HOUSTON — The Woodlands, Texas-based Biofuels Power Corp. has agreed to purchase the decommissioned H.O. Clarke Electric Generating Station, located at the intersection of Main Street and Hiram Clarke Road in Houston. The acquisition will include the 79-acre site, as well as all of the remaining infrastructure and equipment, which includes 65,000 barrels of aboveground storage tanks and a high-pressure natural gas pipeline that is connected to the distribution system. The power station, which was constructed in the 1940s, was decommissioned in 2004. At the time, the station’s gas-fired turbines were also removed. Biofuels Power Corp. plans to redevelop the site into a clean energy industrial park that will provide power to tenants by way of biofuels, biomass, natural gas, biogas and solar energy. The deal is expected to close by the end of the year. The construction timetable for the redevelopment was not disclosed.
HOUSTON — Marcus & Millichap has completed the sale of Portofino Apartments, a 60-unit multifamily property located at 140 Surf Ct. in Houston. The vacant property totals 44,840 square feet and was constructed in 1963. Robert Su of Marcus & Millichap’s Houston office represented the seller, a financial institution. Su also represented the buyer, a private investor. The acquisition price was not disclosed.
HOUSTON — Dallas-based BMC Capital has secured a $2.91 million loan for the refinancing of a Houston multifamily community. The property, Spring Village Apartments, totals 132 units and is located at 11810 Chimney Rock Rd. The lender and the borrower were undisclosed.
KATY, TEXAS — Houston-based Allied Realty Services, Ltd. has held the grand opening for The Retreat at Cinco Ranch, a 268-unit apartment community located within the Cinco Ranch master-planned community in Katy. The project broke ground in June 2007, and was developed by Allied in partnership with General Electric. Monthly rents at the community average $1,064, and individual units average 942 square feet. Occupancy is currently at 35 percent, and the community is leasing without concessions. The Retreat at Cinco Ranch is being managed by Orion Real Estate Services, a subsidiary of Allied. The project marks the developer’s 27th luxury apartment community.
STILLWATER, OKLA. — Rockbridge Capital has arranged $12.1 million in first-mortgage financing for the development of a 101-room Residence Inn by Marriott in Stillwater. The new hotel will be located along the Highway 51 corridor within a 112-acre, mixed-use development. It will be situated three miles from Oklahoma State University, adjacent to Meridian Technology Center and Oklahoma Technology & Research Park. The new Residence Inn will be developed, owned and operated by A.G. Holdings. Terms of the financing were not disclosed.
FORT WORTH, TEXAS — Mark One Capital has arranged a $7 million loan for the acquisition of the Western Insurance Building, a 92,240-square-foot office building located at 5601 Bridge St. in Fort Worth. Terms of the loan include a 5.5 percent adjustable interest rate priced at 250 basis points above the 30-day LIBOR, a 5-year term with a 20-year amortization schedule, and a 70 percent loan-to-value ratio. It was originated by Geoffrey Harris of Mark One’s Phoenix office and Farhan Kabani of the firm’s Dallas office. The lender was an undisclosed commercial bank.
EL PASO, TEXAS —Walton Construction Co. has been selected to construct the Consolidated Family Care/Troop Medical Clinic, located at Fort Bliss in El Paso. The more than $42 million project will consist of a two-story, approximately 144,000-square-foot medical clinic. Services provided will include family medical care, preventative medicine, aviation medicine, optometry, physical therapy and mental health. The facility will also include a pharmacy and administrative offices. Construction is slated to begin in February 2009, with completion expected in May 2010. Walton Construction’s Dallas and Kansas City, Mo., divisions are partnering for the construction of the project, which is the firm’s fist healthcare development in the state. Hoefer Wysocki Architects is providing design services.
TYLER, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot Walgreens pharmacy located in Tyler. Gil Warner, Rod Pickney and Chad Byerly of Stan Johnson represented the seller, a retail developer. The property was acquired by an undisclosed investor for $6.28 million.
GRAND PRAIRIE AND AUSTIN, TEXAS — NorthMarq Capital has arranged $26.6 million in first mortgage financing for two Texas multifamily properties. A $16.1 million loan was arranged for Indigo Pointe Apartments, a 300-unit community located in Grand Prairie. The loan includes a 4-year, interest-only term and was arranged with an undisclosed Midwest life insurance company. The second loan totals $10.5 million, and was secured by Presidio Apartments, a 250-unit community located in Austin. The loan carries a 5-year, interest-only term, and was arranged through AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender. Both loans were originated for the undisclosed borrowers by Jeff Frankel of the Chicago office of NorthMarq Capital.
IRVING, TEXAS — Dallas-based The Beck Group has been selected to serve as the owner’s representative for the city of Irving in its plans to develop a new convention center and entertainment district. The more than $400 million project will be developed on a 40-acre parcel in the city’s Las Colinas neighborhood. Construction, which will be done in three phases, will consist of a 275,000-square-foot conference and event center, a 3,500 to 5,000-seat entertainment theater, 85,000 square feet of restaurant and retail space, and structured parking for more than 2,000 cars. The convention center will feature a 50,000-square-foot exhibit hall, 20,000 square feet devoted to conference and meeting rooms, and a top-floor ballroom that includes a full-service kitchen. The first phase is expected to open in the fourth quarter of 2010, followed soon afterward by the entertainment venue. Plans for Phase III presently include a hotel for the convention center.