Texas

DAVIS COMMERCIAL ARRANGES LEASE FOR NEW DUNKIN' DONUTS

by admin May 10, 2013

HOUSTON — MM Donuts LLC has a signed a 3,806-square-foot lease for a freestanding building in the Orleans Square Shopping Center, located on West Lake Houston Drive. MM Donuts will operate a new Dunkin' Donuts store in the freestanding property. The store will be the first location in the Houston expansion for MM Donuts. Dunkin' Donuts plans to open 50 to 60 stores in the greater Houston area during the next five years. Jonathan Hicks of Davis Commercial represented the tenant in the lease deal. Janet Maas of Century 21 represented the landlord, Compass Care Holdings Ltd.

May 10, 2013

OAK GROVE ORIGINATES $259M FOR BROOKDALE SENIOR LIVING

by admin May 9, 2013

ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has closed a $259 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 10-year, variable-rate facility will be used to refinance existing mortgage debt on facilities around the U.S., including Texas. Brookdale will use the financing to refinance loans on 23 assisted living, independent living and memory care facilities totaling 1,781 units. The properties are located in 10 states, including Florida, New York, Kansas and Pennsylvania.

May 9, 2013

Healthcare Texas

BECK DELIVERS $48M TOWER AT DELL CHILDREN'S MEDICAL CENTER

by admin May 9, 2013

AUSTIN, TEXAS — The Beck Group has completed construction of the W.H. and Elaine McCarty South Tower at Dell Children's Medical Center of Central Texas in Austin. The Beck Group, community leaders and executives from Dell Children's Medical Center and Seton Healthcare celebrated the $48 million tower's opening at a ribbon cutting ceremony. The three-story, 75,000-square-foot tower features 72 beds, the center's first inpatient rehabilitation unit and expanded services for children with epilepsy. The six-bed rehabilitation unit is the first of its kind in the Austin area for hospitalized children. The facility is projected to receive the nation's first LEED Platinum certification under the new LEED for Healthcare rating system. The Beck Group finished construction of the tower in 15 months, which was two months ahead of schedule.

May 9, 2013

Office Texas

CONOCOPHILLIPS SIGNS 850,000 SF OFFICE LEASE IN HOUSTON

by admin May 9, 2013

HOUSTON — ConocoPhillips, the world's largest energy exploration and production company, has signed an 850,000-square-foot, long-term lease encompassing two new office buildings in Houston's Energy Corridor. The company will fully occupy the 550,000-square-foot Energy Center Three, which is currently under construction, by the second quarter of 2015. Additionally, in 2016 the firm will lease an additional 300,000 square feet in Energy Center Four, a planned 600,000-square-foot office building slated to commence construction later this year. The facilities will serve as the consolidated location for ConocoPhillips' Lower 48 Business unit, which is focused on exploration and production operations throughout the lower 48 states. The Energy Center campus will include an active greenspace to provide common outdoor areas for activities, and Energy Center Three and Energy Center Four will include energy-efficient features to help achieve LEED Gold certification. A joint venture between Trammell Crow Co. and Principal Real Estate Investors (PREI) is developing the office campus. Aaron Thielhorn, Kevin Schmok and Brandon Houston of Trammell Crow, along with Joe Wanninger of PREI, will lead the development team. Cody Armbrister and Steve Rocher of CBRE's Houston office represented the joint venture in the transaction with ConocoPhillips.

May 9, 2013

Seniors Housing Texas

CADENCE MCSHANE TO BUILD FALCON POINT SENIOR COMMUNITY

by admin May 9, 2013

KATY, TEXAS — Co-developers PinPoint Commercial LP and Thrive Senior Living LLC have selected Cadence McShane Construction Co. to construct Legacy at Falcon Point. The new 82-unit assisted living and memory care center will be built on a seven-acre site at 1520 Katy Gap Road in Katy. The two-story, 64,281-square-foot facility will consist of 22 memory care units and 60 assisted living units, as well as feature panel wall and steel construction with an accented natural stone and stucco exterior. The development will incorporate the “Main Street and Neighborhood” concept, whereby each neighborhood will have its own unique theme and the Main Street portion will include a movie theater, spa, restaurant, gym, store and sports bar. Three Square Design Group is providing comprehensive architectural services for the community.

May 9, 2013

Multifamily Texas

BERKADIA ORIGINATES $37M FOR TEXAS APARTMENT COMMUNITIES

by admin May 9, 2013

HOUSTON AND AUSTIN, TEXAS — Berkadia Commercial Mortgage LLC's Austin office has closed several loans totaling $37 million for four multifamily properties in the metropolitan areas of Austin and Houston. Andy Hill of Berkadia originated an $8.1 million refinancing for the 593-unit Lodge Apartments and a $7 million refinancing for the 635-unit Waterfall Park, both located in Houston. Hill originated the loans on behalf of the borrower, JAW Equity Management. C-III Commercial Mortgage funded the 10-year, CMBS loans. Hill also arranged $15.4 million in acquisition financing for the 835-unit Creekstone Apartments, formerly known as Palms at Walnut Creek, in Austin on behalf of the borrower, AHC Creekstone Owner LLC. Hill arranged the floating-rate loan with a sub-3 percent interest rate and 30-year amortization schedule through Berkadia's Freddie Mac program. Lastly, Hill arranged a $6.4 million acquisition loan for The Preserve at Cypress Creek, an 811-unit apartment community formerly known as The Blenheim Apartments, in Houston. Hill arranged the 10-year, fixed 4.09 percent interest rate loan through Freddie Mac on behalf of the borrower, AHC Cypress Creek LP, which is planning to upgrade the community's interiors and common areas.

May 9, 2013

Multifamily Texas

VILLAGES AT SUGAR ROAD BREAKS GROUND IN EDINBURG

by admin May 8, 2013

EDINBURG, TEXAS — RightQuest Edinburg LLC, an affiliate of Dallas-based RightQuest LLC, has broken ground on Phase I of Villages at Sugar Road, a luxury apartment community located in Edinburg. Phase I will include the 168-unit, Class A apartment community and two commercial properties located on two 1.13-acre pad sites. Phase I of the development will feature a clubhouse with a media center, business center, state-of-the-art fitness center, resort-style swimming pool, cabanas, laundry facility, playground, detached garages, on-site storage facilities and covered parking. Phase II will add between 132 and 150 residential units. The development will be located on a 20-acre parcel fronting Sugar Road near Alberta Road. RightQuest Edinburg is developing the property on behalf of Brownsville-based JTMR LLC. The design team includes architect B&A Architects of San Antonio, civil engineer Melden & Hunt of Edinburg and general contractor Peterson Construction Inc.

May 8, 2013

Office Texas

GRIFFIN CAPITAL BUYS HOUSTON OFFICE BUILDING FOR $48.7M

by admin May 8, 2013

HOUSTON — Griffin Capital Essential Asset REIT Inc. has purchased a 149,700-square-foot, Class A office building in Houston's Energy Corridor for $48.7 million. The property is fully leased, with 97 percent of the building leased to Schlumberger Technology Corp., a subsidiary of Schlumberger Limited. The office building serves as Schlumberger Limited's base for its Financial Hub operations.

May 8, 2013

Industrial Texas

HAGER PACIFIC BUYS INDUSTRIAL PORTFOLIO FOR $17M

by admin May 8, 2013

MCALLEN AND EL PASO, TEXAS — Hager Pacific Properties, a privately owned real estate investment firm, has acquired a portfolio of 16 industrial buildings totaling more than 800,000 square feet in McAllen and El Paso. Hager Pacific purchased the distressed portfolio from CIII Capital Partners for approximately $17 million in an all-cash transaction. Hager Pacific partnered with Ben Medetsky and Jack Polatsek of Interra Capital Group in the acquisition. Eleven of the properties are located in McAllen and five in El Paso.

May 8, 2013

Multifamily Texas

HENDRICKS-BERKADIA BROKERS SALE OF AUSTIN VIEW APTS.

by admin May 8, 2013

AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Austin View Apartments, a 256-unit multifamily community located at 1911 Willow Creek Drive in Austin. The property includes two pools and a fitness center. The new owner plans to renovate the community, which was built in 1971. George Deuillet of Hendricks-Berkadia's Austin office helped coordinate the sale on behalf of the buyer.

May 8, 2013

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