HOUSTON — Stanley Leventhal, Et Al, has sold a 4,725-square-foot office property to Alice Hiniker Sharma Marital Trust for an undisclosed amount. The building, located at 4909 Main St. in Houston's Museum District, is divided up into office, warehouse and mezzanine space. Alan Parker Properties of Houston represented the seller. Angela Villagomez of City Life Brokers represented the buyer.
KATY, TEXAS — Cole Real Estate Investments has purchased the 914,195-square-foot Igloo Distribution Facility from a private seller for an undisclosed amount. The Katy facility serves as Igloo's distribution and manufacturing facility, and corporate headquarters.
HUMBLE, TEXAS — Access Self Storage has sold an 85,125-square-foot facility to WEDGE Real Estate Holdings for an undisclosed amount. The property is located at 2115 FM 1960 in Humble. The property, which opened in November 2009, includes 585 storage units. Steve Mellon of Grubb & Ellis and Page Partners' Joshua Jacobs brokered the sale.
LIVINGSTON, TEXAS — Grubb & Ellis Healthcare REIT II has purchased the 30,000-square-foot Livingston Medical Arts Pavilion from McShane Development for an undisclosed amount. Located at 403 Ogletree Drive in Livingston, the property sits on the Memorial Medical Center's 41-acre campus. The pavilion, which was built in 2007, is fully leased. Memorial Health System of East Texas is the primary tenant.
TEXAS — Healthcare REIT has borrowed an $81.9 million loan from Deutsche Bank Berkshire Mortgage for the financing of eight skilled nursing facilities in Texas. The HUD loan is part of the LEAN program and carries a 35-year term. The properties are located in Austin, Baytown, Houston, Pasadena, San Antonio and Webster, Texas.
DALLAS — Mona Carlton of Holliday Fenoglio Fowler has secured a $23.13 million loan for AMLI Residential Properties' 420-unit AMLI at Bryan Place. The Class A multifamily complex, which was built in 1999, is located at 910 Texas St. in Dallas and features a pool, a clubhouse, a fitness center, a game room and a movie theater. Freddie Mac financed the 7-year loan.
RICHWOOD, TEXAS — Apartment Realty Advisors has brokered the sale of the 248-unit Creekside Estates Apartments in Richwood between two private parties for an undisclosed price. The property, located at 200 Timbercreek Drive, is part of the Jackson metro area. The property is 71 percent occupied. Jeff Patterson, Jon Boone and Kelly Witherspoon of ARA represented the seller.
Despite a spike in supply last year and increasing competition from the affordable housing sector, San Antonio’s solid labor market and resilient economy will help to improve apartment fundamentals by the close of 2010. Following steep inventory additions in the first quarter, deliveries will slow significantly through the second half of the year. As renter demand begins to outpace supply growth, owners will trim incentives, reversing 10 quarters of revenue declines. The lower tiers will register the greatest revenue increases, supported by vacancy improvements toward the end of the year. Foreclosure activity has increased 19 percent over last year, and some top-tier renters will likely to make the transition into homeownership this year as these properties come to market. Class B and Class C operators will get a boost from the strengthened labor market as traditionally blue-collar employment sectors start to recover rapidly. In the construction sector, for instance, roughly 1,200 construction workers will be hired in the next few months to complete the Brooke Army Medical Center. During the last 12 months, developers have ramped up the pace of completions to 3,620 units, or a 2.5 percent inventory expansion, following the delivery of 2,490 units in the previous year. …
HOUSTON — The General Services Administration has signed a 132,539-square-foot lease with MetLife for space in Wells Fargo Plaza. The U.S. Attorney's Office will occupy the space, which is located at 1000 Louisiana St. in Houston. The property is a Class A office building that stands 71 stories tall. Jones Lang LaSalle's Brian Weiss, Bruce Rutherford, David Bale, Louie Crapitto and Anna Schinas represented the tenant. Dave Hanusa and Bonnie Kelley of CB Richard Ellis represented the landlord.
GALVESTON, TEXAS — Cathay Bank has sold the former Jean LaFitte Hotel to Itex Partners for an undisclosed amount. The Galveston property will be reconfigured as a mixed-use, mixed-income apartment complex. Moody Rambin Investment Services' Derek Hargrove and Christopher Dray represented the seller.