KERRVILLE, TEXAS — The San Antonio office of Grubb & Ellis has negotiated the sale of Singing Wind Apartments, an 80-unit multifamily community located at 2105 Singing Wind Dr. in Kerrville. The garden-style property comprises 10 two-story buildings. Occupancy was 94 percent at the time of closing. Grubb & Ellis’ Jason Brumm, Jerry Williams and Maggie Nigro represented the seller, Fredericksburg, Texas-based Wolf Mountain Foundation. The undisclosed buyer was represented by Amber Lenz of First Texan Realty.
HARKER HEIGHTS, TEXAS — Marcus & Millichap has brokered the sale of Heights Corner, a 12,000-square-foot retail property located at 300 E. FM 2410 in Harker Heights. Jason Middlebrook of Marcus & Millichap’s Austin, Texas, office represented the undisclosed seller. The buyer, as well as the acquisition price, were also undisclosed.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the sale of Barton Oaks II and III in Austin. The properties comprise two five-story, Class A office buildings located at 901 S. MoPac Expressway. Barton Oaks II totals 117,127 square feet and was 90 percent occupied at the time of closing. Barton Oaks III totals 121,467 square feet and is fully leased. Notable tenants at the buildings include The Broussard Group, Arbor E&T, Parsons Brinckerhoff, LifeSize Communications, Fiserv and IKON Office Solutions. HFF represented the seller, Parsippany, N.J.-based Prudential Real Estate Investors, and assisted the buyer, HPI Real Estate Services & Investments, in securing debt and equity financing for the purchase. A fixed-rate loan was secured through ViewPoint Bank, and joint venture equity was secured through Sarofim Realty Advisors. The acquisition price was not disclosed.
GRAND PRAIRIE, TEXAS — Kansas City, Mo.-based Block & Co. has brokered the sale of an approximately 60-acre development parcel located along Interstate 20 between Highway 360 and Great Southwest Parkway in Grand Prairie. The buyer, Prime Outlets, plans to develop an approximately 500,000-square-foot outlet center on the property. Construction is slated to begin this year. David Block and Gene Moffitt of Block & Co. negotiated the sale. Block had previously assisted the undisclosed seller in the disposal of a number of sites surrounding the land parcel. Tenants already open near the proposed outlet center include Garden Ridge, Northern Tool, Johnny Carino’s, Chuck E. Cheese, Goodyear, Golden Corral and Longhorn Harley-Davidson. Three pad sites currently remain for sale.
HARLINGEN, TEXAS — Aloe Laboratories, an aloe vera farming and processing company, has announced plans to expand its 47,500-square-foot processing facility located at 5821 E. Harrison in Harlingen. The project, which is expected to cost more than $500,000, will expand its current facility by 20,000 square feet. Construction is set to begin this month.
CORPUS CHRISTI, TEXAS — The Dallas office of Omniplan has been selected to design the new $25 million O’Connor Business Building for the Corpus Christi campus of Texas A&M University. The 76,000-square-foot building will be located next to Lee Plaza and will house the university’s College of Business. It will include classrooms, computer labs, executive education facilities, business incubators, and faculty and administrative offices. The building features a two-story lobby with a sculptural staircase, a bridge connecting second-floor spaces, an electronic stock ticker, video monitors tuned to business networks, and a second-level balcony that can accommodate student study space or reception space for the building’s multi-purpose room. The project is applying for LEED-Silver certification. Construction will begin in summer 2009, with completion scheduled for fall 2010.
ENNIS, TEXAS — Indianapolis-based Riser Retail Group has completed the sale of Ennis Plaza, a 31,360-square-foot retail center located in Ennis, for $5.07 million. The center, which was constructed in 2002, is shadow-anchored by a Wal-Mart Supercenter. It was 92 percent occupied at the time of sale by a tenant roster that includes Starbucks Coffee, Dollar Tree, CATO and Chili’s Grill & Bar. Riser represented the private seller in the transaction; the buyer was also undisclosed. The property traded at a 7.4 percent capitalization rate.
SAN ANTONIO — The Houston office of NorthMarq Capital has arranged $25.26 million in first-mortgage financing for The Aragon Holdings portfolio. The portfolio consists of four San Antonio multifamily properties: the 296-unit Timbermill Apartments, the 276-unit Windridge Apartments, the 175-unit Las Brisas Apartments and the 72-unit Lexington Apartments. Tony Gray of NorthMarq originated the loan, which includes a 10-year term and a 30-year amortization schedule. The borrower was Aragon Holdings LLC, which is a subsidiary of Beverly Hills, Calif.-based LandBanc Capital. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
ARLINGTON, TEXAS — Arizona-based MC Companies has acquired the management portfolio of Arlington-based Encore Management Co. as part of an effort to increase the company’s Texas presence. The portfolio comprises more than 7,000 units of multifamily housing located across the state of Texas that are currently managed by Encore. As part of the transaction, the portfolio will be brought under the new division MC Residential of Texas; Encore’s, Jackie Jackson, will remain as president of the new division. The rest of Encore’s management and staff will also remain in place.
GEORGETOWN, TEXAS — Groundbreaking has occurred for the first phase of Austin Avenue Professional Plaza, a medical office complex located at 3201 S. Austin Ave. in Georgetown. Phase I will consist of a three-story, 95,000-square-foot building. The project was designed by San Antonio-based Beaty Palmer. The project is already 70 percent pre-leased by a tenant roster that includes Austin Radiological Associates, Clinical Pathology Labs, Gallagher’s Pharmacy, Georgetown Medical Clinic, Urology Associates, Foot Associates of Central Texas, Austin Gastroenterology, Central Texas Surgical Associates, Georgetown ENT and Georgetown Plastic Surgery. Other tenants will include internal medicine, neurosurgery and an urgent care clinic. The building will also contain space for a bank, a café or convenience store and ancillary services. Completion is scheduled for the end of 2009 or the beginning of 2010. The second phase of the project will include the construction of a second 60,000-square-foot building.