LANCASTER, TEXAS — Atlanta-based IDI has acquired a 35-acre site in Lancaster for the development of Interstate Commerce Center South, a 617,760-square-foot, cross-docked distribution facility. The facility will be situated at the intersection of interstates 20 and 35, and will boast close proximity to the Union Pacific rail intermodal facility. It is being designed for tenants seeking space of 200,000 square feet or more. The project is currently in the engineering, designing and permitting stage. Pax Glenn of Glenn Commercial Real Estate represented IDI in the land purchase. Shawn Valk of The Assured Realty Group represented the seller, Don Valk.
AMARILLO, TEXAS — Los Angeles-based Post Investment Group has acquired Foxfire Apartments, a 328-unit multifamily property located at 4101 W. 45th St. in Amarillo. Situated on 13.9 acres, the community comprises 41 two-story buildings. Post acquired it out of foreclosure from CW Capital Asset Management, and plans to stabilize and reposition the property, which had an occupancy rate of less than 40 percent at the time of closing. Unit interiors will be renovated and upgraded, exterior improvements will be made and the property will be re-branded. Post’s joint venture partner in the acquisition is a Los Angeles-based private asset management company. Financing for the capital improvements plan is being provided by Chicago-based Wrightwood Capital.
COCKRELL HILL, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $8.78 million in construction financing for Plaza Del Oro, a planned 84,600-square-foot shopping center located in Cockrell Hill. The project is already 55 percent pre-leased; it will be anchored by El Rancho SuperMercado. Todd McNeill of MCA originated the loan with Wachovia Bank. He also secured $2.19 million in new market tax credit equity financing to cover the total cost of construction. The loan has a term of 7 years with a floating interest rate. The borrower was a partnership sponsored by Donald Silverman, principal of Dallas-based Margaux Development.
TAYLOR, TEXAS — The Weitzman Group has arranged the purchase of Storefront Taylor Marketplace, a 2.82-acre development parcel located at the intersection of FM 397 and Highway 95 in Taylor. Taylor Retail LP acquired the site and has enlisted Noble Capital Real Estate to develop it into an 18,000-square-foot retail center with a pad site. Graham Carter of Weitzman and Kirk Slack of Noble negotiated the transaction.
DALLAS AND ROWLETT, TEXAS — Dallas-based Quantum First Capital (QFC) has secure a total of $10.8 million in financing for two Texas shopping centers. In Dallas, QFC closed on a $7.5 million loan for Northlake Shopping Center, a 99,920-square-foot retail property located at the corner of East Northwest Highway and Ferndale Road. The center is occupied by a tenant roster that includes Tuesday Morning, Dollar Tree and the U.S. Post Office. The bridge loan carries a 3-year term with a LIBOR-priced floating rate. Stuart Wernick and Eli Gershenson of QFC originated the transaction. In Rowlett, Gershenson originated a $3.3 million loan for the acquisition of Bank of America Lakeview Center, a 19,160-square-foot shopping center located at 2409 Lakeview Pkwy. The center is shadow-anchored by The Home Depot and Wal-Mart Supercenter. Major tenants include Bank of America, Cato Fashions, Check ‘n Go, H&R Block and Garland Dental Group. The loan carries a 5-year term with a fixed interest rate in the low 6 percent range. An Oklahoma-based financial institution provided the loan to an overseas investor.
HOUSTON — Marcus & Millichap has brokered the sale of Baytown Primary Medical Tower, a three-story medical office building located on 5.32 acres at 2802 Garth Rd. in Houston. Constructed in 1988, the building totals 46,120 square feet and was 98 percent occupied at the time of closing. Ross Cannizaro of Marcus & Millichap’s Houston office represented the seller, a locally based limited liability company. The property was acquired by another locally based limited liability company for an undisclosed amount.
HOUSTON — Marcus & Millichap has arranged the sale of Oak Forest Apartments in Houston. Located at 4300 Rosslyn, the property totals 20,451 square feet and was fully occupied at the time of closing. Sheri Carey of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. It was acquired by an Encino, Calif.-based investor. The acquisition price was not disclosed, but the property listed for $1.25 million.
THE WOODLANDS, TEXAS — Houston-based Hunington Properties Inc. (HPI) has brokered the sale of a 14,613-square-foot retail property located at the intersection of Woodlands Parkway and FM 2978 in The Woodlands. Jamie Bouterie and Sandy Aron of HPI represented the seller, Shops at Terramount Ltd. The retail property was acquired by a Houston-based limited liability corporation for an undisclosed amount.
HOUSTON AND CONROE, TEXAS — A joint venture between New York-based Hudson Realty Capital and Triumph Land & Capital Management has acquired two non-performing loans with a balance of $18 million. The loans are secured by two Houston-area multifamily properties that were immediately foreclosed on by the joint venture. The first property is a 288-unit, Class B property located in Houston; the second is a 228-unit property located in the Conroe. The venture plans to renovate and reposition both properties.
FRISCO, TEXAS — Development is set to begin for three phases of luxury apartment units at Frisco Square, a town center-style, mixed-use project located in Frisco. Construction of Phase I, consisting of 281 units, will commence immediately, with completion expected in June 2009. The other two phases are scheduled for completion in 2012. Fairway Equities will be co-developing the residential project with Columbus Realty Partners. Amicus Construction will provide general contracting services, and Lincoln Property Co. will serve as leasing agent. The project is owned by Fairway Equities and Trammell Crow Company Acquisitions II, a real estate fund sponsored by Atlanta-based Trammell Crow Co.