SAN ANTONIO — Needham, Mass.-based Potomac Realty Capital has structured and funded $38.2 million in financing for a 942-unit multifamily portfolio located in San Antonio. The loan was structured as a $33.5 million first mortgage loan and a $4.7 million mezzanine loan. Proceeds will be used to acquire the portfolio, complete a minor renovation program and fund an interest reserve. The borrower is an entity comprised of a full-service real estate firm and a joint venture between six individual investors. Jeffrey Weingart of Potomac originated the loan.
DALLAS — Dallas-based interior design firm Faulkner Design Group is close to unveiling its design for Park Lane Place, a 33-acre mixed-use development located in downtown Dallas. The project will total 2 million square feet of retail, residential, hotel and office space. Faulkner is providing interior design and planning for the project’s residential units, lobbies and common area. The residential component is named The Heights, and consists of three different types of living spaces, known as The Lofts, The Flats and The Tower. Faulkner’s design includes two aqua lounges overlooking the swimming pools of The Flats and The Tower, both of which contain views of the Dallas skyline. Park Lane Place is being developed by the Dallas office of PM Realty Group, with locally based Gromatzky Dupree & Associates serving as project architect, and locally based Cadence McShane serving as general contractor.
AUSTIN, TEXAS — A joint venture between L&B Realty Advisors and Barshop & Oles Co. had acquired Brodie Oaks Shopping Center, a 244,242-square-foot retail complex located at the corner of Loop 360 and South Lamar Boulevard in Austin. The shopping center is anchored by Neiman Marcus, Last Call and Sun Harvest Market. Additional tenants include Hobby Lobby, Toys ‘R Us, Tuesday Morning, Sally Beauty Supply, Starbucks Coffee, Olive Garden, Chili’s, Pei Wei Asian Diner and Fuddruckers. The property also contains office space. The Dallas office of Holliday Fenoglio Fowler marketed the property on behalf of the seller, Weingarten Realty Investors. L&B Realty Advisors acquired the property on behalf of investors in L&B Diversified Strategy Partners LP. The acquisition price was not disclosed.
BRIDGEPORT AND MESQUITE, TEXAS — Marcus & Millichap has brokered two Texas hotel sales. The first property is a 53-unit La Quinta Inn & Suites located in Bridgeport. The limited-service hotel was recently constructed and opened in April. Ravi Mehta and Sanjeev Lad of the Fort Worth office of Marcus & Millichap represented the buyer, Mijar Kang, as well as the undisclosed seller. The acquisition price was not disclosed, but the property traded for 92 percent of the listing price. Mehta and Lad also brokered the sale of a 118-room Super 8 Motel located in Mesquite. The pair represented both undisclosed parties in the transaction. The acquisition price was not disclosed, but the property traded for 96 percent of the listing price.
NASSAU BAY, TEXAS — Houston-based PM Realty Group has arranged the lease of 59,797 square feet located at 2100 Space Park Dr. across from NASA’s Johnson Space Center in Nassau Bay. Lockheed Martin Corp. will occupy two floors of the building, effective this month. The contractor is expanding its presence in the Bay Area of metropolitan Houston as it begins work for NASA on the Orion Crew Exploration Vehicle. Doug Little, Wade Bowlin and Erik Haugen of PMRG represented the building’s landlord, Fund II & Fund III Associates; Derrell Curry of Studley represented Lockheed Martin.
AUSTIN, TEXAS — Dallas-based KDC and Birmingham, Ala.-based Harbert Management Corp. have started construction for Northpointe Trade Center, a three-building industrial park located at 2251 Piccadilly Dr. in Austin. The three buildings will total 448,550 square feet, and each will include 24- to 28-foot clear ceiling heights and ESFR sprinkler systems. The project will apply for LEED certification from the U.S. Green Building Council. Construction of the building shells is scheduled for completion in March 2009. Spring Valley Construction will provide construction services, with Azimuth Architecture serving as project architect. Brian Liverman, Scott Flack and Doug Thomas of Live Oak Gottesman will be handling leasing for the project.
DALLAS, HOUSTON AND AUSTIN, TEXAS — Miami-based Gencom Group, in partnership with Lehman Brothers Real Estate Partners, has sold a six-property hotel portfolio to RLJ Real Estate Fund III, an affiliate of RLJ Development. The six hotels are all of the Hyatt Summerfield Suites brand: three hotels are located in the Dallas area, one is located in Houston, one is located in Austin and the last one is located in Colorado Springs, Colo. Each of the properties had recently undergone a conversion to the Hyatt Summerfield Suites Brand. RLJ has selected Aimbridge Hospitality to manage the three Dallas hotels, and White Lodging Services to manage the other three. The acquisition price was not disclosed.
AUSTIN, TEXAS — The Austin office of Hendricks & Partners (H&P) has brokered the sale of Cooper’s Hill Apartments, a 255-unit multifamily community located at 739 W. William Cannon Dr. in Austin. The property contains two-story walk-up buildings situated on 8.78 acres. Community amenities include a swimming pool with a hot tub, a clubhouse and barbecue pits. Ellen Muskin and George Deuillet III of H&P represented the seller, Santa Rosa, Calif.-based Coopers Hill Apartment Associates of Austin. The property was acquired by Scottsdale, Ariz.-based Coopers Hill Apartments LLC for an undisclosed amount.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Extra Space Storage, a 624-unit storage facility located at 2220 East Riverside in Austin. The property is situated on approximately 4.67 acres. Mark Villanueva of Marcus & Millichap’s Austin office represented the undisclosed seller and procured the buyer, Equity Based Services. The acquisition price was not disclosed.
FORT WORTH, TEXAS — Speed Fab-Crete, in its role as general contractor, has commenced construction of the $5.27 million Dale Keeling Field House for the Everman Independent School district in Fort Worth. The 24,100-square-foot building will be located at Everman Senior High School. It will house facilities for the school’s football teams, including player weight rooms, locker rooms, showers, an equipment room, a film room, a laundry room, and offices for the athletic director and his assistants. Completion is scheduled for spring 2009. Design services are being provided by locally based Callahan & Freeman Architects.