NORTH RICHLAND HILLS — Marcus & Millichap Capital Corp. has arranged $5.45 million in acquisition financing for the purchase of a 138-unit multifamily property located in North Richland Hills. Brian Adams of Marcus & Millichap's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
PASADENA — Houston-based Net Realty Advisors has brokered the sale of the 13,200-square-foot Dollar General, located at 6422 Spencer Hwy. in Pasadena. Gavin Kam and Brad Kam of Net Realty represented the undisclosed seller in the transaction. Jon Rue of Sperry Van Ness' Houston office represented the buyer, a Houston-based investor.
CINCO RANCH — Palm Beach, Fla.-based Sterling Organization and Canada-based RioCan have acquired the 97,761-square-foot The Market at Village Center, a Class A retail power center located at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway in the 7,600-acre master-planned Cinco Ranch. Sterling purchased the center for $17 million from Houston-based Property Commerce in an off-market transaction. The property is 97 percent leased to tenants such as HomeGoods, Michaels, OfficeMax, Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.
NORMAN, OKLA. — Memphis, Tenn.-based EdR has purchased the 612-bed The Reserve on Stinson, a student housing community located near the University of Oklahoma at 730 Stinson Dr. in Norman. EdR purchased its joint venture partner's 90 percent interest based on the total property value of $22.9 million. The community is 97.5 percent occupied and features a pool, a fitness center, covered parking and shuttle services to campus.
HOUSTON — LMI Capital has arranged $18 million in refinancing for an office building and two apartment properties, all located in Houston. Jamie Mullin of LMI Capital's The Woodlands office arranged $5 million for the office building in a 9-year loan with a 25-year amortization through a life insurance company. Mullin also arranged $10 million for an apartment complex on Westheimer Road in a 10-year loan with a 30-year amortization schedule. Additionally, Mullin secured $3 million for another apartment complex in a 10-year loan with a 30-year amortization schedule.
PLANO — Columbus, Ohio-based Red Mortgage Capital has provided $14.97 million in acquisition financing and refinancing for the 286-unit The Park at Fox Trails, an apartment community located at 6300 Roundrock Trail in Plano. Aventura, Fla.-based Trade Street Property Fund is sponsoring the borrower and the loan was through Fannie Mae Dus' ARM 7-6 program.
SAN ANTONIO — NorthMarq Capital has arranged a $13 million first mortgage loan for the 114,433-square-foot The Oaks at University Park, an office park located in San Antonio. The property features tenants such as Allstate and Community First Health. William Luedemann of NorthMarq's Houston office arranged the 15-year loan with a 25-year amortization schedule through John Hancock Life Insurance Co. on behalf of the borrower, Building One Oaks.
PLANO — A new joint venture between Dallas-based Hines and institutional investors advised by J.P. Morgan Asset Management-Global Real Assets have acquired the 215,499-square-foot The Plaza at Legacy, an office building in the Legacy Business Park in Plano. The acquisition also includes a 12-acre adjacent land parcel. Hines developed the property as a build-to-suit for Computer Associates in 2001 and sold the asset to ING-Clarion in 2004 but continued to manage the property until 2006. Jones Lang LaSalle's Houston Real Estate Investment Banking team advised Hines in the joint venture equity and debt. Computer Associates has reconfigured its space renewed its lease for 43 percent of the property in a 10-year deal, leaving approximately 120,000 square feet of space available for multiple tenants. Computer Associates' reconfiguration has led to a repositioning of the office building, which will include upgrading the lobby, adding a deli/sundry store, adding a fitness center and upgrading common areas on each floor. The retrofit is slated for an end of 2012 completion and is being financed by U.S. Bank. Hines is co-marketing the available office space with Cassidy Turley.
KELLER — Cadence McShane Construction Co. has been selected to construct the 78-unit Legacy at Bear Creek, a 51,000-square-foot assisted living and memory care facility located on 6.8 acres at Keller Smithfield Road in the Keller Town Center, a 340-acre mixed-use planned development in Keller. McShane's co-developers are PinPoint Commercial and The 410 Group and Wakefield Beasley & Associates is the project's architectural firm. The property will have a retention pond, outdoor seating areas and walking trails within two courtyards. The facility is slated for a December 2012 completion.
PLANO — Beech Street Capital has closed an $8.25 million Fannie Mae conventional loan to refinance the 232-unit Woodlands of Plano, an apartment complex located in Plano. Joel Mazur of Beech Street's Bethesda, Md., office originated the 5-year financing. The property features 51 two-story buildings and laundry facilities.