HOUSTON AND SAN ANTONIO — Marcus & Millichap has brokered the sale of Mimosa 7, an apartment property located at 2414 Mimosa in Houston. Brian Janak and Mitchell Berg of the firm’s Houston office represented the seller, a Texas-based private investor. A Texas-based limited liability company bought the property, which was built in 1960 and sits on 5,778 square feet of land. Paul Gardner and Shelly Barzilay of the Marcus & Millichap’s Houston office represented the buyer. The property listed for $500,000. In addition, Marcus & Millichap’s San Antonio office secured the sale of an O’Reilly Auto Parts to a private investor. The property, located at 4019 San Bernardo Avenue in Laredo, is a 10,000-square-foot building ground-leased to O’Reilly’s. Rick Holland and Chad Knibbe of represented the undisclosed seller.
ADDISON, TEXAS — The groundbreaking has been held for the new Methodist Hospital for Special Surgery, located in Addison. Phase I of the project will include the construction of the 105,000-square-foot surgery facility. It will feature seven fully equipped operating rooms, 32 private patient rooms, 10 outpatient treatment rooms, a diagnostic imaging suite that will include CT and MRI machines, and physical therapy and rehabilitation services. Completion is scheduled for fall 2010. The project is a joint venture between area physicians, Methodist Health System and Nueterra Healthcare. The project marks Dallas-based Methodist Health System’s expansion into the Addison area.
PLANO, THE WOODLANDS AD HOUSTON, TEXAS — Holliday Fenoglio Fowler (HFF) has negotiated two Texas multifamily transactions. In the first deal, HFF’s Dallas office arranged the sale of and the financing for The Livingston, a 180-unit, Class A multifamily property located at 6301 Windhaven Pkwy. in Plano. HFF’s Bill Miller and Roberto Casas represented the seller, local developer Tonti Properties, which also constructed the property. The community was purchased by Vancouver, British Columbia-based Sunstone Realty Advisors free and clear of debt. HFF’s John Brownlee arranged the acquisition financing for the transaction, which totaled $12.84 million. The loan carries a 7-year term and a 5.38 percent fixed interest rate. The lender was Wachovia Multifamily Capital, Inc. – FNMA. HFF also arranged two loans totaling $49.79 million on behalf of Trammell Crow Residential for two communities. The properties include Alexan Woods, a 280-unit community located in The Woodlands, and Alexan Main Street, a 286-unit community located in Houston. The loan for Alexan Woods totals $27.63 million and the loan for Alexan Main Street totals $22.16 million.
HOUSTON — John Ferruzzo, Travis Land and Michael Keegan of NAI Houston recently represented Supreme Corp. Texas in the sale of an office/warehouse facility in Houston. Batterson Truck Equipment purchased the approximately 14,400-square-foot building, which is located at 5430 Killough. Chris Caudill and Joel Michael, also of NAI Houston, represented the buyer.
DALLAS — Cadence McShane Construction Co. has completed its 810,355-square-foot mixed-use construction assignment for PM Realty Group at Park Lane in Dallas. Called The Heights at Park Lane, the complex features residential, retail and parking components. The 580,000-square-foot residential portion includes three luxury residential buildings totaling 325 units: The Tower, a 20-story high-rise; The Flats, a 15-story mid-rise; and The Lofts, a three-story low-rise. The retail component spans 45,000 square feet, and a 220,310-square-foot integrated parking garage offers more than 500 parking spaces. The Heights at Park Lane, which is located at 8066 Park Lane, is part of Harvest Partners’ 3 million-square-foot urban, mixed-use development Park Lane in Dallas’ midtown neighborhood. Gromatzky Dupree & Associates provided architectural services for Cadence McShane’s mixed-use assignment.
HOUSTON — Advanced Platinum Solutions has signed a lease for 110,000 square feet of warehouse/distribution space at 10735 W. Little York in Northwest Houston. The long-term lease is at West Little York Distribution Center, which is owned and managed by Liberty Property Trust. The tenant, which provides warranty and repair services for Hewlett Packard in the U.S., has moved into its new location. Troy Collins with Holt Lunsford represented Advanced Platinum Solutions in the transaction.
SAN ANTONIO, TEXAS — Centurion Storage at O’Connor and Centurion Storage at Encino, two self-storage facilities in Northwest San Antonio totaling nearly 190,000 square feet, recently sold to a limited liability company. Located at 17402 O’Connor Rd., Centurion Storage at O’Connor spans 80,087 square feet; the 109,575-square-foot Centurion Storage at Encino sits at 21703 Encino Commons. Mark Villanueva of Marcus & Millichap’s Austin, Texas, office had the exclusive listing to market the properties on behalf of the seller, a limited liability company. Villanueva also secured the buyer.
DALLAS — A partnership formed by Dallas/Fort Worth-based Realty Capital Partners (RCP) has invested $4.9 million for the development of an inpatient rehabilitation facility in North Dallas. The 60-room facility will be located on 2.4 acres near the intersection of U.S. Highway 75 and Northaven Road. The developer, The Cirrus Group, has signed a 25-year lease with Reliant Rehabilitation Hospital Dallas to occupy the entire 64,500-square-foot building. The Cirrus Group has selected Perkins+Will as the project architect; Hill & Wilkinson is the general contractor. Demolition of the existing building is under way, and construction is expected to take 11 months.
HOUSTON — American Realty Capital Trust expects to acquire a Houston freight facility net leased to FedEx Freight this month for approximately $30.9 million. The building totals 152,640 square feet and is located in the Satsuma Station Industrial Park. The primary lease term is 15 years and provides for up to two successive 5-year extensions. The seller is PinPoint Commercial. The first-mortgage loan will be financed by a major European bank, which will represent about 50 percent of the total purchase price, with American Realty providing the remaining capital.
MCKINNEY, TEXAS — The McKinney City Council has started construction for a new $21 million, 45,000-square-foot municipal office building. The new building will replace the Collin County courthouse building, located at 210 S. McDonald St., and anchor a future city hall civic center complex. The building will house the McKinney staff offices and will be contain energy-efficient features.