HOUSTON — Marcus & Millichap has brokered the sale of Redford Square Apartments, a 61-unit multifamily property located at 9406 Redford in Houston. Robert Su of Marcus & Millichap listed the property on behalf of a Houston-based private investor. It was acquired by a locally based limited liability company. The acquisition price was not disclosed, but the asking price was $2.13 million.
DALLAS — The Houston office of Aries Capital has arranged a $3.2 million loan secured by Kendall Plaza, a 15,734-square-foot retail center located at 2731 W. Northwest Highway in Dallas. Situated on 2.6 acres, the property contains nine retail spaces and is anchored by HSBC. The loan carries a 30-year amortization schedule and a 75 percent loan-to-value ratio. Leonard Smith of Aries originated the transaction. The borrower plans to use the proceeds to acquire an office building, as well as a tract of land for future retail development.
RICHARDSON, TEXAS — The Dallas office of Criterion Property Co. is developing Pradera, a 360-unit, resort-style apartment community located at the corner of Custer Road and Bush Tollway in the Telecom Corridor of Richardson. The community will consist of two- and three-story buildings; amenities will include outdoor gathering spaces, private front yards, an outdoor kitchen with a grilling station, a lagoon pool and spa lounge, and poolside cabanas. The community is being built along the new Greenside Drive, which will serve as the “main street” for the project and promote pedestrian activity. Equity financing for the project is being provided by Trammell Crow Company Acquisitions Fund II, with the Dallas office of Wachovia Bank providing debt financing.
SAN MARCOS, TEXAS — Springfield, Mo.-based John Q. Hammons Hotels & Resorts is nearing completion for the new Embassy Suites San Marcos – Hotel, Spa and Conference Center, located in San Marcos. The $50 million project will include 283 suites and more than 80,000 square feet of flexible meeting space in a 10-story building. Hotel amenities include an open atrium with a water feature, a restaurant, an Internet café, a fitness center, an indoor pool, a sundeck and the company’s signature Spa Botanica. The hotel and spa will be privately owned by John Q. Hammons and managed by John Q. Hammons Hotels & Resorts. The conference center will be owned by the city of San Marcos and managed by John Q. Hammons Hotels & Resorts. The hotel is expected to open in October.
HOUSTON — Local general contractor Satterfield & Pontikes (S&P) has sold 11000 Equity Drive, a three-story, 65,000-square-foot office building located within Westway Park in Houston. The building was completed for S&P in 2006, and is anchored by the builder’s headquarters office. Additional tenants in the fully occupied building include Superior Energy Services, Link Project Services and Frac Tech Services. The building also holds LEED-Gold certification, and is the only Houston office building to carry the designation. The property was acquired by San Francisco-based Seligman & Associates for an undisclosed amount. S&P will continue to operate its headquarters out of the building.
WEBSTER, TEXAS — Construction will begin this month for 253 Medical Center Boulevard, a 48,000-square-foot medical office building located in Webster. The project is being developed in anticipation of achieving LEED-Gold certification. The adjacent medical office building, 251 Medical Center Boulevard, was completed in April 2007 and has already received the Houston Business Journal’s Landmark Award for green development. Completion of the project is expected in August 2009. Additionally, Houston-based Transwestern has arranged a lease for the entire facility. Tim Gregory of Transwestern represented Jacob White Construction Co., the project’s owner and developer. Randy Bar of REMAX Space Center represented the tenant, Houston-based IDEV Technologies.
ADDISON, TEXAS — Lee & Associates has completed the sale of an 11,900-square-foot industrial building located at 15481 Addison Rd. in Addison. Nathan Denton and Hanes Chatham of Lee & Associates’ Dallas/Fort Worth office negotiated the transaction between the seller, Wagley Trust, and the buyer, Victory Jet Assignment. The buyer plans to operate the building as a hangar for personal and business aircraft. The purchase price was not disclosed.
ADDISON, TEXAS — The Addison office of ML Realty Partners has purchased a 1.34 million-square-foot industrial portfolio from RREEF. The portfolio consist of eight Class A distribution buildings located within the Dallas/Fort Worth submarkets of Centreport and Valwood. The properties boast easy interstate access and close proximity to DFW International Airport. Cary Krier, Jack Crews and Seth Barne of Jones Lang LaSalle Americas represented RREEF in the transaction. The acquisition price was not disclosed.
DALLAS — Houston-based The Hanover Company, in partnership with MetLife, Inc., is nearing completion for 1900 McKinney, a 27-story apartment tower located in Dallas. The 230-unit project will contain a mix of one- and two-bedroom residences ranging in size from 1,065 to 2,400 square feet, with prices averaging $2.50 per square foot. Individual units feature high ceilings, expansive windows with UV protective solar shades, custom cabinetry, beech hardwood and travertine flooring, Berber carpeting in bedrooms, and other luxury finishes. Community amenities include a dedicated concierge, valet service, in-room dining from select restaurants, a fitness club with a personal trainer, wireless Internet access, an executive lounge, a rooftop terrace, a heated pool and a private entertainment suite. The project will be seeking LEED certification from the U.S. Green Building Council. First move-ins are expected in September. The project was designed by Gromatzky Dupree & Associates.
DALLAS — Marcus & Millichap has brokered the sale of the former Greyhound Office Building, a 93,087-square-foot office property located in Dallas. Situated on 2.66 acres at 15110 N. Dallas Pkwy., the property comprises the six-story office building and a three-level parking garage. The building was fully occupied by Greyhound and served as the company’s corporate headquarters until it relocated. Ron Hebert of Marcus & Millichap’s Dallas office and Matthew Kipp of the firm’s Newport Beach, Calif., office represented the seller; Hebert also procured the buyer. Both parties were undisclosed.