MESQUITE, TEXAS — Lee & Associates has completed the sale of a 70,567-square-foot retail building located at 2133 N. Belt Line Rd. in Mesquite. Situated on approximately 6 acres, the freestanding structure formerly housed a Rainbow Foods. Mark Graybill and Trey Fricke of Lee & Associates’ Dallas/Fort Worth office represented the seller, Eflow Investment Trust I & II. The buyer was the Mesquite Independent School District. The acquisition price was undisclosed.
DALLAS — NorthMarq Capital has arranged $3 million in first-mortgage financing for the Unitron Building, a 40,000-square-foot, owner-occupied industrial property located in Dallas. The loan carries a 5-year term and a 20-year amortization schedule. Paul Brighton of NorthMarq’s Dallas regional office originated the loan on behalf of the undisclosed borrower through a local bank.
DALLAS — The United States General Services Administration (GSA) has signed a lease for 8,000 square feet at the Sherry Lane Place building in Dallas for the offices of President George W. Bush. The lease is for a 10-year term at an annual rate of $38.95 per square foot. Tenancy will begin this summer. In the meantime, the GSA has leased 5,328 square feet at The Berkshire at Preston Center, also located in Dallas, for Bush’s temporary offices. The short-term lease began this week; it was leased at an annual rate of $34.71 per square foot. In both offices, the GSA will be leasing additional office space for the United States Secret Service, the cost of which will be reimbursed by the Department of Homeland Security.
HOUSTON — Capmark Finance has arranged a $27.5 million loan for the refinancing of Westcreek at River Oaks, a 574-unit multifamily property located at 2049 Westcreek St. in Houston. The property is situated on 14.5 acres and was 96 percent occupied at the time of closing. Matt Greer of Capmark’s Austin, Texas, office originated the financing, which includes a variable interest rate, a 75-percent loan-to-value ratio and a 7-year term with a 30-year amortization schedule. The borrower is Houston-Westcreek Partners LP, an affiliate of Cypress Real Estate Investors. The lender was Freddie Mac. In addition, the Dallas office of Capmark arranged $6.5 million in floating-rate, interim financing for a 7.73-acre land parcel located in Irving. The parcel is situated adjacent to the Four Seasons Resort & Club Dallas at Las Colinas. The loan, which carries interest-only payments for a 3-year term, was originated by Capmark’s Ashley Harkness on behalf of Bentley Forbes, Ltd. The lender was Legacy Texas Bank.
FORT WORTH, SAN ANTONIO AND ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a total of $13.65 million in Fannie Mae financing for three Texas multifamily communities. In Fort Worth, a $5.6 million loan was arranged for the 256-unit Park Place Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.35 percent fixed interest rate. In San Antonio, a $4.25 million loan was secured for Forest Ridge Apartments I and II, two adjacent multifamily properties that total 208 units. The loan carries a 6.39 percent fixed interest rate, a 15-year term with a 30-year amortization schedule and interest-only payments for the first 2 years. Finally, a $3.89 million loan was secured for Trinity Oaks Apartments, a 206-unit community located in Arlington. The loan carries a 10-year term, a 30-year amortization schedule and a 6.37 percent fixed interest rate. Each of the communities includes a swimming pool and laundry facilities; Forest Ridge and Trinity Oaks also feature fitness centers. The borrowers in all three transactions were undisclosed.
HOUSTON — Chanhassen, Minn.-based fitness chain Life Time Fitness has opened its first Life Time Athletic fitness club within CITYCENTRE, a $500 million mixed-use development located in Houston. The new three-story, 144,000-square-foot fitness club includes more than 400 workout machines, 16 tons of free weights, 15 fitness classes and a full staff of certified personal trainers. The club also includes LifeSpa, a full-service salon and spa; LifeCafé, a café that serves nutritious meals and snacks; and the Poolside Bistro, a restaurant located on the outdoor sun deck near the fitness club’s pool. CITYCENTRE is a 1.8 million-square-foot mixed-use development situated on 37 acres in downtown Houston. It is owned by Houston-based Midway Cos. Life Time Fitness currently operates 76 locations in 17 states.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Terrell Heights Shopping Center, a 14,369-square-foot retail center located at 1455 Austin Hwy. in San Antonio. The property was constructed in 2006. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Texas-based partnership. The acquisition price was not released, but the property listed for $4.3 million.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $10.46 million in permanent financing for the acquisition of Arbors on Westheimer Apartments, a 360-unit multifamily community located in Houston. Jamie Mullin of LMI originated the fixed-rate financing with one of the company’s Fannie Mae DUS lenders. The borrower was undisclosed.
CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property Co. has commenced Phase II of a $50 million renovation to La Palmera, a 1 million-square-foot mall located in Corpus Christi. Upcoming construction includes a transformation of the mall’s front entrance into an outdoor lifestyle court with landscaping, pop jet fountains, seating areas, a valet parking area and new retailers. Macy’s will begin an expansion in April that will add 18,000 square feet to the first floor of its store. Macy’s is anticipating a fall completion for the project. The mall renovation began in late 2008 with a rebranding of the mall that included new interior furniture and interior landscaping, new signage and fresh paint. Work also began for the renovation of the food court, which will feature a 4,400-gallon aquarium centerpiece, seating for 600, flat-screen televisions and an entertainment stage. Future phases will include a new children’s play area on the mall’s upper level, two new sets of escalators, a new elevator, multiple water features, upgraded lighting, and new glass windows and curtain walls. Additionally, the parking lot will be resurfaced and the parking garage will be upgraded. Completion of the entire project is expected in time for the 2009 …
LEAGUE CITY, TEXAS — Grubb & Ellis has brokered the sale of South Shore Marketplace, an approximately 32,000-square-foot retail center located at the intersection of League City Parkway and South Shore Boulevard in the Houston suburb of League City. The property comprises an approximately 28,000-square-foot, multi-tenant building and an approximately 4,000-square-foot building ground leased to Chase Bank. Occupancy was at 96 percent at the time of closing. South Shore Marketplace is shadow anchored by Kroger. George Cushing and Wendy Vandeventer of Grubb & Ellis’ Houston office represented the seller, Regency Centers. The property was acquired by Dallas-based Dunhill Partners for an undisclosed amount.