FRISCO, TEXAS — Post Properties has opened Post Sierra at Frisco Bridges. The 36-acre, $250 million development offers luxury apartments as well as 30,000 square feet of retail space. Thirty-four of the 269 apartments are available for move-in as well as community amenities. Completion of the complex will be later this year, and rent ranges from about $750 to $1,640 per month. The complex offers features such as granite countertops, stainless steel appliances, wood shaker-style cabinetry, simulated wood plank flooring, ceramic tile flooring and backsplashes.
Texas
SAN ANTONIO — The Kalikow Group, on behalf of KEP Luckey Ranch Global LP, is investing in a joint venture to develop a master-planned community in the San Antonio area. Luckey Ranch Global Associates Joint Venture owns 610 acres of land located at the intersection of Loop 1604N and Highway 90 in the city’s Donut Hole area. The joint venture plans to develop 71 of those acres for commercial use, along with 2,400 single-family homes. Last year, approximately 50 percent of new home development and 30 percent of new retail development in San Antonio took place in the Donut Hole area. The development timetable for the project was not released.
TEMPLE, TEXAS — Sacramento, Calif.-based Panattoni Construction, in conjunction with Atlanta-based GRIFFCO Design/Build, has signed a contract with retailer H-E-B to construct a new 457,000-square-foot warehouse/distribution facility in Temple. The new facility will be located at 4750 Wendland Rd. It will feature a three-story office space, in addition to the distribution component. The project architect is Atlanta-based Appleby + Lacetti Architects. The groundbreaking has already occurred, and completion is slated for May 2010.
LEWISVILLE AND SAN ANGELO, TEXAS — Marcus & Millichap has brokered the sale of two Texas properties. The first is Huntington Circle, a 126-unit, Class B apartment property located at 409 West Round Grove Rd. in Lewisville. It includes a new roof and a mix of one-, two- and three-bedroom units. John Barker from Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company. The second property is Sherwood Way Shopping Center, a 30,247-square-foot strip center located at 3329 Sherwood Way in San Angelo. The center is shadow-anchored by H-E-B and occupancy was 92 percent at the time of closing. The buyer, a private investor, was represented by Chad Knibbe from National Retail Group of Marcus & Millichap.
DALLAS, TEXAS, AND OAK BROOK, ILL. — Oak Brook, Ill.-based Inland Western Retail Real Estate Trust, a REIT sponsored by The Inland Real Estate Group of Companies, has selected the Dallas office of Holliday Fenoglio Fowler (HFF) to assist the company in the refinancing of its maturing debt for retail properties located across the country. HFF has been working with Inland since the fourth quarter of 2008 and has already closed 10 loan transactions for a total of approximately $120 million. Assets already refinanced include Preston Trail Village in Dallas, Texas; Southlake Town Square Block 22 in Southlake, Texas; The Shops at Park Place in Plano, Texas; The Village Shoppes at Simonton in Lawrenceville, Ga.; Shoppes of New Hope in Dallas, Ga.; and Hickory Ridge in Hickory, N.C. HFF currently has secured approximately $75 million in committed financing, which is expected to close in the next 30 to 60 days, and $300 million in debt is in various stages of negotiations for refinancing and long-term extensions.
HOUSTON — Macquarie Group has expanded its Houston office lease by 28,163 square feet at One Allen Center, which is located at 500 Dallas St. in Houston’s Central Business District. Macquarie Group now occupies two floors of the 34-story, Class A building. Craig Beyer, Peter Livaditis, Jim Silberfein and Lesa Nickelson of CB Richard Ellis represented the tenant, and Paul Frazier and John Morton of Brookfield Property Management, LLC represented the landlord, Cullen Allen Holdings, L.P., in the transaction.
HOUSTON — AmREIT has completed the next phase of its Vision 2010 repositioning plan by approving the relocation of the company’s headquarters from Houston to Maryland. In addition, the company has entered into an agreement with its advised non-traded REIT affiliate, REITPlus, that will merge the two companies. The combined company will be known as AmREIT; H. Kerr Taylor, the current president and CEO of AmREIT, will remain chairman of the newly combined board of directors. The relocation has already occurred and the merger is expected to close in September. The first phase of AmREIT’s Vision 2010 plan, which was completed late last year, included simplifying the company’s operating platform and delisting its Class A stock in order to privatize.
AUSTIN, TEXAS — The Dallas regional office of NorthMarq Capital has arranged $2.5 million in first-mortgage financing for The Oaks Apartments, a 100-unit multifamily property located in Austin. The loan carries a 4-year term and a 30-year amortization schedule. David Mott of NorthMarq arranged the financing on behalf of the undisclosed borrower through a correspondent life insurance company.
DALLAS — West Dallas Investments has brought to market an investment opportunity for a new project in Dallas. The company is looking for a $120 million joint venture equity partner to develop a 57-acre assemblage of land located within the city’s Trinity River corridor. The project, which is tentatively known as Trinity River West, will feature approximately 45 million square feet of mixed-use space. The investment opportunity is being marketed by the Jones Lang LaSalle Development & Asset Strategy team of John Vick, Scott Cullen and Justin Bates. Re-zoning approval is expected this year. The city of Dallas has already begun a $2.4 billion program to build out the Trinity River Corridor. Already under construction is one of three signature bridges designed by Santiago Calatrava that will span the Trinity River and link the corridor with downtown Dallas. This first bridge will lead right to the Trinity River West property. Other development projects waiting to break ground include new bridges, surface streets with new alignments, and light rail and pedestrian options.
CARROLLTON AND LEWISVILLE, TEXAS — The Dallas/Fort Worth office of Lee & Associates has brokered two industrial transactions. In the first deal, Commander Properties disposed of a 17,088-square-foot property located at 3218 Commander Dr. in Carrollton. Adam Strittmatter and Nathan Denton of Lee & Associates represented the seller. The buyer, William L. Bryan & Associates, was represented by Matt Thompson of Colliers International. In the second deal, Broadtech Inc. signed a lease for 62,847 square feet of industrial space at 1401 Lakeway Drive, located in Lewisville. Ken Wesson and Greg Nelson of Lee & Associates represented the landlord, Cabot Properties. The tenant was represented by Grant Laughlin of Laughlin Commercial.