HOUSTON — LMI Capital has secured a total of $3.45 million for the refinancing of two multifamily communities located in Houston. In the first transaction, Jamie Mullin secured a $2.1 million loan for a community located in the Spring Branch submarket. The loan carries a 3-year term and a floor interest rate of 5 percent. In the second transaction, Brandon Brown of LMI arranged a $1.35 million loan for a 100-unit property located in the Pasadena submarket. The loan carries a 10-year term and a 6.24 percent interest rate. The lenders and borrowers in both transactions were undisclosed.
THE WOODLANDS, TEXAS — An affiliate of W.P. Carey & Co. has acquired a 204,000-square-foot, Class A office building located in The Woodlands for $45 million. The building is currently occupied by US Oncology, which leases the building on a long-term basis as its corporate headquarters. The purchase was made by CPA:17 – Global, a publicly held, non-traded REIT controlled by W.P. Carey. The seller was not disclosed.
WESTLAKE, TEXAS — Turner Construction Co. has been selected by Deloitte LLP to build the new Deloitte University learning and leadership development center. The $130 million project will be built on 107 acres in Westlake. It will contain 712,000 square feet of construction, which will include 800 guest rooms, multiple conference spaces, 35 classrooms, dining venues, a ballroom, a business center and recreational facilities. The project will also be seeking LEED-Gold certification. Completion is slated for 2011.
HOUSTON — One Todd VHJT LLC has acquired a 21,724-square-foot industrial property located at 11505 Todd St. in Houston. The property features manufacturing and warehouse space, and it also contains crane service and approximately 1 acre of outdoor storage space. The buyer made the purchase as an investment. Kent Willis of Newmark Knight Frank represented the buyer, and Jearald Dyer of Grubb & Ellis represented the undisclosed seller.
ARLINGTON, TEXAS — Completion is nearing for the new International Bowling Campus, a $14 million project currently under way in Arlington. The more than 100,000-square-foot facility is situated near the new Dallas Cowboys Stadium, Texas Rangers Ballpark and Six Flags over Texas. Upon completion, which is expected in January, the complex will house the Bowling Museum & Hall of Fame and the International Training and Research Center. It will also served as the headquarters for the Bowling Proprietors' Association of America, the United States Bowling Congress and other industry groups.
MIDLAND AND AMARILLO, TEXAS — Keybank Real Estate Capital has arranged approximately $8.5 million in Freddie Mac funds for the refinancing of two Texas senior housing communities owned by Emeritus Senior Living. Approximately $6.4 million will go toward the refinancing of Emeritus at Saddleridge Lodge in Midland, and $2.1 million will go toward the refinancing of Emeritus at Seville Estate in Amarillo. The fixed-to-float funding will be used by Emeritus to refinance balance-sheet debt into long-term, fixed-rate debt. As part of the transaction, Keybank also helped Emeritus refinance a third senior housing property located in Ontario, Ore.
GRAND PRAIRIE, TEXAS — The Dallas office of Grubb & Ellis has completed the sale of a 12,800-square-foot industrial property located at 1701 E. Main St. in Grand Prairie. Gary Lindsey of Grubb & Ellis represented the buyer, Smith Lawler Properties, and the seller, United Rentals Realty. The acquisition price was not disclosed.
IRVING, TEXAS — The Richland Companies has acquired Gateway South, a 78,195-square-foot office/flex building located in the Las Colinas submarket of Irving. Situated on approximately 5 acres at the intersection of Gateway and Commerce drives, the building is in close proximity to Gateway II, another Richland property. It was fully occupied at the time of closing by a tenant mix that includes C3 Primedia Solutions, Numantra LP, LESCO Distributing, PremRock Drywall Services, Billor Machine Tool Service and others. Michelle Kirsch of Richland Investments' Dallas office provided in-house representation for Richland. The seller and acquisition price were not released.
DALLAS — Dallas-based Henry S. Miller Brokerage has completed the sale of a 2.12-acre land parcel located at 2630 Royal Lane in Dallas. Currently used as parking and an ATM for the adjacent Bank of Texas, the site will be redeveloped into retail space by the new owner. Jim Turano of Henry S. Miller Brokerage represented the seller, Bank of Texas, N.A. Bobby Rollings of RBR Properties represented the buyer, Texas Forest Properties. The acquisition price was not disclosed.
HOUSTON — Houston-based Transwestern has completed a 118,150-square-foot build-to-suit project for Oceaneering International at Port Northwest in Houston. The space will be used by the tenant for the manufacturing of deep sea drilling equipment. Transwestern's development team was led by Sean Suffel and Mark Miller. Brian Gammill, also of Transwestern, represented Port Northwest's owner, TIAA-CREF, in lease negotiations. Doug Nicholson and John Nicholson of Grubb & Ellis represented Oceaneering. Port Northwest is a 75-acre industrial center located near the intersection of Sam Houston Tollway and U.S. Highway 290. Oceaneering is occupying space within a 1.3 million-square-foot bulk distribution facility that features 28-foot clear ceiling heights throughout most of the building and a 40-foot clear section that houses a 50-ton crane that services the entire building. In addition to the fit out, Transwestern developed an 89,000-square-foot speculative warehouse at the park. The next phase of development will include an additional 250,000 square feet of new space.