AUSTIN — University Park, a 204,297-square-foot Class A office building in Austin, has sold. SA East Avenue, LLC, sold the property to San Francisco-based Spear Street Capital. Completed in 2009, the original developer defaulted on the construction loan for the property, which was later foreclosed upon by a syndicate of lenders. Spear Street Capital has a significant presence in Austin with projects including Riata Corporate Center, Las Cimas I and II and the former Freescale campus in north Austin. Holliday Fenoglio Fowler represented the SA East Avenue, LLC.
SAN ANTONIO — Koontz McCombs Construction, Ltd., and RVK Architects have entered into a design-build agreement with Kinetic Concepts, Inc., to build a three-story, 100,000-square-foot office headquarters for Kinetic on Interstate Highway 10 (IH-10) just south of Hausman Road in San Antonio. The new offices will cover more than 8 acres. Kinetic Concepts is a wound care and therapeutic systems provider.
LOCKHART — A 14,820-square-foot Walgreens has been sold to a private investor in Lockhart. Located at 200 S. Colorado St., the property was built in 2007 on a 1.4-acre lot. Greg Gaynor of Marcus & Millichap's Austin office secured the buyer.
THE WOODLANDS — Newfield Explorations is relocating its corporate headquarters to 4 Waterway Square, a 216,000-square-foot Class A office building in The Waterway Square District of The Woodlands Town Center. The firm has leased 91,456 square feet in the new building. Newfield Explorations is an independent crude oil and natural gas exploration and production company.
MCALLEN — Chad Knibbe and Mike Moffitt of Marcus & Millichap's San Antonio and Austin offices have facilitated the sale of Jackson Plaza Two, an 8,000-square-foot retail property located at 1402 S. Jackson Rd. in McAllen. The property is a 100 percent leased outparcel of Sam's Club and Walmart. Marcus & Millichap represented the seller, an unlisted developer, while the buyer was a limited liability company.
IRVING — Heartland Automotive Services, America's largest Jiffy Lube franchisee, has acquired Washburn Industries, the operator of Mobil 1 quick lube service centers in central Texas. With the conversion from Mobil 1 Lube Express to Jiffy Lube, Heartland will offer nearly 50 locations in the north central Texas area.
HOUSTON — Jones Lang LaSalle's Capital Markets team has secured a $42 million senior mortgage loan for Houston-based M-M Properties to finance 919 Milam. The debt is comprised of $35 million in initial funding and up to $7 million for tenant and capital improvements. The 24-story, 542,919-square-foot Class A office building is located in the heart of Houston's central business district. The property occupies an entire city block bounded by Travis, Walker, Milam and McKinney streets. Mike Melody, Tom Fish and Paul House led Jones Lang LaSalle's team. “At an occupancy rate of nearly 80 percent, 919 Milam provides a value add opportunity for M-M to increase tenancy as well as the ability to capitalize on in-place rents that are significantly below market rates,” said Melody.
HOUSTON — Brandon Brown of LMI Capital has arranged $17 million in debt through Fannie Mae for the refinance of three Houston area apartment communities. Each non-recourse loan features a 7-year term. The properties include the 254-unit Braes Hollow Apartments in southwest Houston, the 262-unit Solano Apartments in Webster, and the 244-unit Red Pines Apartments in Pasadena.
SAN ANTONIO — A buyer of 124 acres of land surrounding a Flying J trucking center on the east side of San Antonio has plans to develop a road connecting Foster Road and Interstate 10 for traffic circulation around the Flying J. Jamie Sullivan of Sullivan Commercial Realty represented the unlisted buyer, while Kit Corbin of Grubb & Ellis Co. represented the seller, Louidar LLC. The increased traffic circulation is expected to add value to the smaller parcels of land that will front the new road.
ABILENE — ARA, a full-service multifamily investment advisory brokerage firm, has brokered the sale of two Abilene communities for Bridge Partners to an undisclosed buyer. The 256-unit Indian Run, built in 1981 at 3549 Cedar Run Rd., is a Class B multifamily property that was 96 percent occupied at the time of sale. The second property, Stonegate Apartments, is comprised of 136 units and was constructed in the early 1980s as well. It was rehabbed and repositioned, which pushed its occupancy rate to 90 percent at the time of sale. Bart Wickard and Brian O'Boyle, Jr., of ARA's Dallas office represented Bridge Partners, the seller, in the transactions. “These properties fit the center of the buyer's strategy to own well-constructed, well-located assets in fundamentally sound secondary Texas markets,” said Wickard. “The Indian Run and Stonegate properties are prime examples of 1980s vintage well-performing product that fit well into existing investment portfolios.”