HOUSTON — Arch-Con Construction has commenced construction on the 23,500-square-foot Museum Point Professional Building, a Class A medical office building with a retail component located at 1401 Binz St. in Houston's Museum District. The ground floor will be designated for retail and healthcare tenants such as the Dermatological Association of Texas and The Center for Clinical Studies will occupy the second floor. Dermedica Property Group is the project's developer.
AUSTIN — Austin-based Hatch + Ulland Owen Architects has designed Acton Academy's new 15,600-square-foot campus, which has broken ground at 2201 Alexander Ave. in east Austin. Phase I of the new campus will have elementary, middle and high school facilities for the blended school. The new school is slated for an August 2013 opening.
GARLAND — Marcus & Millichap has arranged the sale of a 6,500-square-foot El Chico Cafe, located at 1902 Eastgate Drive in Garland. Jason Vitorino and Nicholas Farris of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Vitorino and Farris also represented the buyer, a local private investor.
DALLAS — NorthMarq Capital has secured $2 million in first mortgage financing for the 41,000-square-foot Harry Empire Ltd. building, an office/warehouse/restaurant property located at Harry Hines Boulevard and Empire Central in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the 25-year loan with a 25-year amortization schedule through a life insurance company lender.
HOUSTON — The Hanover Company has purchased a 1.2-acre site on Post Oak Lane in BLVD Place, a new mixed-use development located in Houston's Galleria/Uptown district, that will house a 29-story high-rise apartment tower known as Hanover Post Oak. The upscale community will contain 355 apartment units designed by Chicago-based Solomon Cordwell Buenz. The community will feature a clubhouse on the eighth floor with WiFi, a movie theater, fitness center, catering kitchen and private function room. The community will also feature a swimming pool with sunning shelf, private cabanas, an outdoor fire pit, outdoor kitchens and outdoor living rooms. Hanover was self-represented in the land acquisition by John Garibaldi. The seller, Wulfe & Co., was self-represented by Bob Sellingsloh. Construction is slated to begin in the first quarter of 2013 and will open by the third quarter of 2014.
HOUSTON — Houston-based National Property Holdings (NPH) has been selected to construct and lease a seven-acre facility for Waste Connections of Texas' new south Houston facility, located near FM 521 and Beltway 8 South. The facility will serve as Waste Connections' south Houston customer service and fleet maintenance center. Powers Brown Architecture is designing the facility and Arch-Con Corp. is the general contractor. Clay Pritchett of NAI Houston represented the landlord and tenant in the lease transaction.
AUSTIN — The 48-unit Fairfield Village Apartments, located in Austin, has sold. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a trust based in Santa Rosa, Calif., in the transaction. Renee Manes of Lifestyles Unlimited represented the buyer, a local investor. Financing was provided by Old Capital Lending and the property will be managed by Arbor Property Management.
PORT ARTHUR — NAI Wheeler has brokered the sale of a 86,680-square-foot retail property once leased to Sutherlands, located at the intersection of Highway 69 and Highway 365 in Port Arthur. Lee Wheeler of NAI Wheeler represented the seller, Sutherlands, in the transaction. The buyer, a developer, plans to convert the location into a multi-tenanted retail site.
HOUSTON — NorthMarq Capital has secured $18.2 million in acquisition financing for the 189,000-square-foot Echo Office Building, located in Houston. Bart Dickinson of NorthMarq's Dallas office arranged the five-year loan with a 30-year amortization schedule through a life insurance company lender on behalf of the borrower, Velocis Partners.
San Antonio’s multifamily market has historically been exempt from the fluctuations typical of other Texas cities. While San Antonio has had its share of new deliveries over the years, the multifamily stock has not increased in step with its Texas contemporaries. The traditional engines of the city– hospitality, health care and the military–provide a rock-solid foundation, but do not offer the types of high-paying wages that drive rent growth and new construction. New construction has also been inhibited by a lack of institutional capital flowing to San Antonio because it was perceived as a “low growth” market. Things, however, are changing. Job growth in industries such as energy, manufacturing, and the financial sector are drawing families to the region like never before, just as long-time San Antonio organizations such as USAA, the Medical Center and the University of Texas—San Antonio (UTSA) continue to expand. As a result of new jobs and a nationwide regression of home ownership rates to more historic levels, San Antonio’s multifamily market is seeing a rapid increase in demand. Developers, both local and national, have begun planning new developments… As of August 2012, San Antonio multifamily properties boast an overall occupancy rate of 92.9 percent. As …
