HOUSTON — ARA has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, a multifamily development located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston. The community is an Alliance Residential project. Adam Allen and Matt Rotan of ARA's Houston office represented Alliance in the transaction, and a large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance. Construction is slated to begin within the next 30 days and is slated for an early 2014 completion.
HOUSTON — NorthMarq Capital has secured $2.75 million in first trust acquisition financing for a 21,519-square-foot bank fully leased to Wells Fargo, located in Houston. Matthew Kohlhoss of NorthMarq's Washington, D.C., office arranged the 10-year loan with a 22-year amortization schedule through a CMBS lender on behalf of the borrower, LOG II, LLC.
DALLAS — True Food Kitchen will open its seventh restaurant at The Plaza at Preston Center, a five-story mixed-use building being developed in Dallas. The 5,915-square-foot location will be the restaurant chain's first Texas restaurant. True Food Kitchen is owned by Fox Restaurant Concepts. Mike Geisler and Easley Waggoner of Venture Commercial represented the landlord in the lease transaction. Jack Breard of UCR Realty represented the tenant. The restaurant will open in a new building on the ground level in the first quarter of 2013. The second level will be the new home of the University Park public library and the top three floors will be office space.
RICHMOND — Quantum Real Estate Advisors has brokered the sale of a 6,800-square-foot O'Reilly Auto Parts store, located in Richmond, for $1.2 million. The seller, a Chattanooga, Tenn.-based preferred developer of O'Reilly's, sold the store to a Houston-based private investor. The store has a little less than 20 years remaining on its initial 20-year triple net lease. Jordan Kaufman of Quantum represented the buyer in the transaction.
BRACKEN — Cactus & Brush has purchased a 58,324-square-foot industrial building, located at 8165-8175 Bracken Creek Drive in Bracken, from Patricia Zoldey & Estate of Stephen Zoldey Sr. Bill Holder of DH Realty Partners represented the seller in the transaction. Rick Stagers of Newmark Grubb Knight Frank's San Antonio's office represented the buyer.
ALLEN — Behringer Harvard has provided mezzanine construction financing for a 444-unit luxury multifamily community, located on a 19-acre site at 1300 N. Custer Road in Allen. The community will feature access to a 40-mile hiking/bike trail, a resort-style pool, a business center, fitness center, coffee bar, clubhouse, game room, exterior courtyards and detached garages. Texas Capital Bank is providing primary construction financing. Irving-based TDI Real Estate Holdings, through a joint venture with Catlyn Capital Corp., is developing the property. Construction begin in August and the first units are slated for lease in May 2013.
LUBBOCK — NorthMarq Capital has secured first-mortgage, long-term financing for Phase I of Canyon West, a 268,090-square-foot retail development in Lubbock. Canyon West's tenants include Target, SAMs, Burlington Coat Factory and Ross Dress for Less. David Mott of NorthMarq's Dallas office arranged the financing.
WALLISVILLE — Pizza Properties, Inc. has opened a 12,000-square-foot Peter Piper Pizza restaurant, the first of 25 Peter Piper Pizza restaurants planned for the Houston market in the next several years. The new restaurant is located at 6223 E. Sam Houston Parkway North on Beltway 8. Additional sites for new Peter Piper Pizza restaurants are currently under construction in Victoria, Corpus Christi and Waco.
FORT HOOD — The U.S. Army Corps of Engineers has awarded a design-build contract to a joint venture of Satterfield & Pontikes Construction and San Antonio-based AMG Contractors to build Operations Readiness Training Complex facilites at Fort Hood. The $38.5 million project includes a 11,237-square-foot battalion headquarters building, a 22,579-square-foot officers quarters building and two 61,116-square-foot barracks. STV will provide architectural and engineering services, and the Fort Worth District of the U.S. Army Corps of Engineers will administer the contract. The project is slated for a summer 2014 completion.
HOUSTON — Orange County, Calif.-based Steel Castle Capital has purchased the 390-unit Carrington Park Apartments, a Class A multifamily property located in Houston's Energy Corridor. The complex is 95 percent occupied and features a business center, 24-hour emergency maintenance, security gates, clubhouse, billiards room, fitness center, barbecue grills and a swimming pool. Steel Castle acquired the property through Steel Castle Property Partners, an investment vehicle. Carrington Park is the company's second Houston acquisition.