AUSTIN, TEXAS — Muskin Commercial has secured the sale of the 242-unit Park Lane Villas Apartments, located at 1710-1720 E. Woodward St. in Austin. The Flats at Woodward LLC purchased the community and plans on enhancing the interior and exterior of the apartment community. Ellen Muskin and Daniel Elam of Muskin Commercial represented the Southern California-based seller in the transaction. Matt Counts of Texas Realty Capital arranged acquisition financing for the buyer.
SOUTHLAKE, TEXAS — Irving-based Realty Capital Management has arranged the sale of a 3,351-square-foot office property, located in Miron Grove Office Park at 270 Miron Drive in Southlake. Southlake residents David and Sonja Coffin purchased the property, which will be the new home of David Coffin PLLC, a law firm. The firm will occupy 1,833 square feet of the property and the remaining 1,518 square feet will be occupied by a medical practice. Mark Boone, director of commercial sales and leasing for Realty Capital Management, represented the seller, RCC Miron Office Ltd., in the transaction. Shane Strickland of Glacier Commercial Realty represented the buyer.
PLANO, TEXAS — The Medical Center of Plano, a 427-bed acute care facility located at 3901 W. 15th St. in Plano, will soon break ground on a $66 million expansion and renovation of its existing facilities. The project will include the development of its Level II Trauma Center, two additional floors totaling 56,000 square feet, addition of 68 beds in the neurosciences unit, renovation of the existing public area, updates to the exterior, new covered entranceways, renovation of administrative offices and a new 3t MRI and EP Cath Lab. Perkins+Will's Dallas office is providing architectural services. Construction is slated to begin in May 2013, with completion slated for late 2014.
THE WOODLANDS, TEXAS — The Woodlands Development Co. (TWDC), a subsidiary of The Howard Hughes Corp., has signed an agreement with H-E-B to be the anchor grocery store for the new Creekside Park Village Center, a 100-acre mixed-use development located on Kuykendahl Road between Creekside Forest Drive and Creekside Green Drive in The Woodlands. The neighborhood center will include a tree-lined park with a water feature, a 4,300-square-foot glass-walled restaurant, 52,000 square feet of retail space and 28,000 square feet of office space. Pad sites will also be available for a drug store anchor and other retail and office tenants. Jake Baker of Riverway Retail represented H-E-B in the lease transaction. Todd Edmonds and Bob Parsley of Colliers International represented TWDC. The Creekside store will be H-E-B's fourth location in The Woodlands.
SAN ANTONIO — NorthMarq Capital has secured a $39 million bridge loan for the 16-property Brass Professional Center, a 759,341-square-foot office campus in San Antonio. Major tenants at Brass include Aetna, MCNA, Santa Rosa, Harris Connect and QTC. Bryan Leonard of NorthMarq's San Antonio office and William Luedemann of NorthMarq's Houston office arranged the loan through a life insurance company lender.
BAY CITY AND HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of a 120-room Best Western in Bay City and a 70-room Hampton Inn & Suites in Harlingen. Best Western is located at 407 Seventh St. and the Hampton Inn & Suites is located at 1202 Ed Carey Drive. The Hampton Inn & Suites had a list price of $7.1 million. Michael Yu and Rahul Bijlani, senior directors of Marcus & Millichap's National Hospitality Group in Houston, represented the sellers in both transactions. A bank sold the Best Western and a limited liability company sold the Hampton Inn & Suites. Eric Guerro of Marcus & Millichap's Houston office assisted Yu and Bijlani in the sale of the Best Western. Yu and Bijlani also secured and represented the buyers. A private investor purchased the Best Western while a limited liability company purchased the Hampton Inn & Suites. Tyler Bean of Marcus & Millichap's Fort Worth office assisted Yu and Bijlani in representing the Best Western buyer.
PLANO, TEXAS — The Praedium Group and Dallas-based Price Realty Corp. has sold Estancia at Ridgeview Ranch, a 500-unit multifamily community located in Plano. A private buyer purchased the community after a 13-month holding period. The sellers stabilized Estancia at Ridgeview Ranch and improved revenues by 10.9 percent before the sale.
LEWISVILLE, TEXAS — Huffines Communities has kicked off construction of Phase II for Hebron 121 Station, a 90-acre in-fill, multifamily community located in Lewisville along Interstate 35 East and State Highway 121. The property is also adjacent to the Denton County Transit Authority Rail Station. Phase II will include adding 444 residential units, a resort-style pool complex, 14,000-square-foot clubhouse, village greens and an expansion on the existing lakefront boardwalk. Phase I of the development is currently 98 percent occupied. The project is scheduled for a late summer 2014 completion. Full completion of Hebron 121 Station is slated for 2018. Additionally, the City of Lewisville will fund and construct a bridge to form the main entrance to the community. The City will be reimbursed by the 427-acre Tax Increment Financing (TIF) zone that includes Hebron 121 Station. MUSA Financial d/b/a Mortgages USA has provided financing for the project through the HUD 221(d)(4) Multifamily Mortgage Insurance program, in addition to the Government National Mortgage Association Mortgage-Backed Securities program. Other firms involved in the development of Hebron 121 Station include Humphreys and Partners, Graham Associates, TBG Landscape Partners, Jordan Skala Engineering, Integrity Structural, HPA Design, CF Jordan Construction and Pinnacle Property Management.
GRAND PRAIRIE AND FORT WORTH, TEXAS — UCR Investment Sales has arranged the sale of Carrier Towne Crossing in Grand Prairie and Southwest Crossing in Fort Worth for $36.9 million. Carrier Towne Crossing is an 89,873-square-foot center that includes Target, Home Depot, Party City, Chase Bank, Chick-fil-A and Starbucks on its tenant roster. Southwest Crossing spans 113,528 square feet and includes tenants such as Lowe's, Kohl's, Best Buy, Garden Ridge, PetSmart, Cavender's and Lifeway Christian Store. The two shopping centers were part of a five-property portfolio sold on behalf of Retail Properties of America.
AUSTIN, TEXAS — CBRE Austin has arranged the sale of a 241,564-square-foot, single-tenant industrial property, located at 4501 Burleson Road in Austin. The triple-net leased asset is occupied by Stock Building Supply. The property is located on a 30.39-acre lot and includes an office building, two manufacturing warehouses and three bulk warehouses. Walter Saad and Cathy Nabours of CBRE's Private Capital Group in Austin, along with Greg Marberry of CBRE's Industrial Group in Austin, represented the seller, Calcasieu Real Estate Holdings, in the transaction. Austin-based Capital Commercial Investments Inc. purchased the property.