HOUSTON — The Woodlands, Texas-based LMI Capital has secured a $7.5 million loan for the refinancing of a 380-unit multifamily project located in Houston. The loan, which was secured through the Fannie Mae DUS program by LMI’s Jami Mullin, carries a 10-year term, non-recourse. The parties involved were not disclosed.
SAN ANTONIO — Los Angeles-based Investment Real Estate Associates (IREA) has completed the sale of a 9,180-square-foot Family Dollar retail building, located in San Antonio. The building, which was constructed this year, is situated at 1826 Rigsby Ave. Clark Everitt and William Everitt, both of IREA, represented the seller, TI Rigsby LP, as well as the buyer, a private individual. The property traded for approximately $1 million.
IRVING, TEXAS — Cadence McShane Construction Co. has completed Northlake College – South Campus, a satellite campus for the Dallas County Community College District that is located in Irving. The two-story, 33,278-square-foot facility is situated on 11.72 acres at 1801 W. Shady Grove Rd. It features 15 classrooms, three computer labs, a science lab, a library, administrative areas, study lounges, a multi-purpose room, catering facilities, a GED testing suite, a law enforcement office, vending areas and a 225-space parking lot. The project architect was F&S Partners. Dallas County Community College District currently operates a network of seven colleges with more than 89,000 students.
HOUSTON — Several projects are complete or under way at Park 10, Wolff Companies’ 550-acre master-planned community located in the West Houston Energy Corridor. Along Park Row Boulevard, construction is advancing for four office projects. Woodcreek Development is working on The Reserve at Park 10, a 150,000-square-foot, Class A office building. Yancy Hausman recently completed a two-story, 32,000-square-foot headquarters building for Epic Energy. The National Association of Corrosion Engineers has also completed a two-story, 18,000-square-foot building on its existing campus. Finally, construction is under way for a new 66,000-square-foot building on Sercel’s 27-acre campus. Another project currently in the construction stage is a new $5.3 million fire station for the city of Houston. It is scheduled for completion in February 2010. Dallas-based Western International is also finalizing plans for the development of a 120-room Residence Inn by Marriott, which will be located at the corner of Barker-Cypress Road and Park Row. It will be situated near the new Medical Center – West, a 170-acre campus that will be the home to the west campuses of Texas Children’s Hospital and The Methodist Hospital. The $500 million first phase of the medical center is scheduled for completion in 2010. Finally, Moody National …
DALLAS — Baton Rouge, La.-based MAPP Construction has completed the renovation of Ernst & Young’s Dallas offices. Construction consisted of the renovation of five floors and 141,749 square feet within the One Victory Park building at Victory Park. MAPP added administrative areas, conference rooms and Intermediate Distribution Frame rooms with security mesh above and below the floor. The project also is applying for LEED-Silver certification. Sustainable components include an indoor air-quality plan, the use of low-VOC paints and materials, and a recycling program for construction materials.
HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital LLC has arranged two permanent fixed-rate loans to refinance an office park in Houston. Harwin Business Center, which was built in the early 1970s, features 221,954 square feet of office space in multiple buildings at 7540-7596 Harwin Dr. Grandbridge arranged the financing on behalf of VIP Investment No. 5. A correspondent life insurance company structured both 5-year loans at a 6-percent interest rate with 25-year amortizations.
DALLAS — Dallas/Fort Worth-based Realty Capital Partners (RCP) recently invested $1.3 million (through its recently formed RCP Northwest Crossing, Ltd.) in the acquisition of four Class B flex office buildings in Dallas. Located at the intersection of Northwest Highway and Loop 12, the buildings total 127,037 square feet. Felder Property Group, which approached RCP about the equity investment opportunity in May, will manage and lease the buildings.
SAN ANTONIO — Los Angeles-based Investment Real Estate Associates (IREA) has closed the sale of a Family Dollar store in San Antonio. Built in 2009, the 9,180-square-foot building is located at 1826 Rigsby Ave. William Everitt and Clark Everitt with IREA represented both the buyer, a private individual, and the seller, TI Rigsby, LP, in the transaction.
ARLINGTON, TEXAS — Chuy’s, an Austin, Texas-based Tex-Mex concept, has opened its new location in Arlington. The restaurant is located at The Retail Connection’s Arlington Highlands development, a 1.5-million-square-foot power center at the northeast corner of Interstate 20 and Matlock Road. Dallas-based Foremark handled the acquisition, entitlement and project management of the site. Parkway Construction & Associates managed the building’s design and construction. This marks Chuy’s third location in the Dallas/Fort Worth market.
HOUSTON — Midway Cos. has opened Domain at CITYCENTRE. The 370-unit multifamily complex offers amenities that include three courtyards, a swimming pool, a fitness center and a clubroom. CITYCENTRE is a mixed-use, $500 million development that covers 1.8 million square feet of retail, restaurants, offices, and residential living in downtown Houston.