IRVING AND DALLAS — Arbor Commercial Funding, LLC, a wholly owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender have closed two loans in Texas totaling $4.4 million. The 132-unit North Oak Apartments complex in Irving received $3.4 million funded under the Fannie Mae DUS Multifamily Affordable Housing product line. The 10-year loan amortizes on a 30-year schedule. Also, the 176-unit Carlisle on the Creek complex in Dallas received $1 million funded under the Fannie Mae DUS Coterminous Supplemental Loan product line. The 5-year, 9-month refinance loan amortizes on a 30-year schedule. Anthony Tarter of Arbor's Plano office originated both loans.
Texas
HOUSTON — Brookfield Office Properties has sold 1400 Smith St. in downtown Houston, a 1.3 million-square-foot office tower, for $340 million to Chevron, which leases the entire building. Known as Four Allen Center, it is located just east of Interstate 45 in downtown Houston. Chevron has leased the entire 50-story property since 2006. Jeff Hollinden and Dan Miller of HFF advised Brookfield Office Properties in the transaction.
HOUSTON — Broadstone Real Estate, LLC has announced that Broadstone Net Lease, Inc. (BNL) has completed the acquisition of three absolute net-leased properties for a combined purchase price of $9.5 million. Two of the properties are Houston medical office properties comprising 30,500 square feet of space. Both are leased to FM 1960 Family Practice for the next 12 years. General practitioners, eye physicians, respiratory specialists, oncologists and other medical groups utilize the space.
ARLINGTON — Arlington-based SkyWalker Property Partners will raze and redevelop the 33,625-square-foot Precinct Center at 1432 Precinct Line Rd. in Arlington. Precinct Line Center, formerly called Old Towne Square, was most recently leased to Marshall's, Subway and Mattress Giant. The 3.4-acre site is being scraped and carved into pad sites, one of which has already been sold to a bank to develop a new branch. According to SkyWalker Property Partners, the site will support one or two more pad sites.
SAN ANTONIO — San Antonio-based USAA Real Estate Co., co-developer with Houston-based Cambridge Development Group of The Preserve on Fredericksburg in San Antonio, has announced the sale of the 376-unit Class A multifamily project to an undisclosed institutional investor. The upscale apartment community utilized Humphreys & Partners Architects “Big House” design that integrates numerous elements of single-family residences.
SOUTHLAKE — Southlake-based N3 Real Estate has partnered with Atlanta, Ga.-based JPS Investment Co. to focus on the acquisition of grocery-anchored shopping centers. JPS is sourcing the shopping center acquisitions, the first of which will close next month and be anchored by Publix, with capital coming from a $200 million real estate investment and development fund that N3 Real Estate advises and directs. The goal of the partnership it to take the portfolio to $100 million by the end of 2012.
PLANO — LNR Partners LLC has sold the 96-unit Oak Gate Apartments, located at 623 E. 16th St. in Plano, to DP Oaks LLC. The seven-building property, which was built in 1971 on 3.2 acres, was 90 percent occupied at the time of the transaction. Bob Helterbran and Linda Simpson of Grubb & Ellis Co. represented LNR Partners.
RICHARDSON — Ericsson, a provider of telecommunications equipment and related services, has signed two lease agreements for approximately 260,000 square feet to add to the 200,000 square feet it already occupies in the former Nortel campus at 2201-2221 Lakeside Blvd. in Richardson's Telecom corridor. Mike Wyatt and Ken Johnston of Cushman & Wakefield represented Ericsson, while Manny Ybarra represented Pillar Commercial, the landlord, internally. Ericsson now occupies 460,000 square feet of the two buildings' approximately 800,000 square feet. Pillar Commercial purchased the complex out of bankruptcy on June 3, 2011.
DALLAS — Dallas-based Behringer Harvard has formed BH Capital, LLC, a Behringer Harvard-related company focusing on the acquisition of small-balance debt instruments sold on the secondary market via individual transactions or portfolio sales. BH Capital's investment strategy is to take advantage of opportunities presented by recent economic disruptions to acquire a blend of performing and non-performing loans secured by commercial real estate and other types of commercial/industrial assets. BH Capital plans to acquire loans originating from the full spectrum of U.S. financial institutions, including sound, distressed and failed entities. The company will create and manage a series of private, closed-end funds which will be offered to accredited and institutional investors. It will operate as a separate entity while leveraging Behringer Harvard's comprehensive institutional-quality infrastructure, commercial real estate capabilities and shared services for marketing, accounting, human resources, legal/compliance, due diligence and other functions.
GEORGETOWN AND KYLE — McFarlin Group and its development partner, Stroud Development, are developing two Orchard Park assisted living and memory care communities in Georgetown and Kyle. Orchard Park of Georgetown will be located adjacent to the southern entrance of Del Webb's Sun City Texas, the largest active adult community in Texas, off Williams Drive and Del Webb Boulevard in Georgetown. The 70,000-square-foot Orchard Park of Georgetown will be situated on 6 acres of land with room for expansion. It is expected to break ground by 2012. Meanwhile, Orchard Park of Kyle will be situated on 5 acres within Plum Creek, a 2,200-acre mixed-use, master-planned community, and adjacent to Texas Trust State Bank near Kyle Parkway and Cromwell Drive in Kyle. Both Orchard Park communities are being designed by experienced senior assisted living architect Galier, Tolson and French of Belford. McFarlin Group and Stroud Development have also announced plans for another development south of Houston and anticipate the start of construction on Orchard Park of Odessa in the next few months.