LEWISVILLE — Bright Realty is planning to break ground on Phase III of Castle Hills Village Shops and Plaza, located at 2560 King Arthur Blvd. in Lewisville, in the coming year. Currently in its pre-leasing phase, Phase III will include approximately 20,000 square feet for retail and dining, including an expanded outdoor dining and entertainment area. Second floor office space will feature approximately 25,000 square feet and is successfully pre-leased. Phases I and II of Castle Hills Village Shops and Plaza are 90 percent leased and include more than 82,861 square feet of retail and office space. With the addition of Phase III, Castle Hills Village Shops and Plaza will total 128,000 square feet of office and retail space.
Texas
HOUSTON – 712 Main Street, a 794,186-square-foot Class A office building in Houston’s central business district, has been financed with a non-recourse loan through Capital One Bank. Holliday Fenoglio Fowler (HFF) worked on behalf of an entity owned by Brookfield Real Estate Opportunity Fund (BREOF) to secure the loan. 712 Main Street is comprised of three towers situated on a full city block at the corner of Main and Capitol streets. Originally constructed in 1929, the property includes a historic 35-story art deco-style office building that is home to the Texas headquarters of JP Morgan Chase’s southwest banking operations. John Ahmed led the HFF team that secured the loan. BREOF is sponsored by Brookfield Asset Management, Inc., a global asset management company focused on the real estate, power generation and infrastructure sectors.
CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.
CARROLLTON – A local Carrollton physicians group has acquired a 1.07-acre tract of land at the northwest corner of Hebron Parkway and Huffines Boulevard in Carrollton for future development. The group plans to construct a medical office complex that will be completed by early 2012. Coppermark Bank, represented by Carter Kendall of Henry S. Miller Brokerage’s Dallas/Fort Worth land division, sold the parcel. Rebecca Cucovatz of Legacy Premier Group represented the physicians group.
DENTON — J&J Discount Outlets, d/b/a $1 Discount World, has recently signed a lease for its first North Texas location in Denton Center, a retail property located at the northwest corner of University Drive and North Carroll Boulevard in Denton. $1 Discount World plans to lease another five locations in the North Texas area through 2013. The discount store requires approximately 5,000 to 7,000 square feet of space for each location. Henry S. Miller Brokerage’s Daniel Harris is representing $1 Discount World in its expansion efforts.
GRAND PRAIRIE — Grand Prairie Tech Center, which was recently vacated by Michael Stores Inc., has been purchased by a Fort Worth-based private investor. Bank of America sold the 35,200-square-foot industrial property, located at 2302 113th St. in the Upper Great Southwest Industrial district in Grand Prairie. Michael Spain and Jim Ferris of Bradford Commercial Real Estate Services represented the bank. Walter Floyd of Transwestern purchased the property and will market it for single or multi-tenant use.
HOUSTON — Camden Property Trust has acquired a portfolio of eight apartment communities for approximately $261 million through its discretionary investment funds (The Fund), in which it owns a 20 percent interest. The communities acquired are located in the Houston, Dallas, Austin and San Antonio areas and consist of 2,957 apartment units with an average occupancy of 95 percent. The Fund has three additional apartment communities from the same portfolio located in the Houston and San Antonio areas under contract for approximately $59 million that are expected to close during the third quarter of 2011.
ARLINGTON — American Campus Communities, Inc. (ACC), an owner, manager and developer of student housing properties in the United States, has begun construction of a $24.9 million, off-campus student housing complex adjacent to the University of Texas at Arlington. (UT-Arlington) called University Centre on UTA Boulevard. The 488-bed project is under construction north of UTA Boulevard near the University's Maverick Activities Center and is designed as an urban infill community that will complement the city's master plan for revitalization of the downtown area. The four-story development will feature a 7,040-square-foot community center that includes a fitness center, a game lounge, a student lounge, a wireless Internet café, a patio and a resort-style pool. It will also include a three-story, gated parking garage. The community will primarily consist of four-bedroom units with a small mix of two- and three-bedroom units, all of which will include private bedrooms and bathrooms. All units will be fully furnished and include washers and dryers. Units will be leased by the bedroom on an individual lease liability. Occupancy is expected in Fall 2012.
THE WOODLANDS — Tridan II, LLC has purchased a 41,653-square-foot office building at 3606 Research Forest Dr. in The Woodlands from Lex-Gen Woodlands, L.P. Josh Cheatham and Dan Broyles Jr. of NAI Houston represented the seller, while Trey Martin of NAI Houston represented the buyer.
SAN MARCOS — Morris Architects has designed the $43 million state-of-the-art performing arts center that has recently broken ground at Texas State University-San Marcos. The complex features a 400-seat proscenium theatre with fly tower and a 300-seat music recital hall. The performing arts center faces University Drive and will include a 450-car parking garage.