HOUSTON — Houston-based Live Oak Capital has arranged an approximately $8.5 million, fixed-rate loan for the refinancing of Central City, a 66-acre industrial park located at 5301 Polk St. in Houston. The multi-tenant property comprises 20 buildings ranging in size from 5,000 to 138,000 square feet. The park totals approximately 1 million square feet and was 92 percent occupied at the time of closing. Rob LaRue of Live Oak arranged the financing between the borrower, locally based Pelec Central City, Ltd., and the borrower, Ohio National Life Insurance Co.
ALLEN, TEXAS — Jones Lang LaSalle (JLL) has arranged a 292,700-square-foot office lease renewal for Experian Credit Reporting Agency at 601 and 701 Experian Pkwy. in Allen. Larry Toon, Wade Clark, Ronda Clark and Bo Bond of JLL represented the tenant in lease negotiations. The landlord is Lexington Realty Trust. Terms of the lease were not disclosed.
HOUSTON, DALLAS AND PLANO, TEXAS — KeyBank Real Estate Capital has arranged $52.6 million in financing for four Texas multifamily properties. KeyBank secured $50 million in Freddie Mac ARM loans for three of the apartment communities. In Houston, $22 million was provided to Pearland Apartments, Ltd. for the 292-unit Cobblestone Park Apartments. In Dallas, $16 million was provided to FCLC Dallas for the 244-unit Hidden Creek Apartments. In Plano, $12 million was provided to Bristlecone Texas, Ltd. for the 268-unit Cottages at Tulane. Additionally, KeyBank secured $2.6 million in Fannie Mae Refinance Tier 2++ funding for Gaston and Junius Apartments, a 47-unit community located in Dallas. The borrower is Power Investments Inc.
HOUSTON — Groundbreaking has occurred for Washington Centre, an approximately 50,000-square-foot, multi-use development located in the Washington Avenue district of Houston. The three-story project will include ground-floor retail space, with offices on the second and third floors. Approximately 45 percent of the space at Washington Centre has been pre-leased, including a law firm that will be relocating from Houston’s central business district to a full floor of the building. The project is being developed by locally based Senterra Real Estate Group. Locally based Hermes Architects is providing design services, and Gamma Construction is serving as general contractor. Completion is scheduled for early fall 2009.
HOUSTON — NAI Houston has brokered the sale of a 20,250-square-foot industrial flex property located in Houston. The single-tenant facility is located at 5450 Guhn Rd. Jeffrey Barbles and Rob Chandler of NAI Houston represented the seller, Guhn One LP. The property was acquired by Jeffrey Banks in a 1031 exchange for an undisclosed amount. Banks was represented by Justin Bayne of Austin-based Skyles Bayne LLC.
SAN ANTONIO —PNC ARCS has arranged $4 million in fixed-rate financing for Timbers Edge Apartments, a 176-unit multifamily community located in San Antonio. Timbers Edge is situated on more than 8 acres; community amenities include a swimming pool, a clubhouse, tennis courts and 99 carports. Terms of the financing include a 5.84 percent interest rate and a 10-year term with 2 years of interest-only payments. The loan was originated on behalf of the undisclosed borrower by the Dallas office of PNC ARCS. The lender was Freddie Mac.
THE WOODLANDS, TEXAS — Everson Development has broken ground for a three-phase, multi-use project located on 9 acres at the intersection of Research Forest and Technology Forest drives in The Woodlands. The project consists of a 45,000-square-foot professional office building, a 25,000-square-foot retail center and two, approximately 1-acre pad sites fronting Research Drive at the intersection. The office building is scheduled for completion in the spring. The Woodlands office of The J. Beard Real Estate Company is handling leasing for the project. Several leases have been signed for the retail building, including two restaurants.
ARLINGTON, TEXAS — Construction is under way for The Village at Sports Center, a two-story, 97,892-square-foot multi-use project located at 5001 South Cooper in Arlington, adjacent to the Harold Patterson Sports Center. The $17 million project is being developed by Oakhollow Group. It comprises 49,030 square feet of retail space and 48,862 square feet of office space. Completion is scheduled for September 2009. The Fort Worth, Texas, office of Key Construction is serving as general contractor. CHS Architects is providing design services.
CARROLLTON, TEXAS — The Dallas-Fort Worth office of Lee & Associates has completed a 5-year, 10,596-square-foot industrial lease at 2105 Luna Rd. in Carrollton. Nathan Denton and Hanes Chatham of Lee represented the tenant, the Lone Star Chapter of the National Multiple Sclerosis Society. The landlord was LIT Industrial Texas Partnership.
TULSA, OKLA. — Oklahoma City-based HotelBrokerOne has completed the sale of the GuestHouse Inn & Suites located at 8181 East 41st St. in Tulsa for $3.6 million, or $38,000 per room. The 95-unit property was first constructed as a Residence Inn in 1982, but has undergone major renovations in the past 2 years. Mike Craddock and Bruce Holmes of HotelBrokerOne, along with Kamlesh Aggarwal of Sooner Properties, completed the transaction between the buyer, locally based SAMAATH LLC, and the seller, Nu-Gen Hotels. Acquisition financing was provided by First National Bank of Owasso through the SBA 504 program.