AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Grand Avenue Center I, a newly constructed, 19,422-square-foot shopping center located at 1615 Grand Avenue Pkwy. in Austin. Jason Middlebrook of Marcus & Millichap’s Austin office represented the seller in the transaction; Casey Beasley of Kemp Properties represented the buyer. Both parties were undisclosed.
AUSTIN, TEXAS — Austin-based Texas Realty Capital (TRC) has secured $35.7 million in joint venture and construction financing for Capstar at Compass Plaza, an eight-story office building that will be located within Austin’s central business district. The project will contain 116,000 square feet of Class A space, and is already more than 90 percent pre-leased to Capstar Partners, Harden Healthcare, DMX Music and Compass Bank. Construction is expected to take 14 months to complete. Jim Lemos of TRC arranged the financing through Thrivent Financial of Minneapolis. Capital City Partners and Sage Land Co. are developing the project. Terms of the loan were not disclosed.
BRYAN, TEXAS — Indianapolis-based Lauth has held the grand opening for Bryan Towne Center, a 400,000-square-foot retail development located near Texas A&M University in neighboring Bryan. The retail center was constructed as a “power village”, which combines aspects of a power center tenants with a lifestyle center design. It is anchored by a 127,000-square-foot Target, with additional retailers including Rack Room Shoes and rue21. Additional stores opening soon include Shipley’s Donuts, Nailtopia, Anytime Fitness and Baskin Robbins. Other retailers and restaurants will be announced in the future.
ALLEN, TEXAS — A joint venture between Global Entertainment Corp., The MGHerring Group and the city of Allen has broken ground for the development of the Allen Event Center, a $50 million entertainment and event center located in Allen. The facility will feature 6,275 fixed seats and 26 luxury suites, with an ultimate capacity of 8,500 seats. The project is scheduled for completion in October 2009.
HOUSTON — Indianapolis-based Duke Realty Corp. has broken ground for the development of the first building within the 80-acre Westside Office Park, located at the intersection of Interstate 10 and Mason Road in Houston. The Det Norske Veritas building will be a 90,000-square-foot, build-to-suit office project situated on 7 acres within the office park. It will be applying for LEED-Gold certification from the U.S. Green Building Council. The $14.4 million facility is being developed by Duke for Norwegian consulting firm Det Norske Veritas. Ziegler Cooper Architects will serve as interior architect, with Powers Brown Architects designing the building shell. Burton Construction will serve as general contractor for the building shell and core. Completion is scheduled for early 2009.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Tulsa for $52.95 million. The portfolio includes a 512-unit community located at 4414 S. Garnett Rd., a 440-unit community located at 7324 S. Wheeling Ave., a 384-unit community located at 2102 E. 51st St. and a 216-unit community located at 4404 S. 109th East Ave. Gregory Harris and Chadd Davis of Marcus & Millichap’s Encino, Calif., office, along with David Bohanon of the firm’s Oklahoma City office, represented the seller, Macco Properties, and the buyer, Redfern Family Trust. The buyer acquired the portfolio as part of a 1031 exchange at a price of approximately $34,140 per unit.
DALLAS — Realty Capital Partners (RCP) has acquired an 8-acre property containing two office buildings in the Southwestern Medical District of Dallas for redevelopment. The two buildings total 125,000 square feet; one of the buildings will be demolished to make way for a new multifamily development, while the other 30,000-square-foot building will be preserved. RCP will subsequently develop a 300-unit, Class A apartment community on the property. For the transaction, RCP formed RCP Medical District Urban Living Ltd, a limited partnership designed to provide equity for the purchase of the property. The seller was not disclosed.
DALLAS — Los Angeles-based Catalyst Fund LLC has acquired a mortgage interest in Coit Central Tower, a 247,000-square-foot, Class A office tower located in Dallas. Catalyst acquired the interest from Gramercy Capital Corp., which retains the property’s senior debt. The property is owned by International Capital Partners. It was 40 percent leased at the time of closing. Catalyst Fund is a $65 million real estate fund formed by RPD Catalyst.
KENEDY, TEXAS — Hendricks & Partners has brokered the sale of Country Village of Kenedy, a 112-unit apartment community located at 369 Freeny Dr. in Kenedy. The Bank of New York Trust Co., acting as trustee, sold the property to Boerne, Texas-based Calton Investments. Mike Miller and Scott Weems of Hendricks & Partners’ San Antonio office negotiated the transaction. The sale price was not disclosed.
SAN ANTONIO — Marcus & Millichap has completed the sale of Babcock Plaza, a 29,930-square-foot shopping center located at 6565 Babcock Rd. in San Antonio. Situated on 4.29 acres, the property is occupied by a tenant roster that includes Cricket Communications, State Farm Insurance and Curves For Women. Chad Knibbe of Marcus & Millichap’s San Antonio office represented the Nashville, Tenn.-based seller. The property was acquired by a California-based investment group. The acquisition price was not disclosed, but the property listed for $3.32 million.