HOUSTON — HFF has arranged the sale of the 456-unit Westchase Creek (formerly known as Camden Creek), located at 3000 Woodland Park Dr. in Houston's Westchase District. Craig LaFollette, Todd Stewart, Tre Banks, Chris Curry and Todd Marix of HFF's Houston office represented the seller, Camden Property Trust, in the transaction. The buyer was a joint venture partnership between Allen Harrison Co., Dome Equities and Equity Resource Investments. HFF also arranged a 7-year, 2-year interest only loan through its Freddie Mac Program Plus Seller/Servicer Program. HFF's debt placement team was led by Cortney Cole of HFF's Houston office. Allen Harrison Co. will execute a capital improvements plan for the property, which was 96 percent occupied at the time of the sale.
Texas
HOUSTON — Rankin NDG Houston LLC has purchased 73,740 square feet of land, located at the southeast corner of Rankin Road and Kuykendahl Road in Houston, for the construction of a 14,820-square-foot Walgreens. Levinson Alcoser Associates is providing architectural services for the project and Sundance Construction Co. is the general contractor. David Boniuk of Houston-based Mila Properties represented the seller, Boniuk Interests, in the transaction. Mark Davis of Houston-based Davis Commercial represented the buyer. The project is slated for an October 1, 2012, completion.
DALLAS — Chicago-based Consolidated Distribution Corp. has opened a 50,000-square-foot distribution center, located in Dallas. The new distribution center will serve the Unified Foodservice Purchasing Co-op, which manages the Yum! Brands Inc. and its restaurant systems, including KFC, Pizza Hut, Taco Bell, A&W and Long John Silver's.
SAN ANTONIO — NorthMarq Capital has arranged a $22.02 million construction loan and $8.09 million in joint venture financing for the 344-unit Pecan Springs Apartments, located on the northeast corner of UTSA Boulevard and Interstate 10 in San Antonio. John Stewart and William Jackson of NorthMarq's Dallas office arranged the 3-year loan and joint venture partnership through a regional commercial bank and an institutional investor.
BUDA — Aries Capital has secured a $4.8 million ground-up construction/permanent loan for the 83-room Microtel, located in Buda. Leonard Smith of Aries Capital's Houston office arranged the loan on behalf of the borrower, Longhorn Lodging Partners. The property will be managed by Caerus Hospitality Partners.
GRAND PRAIRIE — The 164-unit Lexington Apartments, located at 201 W. Tarrant Rd. in Grand Prairie, has been sold. The property is currently 90 percent occupied. Sam Pettigrew of Dallas-based The Cantrell Company & Partners represented the buyer, Lexington Prairie LP, and the seller in the transaction.
CARROLLTON — Net Realty Advisors has brokered the sale of the 14,336-square-foot Shops at Mercer Crossing, a shopping center located at Luna Road and Valley View Lane in Carrollton. The property was 40 percent leased at the time of the sale to tenants such as Subway, b.b. bop and All Dogs Unleashed. Gavin Kam and Brad Kam of Net Realty Advisors were the sole brokers in the transaction. The buyer is a West Coast-based investor and the seller is a local retail developer.
AUSTIN — Austin-based Woodland Property Group has arranged the sale of 2324 South Lamar, a retail property located in Austin. William Stringer of Austin-based Ausvest Commercial/Investment Real Estate represented the seller in the transaction. Blair Helgren of Woodland Property Group represented the buyer, an Austin-based real estate investment group.
IRVING — Dallas-based NAI Robert Lynn has brokered a 54,047-square-foot lease for office/warehouse space, located at 2205 E. Pioneer Dr. in Irving. Robert Blankenship and Jim Svidron of NAI Robert Lynn represented the tenant, Arbor Commercial Carpet, in the lease transaction. Chris Bly with Proterra Properties' Arlington office represented the landlord, Dallas Southern Distributors.
FORT WORTH — Lane-Knight has plans to relocate its Camp Bowie Boulevard store to a 1,411-square-foot location on Crockett Street in West 7th, a 13-acre mixed-use development in Fort Worth. The boutique is slated to open in late summer 2012. Frank Bullock and Carey Shagets of SRS Real Estate Partners' Dallas/Fort Worth office, along with Roger Chieffalo of Fort Worth-based Chieffalo Realty, represented both the landlord and tenant in the lease negotiations.