career/technology center and adding space to three campus buildings. The project is slated for a May 2013 completion. Dallas-based WRA Architects is providing architectural services for the construction/expansion project.
ALLEN — The owners of Jumpstreet have purchased a 62,332-square-foot retail property that was once leased to Albertsons. The property is located at 2031 W. McDermott Drive in Allen. John Zikos, Christopher Gibbons, Amy Pjetrovic-Hunnicut and Chris Booras of Venture Commercial represented the seller, Albertsons, in the transaction. The Venture Commercial brokers are representing Albertsons in the disposition of all their north Texas stores. Dallas-based Newmark Real Estate and Mike Quinlan of Denver-based Newmark Knight Frank Frederick Ross represented the buyer in the transaction.
HARLINGEN — Austin-based Cielo Realty Partners has purchased a 40,000-square-foot office building, located at 2200 Haine Drive in Harlingen. Cielo plans to begin renovating the property immediately. Brandon Beason of Edge Realty and Connie de la Garza of Bahnman Realty represented the seller in the transaction. The buyer was self-represented.
DALLAS — Marcus & Millichap has arranged the sale of the 12-unit Crossroad Gardens Townhomes, located at 13333 Maham Road in Dallas. Each unit has two bedrooms and two-and-a-half bathrooms. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction.
FARMERS BRANCH — Maxim Integrated Products has sold its 20,350-square-foot office/flex building, a single-story property located at 4220 Beltwood Parkway in Farmers Branch. The disposition is the first of 13 vacant properties that Maxim is planning to sell following the company's acquisition of Dallas Semiconductor Corp. in 2001. Maxim now occupies a new 138,000-square-foot Class A property. Leigh Richter and Jason Miller of Bradford Commercial Real Estate Services are representing the seller for all 13 dispositions, either on an individual or bulk basis. Brian Pafford, also of Bradford, represented the buyer, ACMC Ventures LLC, in the transaction.
COLLEGE STATION — Woodridge College Station I LLC has plans to construct a student housing development in two phases at the northwest corner of University Drive and Texas Avenue in College Station. The location once was home to the 17-story Plaza Hotel, which was imploded in May 2012 to make way for the new student housing property. Phase I of the development will include 928 beds and approximately 53,000 square feet of retail, restaurants and public space. Phase I is slated for a fall 2014 delivery. Phase II will include the addition of 1,000 beds and is slated for a fall 2015 delivery. Woodridge College Station is an affiliate of Los Angeles-based Woodridge Capital Partners. Woodridge College Station is developing the student housing property in partnership with funds managed by Oaktree Capital Management and in collaboration with Capstone Collegiate Communities. Construction is slated to begin in spring 2013.
HOUSTON — Dallas-based Westmount Realty Equities has provided joint venture equity to ParaWest Group to acquire the 360-unit Beverly Palms Apartments, located near the Galleria Shopping Mall in Houston. The apartment community is currently 98 percent occupied and is slated to undergo a planned $1 million renovation.
