HOUSTON — Marcus & Millichap Real Estate Investment Services has sold Long Point Shopping Center, a 41,731-square-foot retail property in Houston. Located at 7922 Long Point Road, the property consists of a KFC/Taco Bell and three freestanding retail buildings. Chris Maling of Marcus & Millichap's Los Angeles office and Todd A. Carlson of the firm's Houston office had the exclusive listing to the property on behalf of the seller, a California-based private investor. The buyer, a Texas-based private investor, was secured by Carlson.
HOUSTON — An investment fund managed by Urdang, the real estate investment specialist of BNY Mellon Asset Management, and Griffin Partners have refinanced an $80.8 million securitized loan for an 800,000-square-foot office building in Houston with a 7-year, fixed-rate term loan from MassMutual Financial Group in the amount of $81 million. Located at 1301 Fannin St., the Class A office building includes a data center. The Urdang Added Fund II, managed by Urdang Capital Management, and Griffin Partners acquired the property in March 2007.
MCKINNEY, TEXAS — CB Richard Ellis has been named advisor in the sale of Times Square at Craig Ranch, a mixed-use apartment and retail center at 7951 Collin McKinney Parkway in McKinney. The 313-unit multifamily community and 88,284 square feet of ground floor retail space was constructed at an estimated cost of $52 million and was foreclosed upon by Bank of America in November 2009. Dirk Goris and Mark Stymiest with the CBRE Multi Housing team in Dallas will lead the marketing on behalf of Bank of America. The five-story development is approximately 50 percent leased.
HOUSTON — Tuscon, Ariz.-based Pima Medical Institute (PMI) has leased 42,297 square feet of space within Katy Freeway Retail Center I, located at 10201 Katy Freeway in Houston, for a new campus facility slated to open in September. PMI is a private, family-owned, accredited medical school with 13 campuses throughout New Mexico, Arizona, Colorado, Washington, Nevada and California. James Wachholz of UGL Equis's Denver office worked with William Wolff of the firm's Houston office to secure the lease.
AUSTIN, TEXAS — Cole Real Estate Investments has acquired Sunset Valley Homestead, a 147,841-square-foot power center in Austin. Anchor tenants include PetSmart, Babies “R” Us, DSW Shoe Warehouse and ULTA Beauty. The center is located 6 miles from downtown Austin, and is in close proximity to the University of Texas.
AUSTIN, TEXAS — New York-based Hudson Realty Capital has funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin. The sponsor is Los Angeles-based Post Investment Group, and the group acquired the complex from a special servicer that had foreclosed on the property. Situated on 14-acres, the 44-building multifamily rental complex is set to undergo a $4 million renovation and modernization.
DALLAS — Arbor Commercial Financing. wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $1.93 million loan under the Fannie Mae DUS Multifamily Affordable Housing product line for Lake June Village Apartments, a 64-unit complex in Dallas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent. The loan was originated by John Kelly of Arbor's Boston office.
SUGARLAND, TEXAS — Sugarland-based Curtice Commercial Real Estate has joined Colliers International. Through the joint venture, the team plans to expand their services with an office in Fort Bend County, Texas. Kolbe Curtice, president of Curtice Commercial, will act as the managing director of the Fort Bend office. This expansion is part of Colliers International's global strategy to invest in and grow its platform. The firm has increased its global coverage from 290 offices to more than 480 offices worldwide.
ROANOKE, TEXAS — LEGO Systems Inc. has expanded its North American distribution center at the Alliance Global Logistics Hub with a new 560,000-square-foot location in the Alliance Gateway 60 building, a 756,000-square-foot building located at 300 Freedom Drive in Roanoke. The company currently occupies a 402,500-square-foot location in the Alliance Gateway 62 building, both of which are in the Roanoke section of the Alliance Global Logistics Hub, part of the 1,700-acre AllianceTexas development. Dan Cook of Cushman & Wakefield of Texas represented the manager of the LEGO distribution center, Exel Inc. The owner, Hillwood, was represented in-house.
HOUSTON — The Houston and Dallas offices of Holliday Fenoglio Fowler (HFF) have arranged a financial joint venture for Southwest Science Center, a 34,277-square-foot facility in Houston. Located at 4150 Interwood South Parkway, the building is fully leased to the General Services Administration, and serves as a state-of-the art forensics laboratory that was developed and constructed for U.S. Customs & Border Protection. HFF's Dan Miller, Mona Carlton and Trent Agnew represented the owner, Austin, Texas-based Live Oak Gottesman Company. Under the agreement, a private real estate group entered into a joint venture with the owner and assumed existing debt.