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.
Texas
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.
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.
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.