MIDLAND — Gordon Cornerstone Partners, an entity of Houston-based Gordon Partners, has purchased the 100,000-square-foot Cornerstone Shopping Center, located at the corner of Loop 250 and Midland Drive in Midland, from KB Cornerstone Group. The property is 92 percent leased to tenants including Gold's Gym, AT&T, Pizza Hut, One Main Financial, My Community Credit Union and Chito's Mexican Restaurant. The buyer was self-represented by Scott Gordon and Matthew Gordon.
AUSTIN — HFF has secured $5.1 million in first lien financing to refinance the 34,051-square-foot Southcross Plaza, a retail center located at 3601 W. William Cannon Dr. in Austin. The property features tenants such as State Farm Insurance, Thundercloud Subs and Texas State Optical. Travis Anderson of HFF's Dallas office led the team to arrange the 5-year loan through First National Bank & Trust of McAlester on behalf of the borrower, Cencor Realty Services.
TEXAS — Arbor Commercial Funding has secured $46.5 million in Fannie Mae loans through the Fannie Mae DUS Loan, Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS ARM 7-6 programs for six multifamily developments in Texas. These deals include $16.97 million in a 10-year loan for the 312-unit Red Oak Town Village Apartments in Red Oak; $8.01 million in a 10-year loan for the 228-unit South Lake Villas Apartments in Houston; $8 million in a 7-year loan for the 288-unit Madera Brookside complex in Arlington; $7.83 million in a 10-year loan for the 325-unit Anderson Springs Apartments in Austin; $3.5 million in a 7-year loan for the 100-unit Broadmoor Villa Apartments in Irving; and $2.19 million in a 10-year loan for the 72-unit Creekside Estates in Lufkin. Jay Porterfield of Arbor's Plano office originated the loans, all of which had a 30-year amortization schedule.
COLLEGE STATION AND LAREDO — CBL & Associates has plans for multi-million renovations of the 775,000-square-foot Post Oak Mall, located at 1500 Harvey Rd. in College Station, and Mall del Norte, 5300 San Dario Ave. in Laredo. Post Oak Mall will receive new flooring, upgraded entrances, soft seating, new food court design and updated lighting. Mall del Norte will receive upgrades that were started in 2007.
MIDLAND — Marcus & Millichap has secured the sale of a 68-room Comfort Inn, located at 902 Interstate 20 W. in Midland, for $5.3 million. Tyler Bean, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a limited liability company, in the transaction.
DALLAS — Jones Lang LaSalle has closed the sale of 2,319 acres of land, located in the Dallas Logistics Hub in south Dallas. Nathan Orbin of Jones Lang LaSalle's Dallas office represented the seller, DLH Master Land Holding, in the transaction. The buyer was undisclosed.
DEL RIO — NorthMarq Capital has arranged $15.75 million in financing for the 260,818-square-foot Plaza Del Sol, a regional mall located in Del Rio. John Burke and Chad Owens of NorthMarq's Houston office arranged the 10-year loan through Deutsche Bank's CMBS platform on behalf of the borrower, Levcor Inc. Plaza Del Sol's tenants include Marshalls, Ross Dress for Less, JC Penney, Bealls and Cinemark.
PLANO — The Plano Independent School District has selected Cadence McShane Construction Co. to construct a two-story, 22,000-square-foot addition for Clark High School, located at 523 Spring Creek Parkway in Plano. The addition will include eight classrooms on the first floor and four laboratories on the second floor. Corgan Associates is the architectural services firm for the project. Construction of the new addition is slated for an August 2012 completion.
AUSTIN AND LUCAS — Henry S. Miller Brokerage has represented financial institutions in the sale of a 148.32-acre tract, located at State Highway 290 and Toll Road 130 in Austin; a 615-acre tract, located at U.S. Highway 380 and Dallas North Tollway in west Prosper; and 221 acres in Lucas. Tom Grunnah of Henry S. Miller's Dallas/Fort Worth office represented the undisclosed sellers, all financial institutions, in the transactions. Pete Greenfield of Cassidy Turley Midwest represented the buyer, BFI Waste Systems, in the Austin transaction. Grunnah worked alongside Jon Strelec of Austin-based Tribeca Co. in the Austin transaction.
COLLEYVILLE — Marcus & Millichap has secured the sale of the 47,088-square-foot Hard Corner Development Site, located at 3900 Colleyville Blvd. in Colleyville. Drew Kile of Marcus & Millichap's Fort Worth office and Blake Burnett of the firm's Dallas office represented the seller, a family trust, and procured the buyer, a Dallas/Fort Worth-based development company, in the transaction. The site is approved for retail and alcohol sales.
