COLLEGE STATION — NorthMarq Capital has arranged $2.55 million in first mortgage financing for Meridian Apartments in College Station. Located at 309 Redmond Dr., the property offers 109 apartment units. Welsey Okten of NorthMarq's Dallas Regional office arranged the financing for the borrower, an international client, through NorthMarq's relationship with North American Savings Bank.
Texas
HOUSTON — Shawn Lokhandwala has signed a lease for 5,000 square feet of office/warehouse space in Houston. The tenant plans to use the space, which is lcoated at 18128 Kieth Harrow, for an entertainment-related business. Gloria Parrino of Betz Commercial Brokerage represented the landlord, JAG Properties, in the transaction. Terms of the lease were not released.
LA PORTE — Meritex has acquired a two-building, warehouse portfolio in La Porte. 3Ds Porte LLC sold the 313,000-square-foot portfolio for an undisclosed price. The Class A properties range in size from 115,000 to 198,000 square feet. Additionally, Meritex acquired the rights to purchase a 13-acre land parcel located between the two buildings. The land parcel is capable of supporting an additional 150,000 square feet of warehouse development. The portfolio, which is 100 percent occupied, will be managed by Meritex. Terms of the transaction were not released.
DEER PARK — Boston Capital has invested in the construction of Providence Town Square Apartments in Deer Park. The planned 118-unit senior housing property will feature a 10,560-square-foot, three-level common area with an outdoor lap pool, a community room, a media room, a business center and an exercise room. The general partner is Providence Town Square Housing and the general contractor is Houston-based Blazer Building.
FRISCO — Costco Wholesale, an international chain of membership warehouses, will anchor the Frisco Trails Shopping Center in Frisco with a 148,000-square-foot store. Located at the southeast corner of the Dallas North Tollway and Eldorado Parkway, Frisco Trails Shopping Center is being developed by Cencor Realty Services. The center features a shadow anchor, The Home Depot, and space for an additional anchor, as well as six available pad sites for freestanding retail and restaurant uses. Costco Wholesale broke ground in early April at Frisco Trails, with a completion date set for late September. The shopping center is leased by Cencor's brokerage affiliate, The Weitzman Group.
DEER PARK — Boston Capital has invested in the construction of Providence Town Square Apartments, a to-be-built, 188-unit multifamily development for seniors located in Deer Park. Located on 6.8 acres, Providence Town Square Apartments will offer 133 one-bedroom and 55 two-bedroom units, featuring nine-foot ceilings, ceiling fans, emergency call systems, dishwashers, washer/dryer hook-ups and patios or balconies. The property will be available to seniors ages 55 and older that qualify for affordable living. Providence Town Square Housing, Ltd. is the general partner and Blazer Building is the general contractor. To date, Boston Capital has invested in more than 20,600 units of affordable housing in Texas.
COLLEGE STATION — New York City-based investment firm Vesper Holdings has entered the College Station market with the purchase of two off-campus student housing communities. Campus View and Campus View East are located within one mile of Texas A&M University. The properties feature a total of 62 two-story buildings containing 867 beds in a mix of 478 one- through four-bedroom units. Amenities for both communities include multiple swimming pools; a fitness center; volleyball, basketball and tennis courts; a business center; game rooms; and picnic and grilling areas. Occupancy was 98 percent at the time of closing. The seller's name was not released in the off-market deal. KeyBank assisted Vesper in arranging acquisition financing through Fannie Mae. In the near-term, Vesper plans to complete a $1.5 million capital improvements plan that will include units and clubhouse renovations, exterior property improvements and technology upgrades.
HOUSTON — NorthMarq has arranged first mortgage financing of $12.5 million for Corporate Centre Shepherd, a 235,579-square-foot Class A flex industrial project located at 707-767 N. Shepherd in Houston. Major tenants include Harris County, Time Warner Telecom, Tommie Vaughn Motors and Discover Gymnastics. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for Warehouse Associates Corporate Centre Shepherd, Ltd., through NorthMarq's correspondent relationship with Aetna.
HOUSTON — Westheimer at Wilcrest shopping center, located on the northeast corner of Westheimer and Wilcrest roads in Houston, has been sold to Westheimer Square, L.P. Philip Mullett and Sandy Aron of Hunington Properties, a full-service commercial brokerage company, represented the unlisted seller of the 21,459-square-foot retail property.
HOUSTON AND CHANNELVIEW — InterContinental Hotels Group (IHG) has opened two Holiday Inns on the east and west side of Houston. The hotels reflect the completion of the $1 billion Holiday Inn global brand relaunch, which included a renewed focus on quality, improved arrival and welcome features, enhanced bedding and showers, and a new service culture. The 130-room, five-story Holiday Inn Westchase, located at 10609 Westpark Dr. in Houston, features 22 guest suites and 2,700 square feet of meeting space, including one ballroom that accommodates 285 people, and two smaller meeting rooms. Meanwhile, the 111-room Holiday Inn Houston East, located at 16311 East Fwy. in Channelview, features eight guest suites and offers banquet facilities and meeting space totaling more than 2,300 square feet, which accommodates 240 people. Holiday Inn Westchase is owned by Versatile Hotels LLC and managed by Pika Management, while Holiday Inn Houston East is owned by Amir Khan and managed by Ashland Hospitality.