THE WOODLANDS, TEXAS — Groundbreaking has occurred for The Village at The Woodlands Waterway, a senior housing project located in The Woodlands. The project is situated at the corner of Grogan's Mill Road and Lake Robbins Drive on The Woodlands Waterway. It features 207 rental units in a mix of studio, one-bedroom and two-bedroom residences, as well as approximately 250,000 square feet of space. The community features extensive common areas, including a dining room that overlooks the Waterway. Other amenities include a living room, a library, bridge and billiard rooms, a theater, a computer room, and a fitness center with a pool. Cultural guild programs will be offered and the exterior of the project will feature landscaped courtyards. Houston-based Bridgewood Property Co. is developing the project, with Construction Supervisors serving as general contractor. The architect of record is Ambrose & House Architects and the design architect is Munoz + Albin Architects.
HOUSTON — CB Richard Ellis (CBRE) has brokered two Houston industrial leases totaling 88,229 square feet. In the first transaction, Ram Tool & Supply Co. has signed a lease for 61,229 square feet of warehouse and distribution space at Southport Business Park, which is located on South Loop. CBRE's John Simons represented Ram. John Kruse of Holt Lunsford represented the undisclosed landlord. In the second transaction, Terrapin Tire has renewed its lease for 27,000 square feet of warehouse space at Interpark Rankin Business Park, which is located at 1922 Rankin Rd. CBRE's Patrick Rollings represented the tenant. Tommy Brummett of Brummett & CO. represented the landlord, 1029 Interpark Rankin Associates, Ltd.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $5.31 million for the acquisition of The Lenox Apartments, a 164-unit multifamily community located in Houston. The non-recourse loan includes a 10-year term with a 5.86 percent interest rate. Brandon Brown of LMI secured the loan on behalf of the borrower, Axiom Equity Investments II. The lender was one of LMI's Fannie Mae DUS lending sources.
HOUSTON — Broadstone Real Estate has acquired a medical office building located in Houston in a sale-leaseback transaction. The seller is EyeCare Laser Center; the terms of the lease include a 15-year term with annual rent escalations. The property traded for $2 million. Broadstone made the purchase on behalf of Broadstone Net Lease, a private REIT formed by the company in 2007.
FORT WORTH, TEXAS — A partnership led by Fort Worth-based Atlas Properties has acquired Fort Worth's Historic Electric Building. The 18-story, 173,000-square-foot tower is located within the city's central business district. Constructed in 1929 as the home of the Texas Electric Service Co. as well as the Hollywood Theater, the property was converted into a multifamily property in 1996. It contains 106 apartment units and three retail spaces, and it is currently on the National Register of Historic Places. Occupancy was 88 percent at the time of closing. Atlas purchased the property as a principal in a partnership that also includes Dallas-based Silverado Investments and local investors. Atlas will manage the property and is planning a multi-phase renovation.
SLATON, TEXAS — Hendricks & Partners has brokered the sale of Century Heights Apartments, an 85-unit multifamily community located at 1305 W. Woodrow Rd. in Slaton. Greg Austin, Chip Nash and Jim Hearn of the Houston office of Hendricks & Partners, along with Tom Warren, Tom Burns and Jay Gunn of the firm's Dallas office, represented the seller, locally-based Century Heights/Windmill I, II, & III LLC. Additional assistance was provided by Meredith Wideman of Hendricks' Multi Family Brokerage Group. The buyer was Boca Raton, Fla-based Slaton Properties LP. The acquisition price was not disclosed.
CONROE, TEXAS — Houston-based Arch-Con Construction has completed a new Hampton Inn & Suites located in Conroe. The 105-room, 64,994-square-foot hotel is situated at 2242 Stoneside Rd. Hotel amenities include an outdoor swimming pool, a fitness center and a business center.
CANYON, TEXAS, AND WEATHERFORD, OKLA. — NorthMarq Capital has arranged a total of $6 million for the refinancing of two Collegiate Station student housing properties. Collegiate Station at Canyon contains 108 units and is located near West Texas A&M University in Canyon. Collegiate Station at Weatherford contains 120 units and is located near Southwestern Oklahoma State University in Weatherford. Robert Hernandez of NorthMarq's Tampa, Fla., office arranged the financing on behalf of the undisclosed borrower. The lender was First United Bank.
NEW BRAUNFELS, TEXAS — The Scooter Store has signed a lease for approximately 56,000 square feet of space at Comal Plaza in New Braunfels. The space will be used to accommodate the growth of the company, which is also headquartered in New Braunfels. The Scooter Store recently hired 500 new employees, half of whom will work at the new location. Nick Tarantino of the Austin office of Tarantino Properties represented the landlord in lease negotiations. Comal Plaza contains approximately 69,000 square feet of office and retail space, and is located at 603 Business I-35.
HOUSTON — Cushman & Wakefield of Texas has completed a lease for 70,000 square feet of manufacturing space at Greens Port Industrial Park in Houston. Metals Supply Co. will be occupying the space, which is located within Complex 21B at 1755 Federal Rd. B. Kelley Parker, John Littman and Coe Parker of Cushman & Wakefield's Houston office represented the landlord, Greensport/Ship Channel Partners in lease negotiations. Terms of the deal were not disclosed.