DALLAS AND FORT WORTH — The Dallas office of Holliday Fenoglio Fowler (HFF), led by Senior Managing Director John Brownlee, has arranged approximately $30 million for three multifamily communities in Dallas and Fort Worth for Price Realty Corp. and its president, Mike Ochstein, through HFF's Freddie Mac Program Plus® Seller/Servicer program. The three properties include the 600-unit Preston Pointe at 14041 Preston Rd. in Dallas; the 316-unit Havenwood Apartments at 6501 Boca Raton Blvd. in Fort Worth; and the 274-unit Copper Creek Apartments at 6011 Oakland Hills Dr. in Fort Worth. All three properties range from 90 to 95 percent occupied.
LAWTON, OKLA. AND ENNIS, TEXAS — Grubb & Ellis Healthcare REIT II has acquired Lawton Medical Office Building Portfolio, a two-property medical office building portfolio on the campus of Southwestern Medical Center in Lawton, Okla., and Ennis Medical Office Building, a 30,000-square-foot medical office in Ennis, Texas. Located at 5604 and 5606 SW Lee Blvd., the Lawton Medical Office Building Portfolio is comprised of two three-story Class A single-tenant facilities totaling approximately 62,000 square feet. The buildings are fully leased to the medical center until 2023, with options that could extend the leases until 2033. The Oklahoma medical portfolio was acquired from Southwestern MOB I, LLC. Built in 2008, Ennis Medical Office Building is a single-story, multi-tenant medical office building located adjacent to Ennis Regional Medical Center, a 60-bed acute-care facility serving the Dallas suburb. It is 95 percent leased to tenants that include a primary medical services provider, an outpatient surgery center and an internal medicine practice. The Ennis medical building was acquired from New Bardwell Partners, LP, which was represented by Jim Moloney of Cain Brothers.
SUGAR LAND — Rubicon Realty has sold 15.3 acres to San Antonio-based grocery chain H-E-B to be developed within Rubicon's The Crossing at Telfair, a mixed-use property located at the corner of Highways 6 and 90 in Sugar Land that will feature 125,000 to 150,000 square feet of retail space. A 104,000-square-foot H-E-B will open in August to anchor the retail portion. Rubicon originally purchased 112 acres of land from Newland Communities in 2006, and plans to develop the remaining land to include a hotel, a performing arts center and a family entertainment center with construction set to begin in June and commence in 2012.
HOUSTON — A joint venture between Canyon-Johnson Urban Funds and Centurion Partners has taken ownership of the 12-story, 135-room Hotel Icon, located at 220 Main St. in Houston. In November, Canyon-Johnson and Centurion acquired both the senior and junior loans on Hotel Icon and initiated a consensual foreclosure that concluded this week. The repositioning plan calls for property improvements including upgrades to the hotel's guest rooms, and enhanced television and technology systems. A management or franchise agreement with a major luxury national hotel chain will also be executed to re-brand the hotel and implement an effective reservation system and loyalty program. Destination Hotels and Resorts will manage the hotel until property upgrades and a major hotel affiliation can be met.
Austin remains a popular destination for institutional and private multifamily investors. In the first half of 2010, there was a scarcity premium as buyer demand far exceeded the number of properties offered for sale. It was common to give 50-plus property tours and receive roughly 40 offers for a fully marketed Class A apartment community. The enormous amount of investment capital raised in 2008 and 2009 struggled to find a home in early 2010. As apartment fundamentals improved, interest rates decreased and cap rates compressed, more product came to market in the third quarter of 2010. Subsequently, the number of investor tours and offers has been cut in half. Offers today are coming from well-capitalized low leverage private investors, pension fund advisors, private funds and public REITs. Urban Class A cap rates have dropped from 6.5 percent in late 2009 to an average of 4.75 percent today. Suburban Class A cap rates are trading around 5.25 percent. The 1980s to 1990s vintage, B class product, is trading in a range from 5.75 to 6.75 percent based on quality and location. The highest conventional apartment sales prices have occurred in and around the Central Business District (CBD) where mid-rise Class A …
HOUSTON — Granite Properties has sold two of its Port of Houston industrial properties, the 356,000-square-foot Barbour's Cut Business Park and the 226,240-square-foot Bayport Container Terminal, to Duke Realty. The properties are part of a larger 15-property industrial portfolio Holliday Fenoglio Fowler (HFF) is marketing on behalf of Granite as it divests its industrial holdings to focus on office acquisitions. Barbour's Cut Business Park and Bayport Container Terminal are fully leased to Gulf Winds International with more than 10 years remaining on the lease. Rusty Tamlyn and Trent Agnew of HFF represented Granite in the sale.
SAN ANTONIO — Paseo Pointe, a 252-unit multifamily property located at 3787 Perrin Central Blvd. in San Antonio, has changed hands. Built in 2003, it consists of 144 one-bedroom, 84 two-bedroom and 24 three-bedroom units. Amenities include carports, garages, a pool and a fitness center. San Antonio-based Perrin Oaks I, Ltd. sold the property to Austin-based Sendera SA Investments, L.P. Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office represented both parties.
AUSTIN — Four Corners Shopping Center, a 31,556-square-foot retail property located at 111 W. William Cannon Dr. in Austin, has sold. James Bell of Marcus & Millichap's Houston office represented both the buyer and seller, both undisclosed partnerships, in the transaction. Four Corners Shopping Center is 100 percent occupied.
AUSTIN — Whit Hanks Properties' 500 Lamar, a multi-tenant Class A retail property that sits on one acre of land directly across Lamar Boulevard from Whole Foods Market headquarters at the intersection of North Lamar Boulevard and West Fifth Street in Austin, has sold to a Houston-based institutional investor. CB Richard Ellis' Walter Saad and Cathy Nabours represented the seller. The property is 100 percent leased.
ABILENE — The Ensign Group has acquired Wisteria Place, a continuing care retirement community, and its sister facility, Wisteria Independent Living, both in Abilene. The facilities will be operated by a subsidiary of Keystone Care, Ensign's Texas-based portfolio subsidiary. Wisteria Place is a full-service care campus located at 3202 S. Willis St. in Abilene that operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living is located at 3917 Wisteria Way in Abilene and operates 72 independent living units.