HOUSTON — General contractor Arch-Con Construction has broken ground on DCT Airtex Industrial Center, a 267,000-square-foot cross-dock distribution center located in Houston. DCT Industrial Trust is the project's developer and Long Beach, Calif.-based Carlile Coatsworth Architects is the project's architect. Arch-Con is slated to complete construction in the third quarter of 2013.
DICKINSON, TEXAS — Rockwood Real Estate Advisors has brokered the sale of the 108-unit Bayou Village, a Class B apartment community located in Dickinson. Bayou Village's amenities include covered parking, a swimming pool, laundry facility and picnic areas. The property is 96 percent occupied. Jordan Cortez and Michael Anderson of Rockwood represented the seller, Bayou Dickinson LLC, in the transaction. The buyer was a California-based investor.
PLANO, TEXAS — Whitestone REIT has closed on the $25.7 million off-market purchase of the 89,134-square-foot Headquarters Village, a retail development located in the Preston Road retail corridor in Plano. The center is located on the northeast corner of Preston Road at Headquarters Drive. The property is 97 percent leased to tenants such as Paradise Bakery, Comerica Bank, Five Guys Burgers and Fries, Superior Abstract & Title and WCO Consulting. Whitestone funded the purchase through an unsecured revolving credit facility. Whitestone REIT owns and operates “community-centered properties,” which are defined as visibly located properties in established or developing culturally diverse neighborhoods. The firm has more than 4.4 million square feet of Community Centered Properties in its portfolio.
MANVEL, TEXAS — Love Funding has closed a $10.1 million construction-to-permanent loan for the development of Orchard Park of Pearland, an assisted living and memory care facility under development in Manvel. Joshua Hausfeld of Love Funding secured the 40-year loan through HUD's Section 232 LEAN program for new construction of healthcare facilities. The borrowers, McFarlin Group and Stroud Development, plan to open the facility in 2014.
DENISON, TEXAS — The City of Denison has received 600 acres of lakeside property fronting Lake Texoma in Denison from a deed transfer from the United States Army Corps of Engineers (USACE). The site is situated along nine miles of Lake Texoma shoreline. The land will be part of the planned 3,000-acre mixed-use development, which Schuler Development, the project's developer, believes will create more than $1.9 billion in new investments. Schuler Development and the City of Denison have been working on the planned development for more than 12 years.
AUSTIN, TEXAS — Louisville, Ky.-based LDG Development, a multifamily housing developer with more than 4,000 units in its portfolio, has opened a new office in downtown Austin. The new office is located at 1305 East 6th St. LDG owns more than 1,500 units in Austin, Houston, Sherman and Alvin. Dick Janson of LDG Development will serve as the Austin office's senior leader.
PLANO, TEXAS — Granite Properties has broken ground on Granite Park IV, a 300,000-square-foot speculative office tower, and the 299-room Hilton Granite Park hotel in Plano. The two structures are part of a 90-acre mixed-use development located at State Highway 121 and the Dallas North Tollway. BOKA Powell is the design architect, architect of record and the interior designer on both projects. Woodbine Development Corp. is the development consultant for the hotel, Austin Commercial is the general contractor for the hotel and Balfour Beatty Construction is the general contractor for the office building. Granite Park IV is a 12-story office tower that is aiming to achieve LEED Silver certification. The property will feature a fitness center, conference space, a five-level parking garage and landscaped walkways with water features. The 262,500-square-foot hotel will feature 35,000 square feet of conference space, a restaurant, retail space, fitness center and an outdoor pool and lounge.
OKLAHOMA CITY AND AUSTIN, TEXAS — Steadfast Income REIT has acquired two apartment communities in separate transactions totaling $61 million. The communities include Deep Deuce at Bricktown in Oklahoma City and Vantage at Buda Ranch in Austin. Deep Deuce at Bricktown is a 294-unit property built in 2001. The community is 99 percent occupied and is located in downtown Oklahoma City's Bricktown neighborhood. The apartment community sold for approximately $38.22 million. Vantage at Buda Ranch is a 264-unit apartment community that Vantage Communities built in 2009. The property is 96 percent occupied and sold for approximately $23 million. Vantage at Buda Ranch is Steadfast's fourth apartment community in Austin.
KINGWOOD, TEXAS — Arch-Con Construction has commenced construction on a 123,000-square-foot Kroger Marketplace at the 24-acre Northpark Retail Center III in Kingwood. Northpark Retail Center III includes approximately 25,000 square feet of retail space in addition to the grocery anchor, as well as five outparcels. The development is located at Northpark Drive and Highway 59. The property will be the fourth Kroger Marketplace in the greater Houston area. The project team includes site development architect CDA Architects, site development engineer LJA Engineering and Kroger's architect Robertson Loia Roof. The Kroger Marketplace is slated to open in the fall.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 20-unit apartment complex in Arlington. The community is located at 704 Lynda Lane within a half-mile of The University of Texas at Arlington. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Denninger also procured the buyer, a Canadian limited liability company.
