Texas

SATTERFIELD & PONTIKES TO BUILD NORA'S HOME

by admin December 21, 2012

HOUSTON — The Nora's Gift Foundation has selected Satterfield & Pontikes Construction to build the new 12,000-square-foot Nora's Home hospitality facility near the 45 million-square-foot Texas Medical Center in Houston, the world's largest healthcare campus. The $2.1 million facility will be located at 8300 El Rio St. and will provide lodging and support services for patients and families in a home-like environment. The property will feature 16 private bedrooms and bathrooms, a large commercial kitchen, great room, chapel, garden, community room, education center and free shuttle to the medical center. Satterfield & Pontikes plans to deliver the facility in August 2013. WHR Architects will provide design services, Walter P Moore will provide civil and structural engineering services and Affiliated Engineers will provide mechanical, electrical and plumbing engineering services.

December 21, 2012

BEECH STREET CLOSES $7.8M FHA LOAN FOR BASTROP APTS.

by admin December 21, 2012

BASTROP — Beech Street Capital has secured a $7.8 million FHA 223(a)7 loan to refinance The Lodge at Lost Pines, a 160-unit multifamily property located in Bastrop. Shamir Seidman of Beech Street originated the 30-year loan for Meridian Capital Group on behalf of the borrower, Brooklyn Bridge Inc. Duncan Mendelsohn of Beech Street was the FHA underwriter for the transaction.

December 21, 2012

Multifamily Texas

LYND, ENDEAVOR BREAK GROUND ON LUXURY HIGH-RISE

by admin December 20, 2012

AUSTIN — San Antonio-based Lynd and Austin-based Endeavor Real Estate Group has commenced construction on The Bowie, a 36-story, 358-unit luxury apartment building located at 311 Bowie St. in downtown Austin. Dallas-based L&B Realty Advisors is advising the institutional investor that is providing equity for the project. Lynd and L&B Realty have collaborated on one other high-rise in the past — the EnV in Chicago. The Bowie is located within the Market District along the planned expansion of the Hike and Bike Trail and across the street from Whole Foods Market headquarters and flagship store. Dallas-based HKS Architects is designing the project and Houston-based Harvey-Cleary Builders is the general contractor. The Bowie will include 4,000 square feet of ground-level retail, a 463-space parking garage on floors 1 through 7, 41,000 square feet of office space on floors 8 and 9 and residences on floors 10 through 35. The top story will house a swimming pool and fitness center. Amenities will include concierge services, a conference room and a landscaped deck on the 10th floor, as well as a clubroom and outdoor deck on the 31st floor that features an overhead trellis, fire pit and grilling area. The first residential units …

December 20, 2012

Retail Texas

OKLA. SHOPPING CENTER PART OF $102.75M SALE

by admin December 20, 2012

MOORE, OKLA. — UCR Investment Sales has arranged the $102.75 million sale of two shopping centers located in Oklahoma and New Jersey totaling 777,053 square feet. The Oklahoma shopping center, The Shops at Moore, is a 259,996-square-foot power center located in Moore. Anchor tenants include Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot and Hobby Lobby. David Disney of UCR represented the seller, an affiliate of Burk Collins & Co., in the Oklahoma transaction. Disney also represented the seller, an affiliate of Cypress Equities Real Estate Investment Management and Sarofim Realty Advisors, in the sale of the 517,057-square-foot Deptford Landing in Deptford, N.J.

December 20, 2012

Healthcare Texas

GRIFFIN-AMERICAN ACQUIRES HOUSTON HOSPITAL

by admin December 20, 2012

HOUSTON — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired the 161,000-square-foot Bellaire Medical Center, a long-term acute care center and behavioral rehabilitation hospital located in Houston's Bellaire neighborhood. The hospital takes up an entire city block and is located four miles west of the 45 million-square-foot Texas Medical Center, the world's largest medical campus. Bellaire Medical Center has undergone $6 million worth of capital improvements since 2008, and $6.8 million is slated to be invested to further expand the facility. The medical center is fully leased to Cornerstone Healthcare Group and Ascent Health Corp. Griffin-American acquired the medical center directly from 5314 Dashwood, a subsidiary of PinPoint Commercial. Griffin-American financed the acquisition using $23.5 million from its unsecured line of credit from Bank of America and the remaining with cash on hand.

December 20, 2012

Retail Texas

WHEELER ACQUIRES OKLAHOMA RETAIL PROPERTY FOR $4.55M

by admin December 20, 2012

GROVE, OKLA. — Virginia Beach, Va.-based Wheeler Real Estate Investment Trust has purchased a 31,705-square-foot, freestanding retail property in Grove for $4.55 million. The property is fully leased to Harps Food Stores. The initial term of Harps' lease is 20 years and expires in June 2032. This acquisition brings Wheeler's portfolio to nine properties in four states.

December 20, 2012

Multifamily Texas

DOUGHERTY MORTGAGE SECURES $9.26M LOAN FOR SIERRA VISTA

by admin December 20, 2012

SAN ANTONIO — Dougherty Mortgage has closed a $9.26 million acquisition loan for the 276-unit Sierra Vista, a multifamily community located in San Antonio. Dougherty's Minneapolis office secured the 10-year loan on behalf of the borrower, San Antonio M3-06, LLC.

December 20, 2012

Multifamily Texas

INVESTCORP ACQUIRES MULTIFAMILY PORTFOLIO FOR $100M

by admin December 19, 2012

AUSTIN, DALLAS AND HOUSTON — Investcorp, an international alternative asset manager, has acquired a portfolio of five multifamily properties in Austin, Dallas and Houston for more than $100 million. Three of the five properties are located in Houston and the other two are located in Austin and Dallas. The properties have an average 91 percent occupancy. Mosaic Residential Management manages four of the five properties and The Carroll Organization manages the other. The Carroll Organization has also taken a joint venture interest alongside Investcorp in one of the Houston properties.

December 19, 2012

Texas

MVP REIT ACQUIRES SELF-STORAGE FACILITY FOR $3.5M

by admin December 19, 2012

CEDAR PARK — MVP REIT has acquired a 376-unit self-storage facility in Cedar Park for $3.5 million in an all-cash transaction. The 52,000-square-foot property was built in 2000 and is more than 90 percent occupied. Additionally, MVP REIT will begin to initiate monthly cash distributions to stockholders beginning in January 2013.

December 19, 2012

Office Texas

STREAM REALTY BROKERS SALE OF ONE COLINAS CROSSING

by admin December 19, 2012

FARMERS BRANCH — Stream Realty Partners has arranged the sale of the 181,961-square-foot One Colinas Crossing, a six-story office building located in Farmers Branch. JDA Software occupies 50 percent of the property, and the buyer, TIB-The Independent BankersBank, will move its headquarters to the remainder of the property. Jamie Jennings and Keith Fisher of Stream Realty Partners represented the seller, PacTrust, in the transaction. Robert Deptula of Transwestern represented the buyer.

December 19, 2012

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