DEER PARK, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged a build-to-suit industrial sale at Deerwood Glen Business Park in Deer Park.The buyer, Abrasive Products & Equipment, plans to construct a 15,000-square-foot facility on a 2.39-acre site that is situated along Highway 225. The new building will house a sales and service operation for the manufacturer's portable air blast and supplies equipment business. Doug Bates and Joel Hill of HSMB's Houston office were the sole brokers in the transaction between Abrasive Products & Equipment and the seller, Clay Development & Construction.
TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a Wachovia bank branch ground lease located in Austin. The building, which was constructed in 2005, totals 4,200 square feet and is located at 11302 FM 2222. Philip Levy and Jason Vitorino of Marcus & Millichap's Dallas office, along with Stephen Stein of the firm's Los Angeles office, represented the undisclosed seller. Michael Shover, Tom Gorman and Matthew Gorman of Marcus & Millichap's Philadelphia office represented the buyer, a private investor.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Williamstown, a 272-unit multifamily community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan of H&P's Houston office arranged the deal between the buyer, locally based Optimum Williamstown LLC, and the seller, locally based Diep Residential. The acquisition price was not disclosed.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $34.43 million loan for the acquisition of The Cottages of Lubbock, an off-campus student housing community in Lubbock that serves the Texas Tech University community. The newly constructed, Class A property consists of 95 two-to-five bedroom, Craftsman-style structures containing a total of 241 units. Amenities include an 8,230-square-foot clubhouse that contains a screening room, a fitness center, a tanning salon, a business center, a billiards room, a computer lab and seating areas equipped with flat-screen televisions. Other amenities include a swimming pool, a large patio, a volleyball pit, fire pits and charcoal grills. The loan carries a 10-year term with a 30-year amortization schedule, a 75 percent loan-to-value ratio and a 1.3x debt-service coverage ratio. The borrower was Campus Living Villages. Will Baker of Walker & Dunlop led the lending team.
FOREST HILL, TEXAS — SCM Real Estate has completed the acquisition of 3217 California Pkwy., a single-story, 21,875-square-foot bank branch building located in Forect Hills. SCM's Theron Bryant represented the local buyer, Texas Stockyards Llano. Bryan Graham of CB Richard Ellis represented the out-of-state seller, BREOF BNK2 Texas LP. Subsequently, Bryant represented the new owner in the sale of a 10,600-square-foot condo interest in the property to the City of Forest Hill. The City plans to construct a new city hall that will contain a larger council chamber, additional offices and drive-thru lanes for water department customers. The city's police and fire departments are considering space at the new facility as well. Chase Bank will remain a tenant at the building, occupying 11,275 square feet.
HOUSTON — The grand opening has been held for The Shops at Stone Park, a new retail center located at the intersection of Beltway 8 and Wallisville Road in Houston. The 259,000-square-foot power center was developed by a joint venture between NewQuest Properties and Ley-Wilson Properties. Tenants include JC Penney, Best Buy, Marshalls, Rack Room Shoes, Party City, Dress Barn, rue 21 and Mattress Giant. Chick Fil-A and Staples are scheduled to open in February 2010. Occupancy is currently 91 percent. The Shops at Stone Park is the third major project at the intersection that the joint venture has constructed, bringing the total amount of retail space built to approximately 700,000 square feet.
FORT WORTH, TEXAS — McCarthy Building Cos. has commenced construction for a $47 million water treatment plant in Fort Worth. The Fort Worth Westside Water Treatment Plant will initially be able to treat up to 12 million gallons of water per day and will have future expansion capability. The project will include the construction of an ozone contact basin, flocculation and sedimentation basins, filters and a membrane facility, an operations building, wash water recovery basins, a recycle pump station, a 2.5 million-gallon storage tank, a high-service pump station, an ozone chemical building and an electrical building. Completion of the project is scheduled for January 2012.
DALLAS — The Dallas office of Grubb & Ellis has completed the sale of a 50,000-square-foot industrial building located at 2607 Vinson St. in Dallas. Grubb & Ellis' Gary Lindsey represented the buyer, Federal Resources Inc., as well as the undisclosed seller in the transaction. The sale price was not disclosed.
SAN ANTONIO — Hendricks & Partners (H&P) has brokered the sale of Windsor Village, a 124-unit multifamily community located at 5341 Gawain Dr. in San Antonio. Scott Weems of H&P's San Antonio office and Ellen Muskin of the firm's Austin, Texas, office represented the seller, Santa Rosa, Calif.-based SA Windsor Village Apartments LP. The buyer was Boerne, Texas-based Calton Investments. The acquisition price was undisclosed.