WACO, TEXAS — A new Homewood Suites by Hilton has opened within Waco's Legends Crossing mixed-use development. The four-story, 88-suite hotel is situated at the interchange of Interstate 35 and Highway 6, near Hillcrest Baptist Medical Center. It features one- and two-bedroom suites. Amenities include a swimming pool overlooking Legend Lake, a fitness center, a sports court, complimentary Internet access and approximately 1,100 square feet of meeting space. It is owned by Lalani Hospitality Group and will be managed by Lalani Lodging.
RICHMOND, TEXAS — The Houston office of Cadence McShane Construction Co. has topped out construction for OakBend Doctors Center – Southwest Freeway, a 60,000-square-foot medical office building located in Richmond. The new building is situated at the intersection of Southwest Freeway and Williams Way, and it will serve the adjacent OakBend Medical Center, a 90-bed acute care hospital that opened this past August. The three-story OakBend Doctors Center will offer medical office suites ranging in size from 1,200 square feet to a 17,000-square-foot full floor. Completion is scheduled for spring. Denver-based Marasco & Associates is providing the conceptual design for the project, and Seeberger + Associates is serving as the architect of record.
HOUSTON — Houston-based Transwestern has arranged the sale of Northwest One, a 126,802-square-foot office building located on Highway 290 in Houston's Northwest submarket. Approximately $1 million has been spent on capital improvements to the building in the past 5 years. Occupancy was 44 percent at the time of the sale. Transwestern's Rudy Hubbard and Leah Gallagher negotiated the deal between the buyer, FN Northwest One, and the undisclosed seller.
CARROLLTON, TEXAS — Grubb & Ellis has arranged the renewal of a lease for 143,000 square feet of manufacturing and distribution space at Valwood Business Park in Carrollton. The tenant is 4Front Engineered Solutions, which signed a long-term lease for the space at 1612 Hutton Drive. Blake Anderson and Blake Matthews of Grubb & Ellis provided tenant representation in the deal. Jim Brice of Holt Lunsford Commercial represented the landlord, Principal Real Estate Investors.
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.