CORPUS CHRISTI, TEXAS — Aries Capital has arranged a $7.5 million loan for The Village at Oso Bay, a newly planned 56-unit memory care community in Corpus Christi. Atlanta-based Thrive Senior Living LLC is developing the facility. The capital structure includes a 24-month interest only construction loan and an additional 36 months with a 20-year amortization. The loan-to-value ratio for the transaction was approximately 75 percent.
HOUSTON — A 5,000-square-foot True Food Kitchen is set to open in Phase II of BLVD Place, a new mixed-use development under construction in Houston’s premier Uptown/Galleria area on the corner of Post Oak Boulevard and San Felipe Street. Phase II of the complex, anchored by a 52,000-square-foot Whole Foods Market and a 53,000-square-foot regional headquarters for Frost Bank, will contain 215,000 square feet total. True Food Kitchen is Green Restaurant Certified and contains environmentally friendly materials including high-efficiency kitchen equipment, low-voltage LED lighting, low VOC paint, reclaimed wood floors, recycled furnishings, Eco-Products compostable takeout products and a natural water purification unit. Wulfe & Co. is the managing partner of the development. Mike Wheeler and Jack Breard of UCR represented True Food Kitchen, and Elise Weatherall of Wulfe & Co. represented BLVD Place.
GRAPEVINE, TEXAS — Rick Medinis of NAI Robert Lynn’s Industrial Division partnered with CBRE to represent Prologis in the sale of its 787,591-square-foot Northfield Distribution Center to EastGroup Properties. The complex is located in Grapevine, 20 minutes outside of Dallas, and consists of eight buildings leased to 31 tenants. In the first quarter of 2013, NAI Robert Lynn arranged a 64,000-square-foot lease to Smart Start, 48,000 square feet to RIM Logistics and 16,000 square feet to Team Worldwide, all at the Northfield Distribution Center. The transactions totaled 128,000 square feet, bringing the property from 84 to 100 percent occupied. EastGroup has decided to keep Medinis as the leasing agent for the property, which Seefried Properties initially developed.
SAN ANTONIO — Two local retailers, San Antonio Bike Shop and Brown Coffee Co., have opened in the new 1800 Broadway Urban Residences, a 230-unit mixed-use property located at the intersection of Broadway and Grayson streets in San Antonio. The stores leased 1,500 square feet at the complex, which is already more than 80 percent occupied. Criterion Property Co. LP is the developer of the community.
HOUSTON AND LOS ANGELES — World Class Capital Group LLC closed on two major acquisitions this week: North Oaks Shopping Center, a 450,000-square-foot retail center in Houston, and Andrita Media Center, a 110,000-square-foot creative office and studio in Los Angeles. North Oaks Shopping Center was 92 percent occupied at the time of sale by retailers including T.J. Maxx, Ross Dress for Less, Hobby Lobby, Big Lots and Staples. The property, located at the intersection of FM 1960 and Veterans Memorial Drive, was purchased from a national retail REIT. Andrita Media Center was fully percent leased to an international entertainment conglomerate at the time of sale.
CLEBURNE, TEXAS — Caddis Partners LLC has announced the development of the first community under its new senior living brand, Heartis. Work began last week on the property, located on 15 acres at 902 Walter P. Holiday Drive in Cleburne, just outside of Fort Worth. The Class A community will contain 54 assisted living units, with 61 beds, and a dedicated 35-bed memory care unit. Caddis Partners will develop and own the project, and Good Neighbor Care will manage the new property. The development team includes architectural firm Katus, MAPP Construction and Amegy Bank. Heartis Cleburne is scheduled for completion next summer.
IRVING, TEXAS — Ryan Barr and Ryan Bennett of Lee & Associates’ North San Diego County office have negotiated the sale of a 45,000-square-foot free-standing LA Fitness facility located at 5550 N. MacArthur Blvd. in Irving for $12.2 million. The LA Fitness has approximately eight years remaining on the triple-net lease. Lee & Associates represented the buyer, a public REIT, and the seller in the transaction.
HOUSTON — Ziegler Cooper Architects has completed a $7.5 million redevelopment project for a 273,000-square-foot, Class A office, located at 515 Post Oak in Houston. Columbia Property Trust owns the property. When Columbia acquired 515 Post Oak in 2004, the building was leased by a single tenant under a lease that expired in 2011. The redevelopment of the property includes an increase in rentable area by 12,000 square feet, a new major building entrance and vehicular drop-off, garage pedestrian entry, atrium skylights and upgraded finishes and strategies preparing the building to achieve the LEED Existing Building certification.
DALLAS — Lane Kommer of Henry S. Miller Brokerage has arranged the sale of two apartment complexes in the Oaklawn area of Dallas: The Versailles Apartments located at 4625 Cedar Springs Road and the Marrakesh Apartments located at 2930 Kings Road. The communities have a combined 66,838 square feet of rentable space and a total of 77 units. Current occupancy is around 95 percent.
WESLACO, TEXAS — Marcus & Millichap Real Estate Investment Services has sold three Burger King restaurants in Texas. These net-leased properties include two Weslaco restaurants totaling 7,775 square feet and a 4,330-square-foot restaurant in San Benito. Philip Levy of Marcus & Millichap’s Fort Worth office represented the sellers, all private investors, as well as the buyer, Coastal King Ltd., in the transactions. All three properties have zero landlord responsibilities and a franchise guarantee from Hart Enterprises.
