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.
Texas
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.”
AUSTIN — The Lance Armstrong Foundation LiveStrong Cancer Navigation Center in east Austin opened its doors in late March to provide free services for anyone affected by cancer. STG Design provided architecture and interior design services by revitalizing an existing warehouse space to serve as a prototypical cancer resources center. Originally housing the Gulf Coast Paper Co., the building will act as a central hub for financial, medical and personal guidance to individuals with cancer. It is located at 2201 E. Sixth St.
DALLAS — The Bascom Group has acquired The Davis Building, a luxury, urban infill mixed-use project. The investment includes a 20-story high-rise building featuring 183 loft-style apartment units, retail space and a 12-level parking garage in downtown Dallas. It was built in 1926 as an office building and converted into luxury apartments in 2003. The property was purchased through a receivership sale with debt financing provided by J.E. Robert Cos., and was 95 percent leased as the close of escrow. Jeffrey Fuller, Han Jang and Paul Miskowicz of The Bascom Group led the transaction. Ryan Epstein of Marcus & Millichap represented both parties.
MESQUITE — Firebrand Properties, a Burger King franchisee, has purchased a 31,711-square-foot property and a 2,440-square-foot building at 1933 N. Town East Blvd. in Mesquite. A former Arby's restaurant, the property was sold by The Beil Family Trust and will be converted to a Burger King. Tom Paredes of John T. Evans Co. represented Firebrand Properties, while Bryan Cornelius and Jim Dunn of Venture Commercial, as well as Richard Terzian of Progressive NNN Properties, represented The Beil Family Trust.
HOUSTON — Behringer Harvard, which manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, has invested in The Domain at Eldridge, a 320-unit luxury multifamily community slated for development in Houston's Energy Corridor. Behringer Harvard has provided mezzanine financing for the construction of The Domain at Eldridge, which will begin construction this spring at a 9.9-acre site on Crescent Plaza Drive near the southeast corner of Eldridge Parkway and Briar Forest Drive. First units available for lease are expected in Spring 2012. Simmons Vedder Partners will develop the property, while financing for its construction will be provided by JPMorgan Chase. Units at The Domain at Eldridge are expected to average 970 square feet, offering one or two bedrooms and bathrooms.