FRISCO, TEXAS — Atlanta-based Post Properties is nearing completion for Post Sierra at Frisco Bridges, a 269-unit luxury apartment community located in Frisco. The community comprises four-story buildings with one- and two-bedroom apartments that range in size from 600 to 1,300 square feet and range in price from $750 to $1,550 per month. Community amenities include wine lockers, a clubroom with a demo kitchen and flat screen televisions, a fitness center, an Internet café and a swimming pool. Post Sierra also features 30,000 square feet of retail space. It is part of the 36-acre Sierra Frisco master-planned project that is currently under development. The apartment project broke ground in late 2007; first move-ins are expected in April.
CORINTH, TEXAS — Marcus & Millichap has brokered the sale of a Christian Brothers Automotive located on South Interstate 35E in Corinth. The store was constructed in 2007 and is situated on 0.69 acres. It is currently under a 15-year, triple-net lease. Jason Vitorino, Tommy Tucker and Philip Levy of Marcus & Millichap’s Dallas office represented the seller, a Texas-based limited partnership. The property was acquired by a California-based private investor that was represented by a Los Angeles-based broker. The acquisition price was not disclosed.
DENTON, TEXAS — The Denton office of BMC Capital has arranged a $2.4 million acquisition loan for a retail property located at 717 Stemmons Freeway in Denton. The undisclosed borrower plans to use the proceeds to convert the property, a former health club, in office space. The renovation will also add 10,000 square feet to the property. The loan was originated by BMC Capital through Legacy Bank Texas.
TEMPLE, TEXAS — Mumford Co. has brokered the sale of a 99-room hotel located near Interstate 35 in Temple. In addition to guestrooms, the hotel features food and beverage options that include a separate lounge. Mike Francis of Mumford’s Dallas office negotiated the transaction between the buyer, Managal Murty LLC, and the seller, GE Capital Corp. The buyer plans to renovate and re-open the hotel. The acquisition price was not disclosed.
PECOS, TEXAS — Kansas City, Mo.-based JE Dunn Construction has been selected as construction manager for repairs to the Reeves County Detention Center, located in Pecos. More than half of the complex, which consists of 18 buildings housing 2,400 inmates, was burned in a riot that occurred earlier this month. JE Dunn will complete demolition work, renovations and repairs, and aesthetic upgrades that are estimated to cost $20 million. The project architect is LMD Architects. The construction timetable was not disclosed.
ROUND ROCK, TEXAS — Jacksonville, Fla.-based Regency Centers has leased 30,000 square feet of space within Market at Round Rock, a 123,046-square-foot shopping center located at 110 N. Interstate 35 in Round Rock. The space, which was formerly occupied by Albertsons, was leased to Phoenix-based natural foods grocer Sprouts Farmers Market. The store is scheduled to open in the fall. Sprouts currently operates 31 locations in Arizona, California, Colorado and Texas. Out of the Texas locations, it operates seven stores in the Dallas area, with more scheduled to open in the Austin area.
EL CAMPO, TEXAS — Weslaco, Texas-based Davis Equity Realty has completed construction of El Campo Town Center, a retail property located at the intersection of Loop 2765 and Highway 71 in El Campo. The development is anchored by Tractor Supply and shadow-anchored by Wal-Mart. Additional tenants include The Mattress Shop, Hibbett Sports, Dollar Tree and Cato. The project was developed by Dale Davis of Davis Equity Realty; it also is being managed by the company. The project is currently 100 percent leased.
OKLAHOMA AND TEXAS — Arbor Commercial Funding has arranged three loans totaling $5.11 million for three multifamily communities. Jay Portenfield of Arbor’s Dallas office secured the loans through the Fannie Mae DUS product line. In Broken Arrow, Okla., a $2.18 million loan was secured for the refinancing of the 120-unit Treetops Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.83 percent interest rate. In San Antonio, a $1.6 million loan was secured for the 64-unit Amber Square multifamily property. The loan also carries a 10-year term and 30-year amortization, but with a 6.11 percent note rate. Finally, in Universal City, Texas, a $1.33 million loan was secured for the 61-unit Pebble Beach Apartments. The loan carries identical terms to the financing arranged for Amber Square. The borrowers were not disclosed.
HOUSTON — Houston-based BRAVE / Architecture has completed the design for the new Sicardi Gallery located in Houston’s Museum District. The new gallery, which is Sicardi’s second, will total 5,200 square feet and will be located near Renzo Piano’s Menil Collection. The facility will host contemporary exhibits from Latin American artists. BRAVE designed the building in an effort to put an emphasis on the exhibits contained inside. The project is set to break ground in the summer and will apply for LEED-Gold certification. BRAVE recently designed the award-winning De Santos Gallery, located just outside of the Houston museum district.
FORT BEND COUNTY, TEXAS — The Healthcare Division of McShane Development Co. has acquired a 5-acre land parcel located on Grand Parkway, between Morton Road and Long Meadow Farms Parkway, in Fort Bend County. The company plans to develop the parcel into OakBend Doctors Center – Grand Parkway, a two-story, 60,000-square-foot medical office building it is developing on behalf of OakBend Medical Center, the largest healthcare facility in Fort Bend County. McShane acquired the site from Equicap Grand Parkway LP, which was represented by Josh Jacobs and Sara Schoonaert of Houston-based Page Realty Partners. Additionally, McShane is developing another on-campus medical office facility at OakBend Medical Center’s second hospital campus in Richmond, Texas.