HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $10.46 million in permanent financing for the acquisition of Arbors on Westheimer Apartments, a 360-unit multifamily community located in Houston. Jamie Mullin of LMI originated the fixed-rate financing with one of the company’s Fannie Mae DUS lenders. The borrower was undisclosed.
CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property Co. has commenced Phase II of a $50 million renovation to La Palmera, a 1 million-square-foot mall located in Corpus Christi. Upcoming construction includes a transformation of the mall’s front entrance into an outdoor lifestyle court with landscaping, pop jet fountains, seating areas, a valet parking area and new retailers. Macy’s will begin an expansion in April that will add 18,000 square feet to the first floor of its store. Macy’s is anticipating a fall completion for the project. The mall renovation began in late 2008 with a rebranding of the mall that included new interior furniture and interior landscaping, new signage and fresh paint. Work also began for the renovation of the food court, which will feature a 4,400-gallon aquarium centerpiece, seating for 600, flat-screen televisions and an entertainment stage. Future phases will include a new children’s play area on the mall’s upper level, two new sets of escalators, a new elevator, multiple water features, upgraded lighting, and new glass windows and curtain walls. Additionally, the parking lot will be resurfaced and the parking garage will be upgraded. Completion of the entire project is expected in time for the 2009 …
LEAGUE CITY, TEXAS — Grubb & Ellis has brokered the sale of South Shore Marketplace, an approximately 32,000-square-foot retail center located at the intersection of League City Parkway and South Shore Boulevard in the Houston suburb of League City. The property comprises an approximately 28,000-square-foot, multi-tenant building and an approximately 4,000-square-foot building ground leased to Chase Bank. Occupancy was at 96 percent at the time of closing. South Shore Marketplace is shadow anchored by Kroger. George Cushing and Wendy Vandeventer of Grubb & Ellis’ Houston office represented the seller, Regency Centers. The property was acquired by Dallas-based Dunhill Partners for an undisclosed amount.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $21.5 million loan for the refinancing of a three-property office portfolio located within Quorum Office Park in Dallas. The three properties total 465,865 square feet, and they include 5000 Quorum, Quorum Place and Quorum North. The office park is situated adjacent to the North Dallas Tollway and Belt Line Road in the city’s Far North submarket. HFF’s Kevin MacKenzie originated the loan on behalf of Birmingham, Ala.-based Harbert Management Co. Terms of the loan include a fixed interest rate and a 3-year term. The lender was ViewPoint Bank.
WEBSTER AND SAN ANTONIO, TEXAS — Grubb & Ellis Healthcare REIT has acquired the Mountain Plains Portfolio, a two-property medical office portfolio located in Texas, for $43 million. The first property is Clear Lake Medical Office Building, a four-story, approximately 110,000-square-foot property located in Webster. Situated on 4.7 acres at 250 Blossom St., the property located across the street from the 595-bed Clear Lake Regional Medical Center and adjacent to Triumph Hospital Clear Lake, a long-term acute care center. The property was constructed in 2006 and was fully occupied at the time of closing. The second property is Pecan Valley Medical Office Building, a two-story, approximately 60,000-square-foot building located in San Antonio. It is situated on 3.1 acres across from Southeast Baptist Hospital, at 4243 E. Southcross Blvd. The building features surgery rooms, an indoor rehabilitation pool and an imaging center. It was constructed in 1998 and was 100 percent occupied at the time of the sale. The sellers were unaffiliated third parties, which were both represented by P.J. Camp and Jay Miele of New York City-based Shattuck Hammond Partners. With this purchase, which closed in December, Grubb & Ellis completed 21 healthcare acquisitions in 15 states in 2008.
HOUSTON — Groundbreaking occurred yesterday for the expansion of the historic Julia Ideson Library building, located at 500 McKinney, adjacent to Houston’s City Hall. The Spanish Renaissance-style building was constructed in 1926, but the Great Depression put plans for a south wing and rear garden on hold. New construction will complete these plans, comprising a three-story, 24,500-square-foot archival wing and a new garden that will include an outdoor reading room. In addition, the property’s existing landscaping will be upgraded and the public spaces of the original 61,7000-square-foot building will be restored. Existing space scheduled for renovation includes the second-floor reading room, meeting rooms, library offices and workspaces. The project is being completed in anticipation of LEED-Silver certification. Completion of the addition is scheduled for the end of 2009, and the restoration of the existing building is scheduled to begin in 2010. Houston-based Gensler is serving as project architect; Austin, Texas-based TBG Partners is serving as landscape architect; and the Houston office of SpawMaxwell is providing construction management services. Financing for the project was obtained by the non-profit group Julia Ideson Library Preservation Partners. The group launched a $38 million capital campaign in late 2006 to fund the project, and has …
IRVING, TEXAS — KeyBank Real Estate Capital, a division of Cleveland-based KeyCorp, has arranged $25 million in permanent financing for Canal Side Lofts, a 306-unit urban loft property located in Irving. The loan, which was secured by KeyBank through Freddie Mac, refinances an existing construction loan KeyBank originated when the property was constructed in 2006. The borrower is Canal Side Lofts, Ltd. Terms of the loan were not disclosed.
GRAND PRAIRIE, TEXAS — Indianapolis-based Duke Realty Corp. has leased a 1.06 million-square-foot industrial building to Farley’s & Sathers. The candy manufacturer will occupy all of Grand Lakes II, a bulk warehouse building located at 3953 Guilford St. in Grand Prairie. The building features 32-foot clear ceiling heights, 247 dock doors, three drive-in doors and 141 trailer storage spaces. The property also fronts Interstate 30 and is in close proximity to DFW Airport. Al and Trip Leon of Leon Brothers represented Farley's & Sather’s in lease negotiations. Curt Hefner provided in-house representation for Duke. Farley's & Sathers had previously operated out of two facilities located in Arlington, Texas, until expanding into the new facility.
ARLINGTON, TEXAS — CB Richard Ellis (CBRE) has negotiated the sale of Southwest Plaza, a 142,047-square-foot retail center located at 4400 Little Rd. in Arlington. The property was 76 percent occupied at the time of sale by a tenant roster that includes Office Depot, Gold’s Gym, CATO and ACE Hardware. It is shadow-anchored by Albertson’s. Chris Gerard and Jennifer Pierson of CBRE’s Dallas office represented the seller, Madison, Wis.-based CUNA Mutual Insurance Society. The property was acquired by SWP Enterprises for an undisclosed amount.
SAN ANTONIO — Grubb & Ellis has brokered the sale of Fredericks Circle Shopping Center, an 81,784-square-foot shopping center located at 4400 Fredericksburg Rd. in San Antonio. The property is located 1 block south of Crossroads Mall; and was 88 percent occupied at the time of closing. Jason Brumm and Jerry Williams of Grubb & Ellis’ San Antonio office represented the buyer, a San Antonio-based investment group led by Daniel Jacob, Jr. The locally based seller was undisclosed.