HOUSTON — Jamie Mullin of LMI Capital has arranged approximately $4.2 million for the refinance of a 187-unit multifamily property in southwest Houston. The borrower, a family-owned partnership, purchased the property in 2006 and had funded more than $2 million in renovations out of pocket. The refinancing allowed the owners to recapture much of the equity they had put into the 37-year-old property. LMI Capital secured a 10-year, non-recourse, fixed-rate loan through one of its Fannie Mae lending sources.
Texas
DALLAS — Norwalk, Conn.-based HEI Hotels & Resorts has acquired the 309-room Sheraton Dallas North, located at 4801 Lyndon B. Johnson Fwy. in Dallas' Galleria submarket. The hotel was acquired out of REO directly from a lender that foreclosed on the property. It is HEI's sixth hotel under Starwood's Sheraton brand and its 34th owned hotel.
SAN ANTONIO —Developers Diversified Realty Corp. (DDR) has started redevelopments on two non-income producing shopping centers: Terrell Plaza in San Antonio and Tamarac Square in Denver. DDR is razing the centers to allow for sale of the parcels to Target for the construction of two new stores. Additionally, DDR intends to redevelop adjacent retail space at both centers to accommodate demand from other high-quality retailers. The combined gross investment for the two projects is $40 million. Upon completion, Terrell Plaza will feature a 138,000-square-foot target with an additional 90,000 square feet of value-oriented junior anchor retail space. Tamarac Square will have a 135,000-square-foot Target and the 33,000-square-foot adjacent convenience center will be redeveloped.
TULSA, OKLA. — CB Richard Ellis (CBRE) Capital Markets has arranged permanent financing in the amount of $85 million for Warren Place I & II, two Class A trophy assets totaling 959,928 square feet. Located at the southwest corner of 61st Street and Yale Avenue, the office building include tenants such as Linde Process Plants Inc., McKesson Corp., Petrohawk Energy Corp., Questar Corp., Semgroup LP, Apache Corp., DCP Midstream Partners, LP, and Trust Company of Oklahoma. Charles Foschini, Christian Lee, Christopher Apone and Gregory Greene of CBRE arranged financing through JP Morgan Chase Bank on behalf of Paramenter Realty Partners.
ROCKWALL — Rockwall Commons, a 216,651-square-foot mixed-use property located at 1309-1407 Ridge Rd. in Rockwall, has sold. Capmark Finance, Inc., sold the property to Dallas-based Tabani Acquisitions, LLC, an investment group. Lamont Rattler and David Ellis of Cushman & Wakefield's Dallas office represented the seller. Rockwall Commons includes 202 multifamily units, 7,769 square feet of retail space, 25,388 square feet of office space, and a 5,750-square-foot retail pad.
HOUSTON — The 36,645-square-foot Copper Grove Shopping Center has changed hands. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a local partnership. The buyer, an Oklahoma partnership, was also secured by Goldstein. Copper Grove Shopping Center is located at 8955 N. Hwy. 6 in Houston. It was built in 2007 and sits on 175,982 square feet of land.
DALLAS — TCN Worldwide and GreenPoint Partners have launched a strategic alliance dedicated to helping commercial real estate clients achieve profitable sustainability. Through this alliance, TCN Worldwide's 1,200 professionals will gain access to GreenPoint's training, resources and sustainability consultants to pursue green building initiatives that increase cash flow and reduce environmental impact. Services include energy audits, solar installations, efficiency retrofits and LEED certification.
FORT WORTH — GE Transportation, a manufacturer of rail and transportation products, intends to open a new locomotive manufacturing facility in Fort Worth. GE will invest up to $96 million in the new plant and will create more than 500 new high-tech manufacturing jobs. Production is scheduled to start by 2012 as a 900,000-square-foot facility is under consideration. GE anticipates launching its formal hiring process for both salaried employees and production workers for the facility later this year. Production workers will include welders, assemblers, painters and related skilled labor. The state of Texas will commit up to $4.2 million in incentives toward the project through the Texas Enterprise Fund (TEF).
PEARLAND — ARA has facilitated the sale of three REO land sites — Pearland, Trails at Seabourne and Village East. Tim Dosch and David Marshall of ARA represented the seller, BBVA Compass Bank, in all three transactions. Both Trails at Seabourne and Village East were purchased by local buyers, Woodcreek Mortgage Corp. and Larry Hollman, respectively, who plan to develop the sites for single-family homes. The 40-acre Pearland site, however, was purchased by Parkside Capital, LLC, a Houston-based company that focuses on land investment opportunities in Houston, Austin, San Antonio and Dallas. Parkside Capital plans to develop the land and sell sites for retail use. The Pearland site is located on the northwest corner of SH 288 and CR 59 in Pearland.
FORT WORTH — Baker Tankhead, a manufacturer of tank heads, hotforming services, cones, manways, rolled shells and other products for various industries and applications, has acquired a 51,000-square-foot office and warehouse facility in Fort Worth. Located at 10405 N. Freeway, the facility is situated adjacent to Baker Tankhead's corporate headquarters. Local investors James and Marilyn Helzer sold the property to Baker Tankhead. Dan Spika of Henry S. Miller Brokerage's Dallas/Fort Worth office and industrial division arranged the acquisition on behalf of Baker Tankhead.