KINGWOOD, TEXAS — Los Angeles-based SCI Real Estate Investments has acquired Kings Cove, a 192-unit, Class A apartment community located in Kingwood. The Class A community, which is situated on the northeast corner of Lake Houston, is part of the Kingwood master-planned community. Scott Derrick and Bill Rose of SCI provided in-house representation for their company in the purchase from Houston-based Dinerstein Cos. The acquisition price was not disclosed.
GRAND PRAIRIE, TEXAS — Baltimore, Md.-based Prime Retail has completed leases for 20 new retailers at Prime Outlets – Grand Prairie, a $100 million, 485,000-square-foot outlet retail center owned and operated by the company in Grand Prairie. New tenants at the center, which is located at the interchange of Interstate 20 and State Highway 360, include: Aeropostale, adidas Outlet Store, Bass Outlet, BCBGMAXAZRIA Factory Store, Brooks Brothers Factory Store, Columbia Sportswear, Dooney & Bourke, Easy Spirit Outlet, GUESS, IZOD, Jones New York, Nike Factory Store, Nine West Outlet, Oakley, Perry Ellis, Reebok Outlet Store, Samsonite, Tommy Hilfiger, Totes/Sunglass World and Van Heusen. The new tenants will join previously announced anchors Neiman Marcus Last Call and Saks Fifth Avenue OFF 5TH when the project opens in time for the 2009 holiday season.
CORPUS CHRISTI, TEXAS — Corpus Christi-based NAI Cravey Real Estate Services has brokered the sale of a 66,135-square-foot former H-E-B grocery store located at 4737 Saratoga Blvd. in Corpus Christi. The vacant property is located on 7.68 acres at the corner of Saratoga Boulevard and Everhart Road. NAI Cravey brokered the sale between the buyer, Saratoga Village Partners LLC, and the seller, San Antonio-based H-E-B Grocery Co. The buyer plans to redevelop the property into a retail project known as LaPrimera Market. The acquisition price was not disclosed.
BEAUMONT, TEXAS — Hendricks & Partners had negotiated the sale of Park Shadows Apartments, a 150-unit, Section 8 multifamily community located at 1075 Pinchback Rd. in Beaumont. The buyer is Plymouth, Minn.-based Beaumont Leased Housing Associates I LP, which is controlled by Dominium Acquisitions. The company plans to complete substantial improvements to the property over the next 12 months. The purchase was part of a three-property portfolio in Houston and Beaumont acquired by Dominium, marking the company’s entrance into the Texas market. The purchase was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing. The seller, Keswick, Va.-based Park Shadows Apartments, Ltd., was represented by Kevin McCarthy and Jeff Eisenhardt of the Houston office of Hendricks & Partners.
HOUSTON — HE Capital is in the midst of completing a $1 million renovation program for 1001 West Loop South, an eight-story, 223,340-square-foot office building located in Houston. Phase I, which will be complete by the end of November, consists of the installation of two energy-efficient chillers, as well as improvements to the property’s parking garage entrance and exterior landscaping. The design phase is also under way for renovations to the building’s conference facility, lobbies, corridors and restrooms. Construction for this phase should begin in 2009. HE Capital acquired the property in late 2007. It is currently 90 percent occupied; the Houston office of CAPSTAR Commercial Real Estate Services is handling leasing efforts for the remainder of the property, including two floors totaling 57,000 square feet that will become available in February 2009.
OKLAHOMA CITY — Capmark Finance has arranged $32.5 million for the refinancing of The Highlands Apartments, an 896-unit, Class B multifamily community located at 12701 N. Pennsylvania Ave. in Oklahoma City. Situated on 40 acres, the community comprises 98 buildings, with an average monthly rent of $590. The property was 98 percent occupied at the time of closing. Stewart Campbell of Capmark’s New York City office secured the financing through Freddie Mac by way of the Freddie Mac Capital Markets Execution product. Terms of the loan include a 6.3 percent fixed interest rate, an 80 percent loan-to-value ratio, and a 10-year term with 2-years interest only, followed by a 30-year amortization schedule. The borrower was undisclosed.
HOUSTON — The grand openings have been held for six new tenants at Vintage Park, an approximately 500,000-square-foot lifestyle center located in Houston. Situated on 84 acres at the intersection of Louetta Road and Highway 249, the center’s new tenants include BRIX Wine Cellars, The Castleberry Center for Aesthetic Dentistry, Fish City Grill, Post Net, Signature Home Theater and Shogun Japanese Grill & Sushi. Many of the openings occurred when the center held its grand opening ceremonies in October. Tenants already open at Vintage Park include Cheeburger Cheeburger, H-E-B Vintage Market, LandAmerica Commonwealth Title, Pepper-Lawson Construction, Potbelly Sandwich Works, Starbucks Coffee, and Vintage Wellness & Aesthetic Center. Tenants opening soon at the center include Freshberry Frozen Yogurt, Mia Bella, Peli Peli, Pizza Fusion, Salaa & Trio Prime Steakhouse and Bar, Bank of Texas, Compass Bank, Heritage Texas Properties and Kickerillio Cos. Vintage Park is owned by Houston-based The Interfin Companies. It is the retail component of The Vintage, a 630-acre master planned community.
FRIENDSWOOD, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of Acadiana Centre, a 39,463-square-foot retail center located at 400 West Parkwood in Friendswood. Constructed in 1997 and renovated in 2007, the multi-tenant center was 96 percent occupied at the time of closing. It is shadow-anchored by H-E-B. Tucker Knight and Brad Ballard of HFF arranged the loan on behalf of Commerce Equities through Enterprise Bank. Proceeds from the loan were used to retire existing debt.
DALLAS — Groundbreaking ceremonies were held earlier this month for Midtown Park, an 83-acre, mixed-use development located near Presbyterian Hospital on North Central Expressway in Dallas. The project is currently zoned for up to 3,800 residential units, 930,000 square feet of office space, and 90,000 square feet of retail space — but these numbers could be changed as space is subtracted from one use and added to another. Current plans for the residential component include townhomes, high-rise condos and a senior housing element. The office component will provide space for hospital-related tenants, as well as Class A users in the area. Plans for a hotel are also in the works. When coming up with the idea for Midtown Park, owner Valencia Capital Management wanted to create a community around the busy Presbyterian Hospital. “The reason we made this investment is because of the hospital,” says Tim Kaiser, principal of Valencia Capital Management. “That hospital generates a lot of jobs and a lot of economic activity in the area.” But the hospital is not the only draw in the area. Midtown Park’s trade area also is home to the headquarters of Texas Instruments, North Park Mall and Royals Oaks Country Club. …
SUGAR LAND, TEXAS — New York-based Norvin Partners has acquired Health Center I and II, two medical office buildings totaling approximately 117,000 square feet that are located in Sugar Land. The two properties are situated close to highways 6 and 59, and are located within the epicenter of Sugar Land’s medical community. Both are undergoing significant renovations. The properties are anchored by a physician-owned ambulatory care center. Norvin acquired Health Center I and II from Memorial Hermann Health System. Transwestern Houston will provide leasing and management services for the properties. The acquisition price was not disclosed.