OKLAHOMA CITY — Walton Construction Co. has been selected to build a new defense and logistics warehouse and distribution center at Tinker Air Force Base in Oklahoma City. The $20.4 million project will comprise a 165,000-square-foot warehouse incorporating a mechanized material handling system. The U.S. Army Corps of Engineers will be seeking LEED-Silver certification for the project, with sustainable features that include the use of local construction materials, high-efficiency energy systems and a reflective roof. Completion is slated for spring 2011. The project architect is Orlando, Fla.-based MRI Architectural Group.
DALLAS — The Dallas office of NorthMarq Capital has arranged $32 million in first-mortgage financing for St. Moritz Apartments, a 392-unit multifamily community located in Dallas. The loan carries a 10-year term and a 30-year amortization schedule. Phillip Bankhead of NorthMarq secured the financing for the borrower, Berkeley Industries, through the lender, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
AUSTIN, TEXAS — Marcus & Millichap has completed the sale of a Wachovia bank ground lease located in Austin. The property, which contains a 4,200-square-foot building net leased to the bank, is located at 11302 FM 2222. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office and Stephen Stein of the firm's Los Angeles office represented the seller, an undisclosed partnership. Tom Gorman, Matthew Gorman and Michael Shover of Marcus & Millichap's Philadelphia office represented the buyer, a private investor participating in a 1031 exchange. The acquisition price was not disclosed.
IRVING, TEXAS — Marcus & Millichap has completed the sale of Highland Oaks, a 91-unit apartment community located in Irving. The property was constructed in 1970 and renovated in 2008. The units average 1,082 square feet in size and mostly contain two bedrooms. Nick Fluellen of Marcus & Millichap's Dallas office represented the seller, a local investor. Will Tolliver, also of Marcus & Millichap's Dallas office, procured the buyer, a limited partnership. Marcus & Millichap also completed the sale of a 9,014-square-foot Dollar General store located at 1811 E. Mayfield Rd. in Arlington, Texas. Drew Isaac and Scott Wayne of Marcus & Millichap's Denver office represented the seller, a limited liability company, and Nick Simpson of the firm's Encino, Calif., office represented the buyer, a private investor. Tim Speck of Marcus & Millichap's Dallas office assisted in the transaction.
CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.
HOUSTON — CB Richard Ellis has brokered a lease for the former Circuit City space located at Fairway Centre III in Houston. Conn Appliances will occupy the 30,338-square-foot space, which is situated at the intersection of Beltway 8 and Fairmont Parkway. Jazz Hamilton, Alex Makris and Matt Keener of CB Richard Ellis represented the landlord, Trammell Crow Co., in lease negotiations.
PARIS, TEXAS, AND TEXARKANA, ARK. — Newcrest Hotels has opened two Holiday Inn Express Hotels. The first is an 84-room property located in Paris and the second is an 87-room property located in Texarkana. Both are managed by Newcrest Management LLC under a license agreement with InterContinental Hotels Group. Newcrest Hotels now owns and manages seven Holiday Inn hotels in Texas and Oklahoma. It also has four additional Holiday Inn Express hotels under development in Texas and Arkansas, and two Candlewood Suites hotels under development in Texas.
EL PASO, TEXAS — ProLogis has leased 354,000 square feet of distribution space in El Paso to CEVA Logistics. The supply chain company will occupy space within Vista Del Sol Industrial Center III, which is located on Loma Verde Drive near El Paso International Airport. Terms of the lease were not disclosed. CEVA now occupies approximately 4.9 million square feet of ProLogis distribution space across North America and Europe.
HOUSTON — NorthMarq Capital has arranged a total of $41.2 million in first-mortgage financing for two Houston apartment communities. A $29.2 million loan was secured for The Promenade at Jersey Village, a 596-unit property, and a $12 million loan was secured for The Promenade at Cullen Park, a 264-unit community. Both loans carry 10-year terms, with 2 years interest only, and 30-year amortization schedules. The lender was Freddie Mac. Brant Smith of NorthMarq's Houston office arranged both loans.
FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has completed the sale of a 203,822-square-foot office/warehouse property located in Fort Worth. The building is situated at on 7.8 acres at 7410 Pebble Dr. within the 97-acre Riverbend Tech Center. The buyer, locally based Nuclear Logistics, plans to consolidate four of its area offices into the new building, which will also provide room for expansion. The seller was locally based Klabzuba Oil & Gas. Todd Lambeth of Bradford was the sole broker in the transaction. The acquisition price was not released.