STAFFORD — An 8,286-square-foot office/warehouse building, located at 13011 Mula Ln. in Stafford, has traded. Larry Indermuehle and Jane Holloway of Indermuehle & Co. represented the seller, while Fred Ash of Commercial Realty Co. represented the buyer, JC Stonewall Construction.
DALLAS — MEDCO Construction has recently completed the $128 million Baylor Charles A. Sammons Cancer Center at Dallas. The 10-story, 467,000-square-foot facility is the largest outpatient cancer center in North Texas, and it is expected to earn LEED Gold certification. Features include a two-story parking garage under the building; a dedicated central utility plant inside the building; and a radial connector bridge spanning two parking garages, the outpatient cancer center and Baylor's inpatient cancer hospital. Perkins+Will served as the project architect. The public grand opening is March 26.
AUSTIN — Charlotte, N.C.-based Crescent Resources will begin construction this month for a new student housing project serving the University of Texas-Austin community. Circle West Campus will be located at the intersection of West 25th and Longview streets, within walking distance of campus. It will contain 477 beds in a mix of 167 studio, one-, two- and four-bedroom units. All residences will contain Energy Star appliances. The community will be constructed to Austin's Energy Green Building Multifamily standards. Community amenities include a resort-style swimming pool, tanning beds, a community study café and lounge, a community grilling area, and covered parking. . The community recreation room will contain televisions, gaming systems, a pool table and a poker table. The first units will be complete in June 2012. Local firm Kelly Grossman Architects is designing the project, and locally based Rampart Construction is building it. The Dallas office of Holliday Fenoglio Fowler assisted Crescent in obtaining project financing, which includes a construction loan from Capital One Bank and a mezzanine loan from Transwestern Mezzanine Realty Partners III. — Coleman Wood
PLANO — Golden Living, a senior healthcare company, will relocate its corporate headquarters to Plano in April. It is currently located in Fort Smith, Ark. The new headquarters will consist of approximately 27,000 square feet of office space at The Campus at Legacy in Plano, located directly off the Dallas North Tollway between SH 190 and SH 121. Golden Living's previous Fort Smith location will become an administrative center, providing support to the company's businesses and 42,000 employees nationwide.
HOUSTON — Jim Richards of Grandbridge's Houston office has originated and closed a $31.8 million first mortgage loan secured by Camden Heights Apartments, a 352-unit Class A urban multifamily property in Houston. The 7-year acquisition loan features 3 years of interest only and a 30-year amortization, and was funded through Fannie Mae's DUS loan product. Located in Houston's Midtown Heights neighborhood, the five-building property is comprised of one-, two- and three-bedroom units. Amenities include a resort-style swimming pool, a clubhouse, a business center and an athletic club. In addition, Grandbridge Real Estate Capital’s Houston office has originated and closed a $17.95 million first mortgage loan secured by Broadstone Gramercy, a former 224-unit condominium property, which is being converted to Class A multifamily rental property in Houston. The 3-year, interest-only bridge loan was funded through BB&T Real Estate Funding. Located in Houston’s Texas Medical Center district, the property is comprised of two five-story buildings, each featuring 112 units with a blend of one-, two- and three-bedroom units. Charlotte, N.C.-based Grandbridge Real Estate Capital is a subsidiary of BB&T.
DALLAS — Holliday Fenoglio Fowler (HFF) has arranged a refinancing for the Magnolia Hotel, a 29-story, 329-room hotel in Dallas’ central business district. HFF worked exclusively on behalf of borrower, Magnolia Hotels, to secure the 10-year fixed-rate loan through JP Morgan Chase Bank, N.A. Built in 1921, the property served as the headquarters for Mobil Oil’s predecessor, Magnolia Petroleum Co., until 1997 when it was renovated into the Magnolia Hotel. Dan Peek, Travis Anderson and John Bourret of HFF represented the borrower. Denver-based Magnolia Hotels is a privately held hotel management and development company.
BEAUMONT AND PORT ARTHUR — Atlanta-based ARA, a national investment advisory firm focused on the multifamily industry, has arranged the sale of two multifamily communities, The Preserve at Old Dowlen in Beaumont and Normandy Townhomes in Port Arthur. Located at 5350 Old Dowlen Rd. in Beaumont, The Preserve at Old Dowlen was built in 2008 and features 304 units. Meanwhile, Normandy Townhomes is located at 3800 Normandy Ave. in Port Arthur. Built in 1975, it features 143 units. Jeff Patterson and Jon Boone of ARA's Austin office represented the sellers of both assets. An undisclosed Houston-based national investment group sold The Preserve at Old Dowlen, while a private investor, also undisclosed, sold Normandy Townhomes.
THE WOODLANDS — Research Hotel Partners, L.P. has purchased a 4.3-acre site at the intersection of Research Forest Drive and Grogan's Mill Road for the construction of a Hyatt Place Hotel in The Woodlands, a 28,000-acre master-planned community located 27 miles north of downtown Houston. New Horizons Hospitality will develop the hotel, which will include 150 guestrooms and suites along with 6,000 square feet of meeting space. Construction is expected to begin later this year, with the opening planned for mid 2013. Todd Edmonds and Cody Christoph of Colliers International represented The Woodlands Development Company. New Horizons Hospitality also developed and owns the Hilton Garden Inn in The Woodlands Town Center.
ARLINGTON AND TEXARKANA — Hunter Realty has represented the undisclosed sellers of three separate hotel sales, including the Hampton Inn & Suites Dallas/Arlington South in Arlington, the Hampton Inn & Suites Texarkana in Texarkana and the Hampton Inn & Suites Pine Bluff in Pine Bluff, Ark. The aggregated price of the three hotels was $26 million. “These are premium branded properties in 'like-new' condition with an average age under 3 years old, which means they will require minimal product improvement plan investments,” said Teague Hunter, president of Hunter Realty, in a statement.
SUGAR LAND – Dr. John Novak of Colliers International has facilitated three medical office building transactions in Sugar Land. Dentists, Dr. Cashion and Dr. Cody, have purchased 1.24 acres of land in the southeast corner of Sweetwater Boulevard and Highway 59 at 17003 Southwest Fwy. in Sugar Land. The new dental office is scheduled to open late this summer. Planned Community Developers, represented by Don Janssen in house, sold the land. Dr. Novak represented Dr. Cashion and Dr. Cody. Also, Dr. Greg Condrey, a periodontist, has renewed and expanded his office lease to 1,900 square feet in the Imperial Medical Center at 1111 Hwy. 6 in Sugar Land. The landlord, HC Sugar Land, was represented by Tim Gregory of Transwestern, while Dr. Novak represented Dr. Condrey. Finally, Health Carrier Services, a medical staffing company, has leased office space at 1108 Soldier’s Field Ct. in Sugar Land from GPS Properties. Dr. Novak represented both parties in the lease transaction.