HOUSTON — NAI Houston has brokered the sale of a 15,130-square-foot, speculative warehouse property located at 4549 Aldine Bender, within Interwood Business Park in Houston. John Ferruzzo and Travis Land of NAI Houston represented the seller, BRG Cornerstone Development & Construction. The property was acquired by 4549 Aldine Bender LLC. The acquisition price was not disclosed.
SAN MARCOS, TEXAS — The grand opening has been held for the Embassy Suites San Marcos – Hotel, Spa & Conference Center, a $50 million hotel and spa located in San Marcos. The 10-story hotel features 283 suites, and the adjacent conference center totals more than 80,000 square feet. The conference center is owned by the city of San Marcos and managed by John Q. Hammons Hotels & Resorts. The hotel and spa is privately owned by John Q. Hammons and managed by his Springfield, Mo.-based hospitality company.
IRVING, TEXAS — The Chicago office of BB&T Real Estate Funding has provided a first mortgage loan secured by MacArthur Park, a 198,366-square-foot retail center located in Irving. The Kroger-anchored center is situated within the Las Colinas master-planned community. It is part of a larger power center that includes Barnes & Noble, Gap, Hallmark, Target, Ross Dress For Less, TJ Maxx and Office Depot. Nick Gonzalez of Austin, Texas-based GRC Capital represented the undisclosed borrower in the transaction. Terms of the loan were not released. BB&T Real Estate Funding is a wholly owned subsidiary of Charlotte, N.C.-based Grandbridge Real Estate Capital and a subsidiary of BB&T Corp.
FRIENDSWOOD, TEXAS — Groundbreaking is set to occur for HomeTown Center, a 60,789-square-foot mixed-use project located at 502 S. Friendswood Dr. in Friendswood. The $9 million project is owned by Buzbee Properties. The three-story building features office and retail space on the first and second floors, as well as nine residential lofts on the third floor. Groundbreaking will occur in the first quarter of 2009. Tenants already signed on for the project include Buzbee Properties, HomeTown Bank, a coffee shop and a title company. In addition, groundbreaking occurred this month for Park Plaza, a $2.2 million multi-use project also located in Friendswood at 907 S. Friendswood Dr. The two-story office and retail project totals 21,600 square feet. Office tenants will include the project’s developer, Crystal Creek Developers, as well as P.E. Square Engineering Consultants and Everest Design Group.
GLEN ROSE, TEXAS — Fort Worth, Texas-based Speed Fab-Crete has completed renovations and additions to First United Methodist Church in Glen Rose. Construction included the repair and protection of numerous stained glass windows, as well as the addition of 10 new stained glass windows. The second floor of the sanctuary was removed to create a more spacious area, and the sanctuary’s seating capacity was expanded to 317 people. Another existing building was converted into a fellowship hall with classrooms and restrooms. Finally, building improvements were made, including the replacement of the HVAC system, the replacement of the roof, the enhancement of the buildings audio-visual capabilities and an upgrade to the lighting system. The project architect was Fort Worth-based Callahan & Freeman Architects. First United Methodist Church was first constructed in 1885. The existing sanctuary was built in 1916.
KERMIT, TEXAS — Construction is complete for the new Winkler County Memorial Hospital, located in Kermit. The approximately $13.2 million project included the construction of a new hospital on top of the original hospital, which was constructed in the late 1940s. The new 34,000-square-foot hospital includes 27,400 square feet of new space and 6,600 square feet of renovated space from the original hospital. The facility includes an 10 patient rooms, comprising nine semi-private rooms and one isolation room, as well as an emergency department. The renovated space will be used for support functions such as administration, maintenance and physical therapy. The project was designed by Arlington, Texas-based Ascension Group Architects and constructed by Dallas-based Skiles Group. The Brentwood, Tenn., and Louisville,, Ky., offices of Parsons served as program manager for Winkler County.
AUSTIN, TEXAS — Houston-based Live Oak Capital has brokered the sale of The Robertson Hill Apartments, a 290-unit multifamily property located in Austin. The Class A apartment community was developed by Houston-based Martin Fein Interests and was completed this year. It is situated just east of Austin’s central business district, between East Ninth Street and East 11th Street. Hal Holliday and David Aaronson of Live Oak represented the seller, Houston-based Robertson Hill Apartments LP. The property was acquired by an undisclosed institutional investor.
DUNCANVILLE, TEXAS — Marcus & Millichap has completed the sale of Wexford Townhomes, a 122-unit townhome community located at 600 Wembley Circle in Duncanville. Occupancy for the property was approximately 95 percent at the time of closing. Al Silva of Marcus & Millichap’s Fort Worth, Texas, office and Kelley Sparkman of the firm’s Dallas office represented the seller, a Florida-based private investment group. The buyer, an out-of-state private investor, purchased Wexford Townhomes to satisfy a 1031 exchange and assumed an interest-only loan for the property that carries a 6.18 percent interest rate. The acquisition price was not disclosed.
FORT WORTH, TEXAS — The Dallas office of PNC ARCS has secured a $2.7 million loan for Willow Glen Apartments, a 168-unit multifamily community located in Fort Worth. The community is situated on more than 7 acres; amenities include a clubhouse, a swimming pool, a Jacuzzi, two laundry facilities and a playground. The loan carries a 10-year term, a 30-year amortization schedule and a 6 percent fixed interest rate. The lender was Fannie Mae; the borrower was undisclosed.
TULSA, OKLA. — Marcus & Millichap has brokered the sale of a 13,650-square-foot Walgreens pharmacy, located at 10018 S. Yale Ave. in Tulsa, for $3.9 million. The pharmacy is situated on 1.74 acres in the city’s South Tulsa submarket; it was constructed in 2003. David Bohanon and Philip Bohanon of Marcus & Millichap’s Oklahoma City office, along with Tina Taylor of the firm’s Las Vegas office, represented the seller, an undisclosed limited liability company. The buyer, also a limited liability company, was represented by Mark Thiel of Marcus & Millichap’s San Diego office.