DALLAS — The Houston office of Aries Capital has secured a $3.57 million loan for LaVita, a 162-unit multifamily property located in Dallas. The property was constructed in 1973 and is situated on Lovers Lane. It comprises one- and two-bedroom apartments, and amenities include a clubhouse, a pool, a fitness center and a business office. The loan carries a 3-year term with a 20-year amortization schedule, a fixed interest rate and a 53 percent loan-to-value ratio. Leonard Smith of Aries arranged the loan on behalf of the borrower, which plans to use the proceeds to renovate this property, as well as another in its portfolio. The borrower was a local bank.
HOUSTON AND SUGAR LAND, TEXAS — CB Richard Ellis (CBRE) has arranged two lease renewals on behalf of Hexion Specialty Chemicals. The company renewed its lease for 17,884 square feet of office space at Continental Center I, which is located at 1600 Smith St. in Houston’s central business district. Additionally, Hexion renewed its lease for 44,882 square feet of office and laboratory space at Corporate Business Center, which is located at 12650 Director’s Dr. in Sugar Land. CBRE’s John Simons and Michael Palmer represented Hexion in both transactions.
DALLAS — Indianapolis-based Duke Realty Corp. has begun development of Baylor Cancer Center, a $154 million outpatient cancer treatment center located on the campus of Baylor University Medical Center in Dallas. The 10-story, 460,000-square-foot facility will be situated at the corner of Hall and Worth streets. It will feature cancer treatment services, clinical and physician space, oncology research, conference facilities and 250 underground parking spaces. It is already 93 percent pre-leased to Baylor Health Care System and US Oncology. The project, which is scheduled to break ground in this quarter, will be seeking LEED-Silver certification. Upon completion in 2011, it will be owned by a joint venture between Duke and Northwestern Mutual. Northwestern Mutual will own a majority stake in the venture, with Duke receiving development and leasing fees during the development and construction process. BremnerDuke Healthcare Real Estate, a division of Duke Realty, will manage the property upon completion. New York-based Savills arranged the $154 million joint venture capitalization on behalf of Duke.
HOUSTON — Capmark Finance has arranged $8.5 million in acquisition financing for Ashford Court Apartments, a 442-unit multifamily property located in Houston. The property was originally built in 1983 and renovated in 2006 by the previous owner. Ashford Court contains apartment and townhome units, with the average unit size totaling 641 square feet. The property was 93 percent occupied at the time of closing, and the average monthly rent was $585. The borrower, Ashford Court LLC, plans to complete more than $1 million in renovations in an effort to increase energy efficiency and lower operating costs. Andy Hill with Capmark’s Houston office originated the transaction. The non-recourse loan carries a 5.44 percent fixed rate, a 10-year term and a 30-year amortization schedule.
MISSOURI CITY, TEXAS — Restaurant Frenchy’s Chicken has signed a new lease for 2,800 square feet at the corner of Highway 6 and FM 1092 in Missouri City. Matt Keener, Russell Janicek and Mark Raines of CB Richard Ellis represented the tenant in lease negotiations. Rodney Lerner of Rodney Lerner Realty represented the landlord, SDI Realty. Terms of the lease were not disclosed.
In general, the economy has created an atmosphere of cautiousness as companies rethink expansions and settle for the status quo. Many companies, such as those engaged in the auto industry, are experiencing a reduction in orders and are reducing their production, inventory and workforce to adjust to this trend. On the bright side, Foxconn’s industrial park south of Santa Teresa, New Mexico, will provide thousands of new jobs to the region. Suppliers and logistic companies that service Foxconn will locate on both sides of the border, affecting Santa Teresa as well as west El Paso, as the companies compete for a piece of the pie. Fort Bliss has substantially benefited from the BRAC realignment (See “A Strong Pulse” on the cover). With additional brigades being located at Fort Bliss, the further development of the base infrastructure, housing and tactical facilities are in full swing. With the influx of the more than 60,000 people (which include military personnel and their families), the El Paso region will require additional city/county governmental services, educational facilities, off-base housing and vendors to accommodate this growth in the community. The benefit to the El Paso community will be affected exponentially. Overall, the market is not in …
FORT WORTH, TEXAS — SERVPRO of Lake Arlington has acquired a 24,272-square-foot office/warehouse flex building, located at 4809 Century Dr. in Fort Worth. The company plans to relocate its headquarters to the new, larger facility. Jim Hazard and Todd Hawpe of Henry S. Miller Brokerage represented SERVPRO of Lake Arlington in the transaction. The seller, Conti Partners, was represented by J. Searcy and Chris Stewart of Coldwell Banker Commercial | Searcy Vasseur Group. SERVPRO of Lake Arlington is an independently owned and operated franchise of SERVPRO Industries, which provides cleaning and restoration services.
DALLAS — Marcus & Millichap has brokered the sale of a 3,000-square-foot Wendy’s restaurant located in Dallas. The restaurant is situated on 0.8 acres at 4018 Lemmon Ave. Wendy’s is occupying the property under a new 20-year lease. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Jason Vitorino of the firm’s Dallas office, marketed the property on behalf of the seller, a fund manager. Vincent Knipp of Marcus & Millichap’s Fort Worth, Texas, office secured and represented the buyer, a limited liability company. The property traded at a 6.88 percent capitalization rate.
HOUSTON — Two new tenants have opened at Vintage Park, a 500,000-square-foot retail center located in Houston. The first tenant, Jeanne’s Monogramming & Gifts, is relocating from its Louetta Road and Champions Drive locations, also in Houston. The second tenant is restaurant Peli Peli. Its new location on Vintage Park’s piazza features a full bar and lounge, as well as outdoor dining. In July, Vintage Park will see the opening of Wacky Mongolian, a quick-service stir fry restaurant. Also opening soon will be restaurants Luxe Bar & Lounge, Coco’s Crepes & Coffee and Trio Prime Steakhouse & Bar, as well as service tenants Heritage Texas Properties and Kickerillo Cos. Vintage Park, which is being developed by locally based Interfin Cos., is the 84-acre retail component of a 630-acre master-planned community named The Vintage.
IRVING, TEXAS — Arlington, Texas-based Bob Moore Construction has completed two speculative distribution centers located in International Commerce Park at DFW Airport in Irving. Twinrose Regent I is a 256,000-square-foot, cross-docked warehouse that is located at 2611 Regent Blvd. It features 30-foot clear ceiling heights, 56 dock doors, 267 car parking spaces, 27 trailer parking spaces and is divisible to 40,000 square feet. Twinrose Regent II is a 60,000-square-foot facility that is located at 2555 Regent Blvd. Both buildings include two-story glass entries for office or reception areas, 50-foot by 50-foot column spacing and a 140-foot truck court. They were developed by Dallas-based Twinrose Development. Twinrose Regent II has already been leased to a single tenant, and Twinrose Regent I currently has 210,000 square feet available for lease.