OKLAHOMA CITY, OKLA. — CBL & Associates Properties has formed a joint venture with Horizon Group Properties to develop The Outlet Shoppes at Oklahoma City, located on 65 acres at the intersection of Interstate 40 and Council Road in Oklahoma City. The 350,000-square-foot retail project is currently under construction and is expected to be completed in late summer 2011. Horizon is responsible for the leasing and management of the property, which is already 80 percent leased with tenants such as Saks Fifth Avenue Off 5th, Nike, Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers, Coach and Guess. U.S. Bank committed a $48.9 million construction loan to the project with an initial term of 3 years with two 1-year extension options.
Texas
CORPUS CHRISTI — Clarkwood Industrial Park LLC has sold the former Celanese Technical Center to Double T&C Properties for an undisclosed amount in Corpus Christi. Located between Clarkwood Road and Rand Morgan, the property includes more than 200,000 square feet of office, warehouse and laboratory space in 11 buildings on more than 100 acres. Josh Gaines of NAI Cravey Real Estate Services represented the seller.
THE WOODLANDS — USAA Real Estate Co. has sold Boardwalk at Town Center to MEPT, a real estate equity fund that was advised by Kennedy Associates, for an undisclosed price. Located on Riva Row in The Woodlands, Boardwalk at Town Center was developed by USAA, in partnership with Houston-based Cambridge Development Group, from 2005 to 2008. The property consists of 450 premium apartments, and it will continue to be managed by Greystar Real Estate Partners. Will Balthrope and Ryan Epstein of Balthrope Group of Institutional Property Advisors, a Marcus & Millichap company, represented USAA in the transaction.
SAN ANTONIO — NorthMarq's Houston office has arranged first mortgage financing of $7.7 million for Cenzio Apartments, a 150-unit multifamily property located at 33 Lynn Batts in San Antonio. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
LEVELLAND — South Plains College has broken ground on a new student residence hall on J.V. Morton Drive in Levelland. The $7 million project should be completed by fall 2011, with students moving in at the beginning of the spring 2012 semester. The two-story, 104-bed facility will feature a main common area with additional common areas on each of the four wings. This is the first new residence hall built on the South Plains College campus since 1981.
HOUSTON — EnerVest, a Houston-based oil and gas company, has expanded by 36,721 square feet and renewed its headquarters lease for a total of 117,316 square feet in First City Tower, located at 1001 Fannin in downtown Houston. Chip Colvill and Michael Anderson of Colvill Office Properties represented the landlord, FC Tower Property Partners, an affiliate of JMB Realty of Chicago. Meanwhile, Tim Relyea of Cushman & Wakefield of Houston represented EnerVest. First City Tower is a 1.3 million-square-foot, 49-story office building bounded by Fannin, McKinney, San Jacinto and Lamar streets in Houston's central business district.
FORT WORTH — Carter Industrial Partners has completed two long-term lease agreements totaling 44,871 square feet in the Class A Carter Business Center in Forth Worth. Nick Talley of Bradford Commercial Real Estate Services negotiated the leases with Texas-based Multi-Shot and Canadian-based Speithe Anderson USA. Multi-Shot, a manufacturer of components for drilling rigs, signed a 20,339-square-foot renewal and expanded by an additional 10,009 square feet. Meanwhile, Speithe Anderson, a manufacturer and distributor of gymnastics equipment, relocated to Carter Business Center with 14,523 square feet.
FORT WORTH — Ridgmar Manor Apartments, a 118-unit property located at 2200 Taxco Rd. in Fort Worth, has sold for an undisclosed price. Boyan Radic of Marcus & Millichap represented both the buyer and the seller. The property consists of floor plans ranging from 402 to 1,420 square feet, and was built in 1969. It was 65 percent occupied at the time of the sale.
GRAND PRAIRIE — Bright Realty has been awarded the management and leasing assignment for the 102,000-square-foot National Health Insurance building located at 1901 N. Hwy. 360 in Grand Prairie. The six-story building will leased by Bright Realty's Tony Albanese.
HOUSTON — A Jaguar/Land Rover automobile dealership has sold for $11 million in Houston. Located at 18205 Interstate 45 North, the 37,646-square-foot dealership sits on 7.5 acres and is a single-tenant retail property. It is currently leased on a 12-year, triple-net basis guaranteed by Sonic Automotive, the third largest automotive group in the U.S. Christopher Maling and David Maling of Marcus & Millichap's Los Angeles office represented the seller, a Texas-based developer; while James Mitchell of Marcus & Millichap's Washington, D.C. office represented the buyer, a publicly traded corporation based in Charlotte, N.C. Brent Smith of Marcus & Millichap's Houston office also provided representation in the transaction.