DALLAS — Dallas-based Ashford Hospitality Trust has restructured its $203.4 million mortgage loan and extended its maturity from December 2011 to March 2014. At the close of the loan restructuring, Ashford allocated $25 million toward the loan, decreasing the balance to $178.4 million. Terms of the restructuring indicate that 85 percent of excess cash flow after debt service, working capital and capital expenditures will go to paying down the debt.
AUSTIN — LDR has opened its approximately 40,000-square-foot office building, located at 13785 Research Blvd. in Austin, which will serve as LDR's new global headquarters. The office building was a build-to-suit for LDR. STG Design's Austin office was the architect of the new office and Austin-based Burt-Watts Industries was the contractor.
NORMAN, OKLA. — A 24,641-square-foot retail property, located at 300 Norman Center Ct. in Norman, which was once leased to Borders has been sold for $1.6 million. The seller was Farmington Hills, Mich.-based Agree Realty Corp.
DALLAS — Equity Office Properties has retained Cassidy Turley to lease and manage 430,000 square feet of office space in the Dallas area, including Cedar Maple Plaza I, II and III (120,000 square feet) in Dallas, Duke Bridges III (160,000 square feet) in Frisco and 5556 and 5560 Tennyson Pkwy. (150,000 square feet) in Plano. The majority of these properties were part of The Blackstone Group's acquisition of Duke Realty's 10 million-square-foot office portfolio. Bret Bunnett of Cassidy Turley's Dallas office and Randy Stephens of the the firm's Columbus, Ohio, office took part in the interview process which won Cassidy Turley the assignment. Cassidy Turley is currently handling the leasing for another 500,000 square feet for Equity Office Properties, which brings the total for Cassidy Turley to nearly 1 million square feet.
ARLINGTON — Southwire Co. has leased 242,370 square feet of industrial space at Arlington Commerce Center, located at 4925 New York Ave. in Arlington. Allen Gump and Noel Hutcheson of Colliers International's Dallas office represented the tenant in the lease transaction. John Leinbaugh of Industrial Developments International's Dallas office represented the landlord.
THE WOODLANDS — The Woodlands-based BANDIER Realty Partners has brokered the sale of a 1.25-acre retail pad site in the new Kuykendahl Professional Plaza, located at the northwest corner of Kuykendahl Road and Flintridge Drive in The Woodlands. The site will be home a Victoria Bank. Rob Banzhaf of BANDIER represented the seller, Kuykendahl Medical Plaza Partners, in the transaction.
THE WOODLANDS — An unnamed oil and gas company and Fleetpride have leased 47,152 square feet and 22,579 square feet, respectively, at 8401 New Trails Office Building in The Woodlands. The two new leases combine for 69,731 square feet and bring the building to full occupancy. Joe Dalak of TIG Real Estate Services represented the landlord, Creekstone 8401 New Trails, in the lease transactions. Jim Landsaw of Fisher & Co. represented Fleetpride in one transaction, and Damon Palermo of Palermo REI represented the oil and gas company.
SAN ANTONIO — Hendricks & Partners has arranged the sale of the 405-unit The Reserve at Pecan Valley, located at 4032 E. Southcross Blvd. in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, Denver-based AMTAX Holdings 665, in the transaction. The buyer was Old Greenwich, Conn.-based SBC 2011-1 REO.
ABILENE — First Financial Bank, N.A., Abilene, a subsidiary of Abilene-based First Financial Bankshares, will break ground on its new 5,530-square-foot branch today at 2 p.m. CT., located at 1801 Antilley Rd. in Abilene. The bank will feature five drive-thru lanes and a deposit-taking ATM and is slated to open in mid-2012.
STAFFORD — Sugar Land-based ICO Commercial has brokered the sale of the 84,828-square-foot Park Murphy Condominiums, an 11-building industrial portfolio, located at 12802-12834 Murphy Rd. in Stafford. Mike Gornek of ICO Commercial represented the seller, the original developer Park Murphy LLC, in the transaction.