HOUSTON — CB Richard Ellis (CBRE), along with Trammell Crow Co., have arranged the leasing of 18,884 square feet of industrial space at East Belt Business Park, located at 1475 E. Sam Houston Pkwy. in Houston. The property was leased by Northern Safety Co., a national distributor of safety and industrial supplies. Patrick Rollins of CBRE and Jeremy Garner of Trammell Crow represented the landlord, East Belt BP Phase II LLC. LeDon Wissner of Smith Raines Co. represented the tenant. Terms of the lease were not disclosed.
DALLAS — Prime Income Asset Management, a Dallas-based advisory and management company, has acquired Stanford Corporate Centre and the adjoining Telos Fitness Center building, located in the Far North submarket of Dallas. Also known as the Clear Channel Buildings, Stanford Corporate centre is a 13-story, 274,684-square-foot office building. It is anchored by Clear Channel and EnCana Oil & Gas, which combined occupy more than half of the building’s rentable space. Additional tenants in the 98 percent-leased tower include CRC Insurance Services, and Premier Business Centers. The office property also contains a four-level parking garage with 1,005 spaces. The Telos Fitness Center building totals 63,000 square feet. Prime purchased the property from Morgan Stanley Real Estate. Locally based NexBank syndicated a $26 million acquisition loan to fund the purchase. Regis Property Management, an affiliate of Prime, will manage daily operation of the office building.
FORT WORTH, TEXAS — Hendricks & Partners has brokered the sale of Crescent Oaks, a 220-unit multifamily community located at 3001 W. Normandale St. in Fort Worth. Peter Harnett of Hendricks & Partners’ Dallas office represented the seller, Miami-based FUCMT 2001-C3 W. Normandale LLC. The buyer, Harleysville, Pa.-based Prattco Crescent Oaks LP, acquired the property for an undisclosed amount.
FAIRVIEW, TEXAS — Dallas-based MGHerring Group has signed Whole Foods Market to it’s the Village at Fairview mixed-use project. The grocer will occupy 45,000 square feet within the development, located at the corner of U.S. 75 and Stacy Road in the Dallas suburb of Fairview. Whole Foods will join a tenant roster for the project’s 1 million-square-foot retail component that is anchored by Dillard’s, Macy’s, JC Penney, The Container Store and Barnes & Noble. The project will also include a 200,000-square-foot, Class A office building; 675 residential units; a 280-room hotel with an adjoining 80,000-square-foot conference center; and an eight-screen Village Roadshow Gold Class Cinema. Construction is expected to begin later this year, with the grand opening of the entire project expected in August 2009. The Village at Fairview is being developed in conjunction with The Village at Allen, a mixed-use development located across Stacy Road in Allen, as one contiguous project. Upon completion, The Village at Fairview and The Village at Allen will span 400 acres and 3 million square feet.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Pyramid Center, a 39,991-square-foot retail property located at 2924 Kemp Blvd. in Wichita Falls. Situated on approximately 3 acres, the two-story facility is 85 percent occupied by a tenant roster that includes Blockbuster Video, Quizno’s, Sprint and Papa John’s Pizza. A freestanding Starbucks Coffee also is located on the property. Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office, along with Chris Keenan of the firm’s Phoenix office, represented the undisclosed seller. The property was acquired by a Texas-based limited partnership participating in a 1031 exchange.
WACO, TEXAS — The city of Waco has held the grand opening for the new Greater Waco Chamber of Commerce Building, located at 101 S. Third St. The $4 million project totals 13,916 square feet over two stories. Also, it is striving for LEED-Gold certification and, upon designation, will be the first certified green building in Waco and the first green chamber of commerce building in the nation. Waco-based RBDR Architects designed the project, with Waco-based Barsh Construction Co. serving as general contractor. The chamber building is part of a three-block, $75 million mixed-use project currently being developed by Waco Town Square Partners. The project will contain residential, retail and office components, as well.
HOUSTON — Capmark Finance has secured a $21.5 million loan for the refinancing of Norfolk Tower, an 11-story office tower located at 2211 Norfolk St. in the Greenway Plaza submarket of Houston. The Class B property comprises 206,671 square feet of rentable space. It was 83 percent occupied at the time of closing, with notable tenants including Frost National Bank, Comprehensive Health Management and Groundwater Services. Jim Adams of Capmark’s Houston office originated the financing on behalf of the borrower, Younan Properties. The loan carries a 3-year, variable-rate term with a 75 percent loan-to-value ratio and interest-only payments.
PORT ARANSAS, TEXAS — Houston-based architect Meeks + Partners has finished the design for The Palmilla at Port Aransas, a 30-acre luxury condominium community located on Mustang Island at Port Aransas. The project will include four residential buildings with 94 condos over structured parking. The buildings will contain a mix of two- and three-bedroom residences ranging in size from 1,441 to 1,830 square feet. The unit mix also will include eight four-bedroom penthouses averaging 2,584 square feet. The community will contain three levels of recreation amenities, including a game room with billiards, card tables and gaming systems; and Internet café with a coffee bar; a fitness center; and a large deck on the third level. Outdoor amenities include a fully equipped outdoor kitchen, and a resort-style, negative edge pool with tanning decks, poolside cabanas, and tropical landscaping. The project is owned and is being developed by San Antonio-based Koontz McCombs. Groundbreaking is expected to occur in spring 2009.
AUSTIN, TEXAS — Chicago-based Lillibridge has broken ground for the development of a 43,000-square-foot medical office building located on the Seton Southwest Healthcare Center campus in Austin. The two-story structure will house a pulmonary rehab clinic, an MRI facility and a café. Additionally, the adjacent hospital will relocate its physical therapy and sport medicine centers to the new building. The building also will feature a covered walkway attaches to the hospital. Completion is scheduled for the summer of 2009. Lillibridge will own and manage the facility upon completion.
TYLER, TEXAS — George Smith Partners has arranged $22.3 million in non-recourse, permanent financing for the acquisition of The Cambridge, a 204-unit student housing property located adjacent to the University of Texas at Tyler. Constructed in 2007, the community features amenities such as tanning beds, a fitness center, a pool with a deck area and a computer/study room. Steve Bram and Allison Higgins of George Smith Partners arranged the financing. The loan includes a 5-year term and an interest rate 2.9 percent above LIBOR. The lender and the borrower were not disclosed.