HOUSTON — Grubb & Ellis has arranged a sublease for 53,232 square feet at Wedge Tower, an office building located at 1415 Louisiana St. in downtown Houston. The subtenant, Eagle Rock Energy Partners, will be relocating from its Houston location at 16701 Greenspoint Dr. The sublessor is Dominion Exploration & Production. Jim Arket and Mona Williams of Grubb & Ellis represented Dominion in negotiations. Joe Peddie, David Guion and Hugh Hermann of Cushman & Wakefield represented Eagle Rock. Terms of the lease were not disclosed.
DALLAS — Marcus & Millichap has completed the sale of Villas at Montierra, a 357-unit apartment community located in Dallas. The property is located at 1721 John West Rd. It was built in 1984 and renovated in 2007. Nick Fluellen and Will Tolliver of Marcus & Millichap's Dallas office represented the seller, The Bascom Group. George Miller of Marcus & Millichap's Seattle office represented the buyer, a California-based private investor. Alex Inman of the Dallas office of Marcus & Millichap Capital Corp. arranged financing for the acquisition. The purchase price was not disclosed.
SAN ANTONIO — Arbor Commercial Funding has arranged $2.71 million in Fannie Mae DUS financing for Acadia Place Apartments, a 140-unit multifamily community located in San Antonio. The loan, which will be used to refinance the property, carries a 10-year term, a 30-year amortization schedule and a 6.11 percent interest rate. Jay Porterfield of Arbor's Plano, Texas, office originated the loan.
LUMBERTON, TEXAS — Hunington Properties has brokered the sale of a CVS/pharmacy located in Lumberton. The 11,945-square-foot building is situated on a 62,421-square-foot land parcel at 10 South LHS Dr. Sandy Aron of Hunington Properties represented the seller, Old Westheimer Pharmacy, Ltd. Wu 1979 Trust, a California-based family trust, purchased the pharmacy for an undisclosed amount.
IRVING, TEXAS — Universal Technical Institute has purchased Regent Office Center, a two-story, 108,800-square-foot office building located at 5151 Regent Blvd. in Irving. Josh White and Rob Kingsbury of Jones Lang LaSalle represented the buyer. Richard Crow and Marc Myers provided in-house representation on behalf of the seller and developer of the property, Myers Crow Co. The acquisition price was not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Village Shops Westheimer, a 64,813-square-foot, multi-tenant retail property located in Houston for $7.3 million. Built in 1984, the shopping center is situated on 4.95 acres at 12280 Westheimer Rd. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a California-based limited liability company. The buyer is a Texas-based limited liability company.
KATY, TEXAS — Construction has commenced for The Shops on Grand Parkway, a new 12,075-square-foot retail project located in Katy. The new property will be situated at the intersection of Grand Parkway and Bellaire Boulevard within the 100-acre, master-planned Bella Terra development. Tenants already signed include Subway, Bright Now Dental and a national hair salon. It will be shadow-anchored by a new Walmart Supercenter. Completion is scheduled for March 2010. Hunington Properties is developing, managing and leasing the project.
SAN ANTONIO — The new Hotel Indigo San Antonio Riverwalk has opened its doors. Situated on the north end of the city's famed Riverwalk, the hotel contains 149 suites. Construction consisted of the renovation and conversion of an existing hotel. It is owned by RW Hotel Associates and managed by Trans Inns Management under a license agreement with InterContinental Hotels Group. In addition, the new Hotel Indigo San Antonio at the Alamo is schedule to open this winter across from the Alamo. The hotel is located within the historic Gibbs Building; it contains 91 rooms, including 28 suites. It is owned by 1909 Ltd. and will be managed by InterContinental Hotels Group. Both hotels will feature a restaurant and a bar, meeting space and a fitness center. Hotel Indigo already has two Texas locations opened in Dallas and Houston.
ADDISON, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged $4.5 million in acquisition financing for the purchase of Addison II, a two-story, 181,000-square-foot office/flex property located in Addison. The property is situated on 11.2 acres at 4550 Excel Pkwy. and was 60 percent occupied at the time of closing. The financing contains a 5-year term and a 6.75 percent fixed interest rate. The lender was Aetna Health & Life Insurance and the borrower was Luzzatto Real Estate Value Fund I. Brandon Chavoya of HFF's Dallas office arranged the loan.
AUSTIN, TEXAS — A $3.35 million permanent loan has been secured for Bluff Springs Apartments in Austin. The Class B, garden-style community contains 104 units in 16 two-story buildings. Amenities include a leasing office/clubhouse as well as a pool with an adjoining spa and a terraced deck. The community was constructed in 1985 and renovated in 2008. Occupancy was 98 percent at the time of closing. Jamie Dick of Newmark Realty Capital arranged the loan on behalf of the borrower, a San Diego-based apartment investor. Jay Thomas of Walker & Dunlop led the lending team, which procured the financing through Fannie Mae. The loan includes a 5.52 percent interest rate, a 10-year term with a 30-year amortization schedule, and a 75 percent loan-to-value ratio with a 1.47x debt-service coverage ratio.