PORT ARTHUR — Walker & Dunlop has provided a $5.97 million loan under the U.S. Department of Housing and Urban Development (HUD) Section 223 (a)(7) program for Pebble Creek Apartments, a 208-unit garden style apartment complex in Port Arthur. The apartment complex features a swimming pool, playground and laundry center, and is currently 95 percent leased. Walker & Dunlop's Carolyn McMullen provided the loan for the borrower, The Itex Group, based on a 37-year term and a 37-year amortization schedule.
PEARLAND — Holliday Fenoglio Fowler (HFF) has arranged a $3.7 million refinancing for Cullen Crossing, a 34,730-square-foot retail center at 8321 Broadway St. in Pearland, a suburb of Houston. Cullen Crossing is 94 percent leased to tenants Hallmark, Comcast Cable, Wingstop and Subway, and it features two pad sites occupied by Wells Fargo and McDonald's. HFF's Travis Anderson arranged the 10-year, fixed-rate loan with American United Life Insurance Co. on behalf of Cencor Realty Services.
SAN ANTONIO — Dallas-based Crow Holdings Capital Partners has purchased Quarry Village, a 10.7-acre mixed-use development in San Antonio. Quarry Village is San Antonio's first urban main street development and includes The Artessa, a 280-unit apartment community, and a 70,785-square-foot retail development. Holliday Fenoglio Fowler's Craig LaFollette represented the seller, San Antonio-based Embrey Partners, and equity partner Nationwide Insurance in the transaction. The Artessa features a 6,700-square-foot clubhouse, demonstration/catering kitchen, a climate-controlled wine-tasting room, public terraces, a multi-level bocce ball courtyard, two pools, two five-story parking garages and 46,000 square feet of balcony space. The retail portion includes tenants AMAR Cosmetics, Ann's Nails, Avant Salon/Spa, Clear Communications, EyeMasters, Five Guys, Jamba Juice, Max's Wine Dive, Nancy's Boutique, Nest Modern, New Balance, Red Mango, South Texas Saddlery, Starbucks, The Shoe Club and Urban Taco.
DALLAS — Greensboro, N.C.-based Bell Partners Inc. has purchased The Ansley at Park Central Apartments, a 490-unit luxury apartment community that consists of midrise, townhome and garden-style apartments in Dallas, for $51.5 million. The Ansley also features 14,500 square feet of retail space and is currently 96 percent occupied. Bell Partners' purchase of The Ansley, along with a purchase of a Nashville apartment community called 1700 Midtown Apartments, is the first purchase for its Bell Fund IV.
LEWISVILLE — American National Bank has sold a 2.67-acre retail tract on the corner of Bellaire Boulevard and Oakwood Lane in Lewisville. Bradford Commercial Real Estate Services' Karen Simon and Brian Scott represented American National Bank, while Sonny Chung of Beam Real Estate represented the buyer, Nam Nguyen.
The market for soft and hard goods remains somewhat weak due to uncertainty in the economy and labor market (although the Houston job market is generally stronger than the rest of the country). However, in the last several months, many big boxes that went dark due to bankruptcies and/or downsizing have been absorbed, either in the totality or because of the lack of 50,000-square-foot tenants in the market. Landlords have had to get creative and divide larger spaces to accommodate smaller tenants. Generally, the most active tenants in this arena have been health clubs, discount stores, dollar stores and non-traditional retailers. Landlords, eager to fill dark spaces, are making very aggressive deals (low base rents, extra tenant allowances, more free rent, etc.). On the other hand, fast casual (FC), quick-serve restaurants (QSRs) and casual dining remains robust. As such, many companies are aggressively seeking locations in Houston. It has been increasingly difficult to find locations that can accommodate FC, QSR’s (especially users with a drive-thru) and casual dining needs because quality locations have become scarce and parking requirements can’t be adequately met. Alternatively, fine dining has been spotty with good thru-puts but lower average checks. Many restaurateurs have been reluctant …
SAN ANTONIO — Behringer Harvard has acquired a 537-unit self-storage facility operating as Noah's Ark Self Storage at 6366 Babcock Rd. in San Antonio. Behringer Harvard Opportunity REIT II, Inc. acquired an 85 percent ownership interest in the property through a joint venture with Watson & Taylor Management, Inc., a self-storage facility operator, and an investment group represented by Kennedy Wilson Austin, Inc. The property consists of 10 one-story storage buildings and will be rebranded as a Watson & Taylor facility in line with the joint venture agreement.
SAN ANTONIO — Hunter Lee LLC has purchased Judson Business Center, a 21,000-square-foot mixed-use complex at 13777 Judson Rd. in San Antonio. The business center has 10 occupants that include both office and retail tenants. Joe Linsalata of Linsalata Realty Services brokered the sale on behalf of the seller, James Krempen-Judson 35 Development and Construction. The buyer was self-represented.
GARLAND — Grubb & Ellis' Dallas Agency Leasing team has been selected to handle the leasing of 3200 Broadway Ave., a 102,800-square-foot Class A office building in Garland. The five-story building currently has 31,590 square feet of space available. Grubb & Ellis' Chris Wright and Matthew Goyne will handle the leasing.
DALLAS — Dallas-based L&B Realty Advisors, a pension fund advisor, has purchased Legacy Place I and II, a two-building, 299,005-square-foot office property in Legacy Business Park at the corner of Dallas North Tollway and Tennyson Parkway in Dallas. The Class A office property received capital improvements in 2009 and is currently 100 percent leased. John Alvarado, Jack Crews, Evan Stone and Lauren Zimmer of Jones Lang LaSalle worked on behalf of the seller, JP Morgan Asset Management in the transaction.