CORPUS CHRISTI — Marcus & Millichap has arranged the sale of a 12,080-square-foot office building, located at 438 Robert Drive in Corpus Christi. Jeff Smith of Marcus & Millichap's Corpus Christi office represented the seller, a limited liability company, in the transaction.
AUSTIN — John Capital has secured a $23 million loan to refinance a 87,500-square-foot mixed-use development, located at 5th Street and Lamar in downtown Austin. The development also includes a four-level parking garage. The retail portion is leased by several tenants, including West Elm, and the office space is fully leased to HomeAway. Scott Monroe of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through a Wall Street conduit lender to refinance a construction loan.
HEBRON, THE COLONY AND LOWRY CROSSING — Houston-based Spec's Wine, Spirits & Finer Foods has leased locations in Hebron, The Colony and Lowry Crossing. The Hebron store, located at 2401 W. Parker Road, spans 12,000 square feet and is now open. Sam Gruner of Hank Dickerson Co. represented the landlord, One Emsee, in the lease transaction. The Colony store, located at the northeast corner of State Highway 121 and Blair Oaks, spans 20,000 square feet and is projected to open in the spring of 2013. Tommy Crowel of The Standridge Company represented the landlord, Memorial 121 Land, LTD. The Lowry Crossing store, located at 4100 E. State Highway 380, spans 14,261 square feet and also serves as the Spec's Collin County distribution facility. Gruner represented the landlord, Big Tex Lowry Crossing. Jeff Brand of Brand Capital Partners, along with Jody Detmore of SFP Brokerage, represented the tenant in all three lease transactions.
DALLAS — Satterfield & Pontikes Construction has delivered the 184,000-square-foot Ann Richards Middle School, part of the Dallas Independent School District. PBK Architects designed the school according to Texas Collaborative for High Performance School standards, and implemented intelligent lighting controls, sunshades, a reflective roof and a geothermal heating and cooling system, which is expected to save 35 percent on utility bills. The school includes high-tech classrooms, computer labs, a football/softball field, tennis courts and an outdoor basketball court. The school serves approximately 1,250 students.
KILLEEN — Tarantino Properties has arranged the sale of the 58,300-square-foot Expressway Plaza, a shopping center located at 1500 Lowes Blvd. in Killeen. The property is currently fully leased. Nick Tarantino of Tarantino Properties' Austin office represented the seller in the transaction.
GRAPEVINE — Walker & Dunlop has provided $4.75 million in financing for the 223-unit Marina Del Ray Apartment Homes, a garden-style multifamily community located in Grapevine. The apartment complex is 95 percent occupied and features a clubhouse, swimming pool, laundry facilities and covered parking. Alex Inman of Walker & Dunlop led the team that provided the 10-year loan with a 30-year amortization schedule through Fannie Mae's Early Rate Lock Program.
EL PASO — Alliant Capital has secured a $2.7 million refinance loan for the 116-unit El Pavon Apartments, a garden-style multifamily community located in El Paso. Jarett Blasberg of Alliant Capital arranged the 10-year loan with a 30-year amortization schedule at a fixed 3.83 percent.
HOUSTON — Transwestern has brokered a 52,148-square-foot lease at the new, 350,000-square-foot Eldridge Oaks, a Class A office building located at 1080 Eldridge Parkway in Houston. Eric Anderson, David Baker and Paul Wittorf represented the landlord, Cornerstone Real Estate Advisors, in the lease transaction. Mark O'Donnell of Studley represented the tenant, Houston-based IHI E&C International Corp.
More than a handful of times I have invoked the “If you build it, they will come …” line in discussions with office developers discussing the Southwest submarket of Austin, with the assurance that they can rely on statistics, trends and history. In fact, Austin is in a position to justify the delivery of new Class A office space in the Southwest submarket and there are some rock-solid reasons why. Located in the most geographically and environmentally challenging part of Austin, the Southwest submarket has grown from a mere 1.8 million square feet to more than 6.3 million square feet in the past 15 years. During that time, weathering two downturns, it has shown a resiliency for absorption, occupancy and rental rate strength that leaves the rest of the suburban market in the dust. Here are the factors that drive that resiliency: · Proximity to executive housing: Decision makers consistently find reasons to locate businesses close to their and other executives’ homes. The most attractive areas for executive homes is in the Southwest part of Austin’s MSA. This will be even more significant as traffic issues continue to cause longer commute times. · Adjacency to downtown: In particular, the south …
HOUSTON — Phillips 66 has plans to build its new global headquarters on a 14-acre site, located between Westheimer Road and Briar Forest Drive in Houston's Westchase District. Phillips 66 will acquire the property from an affiliate of Thomas Properties Group. The campus will include office space, conference capabilities, training facilities and wellness and dining options. Construction is slated to take between two to three years and will commence when the design is finalized and the permits are in place. Phillips 66's temporary headquarters are in the Pinnacle Westchase building.