BLUE MOUND, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has completed the sale of a 27-acre land parcel located in Blue Mound. The buyer, California-based Hearthstone Properties Delaware LLC, plans to use the property to expand its current industrial facility, which is used as an auctioning arena and storage facility for Truckcenter.com. The seller was Santa Barbara, Calif.-based Hilzer Family Trust. Pete Richardson and Drew Richardson of HSMC represented both parties in the transaction.
HOUSTON AND FORT WORTH, TEXAS —Holliday Fenoglio Fowler (HFF) has completed two Texas sales totaling 294,351 square feet. The first sale consists of a six-building, 225,859-square-foot office portfolio located in the NASA/Clear Lake submarket of Houston. The properties include Camino Center I and II, which total 81,108 and 80,751 square feet, respectively, and Armand Plaza, a four-building park that totals 64,000 square feet. Dan Miller and Marty Hogan of the Houston office of HFF represented the seller, KBS Realty Advisors. The property was acquired by John Cole of Twenty Twenty Properties for an undisclosed amount. Susan Hill, also of HFF, arranged acquisition financing for the portfolio through Viewpoint Bank. The second sale consists of Fossil Creek Shopping Center, a 68,492-square-foot retail property located at 4296-4398 Western Center Blvd. and 6401 Beach St. in Fort Worth. Situated on 6.4 acres, the shopping center is 98 percent leased to a tenant roster that includes Family Dollar, Card & Party Factory, Cato, Starbucks Coffee and H&R Block. The center is shadow-anchored by Albertson’s. Jim Batjer and Adam Howells of HFF’s Dallas office represented the seller, Dunhill Partners. Sandstone Fossil Creek Associates acquired the property and assumed an existing $8.64 million loan on the …
SOUTHLAKE, TEXAS — Colleyville, Texas-based Realty Capital Corp. has brokered the sale of a 4,646-square-foot office building located within Miron Grove Office Park in Southlake. The building is located within Phase I of the park, which consists of five buildings ranging in size from 3,350 to 5,690 square feet. It is located adjacent to Harris Methodist Surgical Center. Chad O’Neal of Realty Capital Corp. represented the seller, RCC Miron Office Ltd. The building was acquired by Greg Thorn, who will use it as the new headquarters for Thorn Financial Group. The acquisition price was not disclosed.
DESOTO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $4.6 million in joint venture equity financing for the construction of Wintergreen Manor Seniors Housing Complex in DeSoto. The project will include moderate-density, single-story structures with garages and carport. It will also feature an 8,000-square-foot amenity center that will include a 50-seat movie theater, an exercise room, an indoor spa, a beauty salon and massage room, a health center, a business center, a general store, a dining area with a kitchen, a game room, an arts and crafts room, and a great room with a fireplace and seating. The outside area will contain a pool, a picnic area with gas barbecue grills, waterscapes and irrigated landscaping. Todd McNeill of MCA arranged the financing on behalf of a single-asset entity controlled by Dallas-based Colonial Properties. Colonial and its equity partner have agreed to develop 30 senior housing projects throughout the Southwest.
MESQUITE, TEXAS — Groundbreaking has occurred for Peachtree Towne Center, a 60-acre mixed-use development located at the intersection of Interstate 635, Gross and Peachtree roads in Mesquite. Developed by Lang & Co. LLC, the project is being developed in four phases. Phase I consists of the extension of the existing access road for I-635 and Gross Road, as well as the creation of a vehicle and pedestrian bridge that will create circular access to the entire site. Completion is expected in spring 2009. Additional construction will include a full-service hotel with a minimum of 250 rooms, a conference center and an adjacent restaurant. Construction would tentatively begin in 2009, with completion in 2010. Lang will also develop a medical/wellness facility with hiking trails along the creek bed, a multi-story office building, and a multi-use component with residential lofts over ground-floor retail. Completion of the entire project could come as early as 2012.
WAXAHACHIE, GREENVILLE AND CEDAR HILL, TEXAS — Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT has acquired a five-building medical office portfolio known as Medical Portfolio 4. Three of the properties are located in Texas. The first is a two-story, approximately 48,000-square-foot building located at 1305 W. Jefferson St. in Waxahachie. The building is situated on approximately 4 acres of land on the campus of The Baylor Medical Center at Waxahachie. The second property is a two-story, approximately 43,000-square-foot building located at 4501 Joe Ramsey Blvd. in Greenville. It is situated on approximately 4 acres of land across the street from Presbyterian Hospital of Greenville. The third property is a single-story, approximately 25,000-square-foot building located at 950 E. Belt Line Rd. in Cedar Hill. It is situated on approximately 3.1 acres of land within close proximity to Methodist Charlton Medical Center. The other two properties in the portfolio include an approximately 78,000-square-foot medical office building located in Phoenix and an approximately 30,000-square-foot building located in Parma, Ohio. The portfolio was acquired from affiliates of The Cirrus Group, which was represented by James Moloney and Joe Diminguez of New York City-based Cain Brothers. The acquisition price was not disclosed.
SOUTHLAKE, TEXAS — Dallas-based Faulkner Design Group has completed the interior design for Watermere at Southlake, a senior housing community located in the Dallas suburb of Southlake. The project will feature 152 luxury condominiums and 85 villas. Condos will be available with one, two or three bedrooms, and will range from 1,000 to 2,000 square feet in size. Villas will contain two bedrooms, and will range in size from 2,000 to 3,000 square feet. Some villas will also include bonus rooms, studies, lofts and attached two-car garages. The community will also provide assisted living and memory care for residents. Amenities at Watermere at Southlake will include a 36,000-square-foot community center. It will contain restaurants, a bank, a movie theater, an indoor swimming pool, a health spa, a hair salon, a concierge, a convenience store, a library with wireless Internet access and card rooms. The project is being developed by Dallas-based South Bay Partners, with Bedford, Texas-based Galier.Tolson.French Design Associates serving as project architect. Integrated Real Estate Group is providing general contracting services.
HOUSTON — Sacramento, Calif.-based Panattoni Development Co. has broken ground for Phase I of Airtex Industrial Center, a 59.57-acre, Class A industrial park located at the intersection of Airtex Drive and Interstate 45 in Houston. Currently under construction is a 486,720-square-foot, speculative distribution facility. Completion of the shell is expected in April 2009; the project is being designed in anticipation of LEED – Core & Shell certification. Additional construction will include a total of 1 million square feet of industrial space, as well as office and retail pad sites. Airtex Industrial Center is being constructed by Panattoni Construction. Gary Mabray and Walker Barnett of the Houston office of Colliers International are provided leasing services for the project.
FORT WORTH, TEXAS — Silver Springs, Md.-based Choice Hotels International is partnering with Keller, Texas-based Ridgeline Hospitality for the construction of a Cambria Suites in Fort Worth. Located at the intersection of Interstate 35W and Fossil Bluff Drive, the hotel will feature 118 suites. Amenities include a two-story lobby with a large-screen television, a casual dining area with a coffee bar, a fitness center, a 24-hour convenience store, more than 1,000 square feet of meeting space, and wired and wireless Internet access throughout the hotel. Individual suites feature two flat-screen televisions and media hub technology. The construction timetable was not released.
ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a $6.58 million loan for Silerwood Apartments in Arlington. Situated on approximately 7 acres, the property features 196 units; amenities include a swimming pool, a spa, a fitness center, a clubhouse and a sauna. The loan carries a 7-year term with interest-only payments for the first 3 years and a 5.93 percent interest rate. The lender was Fannie Mae; the borrower was not disclosed.