DUNCANVILLE, TEXAS — Marcus & Millichap has completed the sale of Wexford Townhomes, a 122-unit townhome community located at 600 Wembley Circle in Duncanville. Occupancy for the property was approximately 95 percent at the time of closing. Al Silva of Marcus & Millichap’s Fort Worth, Texas, office and Kelley Sparkman of the firm’s Dallas office represented the seller, a Florida-based private investment group. The buyer, an out-of-state private investor, purchased Wexford Townhomes to satisfy a 1031 exchange and assumed an interest-only loan for the property that carries a 6.18 percent interest rate. The acquisition price was not disclosed.
FORT WORTH, TEXAS — The Dallas office of PNC ARCS has secured a $2.7 million loan for Willow Glen Apartments, a 168-unit multifamily community located in Fort Worth. The community is situated on more than 7 acres; amenities include a clubhouse, a swimming pool, a Jacuzzi, two laundry facilities and a playground. The loan carries a 10-year term, a 30-year amortization schedule and a 6 percent fixed interest rate. The lender was Fannie Mae; the borrower was undisclosed.
TULSA, OKLA. — Marcus & Millichap has brokered the sale of a 13,650-square-foot Walgreens pharmacy, located at 10018 S. Yale Ave. in Tulsa, for $3.9 million. The pharmacy is situated on 1.74 acres in the city’s South Tulsa submarket; it was constructed in 2003. David Bohanon and Philip Bohanon of Marcus & Millichap’s Oklahoma City office, along with Tina Taylor of the firm’s Las Vegas office, represented the seller, an undisclosed limited liability company. The buyer, also a limited liability company, was represented by Mark Thiel of Marcus & Millichap’s San Diego office.
HOUSTON — Houston-based Live Oak Capital has arranged an approximately $8.5 million, fixed-rate loan for the refinancing of Central City, a 66-acre industrial park located at 5301 Polk St. in Houston. The multi-tenant property comprises 20 buildings ranging in size from 5,000 to 138,000 square feet. The park totals approximately 1 million square feet and was 92 percent occupied at the time of closing. Rob LaRue of Live Oak arranged the financing between the borrower, locally based Pelec Central City, Ltd., and the borrower, Ohio National Life Insurance Co.
ALLEN, TEXAS — Jones Lang LaSalle (JLL) has arranged a 292,700-square-foot office lease renewal for Experian Credit Reporting Agency at 601 and 701 Experian Pkwy. in Allen. Larry Toon, Wade Clark, Ronda Clark and Bo Bond of JLL represented the tenant in lease negotiations. The landlord is Lexington Realty Trust. Terms of the lease were not disclosed.
HOUSTON, DALLAS AND PLANO, TEXAS — KeyBank Real Estate Capital has arranged $52.6 million in financing for four Texas multifamily properties. KeyBank secured $50 million in Freddie Mac ARM loans for three of the apartment communities. In Houston, $22 million was provided to Pearland Apartments, Ltd. for the 292-unit Cobblestone Park Apartments. In Dallas, $16 million was provided to FCLC Dallas for the 244-unit Hidden Creek Apartments. In Plano, $12 million was provided to Bristlecone Texas, Ltd. for the 268-unit Cottages at Tulane. Additionally, KeyBank secured $2.6 million in Fannie Mae Refinance Tier 2++ funding for Gaston and Junius Apartments, a 47-unit community located in Dallas. The borrower is Power Investments Inc.
HOUSTON — Groundbreaking has occurred for Washington Centre, an approximately 50,000-square-foot, multi-use development located in the Washington Avenue district of Houston. The three-story project will include ground-floor retail space, with offices on the second and third floors. Approximately 45 percent of the space at Washington Centre has been pre-leased, including a law firm that will be relocating from Houston’s central business district to a full floor of the building. The project is being developed by locally based Senterra Real Estate Group. Locally based Hermes Architects is providing design services, and Gamma Construction is serving as general contractor. Completion is scheduled for early fall 2009.
HOUSTON — NAI Houston has brokered the sale of a 20,250-square-foot industrial flex property located in Houston. The single-tenant facility is located at 5450 Guhn Rd. Jeffrey Barbles and Rob Chandler of NAI Houston represented the seller, Guhn One LP. The property was acquired by Jeffrey Banks in a 1031 exchange for an undisclosed amount. Banks was represented by Justin Bayne of Austin-based Skyles Bayne LLC.
SAN ANTONIO —PNC ARCS has arranged $4 million in fixed-rate financing for Timbers Edge Apartments, a 176-unit multifamily community located in San Antonio. Timbers Edge is situated on more than 8 acres; community amenities include a swimming pool, a clubhouse, tennis courts and 99 carports. Terms of the financing include a 5.84 percent interest rate and a 10-year term with 2 years of interest-only payments. The loan was originated on behalf of the undisclosed borrower by the Dallas office of PNC ARCS. The lender was Freddie Mac.
THE WOODLANDS, TEXAS — Everson Development has broken ground for a three-phase, multi-use project located on 9 acres at the intersection of Research Forest and Technology Forest drives in The Woodlands. The project consists of a 45,000-square-foot professional office building, a 25,000-square-foot retail center and two, approximately 1-acre pad sites fronting Research Drive at the intersection. The office building is scheduled for completion in the spring. The Woodlands office of The J. Beard Real Estate Company is handling leasing for the project. Several leases have been signed for the retail building, including two restaurants.