UNIVERSAL CITY, TEXAS — The Houston office of Concierge Asset Management (CAM) has purchased Sunrise Canyon Apartments, a 208-unit apartment community located at 501 Sunrise Canyon Dr. in the San Antonio suburb of Universal City. The Class B, gated community contains a mix of one-, two- and three-bedroom units. Apartment sizes average 858 square feet and rents average $864 monthly. It was 88 percent occupied at the time of closing. The seller, Corpus Christi, Texas-based SRC Universal Partners, was represented by Bobby Bull and Matt Lockin of Transwestern’s Phoenix office, as well as Alan Grilliette of Transwestern’s San Antonio office. Financing was arranged by the Houston office of Capmark Finance through Freddie Mac. The 7-year, floating rate loan carries an initial interest rate of 4.45 percent with a built-in cap. CAM’s future plans include upgrading the property to Class A status. Sunrise Canyon marks the second San Antonio-area multifamily community the company has purchased in the past 3 months.
ARLINGTON, TEXAS — Groundbreaking will occur next week for The Hatala Development, a three-building office complex located in downtown Arlington. The first building to be constructed on the 2.16-acre parcel is the Hatala Building. The single-story structure will contain 13,561 square feet of ground-level office space and a 6,198-square-foot, underground garage. The other two buildings will rise two stories and will total 4,450 and 3,800 square feet. Additionally, Hatala Systems Group will occupy 4,100 square feet of the Hatala Building. The project is being developed by locally based ART Properties, which is also handling leasing. Locally based Gagliardi Group is serving as project architect, and construction financing is being provided by Chase Bank.
LA PORTE, TEXAS — The Houston office of Cushman & Wakefield of Texas (C&W) has arranged the sale of a 49.36-acre industrial development parcel located on Fairmont Parkway in La Porte. John Littman, B. Kelley Parker and Coe Parker of C&W represented the seller, NDI Fairmont Parkway Partners Ltd. The buyer, Notsuoh Development Corp., plans to use the property, which is located within Fairmont Industrial Park, for future development. Lane Guinn of Houston-based JLM Commercial Advisors provided buyer representation in the land transaction.
EL PASO, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the purchase of a nine-story, mixed-use building located at One Union Fashion Center in downtown El Paso. The building comprises 212,000 square feet; it features retail space on the first two floors, and office and residential space on the top seven floors. Shawn Ackerman and Jason Gaines of HSMC represented the buyer, J&M Sales of Texas, which is a subsidiary of Gardena, Calif.-based National Stores. Doing business as Fallas Paredes, the buyer plans to move into the retail portion of the building by the end of 2009. The seller, VEK#2 LP, was represented by Dan Foster of the El Paso office of Grubb & Ellis.
OKLAHOMA CITY — Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT has acquired the Oklahoma City Medical Portfolio, a two-property medical office building portfolio located in Oklahoma City. Both properties are located on the campus of Deaconess Hospital. The first property, 5701 North Portland, is a three-story, approximately 61,000-square-foot building that is connected to the hospital by way of an underground tunnel. It is 86 percent leased to 17 tenants. The second property, 5401 North Portland, is a six-story, approximately 126,000-square-foot building that is physically attached to the hospital. It is 96 percent leased to 16 tenants. Grubb & Ellis Healthcare REIT acquired the property from Deaconess Portland MOB LP, which was represented by Toby Scrivner and Jeff Matulis of Tulsa, Okla.-based Stan Johnson Co. The acquisition price was not disclosed.
ABILENE, TEXAS — Marcus & Millichap has negotiated the sale of Corporate Place, a 45,278-square-foot office complex located at 3301 N. Third St. in Abilene. Greg Gaynor of the firm’s Austin, Texas, office, listed the property on behalf of the undisclosed seller. It was acquired by a Central Texas-based real estate investor for an undisclosed amount.
FORT WORTH AND CORINTH, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged approximately $10 million for two retail projects being developed by Dallas-based Margaux Development Co. MCA secured a $6.91 million interim loan for the predevelopment of Parkwood Shopping Center, a 31-acre retail project located in Fort Worth. Proceeds will be used to retire the existing land acquisition loan, prepare the site for vertical development, and proceed with site work and preparation. Current plans call for Margaux to develop a 212,500-square-foot regional shopping center; tenants already signed on include Academy Sports, NTB Tire & Battery and Aldi’s. The second loan totals $2.89 million and is secured by a 20.62-acre land parcel located in Corinth. Margaux plans to develop a retail project on the site known as Corinth Marketplace Shopping Center. Proceeds will be used to retire the existing land acquisition loan. Todd McNeill of MCA arranged both of the loans. The lenders and terms of the loans were not disclosed.
HOUSTON — Houston-based Transwestern has leased the top two floors of 1800 West Loop South, a 399,777-square-foot office tower located in Houston’s Uptown Galleria submarket. Advertising agency Fogarty Klein Monroe will use the space, which totals 39,506 square feet, as its Houston office. The lease brings occupancy in the tower up to 95 percent. Michelle Wogan and Monte Calvert of Transwestern represented the landlord, 1800 West Loop South Ltd. Kevin Gardner of CresaPartners’ Houston office represented Fogarty Klein Monroe. The tenant is working with the Houston office of architect PageSoutherlandPage to design the office’s interior.
ALLEN, TEXAS — The Woodlands Grill has held the grand opening for its fourth location at 932 Garden Park Dr. in Allen. The new restaurant is situated within Watters Creek at Montgomery Farm, a 1.15 million-square-foot, mixed-use development. The restaurant seats 220, and also contains an outdoor dining patio and a semi-private dining area for special events. The design of the restaurant is inspired by Frank Lloyd Wright’s famous Fallingwater House.
KATY, TEXAS — Houston-based Live Oak Capital has structured acquisition and development financing for The Providence at Grand Parkway Apartments, a 250-unit, independent living, senior community located at 22801 Franz Rd. in Katy. The age-restricted community will feature 36 bungalow-style units averaging 886 square feet, in addition to the other apartment units. Property amenities include a 10,000-square-foot amenities center that features a central dining room, a game room, a coffee bar, a fitness center, a theater, a business center, a library, a salon, a spiritual center and a sundries store. Other amenities include a swimming pool, a 2-acre lake and walking paths. Jim Kirkpatrick and Tip Strickland of Live Oak Capital secured a $16.2 million senior loan through Charlotte, N.C.-based Bank of America and $4.5 million in equity through Washington, D.C.-based Perseus Realty Partners. The financing includes 95 percent loan-to-value ratio. The borrower is Providence Grand Parkway, Ltd., an entity led by the project’s developer, Houston-based Blazer Building. The project is being designed by Houston-based Mucasey & Associates. Construction is slated to begin this month.