DALLAS — Marcus & Millichap has brokered the sale of the Comerica Bank Building, a 72,263-square-foot office property located in Dallas. The Class B asset is situated on approximately 2.7 acres at 6510 Abrams Rd. It was constructed in 1980 and was 55 percent occupied at the time of closing. Craig Lewin and Patrick Giles of Marcus & Millichap's Dallas office represented the seller, an undisclosed partnership. The buyer's name was also not released.
NORTH RICHLAND HILLS, TEXAS — Surgical mask manufacturer Prestige Ameritech is expanding its operations into North Richland Hills. The company will occupy a 220,000-square-foot manufacturing facility located at 7201 Iron Horse Blvd. beginning in January 2010. It plans to employ more than 400 workers at the facility by 2015. The Iron Horse Boulevard building was previously occupied by Kimberly-Clark but has sat vacant since the company relocated its operations in 2001. Terms of the lease and the landlord's name were not disclosed.
HOUSTON — Cadence McShane Construction Co. has completed La Maison, a 423-unit luxury apartment community located in Houston's River Oaks submarket. Situated on 5.3 acres at 2727 Revere St., the project consists of adjoining four- and five-story buildings designed in the New Orleans Garden District style. The community is subdivided into five separate areas, each containing courtyards with pools, fountains and extensive native landscaping. The project also features an arched entry with a grand fountain as well as ornate brick columns, wrought iron fencing and gas lamps throughout the development. Other amenities include a six-level parking garage and a clubhouse that features leasing and management offices, a business center, and recreational facilities. The developer of La Maison is ZOM Inc. and the project architect is RTKL Associates.
HOUSTON — Dominium Development & Acquisition has purchased Chateau Village Apartments, a 150-unit affordable housing community located in Houston. The buyer plans to complete several improvements to the property, including new landscaping and updates to the community building. Unit improvements include new lighting, flooring fixtures, appliances, counters, cabinets and paint. Dominium also plans to rename the community St. James Village Apartments. The seller the purchase price were not disclosed.
CARROLLTON, TEXAS — Arbor Commercial Funding has secured $3.2 million in Fannie Mae DUS financing for Marsh Highland Apartments, a 102-unit multifamily community located in Carrollton. The loan carries a 10-year term, a 30-year amortization schedule and a 5.54 percent interest rate. John Edwards of Arbor's Boston office originated the loan on behalf of the undisclosed borrower.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the $120 million recapitalization of the W Hotel & Residences currently under construction in Austin. HFF's Whitaker Johnson arranged the new 5-year construction loan, which was originated by CLG Hedge Fund, an affiliate of Beal Bank Nevada. The loan replaces the original $165 million construction loan that was financed by now-defunct Corus Bank. As part of the recapitalization, the project's owners, Stratus Properties and Canyon-Johnson Urban Fund, will contribute $45 million in equity. The W Hotel & Residences is slated for completion in December 2010. Plans call for a 252-room W Hotel, 159 residential units on the tower's upper floors, approximately 54,000 square feet of retail and office space, an entertainment venue operated by Live Nation and a new studio for KLRU-TV's “Austin City Limits” television show.
FLORESVILLE, TEXAS — Marcus & Millichap has brokered the sale of Floresville, Medical Office Building, a 20,000-square-foot healthcare property located in Floresville. The building was constructed in 2005 and is situated at 497 Tenth St. Tanner McGraw of Marcus & Millichap's Houston office represented the seller, a Texas-based developer, and the buyer, a Texas limited liability company.
HOUSTON — Houston-based Holt Lunsford Commercial has arranged the sale of a 22,000-square-foot office/warehouse flex property located in Houston. The building is situated on 1 acre at 3616 Pinemont Drive/ Clay Pritchett and Troy Collins of Holt Lunsford represented the seller, Kevlor Management. The buyer, Howell Adkins, did not utilize outside representation. The acquisition price was not disclosed.
HOUSTON — Lone Star College System (LSCS) has selected the Houston office of Cadence McShane Construction Co. to complete the build-out of its new campus. LSCS recently acquired the former Hewlett Packard office campus, a five-building, 1.2 million-square-foot property that is located at 20515 State Highway 249 in Houston, and plans to use it as a new campus. The school plans to use it as its new consolidate Houston campus. Construction will include extensive renovations to the building interiors, envelopes, core and shell, parking deck and immediate grounds. Once the project is complete, which is expected in June 2010, LSCS will relocate several departments from its existing administrative offices in The Woodlands, Texas, as well as its Williow Chase Center operations in Houston. The project architects are Kirksey Architecture and VLK Architects.
FORT WORTH, TEXAS — Lee & Associates has completed the lease of 138,500 square feet of industrial space at 6401 Will Rogers Blvd. in Fort Worth. The tenant is Core-Mark International, a marketer of supply solutions for the convenience retail industry. Trey Fricke of Lee & Associates' Dallas/Fort Worth office, along with Clif Fincher of the firm's Orange County, Calif., office, represented Core-Mark in lease negotiations. Bob Scully of CB Richard Ellis represented the landlord, Madison Warehouse Corp.