AUSTIN, TEXAS — Preferred Apartment Communities (PAC) has purchased the 192-unit McNeil Ranch in Austin for approximately $21 million. The apartment community is currently 97.4 percent occupied. PAC expects to refinance the existing first mortgage debt on McNeil Ranch with a portion of the net proceeds from its recently completed private placement and a $13.6 million loan originated by Jones Lang LaSalle Operations. PAC has also recently purchased the 408-unit Ashford Park in Atlanta and the 328-unit Lake Cameron in Raleigh, N.C.
DALLAS — Dallas-based Hillwood Investment Properties, a Perot company, has formed a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund to purchase eight properties in five U.S. markets. The properties include three buildings totaling 750,000 square feet in the Chicago area; one building totaling 668,000 square feet in the Far South Counties submarket of Indianapolis; one building totaling 556,000 square feet in Desoto County; one building totaling 403,000 square feet in Atlanta's Airport/South submarket; and two buildings totaling 256,000, located in the Southwest Orange submarket of Orlando.
SAN ANTONIO — Construction is nearly under way on the new 150,000-square-foot Forest Park Medical Center, located at 5510 Presidio Parkway in northwest San Antonio. The full-service hospital will feature 54 beds, 12 operating rooms, two procedure rooms, diagnostic imaging suites, a laboratory, pharmacy and cafeteria. The hospital is slated for a second half 2014 delivery. The project team for the hospital includes BOKA Powell (design architect), Neal Richards Group (owner/developer), Rogers-O'Brien (general contractor) and Vibrant Healthcare (operator).
KATY, TEXAS — The U.S. Department of Veterans Affairs is opening the new 30,000-square-foot Katy VA Outpatient Clinic, located at 750 Westgreen Blvd. in Katy, this summer. The facility will provide primary healthcare, mental healthcare, women's specialty care, X-rays, telemedicine, teleretinal imaging, pharmacy, optometry and audiology services. The property will be 40 percent leased to the VA, and the facility is only the second VA location in the Houston area. J. Beard Real Estate Co. will serve as the leasing agent for the medical center.
AUSTIN, TEXAS — The Weitzman Group has arranged the sale of the 39,739-square-foot Highland Commons, a shopping center located at the northeast corner of Airport Boulevard and Koenig Lane in Austin. The shopping center includes a 27,096-square-foot Spec's Wine, Spirits & Finer Foods as the anchor, along with Kick Butt Coffee, Eyemart Express, Highland Donuts, Whitehead Chiropractic and Y2K Nails. Brad Bailey of The Weitzman Group represented the seller, Westwood Financial Corp., in the transaction. Ben White of Durham & Bassett represented the buyer, a private investor from Houston.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of the 200-unit Beacon Hill, a multifamily community located in Fort Worth near Ridgmar Mall and the NAS Joint Reserve Base. The apartment community features two swimming pools, two laundry facilities and a stand-alone leasing office. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented the seller, WS Beacon Hill Ltd., in the transaction. Samuel Herskovits of Marcus & Millichap's Dallas office secured and represented the buyer, a New York-based limited liability company.
ABILENE, TEXAS — Silver Oak Commercial Realty has brokered the sale of a 40,000-square-foot warehouse, located at 226 E. 7th St. in Abilene. Russ Webb of Silver Oak represented the seller, 7th Street Abilene Partners LLC, in the transaction. Tom Niblo of Senter Realtors represented the buyer, an investor.
DALLAS — Jones Lang LaSalle has secured a lease expansion at Galleria North Tower I, located at 13737 Noel Road in Dallas. The tenant, EmCare, expanded its lease by 26,891 square feet and now leases a total 109,863 square feet on the 12th and 13th floors. Carl Ewert and Brooke Armstrong of Jones Lang LaSalle represented the tenant in the lease transaction. Trey Smith and Chris Taylor of Cassidy Turley represented the landlord, FSP Galleria North.
HOUSTON — Colliers International will relocate its Houston location to 22,250 square feet of office space, occupying a full floor in the Park Towers North building at 1233 W. Loop South in the Galleria/West Loop submarket in Houston. Colliers International was self-represented by Jay Kyle, principal, in the lease transaction. Steven Seltzer of TPMC Realty Corp. represented the landlord, Post Oak Realty Investment Partners LP.
BAYTOWN, TEXAS — Marcus & Millichap has arranged the sale of Goose Creek Retirement Community, a 391,064-square-foot vacant hospital building located at 1101 Decker Drive in Baytown. Doug O'Toole and Rod Llanos of Marcus & Millichap's Houston office represented the seller, a financial institution, in the transaction. O'Toole also secured and represented the buyer, a limited liability company.