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.
Texas
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.
ALLEN, PLANO AND FLOWER MOUND — Four Texas commercial real estate properties in Allen, Plano and Flower Mound are being auctioned through The Carlton Exchange (CEX), a New York-based exchange for the buying and selling of loans and REO assets, and a subsidiary of Carlton Advisory Services, an international real estate investment banking firm. The assets are offered on a competitive real time bid basis through the CEX Loan and REO MLS Exchange. Pre-qualified bidders can bid on a first-come, first-serve basis and assets can be awarded as seller accepts same. All assets can be found on the Carlton Exchange website at www.carltonexchange.com. Among the Texas properties being offered: a two-story, 50,000-square-foot office building on nearly 4 acres in Allen; a new fully operating 92-room hotel in Plano; a cash-flowing 35,000-square-foot shopping center on approximately 14 acres in Plano; and an REO property consisting of a 14,900-square-foot neighborhood retail center in Flower Mound.
DALLAS — Dallas-based Centennial Real Estate Co., along with Dallas-based Corinthian Apartment Investments and equity partner Praedium Fund, has acquired The Èlan at Bluffview, a mixed-use multifamily and retail development located at 3850 W. Northwest Hwy. in Dallas. The property features 181 luxury one- and two-bedroom apartments with lofts ranging from 900 to 2,000 square feet, which are 95 percent occupied. It also includes 70,000 square feet of retail space originally built in the 1980s that is 30 percent leased.
AUSTIN AND HOUSTON — Austin-based Seven Hills Commercial has completed renovation services for Post Investment Group's 370-unit University Heights Apartments in Austin and its 496-unit Oaks at Wood Forest Apartments in Houston. The projects included demolition, mold and asbestos abatement, complete unit interior rehabs and entirely new amenity packages. University Heights and Oaks at Wood Forest were financed by Hudson Realty Capital and Texas Capital Bank respectively.