IRVING, TEXAS — NorthMarq Capital has arranged $8.68 million in first-mortgage financing for Waterford at Valley Ranch, a 300-unit multifamily community located in Irving. The loan carries a 10-year term with a 30-year amortization schedule, and it was secured by William Haley with NorthMarq's Houston office. The borrower was Waterford at Valley Ranch LLC and the lender was Alliant Capital, a Fannie Mae DUS lender.
HOUSTON — Marcus & Millichap has completed the sale of Beechnut Business Park, a 37,920-square-foot industrial property located in Houston. The building was built in 2008 and is situated on a 108,753-square-foot land parcel at 12769 Beechnut St. Joshua Lass-Sughrue and Justin Miller of Marcus & Millichap's Houston office represented the seller, a financial institution. Lass-Sughrue and Jason Ridenbaugh, also of Marcus & Millichap's Houston office, represented the buyer, a private investor. The acquisition price was not disclosed but the property listed for $1.6 million.
ODESSA, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $3 million acquisition loan for West County Shopping Center in Odessa. The 112,771-square-foot retail property is located at the intersection of North County Road and 16th Street. It was 82 percent leased at the time of closing by a tenant roster that includes Save A Lot, Bealls, Dollar General, State Farm Insurance, Little Caesar's, H&R Block, Sally Beauty Supply, Family Dollar and Bank One. The loan, which carries a 5-year term and a fixed interest rate, was secured by Todd McNeill of MCA. The borrower is Kaufman Property Co. and the lender is a Dallas-based regional bank.
HOUSTON — WorleyParsons Group has signed a long-term lease expansion for 54,518 square feet of office space at Energy Center II in Houston. This most recent lease brings the company's total occupancy in the 305,585-square-foot building to 195,781 square feet. Louis Cushman and Courtney Estenson of Cushman & Wakefield of Texas represented the tenant in lease negotiations. The landlord, a joint venture between Trammell Crow Co. and Principal Real Estate Investors, was represented by Steve Rocher of CB Richard Ellis. Energy Center is a two-building, LEED-Gold certified office campus that totals 638,000 square feet. This most recent lease brings occupancy at the campus to approximately 88 percent.
The impact of today’s worldwide economic downturn and credit crunch is significant, but it is in no way the worst in history, especially for Houston. Houston was hit harder than other markets in the 1980s; in a way, this guaranteed that the city would be ahead of the rest of the nation in terms of avoiding a recession. Compared to the rest of the country, current demand for retail space in the area continues to be high, and the city has a relatively low vacancy rate of about 10 to 12 percent. Houston’s economy is still largely based on energy, but to a lesser extent than in years past. Houston’s growing population and strong economy continues to fuel a reasonably healthy retail market. A relatively low unemployment rate and a low cost of living are driving forces of the resilient market. In 2008, as most of the country was experiencing downsizing, Houston had a net gain of approximately 57,000 jobs in the region. Residents have continued to shop, but the habit of buying has changed — or it has at least slowed down a bit. Nonetheless, retailers consistently say Houston is one of the strongest performing markets in the country. …
DEER PARK, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged a build-to-suit industrial sale at Deerwood Glen Business Park in Deer Park.The buyer, Abrasive Products & Equipment, plans to construct a 15,000-square-foot facility on a 2.39-acre site that is situated along Highway 225. The new building will house a sales and service operation for the manufacturer's portable air blast and supplies equipment business. Doug Bates and Joel Hill of HSMB's Houston office were the sole brokers in the transaction between Abrasive Products & Equipment and the seller, Clay Development & Construction.
TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a Wachovia bank branch ground lease located in Austin. The building, which was constructed in 2005, totals 4,200 square feet and is located at 11302 FM 2222. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office, along with Stephen Stein of the firm's Los Angeles office, represented the undisclosed seller. Michael Shover, Tom Gorman and Matthew Gorman of Marcus & Millichap's Philadelphia office represented the buyer, a private investor.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Williamstown, a 272-unit multifamily community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan of H&P's Houston office arranged the deal between the buyer, locally based Optimum Williamstown LLC, and the seller, locally based Diep Residential. The acquisition price was not disclosed.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $34.43 million loan for the acquisition of The Cottages of Lubbock, an off-campus student housing community in Lubbock that serves the Texas Tech University community. The newly constructed, Class A property consists of 95 two-to-five bedroom, Craftsman-style structures containing a total of 241 units. Amenities include an 8,230-square-foot clubhouse that contains a screening room, a fitness center, a tanning salon, a business center, a billiards room, a computer lab and seating areas equipped with flat-screen televisions. Other amenities include a swimming pool, a large patio, a volleyball pit, fire pits and charcoal grills. The loan carries a 10-year term with a 30-year amortization schedule, a 75 percent loan-to-value ratio and a 1.3x debt-service coverage ratio. The borrower was Campus Living Villages. Will Baker of Walker & Dunlop led the lending team.