AUSTIN, TEXAS — Arbor Commercial Funding has arranged $1.65 million in Fannie Mae DUS financing for Austin Pacifica Apartments, a 102-unit multifamily community located in Austin. The loan carries a 10-year term, a 25-year amortization schedule and a 5.67 percent interest rate. It was originated by Jay Porterfield of Arbor's Plano, Texas, office on behalf of the undisclosed borrower.
HOUSTON — Construction is complete for the expansion of the Julia Ideson Building, a historic library building located at 500 McKinney St. in Houston. A new archival wing totaling 21,500 square feet was added. It includes a research room on the first floor with the remainder of the three-story wing containing high-density shelving space for the Houston Metropolitan Research Center. Also built was a two-story loggia that provides open-air seating as well as an garden and outdoor reading room. The new wing is scheduled to open in the first quarter of 2010 once the archives are moved into it. Once that occurs, construction will begin for the complete renovation of the remainder of the 66,000-square-foot Ideson building. Completion of the entire $32 million project is slated for spring 2011. The project will be applying for LEED-Silver certification. The project architect is Gensler, with landscape architecture services being provided by TBG Partners. The construction manager is SpawMaxwell.
DALLAS — Equinox Fitness Clubs has opened its second Texas location in Dallas. The 30,000-square-foot facility is located on Hillcrest Road in the city's Preston Hollow neighborhood. It features six fitness studios, a rooftop terrace and a water feature. Fitness club amenities include a retail store, a cafe, a kid's club, a full-service space, a fully amenitized locker room area and wireless Internet access.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 7,918-square-foot retail property located in Arlington. Situated at 2009 E. Copeland Road, the property is occupied by Texas Land & Cattle. It was built in 1997. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a limited liability company. Chad Knibbe and Marla Rhodes of Marcus & Millichap's San Antonio office represented the buyer, also a limited liability company. The acquisition price was not disclosed.
FORT WORTH, TEXAS — CB Richard Ellis (CBRE) has brokered the sale of Windtree, a 224-unit multifamily community located in Fort Worth. CBRE's Nita Stewart represented the seller, Blue Valley Apartments. The buyer was GJA Investments. The acquisition price was not disclosed.
MCALLEN, HARLINGEN AND BROWNSVILLE, TEXAS — Sperry Van Ness (SVN) has completed the $4.6 million sale of a Texas senior housing portfolio. The properties include three skilled nursing facilities located in McAllen, Harlingen and Brownsville that contain a total of 252 beds. Average occupancy of the portfolio is 77 percent. Mark Zvibleman and Grant Edwards of St. Louis-based SVN / Infinity Commercial Services, along with Robyn Jackson of Fort Worth, Texas-based SVN / Summit Realty arranged the transaction between the buyer, Ensign Group, and the seller, The Evangelical Lutheran Good Samaritan Society.
WACO, TEXAS — A new Homewood Suites by Hilton has opened within Waco's Legends Crossing mixed-use development. The four-story, 88-suite hotel is situated at the interchange of Interstate 35 and Highway 6, near Hillcrest Baptist Medical Center. It features one- and two-bedroom suites. Amenities include a swimming pool overlooking Legend Lake, a fitness center, a sports court, complimentary Internet access and approximately 1,100 square feet of meeting space. It is owned by Lalani Hospitality Group and will be managed by Lalani Lodging.
RICHMOND, TEXAS — The Houston office of Cadence McShane Construction Co. has topped out construction for OakBend Doctors Center – Southwest Freeway, a 60,000-square-foot medical office building located in Richmond. The new building is situated at the intersection of Southwest Freeway and Williams Way, and it will serve the adjacent OakBend Medical Center, a 90-bed acute care hospital that opened this past August. The three-story OakBend Doctors Center will offer medical office suites ranging in size from 1,200 square feet to a 17,000-square-foot full floor. Completion is scheduled for spring. Denver-based Marasco & Associates is providing the conceptual design for the project, and Seeberger + Associates is serving as the architect of record.
HOUSTON — Houston-based Transwestern has arranged the sale of Northwest One, a 126,802-square-foot office building located on Highway 290 in Houston's Northwest submarket. Approximately $1 million has been spent on capital improvements to the building in the past 5 years. Occupancy was 44 percent at the time of the sale. Transwestern's Rudy Hubbard and Leah Gallagher negotiated the deal between the buyer, FN Northwest One, and the undisclosed seller.
CARROLLTON, TEXAS — Grubb & Ellis has arranged the renewal of a lease for 143,000 square feet of manufacturing and distribution space at Valwood Business Park in Carrollton. The tenant is 4Front Engineered Solutions, which signed a long-term lease for the space at 1612 Hutton Drive. Blake Anderson and Blake Matthews of Grubb & Ellis provided tenant representation in the deal. Jim Brice of Holt Lunsford Commercial represented the landlord, Principal Real Estate Investors.