HOUSTON — Marcus & Millichap has brokered the sale of Village Shops Westheimer, a 64,813-square-foot, multi-tenant retail property located in Houston for $7.3 million. Built in 1984, the shopping center is situated on 4.95 acres at 12280 Westheimer Rd. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a California-based limited liability company. The buyer is a Texas-based limited liability company.
KATY, TEXAS — Construction has commenced for The Shops on Grand Parkway, a new 12,075-square-foot retail project located in Katy. The new property will be situated at the intersection of Grand Parkway and Bellaire Boulevard within the 100-acre, master-planned Bella Terra development. Tenants already signed include Subway, Bright Now Dental and a national hair salon. It will be shadow-anchored by a new Walmart Supercenter. Completion is scheduled for March 2010. Hunington Properties is developing, managing and leasing the project.
SAN ANTONIO — The new Hotel Indigo San Antonio Riverwalk has opened its doors. Situated on the north end of the city's famed Riverwalk, the hotel contains 149 suites. Construction consisted of the renovation and conversion of an existing hotel. It is owned by RW Hotel Associates and managed by Trans Inns Management under a license agreement with InterContinental Hotels Group. In addition, the new Hotel Indigo San Antonio at the Alamo is schedule to open this winter across from the Alamo. The hotel is located within the historic Gibbs Building; it contains 91 rooms, including 28 suites. It is owned by 1909 Ltd. and will be managed by InterContinental Hotels Group. Both hotels will feature a restaurant and a bar, meeting space and a fitness center. Hotel Indigo already has two Texas locations opened in Dallas and Houston.
ADDISON, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged $4.5 million in acquisition financing for the purchase of Addison II, a two-story, 181,000-square-foot office/flex property located in Addison. The property is situated on 11.2 acres at 4550 Excel Pkwy. and was 60 percent occupied at the time of closing. The financing contains a 5-year term and a 6.75 percent fixed interest rate. The lender was Aetna Health & Life Insurance and the borrower was Luzzatto Real Estate Value Fund I. Brandon Chavoya of HFF's Dallas office arranged the loan.
AUSTIN, TEXAS — A $3.35 million permanent loan has been secured for Bluff Springs Apartments in Austin. The Class B, garden-style community contains 104 units in 16 two-story buildings. Amenities include a leasing office/clubhouse as well as a pool with an adjoining spa and a terraced deck. The community was constructed in 1985 and renovated in 2008. Occupancy was 98 percent at the time of closing. Jamie Dick of Newmark Realty Capital arranged the loan on behalf of the borrower, a San Diego-based apartment investor. Jay Thomas of Walker & Dunlop led the lending team, which procured the financing through Fannie Mae. The loan includes a 5.52 percent interest rate, a 10-year term with a 30-year amortization schedule, and a 75 percent loan-to-value ratio with a 1.47x debt-service coverage ratio.
OKLAHOMA CITY — Walton Construction Co. has been selected to build a new defense and logistics warehouse and distribution center at Tinker Air Force Base in Oklahoma City. The $20.4 million project will comprise a 165,000-square-foot warehouse incorporating a mechanized material handling system. The U.S. Army Corps of Engineers will be seeking LEED-Silver certification for the project, with sustainable features that include the use of local construction materials, high-efficiency energy systems and a reflective roof. Completion is slated for spring 2011. The project architect is Orlando, Fla.-based MRI Architectural Group.
DALLAS — The Dallas office of NorthMarq Capital has arranged $32 million in first-mortgage financing for St. Moritz Apartments, a 392-unit multifamily community located in Dallas. The loan carries a 10-year term and a 30-year amortization schedule. Phillip Bankhead of NorthMarq secured the financing for the borrower, Berkeley Industries, through the lender, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
AUSTIN, TEXAS — Marcus & Millichap has completed the sale of a Wachovia bank ground lease located in Austin. The property, which contains a 4,200-square-foot building net leased to the bank, is located at 11302 FM 2222. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office and Stephen Stein of the firm's Los Angeles office represented the seller, an undisclosed partnership. Tom Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the buyer, a private investor participating in a 1031 exchange. The acquisition price was not disclosed.
IRVING, TEXAS — Marcus & Millichap has completed the sale of Highland Oaks, a 91-unit apartment community located in Irving. The property was constructed in 1970 and renovated in 2008. The units average 1,082 square feet in size and mostly contain two bedrooms. Nick Fluellen of Marcus & Millichap's Dallas office represented the seller, a local investor. Will Tolliver, also of Marcus & Millichap's Dallas office, procured the buyer, a limited partnership. Marcus & Millichap also completed the sale of a 9,014-square-foot Dollar General store located at 1811 E. Mayfield Rd. in Arlington, Texas. Drew Isaac and Scott Wayne of Marcus & Millichap's Denver office represented the seller, a limited liability company, and Nick Simpson of the firm's Encino, Calif., office represented the buyer, a private investor. Tim Speck of Marcus & Millichap's Dallas office assisted in the transaction.
CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.
