Texas

CBRE ARRANGES SALE OF SHELDON FOREST SHOPPING CENTER

by admin July 15, 2013

CHANNELVIEW, TEXAS — CBRE's National Retail Investment Group has secured the sale of of Sheldon Forest Shopping Center, a 97,380-square-foot property located at 450 Sheldon Road in Channelview, 16 miles east of Houston. Gerland's Food Fair anchors the center, and its other tenants include Family Dollar and Burke's Outlet. Phase I and II of the center are both fully occupied. Capcor Partners purchased the center from Weingarten Realty Investors. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in the transaction. Jeff Stein of CBRE's Houston office arranged the acquisition financing for the transaction.

July 15, 2013

WALKER & DUNLOP PROVIDES FINANCING FOR TWO MULTIFAMILY PROPERTIES

by admin July 12, 2013

DALLAS AND HUMBLE, TEXAS — Walker & Dunlop Inc. has provided financing for two borrowers in Texas under its Interim Loan Program. The program offers floating-rate loans to experienced borrowers seeking to acquire or reposition multifamily, independent living and assisted living properties that do not currently qualify for permanent financing. The first financing is a $23.35 million acquisition loan for Bellaterra at Deerbrook, a 360-unit, garden-style apartment property located in Humble. The complex features one- and two-bedroom floor plans. This one-year, interest-only financing marks the first interim loan for borrower Priderock Capital Partners. Stephen Farnsworth, senior vice president, led the Walker & Dunlop team in the transaction. The second financing is an interest-only, nonrecourse loan for the 55-unit Shelby Apartments, a Class A multifamily property located on the Southern Methodist University campus in Dallas. The Prescott Group of Dallas and AREA Property Partners received the loan. Matt Wallach and Stephen Wes, vice presidents led the Walker & Dunlop team in the transaction.

July 12, 2013

Retail Texas

RESTAURANT CRAVE PLANS NEW LOCATION IN AUSTIN

by admin July 12, 2013

AUSTIN, TEXAS — CRAVE, which features eclectic American cuisine, is opening a new location in the 8,500-square-foot former Roy’s restaurant space at 340 E. Second St. in Austin’s Convention Center District. The space has been vacant for more than three years. Currin J. Van Eman, vice president, of NAI REOC Austin, and Jack Breard, president of UCR Urban, represented CRAVE in the transaction. Mike Joyce with the retail group Live Oak-Gottesman represented the landlord, Gottesman Co. The restaurant is slated to open in the first quarter of 2014.

July 12, 2013

Seniors Housing Texas

UPTOWN HOUSTON DISTRICT CHOOSES POST OAK CENTRAL FOR NEW PROJECTS

by admin July 12, 2013

HOUSTON — The Uptown Houston District has chosen Post Oak Central, a three-building office complex totaling 1.3 million square feet, as the hub for the management of its new projects, including the reconstruction and widening of Post Oak Boulevard. The project stems from the recent approval of the extension and expansion of Uptown Houston’s Tax Increment Reinvestment Zone. The Uptown Houston District will lease 7,900 square feet at Post Oak Central. The office is currently 95 percent leased with approximately 65,000 square feet still available. The property is LEED Gold certified. Enhancements are being made on the office complex including a new 20,000-square-foot health club, updated conference facility and improved retail and parking.

July 12, 2013

Seniors Housing Texas

CADDIS STARTS WORKS ON NEXT HEARTIS COMMUNITY

by admin July 12, 2013

FORT WORTH, TEXAS — Caddis Partners LLC has begun construction on Eagle Mountain, a 96-bed Heartis-branded assisted living and memory care community located at Dalhart Drive and Boat Club Road in Fort Worth. The community spans 61,125 square feet, and will include 54 assisted living units with 61 beds, and a 35-bed memory care unit. Caddis Partners will act as developer and owner of Heartis Eagle Mountain. Good Neighbor Care will provide management. Architectural firm Katus and the Dallas office of MAPP Construction will lead development. Financing was provided by American National Bank of Texas. Caddis plans to invest more than $100 million in senior housing projects during the next two years. Heartis Eagle Mountain is set for a summer 2014 completion.

July 12, 2013

Office Texas

CBRE CLOSES SALE OF FOUR-STORY SINGLE-TENANT OFFICE BUILDING

by admin July 12, 2013

AUSTIN, TEXAS — CBRE’s Austin office has brokered the sale of 717 Parmer, a Class A office property in Austin, to Gladstone Commercial Co. The Virginia-based REIT purchased the 320,000-square-foot office property for an undisclosed price. The four-story complex sits on 23 acres of land, and offers parking, three volleyball courts and raised flooring. General Motors fully leases 717 Parmer.

July 12, 2013

Multifamily Texas

MCSHANE CONSTRUCTION TO COMPLETE 284-UNIT MULTIFAMILY COMPLEX

by admin July 11, 2013

CORPUS CHRISTI, TEXAS — McShane Construction Co. has received a construction award from developer Continental Properties Co. Inc. for the Springs at Corpus Christi, a 284-unit multifamily complex. The community is located at 5702 Timbergate Drive and consists of 13 two-story apartment buildings. The development will feature units with attached garages together with four detached garages and five carport areas. The complex will offer studio, two- and three-bedroom units with ground level private entries. Amenities include a gated entry, community clubhouse with on-site property management, a resort-style swimming pool and outdoor entertainment areas. The clubhouse will include a complementary coffee bar, 24-hour fitness center with yoga and Pilates areas and a fenced, leash-free dog park. BSB Designs is providing comprehensive architectural services for the development. The Springs is scheduled for completion in September 2014.

July 11, 2013

Office Texas

CBRE ARRANGES SALE OF THANKSGIVING TOWER

by admin July 11, 2013

DALLAS — CBRE has brokered the sale of Thanksgiving Tower, a 50-story office building comprising 1.4 million square feet in Dallas, to a partnership led by Woods Capital Management LLC. John Alvarado, Gary Carr and Eric Mackey of CBRE arranged the transaction on behalf of the seller, Berkadia. The tower is located at Elm and North Ervay streets in Dallas’ revitalized central business district. The building held a 55 percent occupancy rate at the time of sale. The property is anchored by Gardere Wynne Sewell LLP and serves as the headquarters of Petro-Hunt. It is also home to the Tower Club Dallas and XTO Energy, Inc.

July 11, 2013

Industrial Texas

LEE & ASSOCIATES ARRANGES SALE OF INDUSTRIAL BUILDING

by admin July 11, 2013

IRVING, TEXAS — Lee & Associates has secured the sale of a 43,400-square-foot industrial building at 1420 W. Walnut Hill Lane in Irving. Nathan Denton of Lee & Associates represented the seller, Felder Property Group, in the transaction with the buyer, Glasswerks.

July 11, 2013

Multifamily Texas

HFF ARRANGES $7.75 MILLION REFINANCING FOR PARK CREEK MANOR

by admin July 11, 2013

DALLAS — HFF has arranged a $7.75 million refinancing for Park Creek Manor, a 322-unit multifamily community located near the northwest corner of West Illinois Avenue and South Westmoreland Avenue in Dallas. HFF worked on behalf of AmeriSouth Realty to secure a seven-year, fixed-rate loan through Southwest Securities FSB. The property is 99 percent leased and offers a mix of one-, two- and three-bedroom units as well as a swimming pool. John Brownlee led the HFF team representing the borrower.

July 11, 2013

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