MCALLEN, TEXAS — HFF has closed the sale of Neuhaus Tower, a 17-story, 242,693-square-foot office tower located at 200 S. 10th St. in McAllen. HFF represented the seller, an affiliate of Brookfield Asset Management Inc. HFF also arranged acquisition financing on behalf of the buyer, Cielo Realty Partners. The property is leased to multiple tenants, with JPMorgan Chase Bank anchoring the property.
DALLAS — Fortis Property Group LLC has plans to renovate and update The Colonnade, a 1 million-square-foot office campus located in Dallas. New leases from RMG Networks at 32,000 square feet, alongside leases totaling 28,000 square feet bring the property to 92 percent occupancy. During the first phase of the property enhancement program, Fortis plans to renovate and remodel the west side of the main atrium with new finishes, as well as create new, ready-to-lease spaces on various floors featuring first class finishes and updated common areas and restrooms. Staffelbach Design Associates is the architect for the planned improvements, which are slated for completion in October. The three towers creating The Colonnade are connected via a five-story, barrel-vaulted glass atrium featuring restaurants, convenience amenities, seating areas, landscaping and water features. Tenants enjoy access to a customer service center, The Colonnade Club, fitness center, video conferencing center, an eatery, a convenience store and 24/7-onsite security. The Colonnade has been recognized in the region by the Building Owners & Managers Association’s Outstanding Building of the Year program and is LEED Silver certified. Cushman & Wakefield handles The Colonnade’s leasing responsibilities.
IRVING AND DEER PARK, TEXAS — HFF has arranged approximately $46 million in acquisition financing for the 560-unit Vistas at Hackberry Creek in Irving and the 216-unit Deer Park Apartments in Deer Park. Vistas at Hackberry Creek is located at 2527 W. Royal Lane and is 95.5 percent occupied. Deer Park Apartments is located at 401 W. Pasadena Blvd. and is 94 percent occupied. HFF arranged the loans on behalf of the borrower, Pure Multi-Family REIT LP. HFF placed the $29.5 million, 15-year loan for Vistas at Hackberry Creek with Aegon USA Realty Advisors LLC. HFF secured a separate $16.5 million, 10-year loan for Deer Park Apartments through Freddie Mac's CME program. John Brownlee of HFF led the team in arranging the loans.
KELLER, TEXAS — Cadence McShane Construction Co. has completed the 78-unit, 51,000-square-foot Legacy at Bear Creek in Keller. The assisted living and memory care facility is located at 200 Keller Smithfield Road S. in Keller Town Center, a 340-acre mixed-use development. PinPoint Commercial LP and Thrive Senior Living co-developed the project.
ALLEN, TEXAS — Gladstone Commercial Corp., a publicly traded REIT, has acquired a two-story, 115,200-square-foot office building in Allen for $15.1 million. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE brokered the transaction. Synovus Bank provided acquisition financing. The purchase of the two-tenant, fully leased property is in line with the company's strategy to expand beyond acquiring single-tenant properties, according to Buzz Cooper, senior managing director of Gladstone Commercial Corp.
SAN ANTONIO — ARA has arranged the sale of the 272-unit Bent Tree Apartments, located at 4801 Gus Eckert Road in San Antonio. Casey Fry and Pat Jones of ARA represented the seller, Venterra Realty, a privately held owner/operator of apartment communities in Texas, Georgia, Florida, North Carolina and Tennessee. Venterra Realty sold the community to Salem, Ore.-based Windmill Investments, a privately held real estate investment firm. Bent Tree includes efficiencies, one- and two-bedroom units that average 683 square feet. The community also features two resort-style pools, a business center, resident lounge and views of downtown San Antonio. Occupancy at the time of sale was 96 percent.
RICHARDSON, TEXAS — KDC has begun construction on its 186-acre, $1.5 billion master-planned community in Richardson. The development is located near the intersection of President George Bush Turnpike and North Central Expressway. State Farm will lease 1.5 million square feet in three of the towers at the new development. The three Class A buildings include a 13-story, 15-story tower and 21-story towers, which are all situated on five-level parking structures and include ground-floor retail space. Once completed, State Farm will have the capacity to employ 8,000 staffers. Randy Cooper and Craig Wilson of Cassidy Turley represented State Farm in the lease transaction. Austin Commercial is the general contractor of the development, and Corgan Architects is providing design services for both the shell and interior of the properties. Including the three towers, the development will consist of 5 million square feet of office space, 300,000 square feet of grocery, retail and restaurant space, 3,925 multifamily units and two hotels. KDC is pursuing LEED Silver certification for the office towers, which are slated for occupancy in early 2015.
PLANO AND CARROLLTON, TEXAS — Steadfast Income REIT Inc. has acquired two apartment communities in Plano and Carrollton totaling for $31.9 million. The REIT purchased the 350-unit Waterford on the Meadow in Plano for $23.1 million and the 131-unit Arbors at Carrollton in Carrollton for $8.8 million. Waterford on the Meadow is 97 percent occupied and includes a swimming pool, sand volleyball court, clubhouse and picnic areas. Steadfast plans to upgrade the interior of each apartment unit between resident move-ins. Arbors at Carrollton is 95 percent occupied and includes a swimming pool, clubhouse and barbecue areas. Steadfast plans to upgrade the kitchen appliances when turning the units between residents. Including these acquisitions, the REIT has acquired more than 9,250 apartments homes in the Southwest, Southeast and Midwest for approximately $820 million.
LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Independence Plaza, a 320,352-square-foot, grocery-anchored retail center located at 1911 Bob Bullock Loop in Laredo. James Bell of Marcus & Millichap's Houston office represented the seller, a Texas-based limited partnership, in the transaction. The buyer is a publicly traded REIT. The retail center was built in phases between 2007 and 2013. A 147,324-square-foot H-E-B Plus anchors the center, and the other tenants include T.J. Maxx, Hobby Lobby, Ross Dress for Less, Ulta Beauty, Petco, Wells Fargo and Chili's.
CLEAR LAKE, TEXAS — Moody Rambin has arranged the sale of three properties — two office buildings and one flex building — totaling 130,000 square feet in Clear Lake. The properties are located at 16840 and 16850 Buccaneer Lane and 1045 Gemini St. Northden Holdings LLC purchased the properties from CEF Funding LLC. Rob Chandler of Moody Rambin represented the seller in the transaction.
