SUGAR LAND — The Sugar Land Development Corp. and Sugar Land City Council have approved a letter of intent with ACE Sugar Land to develop a 6,500-seat concert and performing arts facility, located on a 21-acre site near the U.S. Highway 59 and University Boulevard intersection. The letter of intent establishes funding to begin programming and schematic design. No timeline has been set for completion.
DALLAS — Marcus & Millichap has arranged the sales of The Colorado Apartments and Riverfall Square in Dallas. The 59-unit Colorado property is located at 2610 W. Colorado Blvd., and the 144-unit Riverfall Square is located at 7879 Riverfall Drive. John Barker of Marcus & Millichap's Dallas office represented seller, a limited liability company, and the buyer, an individual trust, in the Colorado Apartments transaction. Will Jarnagin and Michael Ware of Marcus & Millichap's Dallas office represented the seller, a New York-based private investment group, and procured the buyer, a local investor, in the Riverfall Square transaction.
SUNSET VALLEY — NorthMarq Capital has secured $10.5 million in first mortgage financing for an 86,584-square-foot Kohl's store, located in Sunset Valley. John Kerslake of NorthMarq's San Francisco office, along with Bryan Leonard of the firm's San Antonio office, arranged the 10-year loan with a 15-year amortization schedule through a life insurance company.
AUSTIN — HFF has arranged $7.4 million in financing for the 166-unit Keystone Apartments, located at 5230 Thunder Creek Road in Austin. The property is currently 95 percent occupied. John Brownlee of HFF arranged the seven-year loan through Freddie Mac's CME Program on behalf of the borrower, Price Realty Corp.
HOUSTON — LMI Capital has arranged $7.2 million in acquisition financing for the 436-unit Crescent Park Apartments, located in west Houston. Brandon Brown of LMI Capital arranged the three-year loan through a bridge lender. LMI Capital has also recently arranged loans for Windfern Pointe Apartments in northwest Houston, Ashford Park Apartments in west Houston and Bay House Apartments in the Clear Lake area.
DALLAS — Atlanta-based Cousins Properties has acquired 2100 Ross Avenue, an 844,000-square-foot, Class A office building located in Dallas' Art District, for $59.2 million at a foreclosure auction. The building is 67 percent leased to tenants such as CBRE Group, Prudential Mortgage Capital and Bank of America Merrill Lynch. The building is located adjacent to the new 5.2-acre Clyde Warren Park, which is slated to open in October.
HOUSTON — Granite Properties and Hoar Construction have begun construction of the 300,000-square-foot Briarpark Green, a 12-story, Class A office building located at 3151 Briarpark in Houston's Westchase district. PGAL has designed the building to LEED Gold standards. The property is currently speculative and Granite Properties is providing construction financing. The building will have wood paneling, blown-glass fixtures and elevators with in-cab televisions. The property will also include a 361,000-square-foot, six-story parking garage. The building is slated for a September 2013 completion.
ARLINGTON AND IRVING — Marcus & Millichap has arranged the sales of the 114-unit Pine Ridge Apartments in Arlington and the 111-unit Embassy Apartments in Irving. Pine Ridge is located at 3808 Little Road and Embassy is located at 1415 W. Airport Freeway and MacArthur Boulevard. Pine Ridge was 97 percent occupied and Embassy was 93 percent occupied at the time of the sales. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, an out-of-state partnership, in the Pine Ridge transaction. John Barker of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the Embassy transaction.
SPRING — RCG Ventures Fund II has purchased the 45,222-square-foot Best Buy, located at 19503 Interstate 45 in Spring. Super Target, Staples and Petco shadow-anchor the Best Buy location. RCG owns 66 assets totaling more than 6 million square feet.
LAKE JACKSON — Colliers International has brokered the sale of the 61,213-square-foot Brazos Crossing Shopping Center, located at 104 Highway 332 E. in Lake Jackson. The shopping center is fully leased to tenants such as PetSmart, Office Depot and Best Buy. Christopher Winters and Crady Newton of Colliers International represented the seller, Lake Jackson Crossing LP., in the transaction. Emilio Guzman and Guillermo Anaya, also of Colliers, represented the buyer, Brazos Crossing Management.