HOUSTON — Transwestern's Houston office has arranged the sale of two Houston apartments, the 182-unit Oaks of Westchase and the 149-unit Clarke Springs. Mosaic Residential purchased Oaks of Westchase, located at 2851 Wallingford, in an off-market transaction with Pacifica L 49 LLC, the seller. A private investment group purchased Clarke Springs, located at 15706 Clarke Springs Drive, from SCG Multi Apts. Holdings LLC, the seller. Transwestern represented the sellers in both transactions.
HOUSTON — The University of Texas' MD Anderson Cancer Center has purchased a 34.5-acre tract of land in Central Park, a 78-acre commercial development located in Houston's Energy Corridor. Wolff Cos. assembled Central Park in late 2011 and early 2012. Central Park is located on the north side of Interstate 10 between North Eldridge Parkway and State Highway 6. There is approximately 2 million square feet of office space either in construction or in the pipeline in the Energy Corridor, according to Wolff Cos.
HOUSTON — Multi-Employer Property Trust (MEPT) has purchased the 134,000-square-foot Parkway Village, a grocery-anchored shopping center in Houston's Energy Corridor. Kroger anchors the center, which is currently 96 percent leased to 29 national, regional and local retailers. MEPT is a commingled real estate equity fund advised by Bentall Kennedy. The Parkway Village acquisition was brokered by HFF.
DALLAS — EastGroup Properties has acquired five multi-tenanted warehouse/distribution centers totaling 722,000 square feet in the Valwood Industrial Park in Dallas. The total investment, including first-year capital improvements and lease-up costs, is $41.55 million. The properties are 95 percent leased out to 15 customers. EastGroup also purchased 4.1 acres of adjacent land for future development. The properties are anticipated to generate an annualized 6.3 percent cash yield.
SAN ANTONIO — Crossbeam Concierge, a Bethesda, Md.-based real estate investment and development firm, has delivered the 270-unit Villas at Mira Loma, a Class A multifamily community located in San Antonio's Live Oak submarket at 15400 Lookout Road. The development is Crossbeam Concierge's first ground-up development project since 2007. Crossbeam Concierge purchased the development site from Bryan-based Godfrey Residential Group, which developed the community. The community features a resort-like Water Plaza with a pool and sundeck, a fitness center and clubhouse. Dallas-based BGO Architects designed the community and Comerica Bank provided construction financing.
AUSTIN — PS Business Parks has acquired three multi-tenanted flex properties in Austin totaling 226,000 square feet for $14.9 million. The properties are 86.1 percent leased to companies with an average customer size of 21,600 square feet. PS Business Parks owns more than 1.7 million square feet of space in Austin, which was 95.8 percent leased prior to this transaction.
KATY — Houston-based PinPoint Commercial has commenced construction on a two-story, 104-bed assisted living and memory care facility known as The Legacy at Falcon Point. The facility will be located at the intersection of Roesner and Katy Gap roads in Katy. Construction is slated for a late 2013 completion. The facility will feature a restaurant, movie theater, store, spa, gym and sports bar. PinPoint is collaborating with Thrive Senior Living on the development.
DALLAS — Colliers International North Texas has arranged the sale of the 147,252-square-foot Advancial Tower, a 17-story Class A office tower located at 1845 Woodall Rogers Freeway in uptown Dallas. The office tower overlooks the newly delivered Klyde Warren Park and has a tenant roster including Advancial, Omniplan, GroupM and Genesco. Jim Graham, Creighton Stark and Ben Lurie represented the buyer in the transaction. Charter Holdings was the seller. Greg Grainger and David Quisenberry of Colliers will handle leasing and managing responsibilities for the tower.
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.
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.
