TEXARKANA — Texarkana Medical Portfolio, a multi-property medical complex with more than 500,000 square feet of space Texarkana's downtown district, has changed hands between two limited liability companies. Jacob Steele and Andy Glinski of Marcus & Millichap's Denver office and Brad Bailey of the firm's Austin office represented both parties. Marcus & Millichap's Tim Speck assisted in closing the transaction. Terms were undisclosed.
DALLAS — A joint venture between Prescott Realty Group, Northwestern Mutual and AREA Property has broken ground on a $45 million mixed-use development on the old Shamburger Lumberyard site near Southern Methodist University (SMU) in Dallas. Within walking distance of the DART Mockingbird rail station and a quarter mile from SMU, the development consists of 417 apartments and 9,100 square feet of retail space and is the final phase in the revitalization of the University Crossing neighborhood. Humphreys & Partners designed the mixed-use development, consisting of two levels of podium parking, street-facing retail space and three four-story buildings.
HOUSTON — Brandi McDonald has joined Newmark Knight Frank in Houston as a managing principal. During the past 15 years, she has completed more than 8 million square feet of office leasing transactions, with a total value exceeding $1.8 billion. She is currently a member of the board of directors of the Greater Houston Women's Chamber of Commerce, president of the Houston Office Leasing Brokers Association, on the Houstonian Advisory Board and chairs the 2011 World Trade Soiree of the Greater Houston Partnership. McDonald joins Newmark Knight Frank from Transwestern, where she was managing director and senior vice president of tenant advisory services and served on the firm's board of directors.
HOUSTON — Brandon Brown of LMI Capital has arranged $8 million in debt for the refinancing of Palms at Kirkwood, a 256-unit multifamily community located at 11710 Briar Forest Dr. in Houston. On behalf of the borrower, Brown secured a 7-year, non-recourse loan through one of LMI Capital's Fannie Mae lending sources. Additionally, Brown arranged $2.85 million in debt for the acquisition of Fairfield Cove, a 135-unit multifamily community located at 15615 Blue Ash Dr. in Houston. Brown secured a 3-year, bridge loan with a 1-year option for the borrower. The floating rate loan features a 12-month, interest-only period and a floor rate of 4 percent.
SUGAR LAND — Cabot Properties is welcoming two new tenants to its Sugar Land Business Center. Solarcraft, represented by Bo Petit and David Munson of Boyd Commercial, signed a 36,537-square-foot lease and Amran, represented by Steve King of CB Richard Ellis (CBRE), signed a 14,951-square-foot lease at the 171,240-square-foot Class A office/flex property within Sugar Land Business Park. Brian Gammill, Darryl Noon and Jacob Carr of Transwestern's Houston headquarters represented Cabot Properties in the two leasing transactions. Solarcraft designs and constructs solar and backup power systems, patented enclosures, mobile power systems, and custom design and power integration services. Meanwhile, Amran designs, engineers and manufactures low and medium voltage instrument transformer products. Sugar Land Business Park is a 902-acre, deed-restricted business park located near the intersection of U.S. Highway 59 and Highway 90-A in Sugar Land.
DALLAS — CB Richard Ellis (CBRE) has appointed Michael Caffey as senior managing director and Dallas-Fort Worth market leader. In that role, he will be responsible for overseeing all business lines for CBRE in the North Texas market area as well as the company's Oklahoma affiliate operations. Caffey was previously a managing director in CBRE's Dallas office and was responsible for creating and implementing the business strategies for CBRE's occupier services enterprises for all major asset classes throughout the Dallas-Fort Worth market.
DALLAS AND FORT WORTH — BMC Capital has originated two loans totaling $3.9 million for the refinancing of New World Apartments, a 150-unit multifamily property at 11434 Woodmeadow Pkwy. in Dallas, and Wedgewood Apartments, a 118-unit multifamily property at 2819 Walton Ave. in Fort Worth. Both loans feature 5-year, fixed rates at approximately 5.6 percent on a 30-year amortization schedule. The two properties are owned by the same entity, which was unlisted. BMC Capital is a lender of small-balance multifamily loans in Texas and the U.S.
PLANO — Madison Title Agency, a full-service, nationwide title agency affiliated with Madison Commercial Real Estate Services, has named Brian Irwin as its new director of Texas operations in Plano. Irwin is in charge of managing and expanding Madison's client portfolio in Texas and will be launching new marketing and management solutions for commercial and residential settlement/escrow services and title underwriting. Previously, he served as vice president of national commercial services for Republic Title of Texas, a wholly owned subsidiary of First American Title Insurance Co.
HOUSTON — Research Forest Lakeside's Building 2, a three-story, 68,000-square-foot speculative office building located on the west side of Lake Woodlands between Lake Woodlands Drive and Research Forest Drive in Houston, is expected to break ground on February 10. Slated for delivery in the fourth quarter of 2011, Building 2 is the first phase of Colorado Springs, Colo.-based Warmack Investment's 76-acre, 1.8 million-square-foot, master-planned development. Research Forest Lakeside will be comprised of ten office buildings and supporting retail. Ziegler Cooper Architects and Odell Associates (ZC+O) is serving as the project architect for Building 2.
HOUSTON — Holliday Fenoglio Fowler (HFF) has closed the sale of Coral Gables Apartments, a 318-unit multifamily community located at 10522 Beechnut St. in southwest Houston. Houston-based CG Properties purchased the apartments for an undisclosed amount and was represented by David Fantin and Heidi Castiglione of LS Realty Advisors. HFF marketed the foreclosed property on behalf of the seller.