HOUSTON — Hoar Construction has commenced construction on the 120,000-square-foot CityCentre Three, a mixed-use property slated to be six stories, located in CityCentre in Houston. Midway Cos. is still developing the property, which was designed by by Munoz & Albin with Kirksey Architects to achieve LEED Silver certification. The exterior will have a courtyard featuring fountains and landscaped seating areas. Construction for the property is expecting to last 12 months.
MURPHY — Love Funding has closed a $9.22 million construction loan for the 75,510-square-foot Orchard Park of Murphy, an assisted living center under development in Murphy. Joshua Hausfeld of Love Funding secured the loan with a a 40-year term through the U.S. Department of Housing and Urban Development (HUD) on behalf of the owners, McFarlin Group and Caddis Partners. The 84-bed community is slated to open in mid-2012.
DUNCANVILLE — W & B Service Co. has acquired 15 acres of land, located at 1200 N. Main St. in Duncanville, to build a 38,000-square-foot facility. W & B received a $200,000 incentive from the Duncanville Community Economic Development Corp. to construct the facility. Monte Anderson of Options Real Estate represented the buyer, while the seller was self-represented.
AUSTIN — Regency Centers has purchased the 187,529-square-foot Tech Ridge Center, located at the intersection of Interstate 35 and Parmer Lane in Austin. Tech Ridge is anchored by an 84,352-square-foot H-E-B and is 93 percent occupied by tenants including Office Depot, PETCO, Subway and Massage Envy. The property also includes a pad site that can accommodate 30,000 square feet of retail space. George Cushing of Jones Lang LaSalle's Houston office represented the seller in the transaction.
HOUSTON — DRA Advisors has purchased 2323 Shepherd Place, a 119,576-square-foot office building in the River Oaks submarket of Houston. The 14-story property is 90.4 percent occupied by professional tenants. Ken Page of Grubb & Ellis represented the seller, Younan Properties, and the buyer was self-represented.
DALLAS — Marcus & Millichap has closed on the $1.8 million sale of a 130-room Econo Lodge, located at 1625 Regal Row in Dallas. Tyler Bean, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a bank, and the buyer, an individual trust.
WINDCREST — Mattress FIRM has executed a lease for a pad site within the approximately 200,000-square-foot Windsor Park Centre, located at the intersection of Interstate 35 and Walzem Road in Windcrest. Mattress FIRM plans to develop a 4,000-square-foot store on the parcel. Whitestone REIT, the landlord, was self-represented by Dan Nixon and Richard Vaughan, and Brian Lent of Highline Real Estate Group's Dallas office represented the tenant. Mattress FIRM is expecting to open for business in the summer of 2012.
TEMPLE — The new 148,000-square-foot Children's Hospital at Scott & White, a pediatric hospital serving 32 counties, has opened for business in Temple. The Children's Hospital offers 64 beds — 48 private and 16 Intensive Care Unit (ICU). Dallas-based HKS designed the facility, which is the only stand-alone pediatric facility between Dallas and Austin. The facilities include playrooms and an emergency department.
AUSTIN — Austin-based HTH Capital has demolished two office buildings to make way for the 62,000-square-foot Midtown Medical Tower, a mixed-use facility consisting of medical office and retail space, located at the intersection of 38th Street and Lamar Boulevard in Austin. The facility will include energy efficient operating systems, flexible floor plates and a covered patient drop-off area.
DALLAS — Dallas-based Velocis Fund L.P., a private equity fund targeting commercial real estate assets, has accepted $36.5 million in capital commitments and another $4.7 million of co-investment equity, totaling $41.2 million of equity. This first closing will give Velocis Fund approximately $100 million in purchasing power. The real estate private equity fund seeks to raise $150 million in equity from investors in the U.S., Mexico and Europe.
