HENDERSON, TEXAS — A private investor recently purchased a 77-room Best Western Inn in Henderson for an undisclosed amount. Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, also a private investor. Yu and Bijlani also helped the buyer secure financing.
PASADENA, TEXAS — Cadence McShane Construction Co. has completed Kruse Replacement Elementary School, a 99,000-square-foot elementary school located in the 400 block of Park Lane in Pasadena. The school features 44 classrooms, 17 science laboratories, a gymnasium with a stage, a library, a cafeteria and administrative offices. Cadence McShane also completed the landscaping for the property and constructed a 136-space parking lot. The project architect was Dansby & Miller Architects. The school was constructed on behalf of the Pasadena Independent School District, which operates 34 elementary schools, eight middle schools, 10 intermediate schools, five high schools and four alternative education schools.
SPRING, TEXAS — The J. Beard Real Estate Company has brokered the purchase of a 31,799-square-foot land parcel, located at the intersection of Sawdust and Grogan’s Mill roads in Spring. The buyer, Gera Investments, plans to build a Burger King on the property. Zach Armstrong of J. Beard represented the seller, Woodforest National Bank. The acquisition price was not disclosed.
AUSTIN, TEXAS — Grubb & Ellis Realty Investor has leased 24,335 square feet of office space at The Avallon, a five-building, Class A office complex located in Austin. Trion World Network will occupy space within Building IV, which is situated at 10814 Jollyville Rd. Lauren Spaeth of Grubb & Ellis’ Austin office represented the landlord, Grubb & Ellis Realty Investors, in lease negotiations. Chris Perry and Sloan Spaeth of Aquila Commercial represented Trion World Network. The Avallon contains approximately 318,000 square feet of office space and is currently 97 percent leased.
DALLAS — Henry S. Miller Brokerage has completed a lease for the relocation and expansion of USA Pallet & Logistics’ headquarters. Currently located in South Dallas on Bronze Way, USA Pallet & Logistics will relocate to 2829 Sea Harbor in a 233,529-square-foot, single-tenant building. Situated on 9.06 acres, the new building includes 5,000 square feet of office space and tilt-wall construction. USA Pallet & Logistics was represented by Pete Richardson and Drew Richardson of Henry S. Miller Brokerage in lease negotiations. The landlord, TA Reality Associates Fund, was represented by Jim Brice of Holt Lunsford Commercial.
LUBBOCK, TEXAS — Alliant Capital has provided a $3.04 million loan for the refinancing of a Lubbock apartment community. Raider Station is a 103-unit, garden-style property that comprises nine, two-story buildings. The loan carries a 5.67 percent interest rate, a 10-year term with a 30-year amortization schedule, and 9.5 years yield maintenance. The borrower was not disclosed
HOUSTON — BMC Capital has originated a $4.35 million loan for the refinancing of Spring Branch Apartments, a 140-unit multifamily community located in Houston. The loan carries a 10-year term with a 27-year amortization schedule and a fixed interest rate. The borrower and lender were not disclosed. In addition, BMC originated a $510,000 construction-to-permanent loan for the acquisition and renovation of a restaurant property located in Euless, Texas. The building will be converted to a Golden Chick Restaurant. The loan features a 5-year term with a 25-year amortization schedule, a fixed interest rate and a 75 percent loan-to-value ratio.
HOUSTON — Sacramento, Calif.-based Panattoni Development Co. is developing a 94,000-square-foot, build-to-suit data center on behalf of CyrusOne. The facility is situated within Beltway 8 Corporate Centre, which is located along the North West Beltway in West Houston. The data center will feature redundant utility power feeds and access to one of Houston’s major telecommunications fiber corridors. Completion is slated for November. John Pruitt, Jessica Ochoa and Kristen Rabel of CB Richard Ellis, along with Justin Bennett of Panattoni, represented Panattoni in lease negotiations for the facility. CyrusOne was represented by Brant Bernet and Peter Tippen of Rackhouse, as well as Anthony Fritsche of Fritsche Anderson. Metzer Construction is serving as general contractor for the project. Acquisition financing is being provided by Sovereign Bank.
FORT WORTH, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged the sale and subsequent lease of a 14,000-square-foot industrial building located in Fort Worth. The facility is situated on 5 acres at 13201 Harmon Rd. It features 4,000 square feet of finished office space, 1,500 square feet of auxiliary space, grade-level loading and a 3.5-acre storage yard behind the building. The property was purchased by a local investment group. It will be occupied by Newport News, Va.-based Ferguson Enterprises, which will operate the location as the regional headquarters for its waterworks division. Terms of the lease included substantial TI allowances for property improvements, specifically to the storage yard behind the building. The seller is Best Texas Plumbing. HSMB’s Jim Hazard, Brett Heinan and Todd Hawpe were the sole brokers in the transaction.
ARLINGTON, TEXAS — Construction is advancing for the new Science & Academic Building at Tarrant County College’s Southeast Campus, located in Arlington. The three-story building totals 120,000 square feet. Once complete in late 2010, it will house the school’s Life Science and Computer Science programs. It will feature a 150- to 200-student lecture hall, general purpose classrooms, teaching science laboratories, a common prep area, student gathering areas and a three-story atrium. The project is also applying for LEED-Gold certification and is part of the college’s master plan for a new science and technology corridor on the campus. The project architect is Plano, Texas-based SHW Group and the general contractor is the Dallas office of Turner Construction Co.