DALLAS — Peter Hartnett of Hendricks & Partners' Dallas office and Chuck LaBenz of its Phoenix office have facilitated the sale of The Ivy, a 334-unit multifamily property located in the Vickery Meadows neighborhood of north Dallas. J.P. Morgan Chase & Co./So Xhosa Holding Corp. sold the property to Nuran, Inc. Hendricks & Partners represented the seller.
KATY — Josh Lass-Sughrue, John Ferruzzo and Chris Kugle of NAI Houston have facilitated the sale of Westgreen Business Center, located at 1430 Vanderwilt Ln. in Katy. The 88,500-square-foot industrial property consists of eight warehouse buildings that are 98 percent leased. Westgreen Business Center, Ltd. sold the property to Wilsonville Holiday Partners.
HOUSTON — Black Stone Minerals, a fee mineral and royalty owner, has expanded by 13,119 square feet, renewing its headquarters lease for a total of 55,082 square feet at First City Tower in downtown Houston. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, FC Tower Property Partners, LP, an affiliate of Chicago-based JMB Realty. Trey Strake of Cushman & Wakefield represented Black Stone Minerals. First City Tower is a 49-story, 1.3 million-square-foot office building that occupies one city block bounded by Fannin, McKinney, San Jacinto and Lamar streets in Houston's central business district.
HUMBLE — Grubb & Ellis Healthcare REIT II has acquired Humble Surgical Hospital, a Class A, single-story, 30,000-square-foot surgical hospital located at 1475 FM 1960 E. Bypass in Humble. It features six operating rooms and two procedure rooms and is fully leased to Humble Surgical Hospital, LLC for 15 years under an absolute net lease. The property was acquired from Humble REP, LLC, an unaffiliated third party represented by Henry Hagendorf and Beth Young of Grubb & Ellis' Houston office.
VICTORIA — Jeff Patterson, Jon Boone and Kelly Witherspoon of ARA's Secondary Markets team in Austin have facilitated the sale of Silvermine Apartments, located at 6803 N. Navarro St. in Victoria. The 216-unit multifamily property was sold by a New York-based regional investment group to a California-based private investor. It features one- and two-bedroom floor plans averaging 746 square feet. ARA represented the seller.
DALLAS, SAN ANTONIO AND WYLIE — The Praedium Group, a New York-based national real estate investment firm, has acquired three multifamily properties in Texas totaling more than 700 units. The properties were purchased through The Praedium Fund VII, L.P., a $900 million real estate private equity fund. The properties include Elan at Bluffview, a 181-unit multifamily complex with 54,857-square-foot of retail space in Dallas; the 248-unit Dove Valley Apartments in San Antonio; and Broadstone Woodbridge, a 303-unit complex in Wylie.
CORPUS CHRISTI — McShane Development Co. has been selected by the U.S. Department of Veterans Affairs for the development of its new 32,950-square-foot Corpus Christi Veterans Affairs Specialty Care Outpatient Clinic, located at Bear Lane and South Padre Island Drive within the 100 South Padre Island Business Park in Corpus Christi. The single-story medical facility will enhance services already provided at the existing Corpus Christi Outpatient Clinic at 5283 Old Brownsville Rd. Groundbreaking for the new clinic will take place in spring 2011 with completion slated for May 2012, and it will be designed and constructed to meet LEED Silver standards. The design-build team for the medical facility consists of Cadence McShane Construction Co. and Rees Associates, Inc.
FLOWER MOUND — Nature's Best has leased a 308,000-square-foot distribution center in Lakeside Trade Center at 101 Enterprise Dr. in Flower Mound. The long-term lease at Lakeside Trade Center Building 5 will feature approximately 35,000 square feet of freezer/cooler space. Nature's Best will model the facility after the recent relocation of its main distribution center in Chino, Calif., where the company completed an expansion into a 410,000-square-foot LEED Gold certified building. Nature's Best plans to begin serving retailers throughout Texas from the Flower Mound distribution facility in late spring 2011.
OKLAHOMA CITY, OKLA. — The John D. and Catherine T. MacArthur Foundation is providing a $20 million guaranty in connection with a public-private partnership aimed at the preservation of federally subsidized rental housing in underserved markets nationwide. The partnership's goal is to attract $100 million for non-profit developers working to preserve and renovate approximately 20 rental properties nationwide serving more than 2,000 low-income families and seniors. As part of the public-private partnership, The National Affordable Housing Trust (NAHT) and Cornerstone Real Estate Advisors jointly closed an investment fund through the federal Low-Income Housing Tax Credit. Investors in the fund include JPMorgan Chase, Massachusetts Mutual Life Insurance Co., MetLife and UnitedBank. As part of the program, the 100-unit Southwoods Apartments in Oklahoma City will be renovated and managed by Volunteers of America. In addition to energy efficiency upgrades, a new wireless emergency call system will be installed to ensure the safety of the building's senior residents. Other residential properties receiving upgrades through the partnership include Nicollet Towers in Minneapolis, Millard Manor in Omaha, Neb., and Renaissance Senior Apartments in Toledo, Ohio.
DALLAS — Greg Duvall of NorthMarq Capital's Kansas City office has arranged first mortgage financing of $10.1 million for Creekview Apartments, located at 14255 Preston Rd. in Dallas. The 240-unit apartment complex was serviced through NorthMarq's Seller-Servicer relationship with Freddie Mac. The deal was a refinancing of an existing Freddie Mac loan.
