DALLAS — Los Angeles-based CIM Group and Open Realty Advisors have purchased 28 buildings totaling 130,000 square feet of retail, restaurant and commercial space along the Henderson Avenue corridor in Dallas. The corridor connects the Highland Park and East Dallas submarkets.
HOUSTON — Commercial Resource Capital has refinanced the 263,385-square-foot Younan Square, a 20-story office building located at 1010 Lamar in downtown Houston. The office building also includes the 1111 main parking garage. Toby Kettle and Jason Dannatt of Commercial Resource Capital arranged the five-year, fixed-rate loan.
AUSTIN — The State of Texas has renewed its 73,621-square-foot lease at Summit Tech Center, located at 14000 Summit Drive in Austin. Daniel Farrar, Will Nichols and Sam Owen of Stream Realty Partners represented the landlord in the lease transaction.
Cheers and the clamor of new construction are among the dominant sounds wafting above the downtown Austin skyline of late, as the city welcomes a new wave of hotel construction and construction plans. Not a moment too soon. For several years, the hospitality industry has fretted that Austin’s growth as a destination city is outpacing the development of hotel accommodations, particularly in and around downtown. Voila! Hospitality’s proverbial “rooms available” signs are flickering brighter. By early 2013, no fewer than five major hotels will be under construction, delivering more than 2,000 rooms to Austin’s central business district. From all indications, more hotel developments are in the offing for later next year. That’s welcome news for those who promote Austin’s viability as a destination city and who roll out the red carpet for everything from conventions and corporate meetings to spring break activities and mega-events. In mid-November, Austin will debut as host city, through 2021, of the Formula One U.S. Grand Prix, accommodating Formula One racing’s return to the U.S. following a five-year absence. This high-profile race could attract some 300,000 fans. The South by Southwest Film Conference and Festival, Rodeo Austin, and the Austin City Limits Music Festival are just …
NORTHLAKE AND ARGYLE — Hillwood Communities, in partnership with Realty Capital, has begun construction on Harvest, a 1,000-acre, mixed-use master-planned community located in Northlake and Argyle. The community is being developed with an urban agrarian focus. To celebrate the groundbreaking, Ross Perot, Sr. drove a truck that moved the historical Fraught House, which sat on the property for 130 years. The house will be repositioned into a community center and gathering area. Phase I of the development includes 323 single-family homes built near the 12-acre Harvest Lake, community pools, hike/bike trails, amphitheater, community farm, community center, playgrounds, parks, an event center and practice fields. Upon completion, Harvest will include 3,000 single-family homes, commercial properties, an elementary school and a middle school.
MANSFIELD — Marcus & Millichap has arranged the sale of the 64-unit Tanglewood, a garden-style apartment complex located at 1301 E. Dallas St. in Mansfield. Nick Fluellen and Bard Hoover of Marcus & Millichap's Dallas office represented the buyer and seller, both limited liability companies, in the transaction.
EULESS — HFF has secured $32.08 million in acquisition financing for the 436-unit Stoneleigh at Bear Creek, a Class A multifamily community located at 1401 Highway 360 adjacent to the Dallas Fort Worth International Airport in Euless. The property was constructed in 2004 and is 97 percent occupied. The property features amenities such as two resort-style swimming pools, a business center, billiards room, fitness center, heated spa, poolside gazebo, picnic area, barbecue grills, open-air cabana, extensive concierge services, covered parking and a laundry facility. John Brownlee of HFF arranged the seven-year loan through Freddie Mac on behalf of the borrower, Pure Multi-Family REIT. Proceeds from the loan were used to acquire the property.
NEW BRAUNFELS — Berkadia Commercial Mortgage has arranged $10.6 million for the refinancing of the 125-room Courtyard by Marriott New Braunfels River Village, located at 750 Interstate 35 N. in New Braunfels. John Koeijmans and Andy Hill of Berkadia secured the 10-year loan with a 25-year amortization schedule through ViewPoint Bank NA on behalf of the borrower, New Braunfels Guadalupe River Hotel LP.
CORPUS CHRISTI — La Palmera, a 1 million-square-foot super-regional mall located in Corpus Christi, is adding four new tenants to its roster. LongHorn Steakhouse will open a 6,500-square-foot restaurant in 2013, which will also feature outdoor patio seating. Papaya opened a 6,350-square-foot location and Flip Flop Shops opened a kiosk near the food court. Pandora will also open a new 1,703-square-foot shop in time for the holiday shopping season.
SAN ANTONIO — Austin-based TRISUN Healthcare and Dallas-based Suntex Development have broken ground on Lakeside Assisted Living, a 56,500-square-foot assisted living and memory care facility that will be located at 8627 Lakeside Parkway in west San Antonio. The new facility will be located adjacent to TRISUN Care Center Lakeside, a skilled nursing and rehabilitation facility. The property will consist of 42 assisted living units and 18 memory care units. The facility is slated to open in the summer of 2013.
