SAN ANTONIO — Marcus & Millichap has brokered the sale of Broadstone Ranch, a 252-unit multifamily community located in San Antonio. Situated on 13.63 acres at 5803 UTSA Blvd., the property serves as an off-campus housing option for the nearby University of Texas – San Antonio. Broadstone Ranch consists of 132 one-bedroom units, 84 two-bedroom units and 36 three-bedroom units. Amenities include a resort-style swimming pool. Will Bathrop of Marcus & Millichap's Dallas office and Ryan Epstein of the firm's San Antonio office represented the seller, San Francisco-based McMorgan & Co. The buyer was Brass Real Estate Funds and the acquisition price was not disclosed.
BURLESON, TEXAS — Encore Multi-Family, a division of Encore Enterprises, has commenced development of Encore at Alsbury, a new transit-oriented multifamily project located in the Fort Worth suburb of Burleson. The 12.25-acre property will feature 200 units. Also to be constructed is a 6,183-square-foot clubhouse that will feature a pool, a fitness center, a business center, a coffee bar and a game room. The project is being built within Burleson's new transit-oriented development district, which will link the city to Fort Worth through a commuter rail line. Groundbreaking is expected to occur in January, with completion scheduled for the first quarter of 2011. The project architect is Dallas-based JHP Architecture.
OWASSO, OKLA. — Stan Johnson Co. has completed the sale of a 14,820-square-foot, freestanding retail building located in Owasso. The building is situated at 11605 N. 135th East Ave. and was built this year. Walgreens has a 25-year lease to occupy the property. Brad Pepin of Stan Johnson Co. and Allen Klippel of CB Richard Ellis represented the buyer, an individual investor participating in a 1031 exchange. Ken Hedrick and Jerry Hopkins, also of Stan Johnson Co., represented the seller, a merchant Walgreens developer.
DALLAS — West Dixon Holdings has purchased a 21,000-square-foot flex office/warehouse property located in Dallas from B.J. Elkins. The building is situated on 1.05 acres at 2425 Arbuckle Court and contains three loading docks. Dan Spike of Dallas-based Henry S. Miller Brokerage represented the buyer. Nathan Denton and Hanes Chatham of Lee & Associates Dallas/Fort Worth office represented the seller. The acquisition price was not disclosed.
HOUSTON — Cadence McShane Construction Co. has completed two new industrial buildings at ClayPoint Distribution Park in Houston. Building 2 is a 98,324-square-foot facility and Building 3 is a 200,850-square-foot facility. Both buildings include numerous sustainable features, including the recycling and re-use of existing on-site asphalt during the build, a reflective roof, double-glazed windows and irrigation-free landscaping. As part of the project, Cadence McShane also completed sitework, utility and roadway improvements within the industrial park. The project architect was Seeberger + Associates. The developer of ClayPoint Distribution Park is Weingarten Realty Investors.
AUSTIN, TEXAS — RLA Real Estate has brought on a new partner in its ownership of a two-building, 80,476-square-foot industrial complex located in Austin. RLA was previously the sole owner of the property but decided to bring on an equity partner to help facilitate the refinancing of the property's mortgage. Asset Management Consultants (AMC) provided $2 million in equity to help procure a new loan and will retain an ownership stake. RLA and AMC formed a new joint venture ownership group named AIP Todd Lane LLC. An affiliate of AMC will serve as the managing member and RLA will continue day-to-day operation of the property. The industrial complex is located at 4109-4111 Todd Lane and was 92 percent occupied at the time of closing.
CORPUS CHRISTI, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $13.9 million in Freddie Mac funds for the refinancing of Alta Bayside, a 270-unit multifamily community located in Corpus Christi. The property is situated on approximately 15 acres at 1701 Ennis Joslin Road. It consists of 10 three-story buildings with an average unit size of 1,088 square feet. Community amenities include a clubhouse, a fitness center, a pool, a sand volleyball court, a game room, reserved boat parking and storage units. HFF's Matt Kafka secured the loan, which carries a 7-year term and an adjustable interest rate. Proceeds will be used to retire the property's existing construction loan. The borrower was Wood Partners.
SAN ANTONIO — Houston-based Cambridge Development Group has opened The Preserve on Fredericksburg, a 376-unit luxury apartment community located in San Antonio. Situated on 25 acres at 10422 Huebner Road, the project was designed by Dallas-based Humphreys & Partners utilizing the architect's Big House prototype, which places 10 to 14 units in a building that resembles a single-family residence. The Preserve will contain 35 such buildings with a mix of one- and two-bedroom units as well as private parking garages built into the structures. Community amenities include a clubhouse that features a trophy room, a fitness center, a business center, a gourmet kitchen and a conference room. Additional amenities include a two-level, outdoor swimming pool with a waterfall and oversized hot tub; an outdoor fire place; a California kitchen; a cabana and two dog parks. Sustainable features of The Preserve include energy-efficient windows, Energy Star-rated appliances, native landscaping and water conservation measures. Dallas-based CF Jordan served as general contractor for the project. Leasing and property management services are being provided by San Antonio-based The Lynd Company.
HOUSTON — Three new restaurants have joined the lineup at CITYCENTRE, Midway Companies' $500 million, 1.8 million-square-foot mixed-use development located in downtown Houston. Austin-based Eddie V's Prime Seafood is entering the Houston market with a 10,500-square-foot location. Also entering the Houston market is Yard House, an upscale-casual American restaurant that opened an 8,532-square-foot location. Finally, San Francisco-based Straits Restaurant has opened a 6,000-square-foot location on the ground floor of Hotel Sorella. It is the Singaporean restaurant's first location in Texas.
CARROLLTON, TEXAS — Dallas-based Bradford Commercial Real Estate Services/CORFAC International has brokered a 16,002-square-foot office/warehouse lease renewal in Carrollton. Nevill Business Machines occupies the flex space, which is located within Belt Line Place at 1301-05 W. Belt Line Road. Brian Pafford of Bradford represented the landlord, Aquiport DFWIP, in lease negotiations. David Little Real Estate represented the tenant.