LAKEWAY, TEXAS — Stan Johnson Company has sold a JPMorgan Chase Bank Ground Lease located in Lakeway, near Austin. The property, situated at 917 Ranch Road 620 South, had an asking price of more than $3 million, but final terms of the sale were not disclosed. The seller, a Texas-based office developer, was represented by Jim Gibson of Stan Johnson Company’s Houston office. William Kinn of Kinn Real Estate Counselors represented the buyer, an individual investor participating in a 1031 exchange.
CARROLLTON, TEXAS — Dallas-based Lee & Associates arranged a lease for 126,882 square feet on behalf of Hilex-Poly. ProLogis owns the property, which is located at 1440 LeMay in Carrollton. Conrad Madsen and Greg Nelson of Lee & Associates represented the tenant, and Jacob Milligan provided in-house representation for ProLogis. Lee & Associates also represented Tao Tao USA in its lease of 71,498 square feet in Carrollton. The company leased space at Trinity Mills Distribution Center #7, which is located at 2425 Camp Ave. Lee & Associates’ Madsen and Nelson again represented the tenant and Mitch Pruitt offered in-house representation for ProLogis.
GALVESTON, TEXAS — Sperry Van Ness has brokered the foreclosure sale of The Club of the Isle, a 248-unit luxury multifamily community located in Galveston. The Class A property is situated on more than 15 acres at 3433 Cove View Blvd. on Galveston Island. It comprises three four-story wood frame and concrete stilt buildings with parking garages on the ground floor. The community features one-, two- and three-bedroom units, and three-bedroom townhome units. Monthly rents range from $765 to $1,395. Amenities include gated access, swimming pools and a spa, a billiard room, a massage room, a volleyball court a clubhouse, a fitness center, a playground, a 16-hole chip and putt course and a business center. Occupancy was 80 percent at the time of sale. Kitty Wallace represented the sellers, Bank of America and Wachovia, and the buyer, Illinois-based Marquette Cos. The Club of the Isle was built in 2005 as an apartment community, but a local investor acquired it in 2006 and proceeded to sell some of the units as condominiums. As the residential market deteriorated, the owner started leasing units prior to the foreclosure. The new owner plans to operate the community as apartments in the near-term.
FORT WORTH, TEXAS — Fort Worth’s CentrePort Business Park will soon be home to a new DT Credit Corp. call center. The Phoenix-based company has leased approximately 31,000 square feet at the park, located at 15001 FAA Blvd. in Fort Worth. Scott Ellsworth of NAI Horizon in Phoenix and Van Power of NAI Robert Lynn in Dallas represented DT Credit Corp. Ben Sumner of Stream Realty Partners represented the building’s owner, 15001/CentrePort LP, in the transaction.
HOUSTON – RCP Reliant Corporate Center Ltd., a partnership led by Dallas/Fort Worth-based Realty Capital Partners, has invested approximately $4 million of preferred equity in three Houston office buildings. The properties, located at 2600, 2616, and 2626 South Loop West in the city’s Medical Center/South Main submarket, total 270,000 square feet and average an 89.6 percent occupancy rate. Costa Mesa, Calif.,-based CIMCO is the project sponsor.
PLANO, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has completed the sale of Research Center, a five-property industrial/flex park located in Plano. Constructed in 2001, Research Center contains five buildings situated on approximately 15 acres that total 160,000 square feet of space. Tenants at the property include Terminex, NexRev and Eagle Test System. HFF’s Jud Clements and Robby Rieke represented the seller, Bank of America. The buyer, a Dallas-based private investor represented by Mark V Commercial, purchased the property free and clear of debt. The purchase price was not released.
ARLINGTON, TEXAS — Southwest Bank has acquired a new branch in South Arlington. The bank purchased a property at the corner of Matlock and Arbrook that was originally built in 2008 for Washington Mutual, which never occupied the property. The branch will open in the fall. SCM Real Estate’s Thomas Bryant represented Southwest Bank and David Wright of Falcon Realty Advisors represented the seller.
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.