KATY, TEXAS — Houston-based Allied Realty Services, Ltd. has held the grand opening for The Retreat at Cinco Ranch, a 268-unit apartment community located within the Cinco Ranch master-planned community in Katy. The project broke ground in June 2007, and was developed by Allied in partnership with General Electric. Monthly rents at the community average $1,064, and individual units average 942 square feet. Occupancy is currently at 35 percent, and the community is leasing without concessions. The Retreat at Cinco Ranch is being managed by Orion Real Estate Services, a subsidiary of Allied. The project marks the developer’s 27th luxury apartment community.
STILLWATER, OKLA. — Rockbridge Capital has arranged $12.1 million in first-mortgage financing for the development of a 101-room Residence Inn by Marriott in Stillwater. The new hotel will be located along the Highway 51 corridor within a 112-acre, mixed-use development. It will be situated three miles from Oklahoma State University, adjacent to Meridian Technology Center and Oklahoma Technology & Research Park. The new Residence Inn will be developed, owned and operated by A.G. Holdings. Terms of the financing were not disclosed.
FORT WORTH, TEXAS — Mark One Capital has arranged a $7 million loan for the acquisition of the Western Insurance Building, a 92,240-square-foot office building located at 5601 Bridge St. in Fort Worth. Terms of the loan include a 5.5 percent adjustable interest rate priced at 250 basis points above the 30-day LIBOR, a 5-year term with a 20-year amortization schedule, and a 70 percent loan-to-value ratio. It was originated by Geoffrey Harris of Mark One’s Phoenix office and Farhan Kabani of the firm’s Dallas office. The lender was an undisclosed commercial bank.
EL PASO, TEXAS —Walton Construction Co. has been selected to construct the Consolidated Family Care/Troop Medical Clinic, located at Fort Bliss in El Paso. The more than $42 million project will consist of a two-story, approximately 144,000-square-foot medical clinic. Services provided will include family medical care, preventative medicine, aviation medicine, optometry, physical therapy and mental health. The facility will also include a pharmacy and administrative offices. Construction is slated to begin in February 2009, with completion expected in May 2010. Walton Construction’s Dallas and Kansas City, Mo., divisions are partnering for the construction of the project, which is the firm’s fist healthcare development in the state. Hoefer Wysocki Architects is providing design services.
TYLER, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot Walgreens pharmacy located in Tyler. Gil Warner, Rod Pickney and Chad Byerly of Stan Johnson represented the seller, a retail developer. The property was acquired by an undisclosed investor for $6.28 million.
GRAND PRAIRIE AND AUSTIN, TEXAS — NorthMarq Capital has arranged $26.6 million in first mortgage financing for two Texas multifamily properties. A $16.1 million loan was arranged for Indigo Pointe Apartments, a 300-unit community located in Grand Prairie. The loan includes a 4-year, interest-only term and was arranged with an undisclosed Midwest life insurance company. The second loan totals $10.5 million, and was secured by Presidio Apartments, a 250-unit community located in Austin. The loan carries a 5-year, interest-only term, and was arranged through AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender. Both loans were originated for the undisclosed borrowers by Jeff Frankel of the Chicago office of NorthMarq Capital.
IRVING, TEXAS — Dallas-based The Beck Group has been selected to serve as the owner’s representative for the city of Irving in its plans to develop a new convention center and entertainment district. The more than $400 million project will be developed on a 40-acre parcel in the city’s Las Colinas neighborhood. Construction, which will be done in three phases, will consist of a 275,000-square-foot conference and event center, a 3,500 to 5,000-seat entertainment theater, 85,000 square feet of restaurant and retail space, and structured parking for more than 2,000 cars. The convention center will feature a 50,000-square-foot exhibit hall, 20,000 square feet devoted to conference and meeting rooms, and a top-floor ballroom that includes a full-service kitchen. The first phase is expected to open in the fourth quarter of 2010, followed soon afterward by the entertainment venue. Plans for Phase III presently include a hotel for the convention center.
KINGWOOD, TEXAS — Los Angeles-based SCI Real Estate Investments has acquired Kings Cove, a 192-unit, Class A apartment community located in Kingwood. The Class A community, which is situated on the northeast corner of Lake Houston, is part of the Kingwood master-planned community. Scott Derrick and Bill Rose of SCI provided in-house representation for their company in the purchase from Houston-based Dinerstein Cos. The acquisition price was not disclosed.
GRAND PRAIRIE, TEXAS — Baltimore, Md.-based Prime Retail has completed leases for 20 new retailers at Prime Outlets – Grand Prairie, a $100 million, 485,000-square-foot outlet retail center owned and operated by the company in Grand Prairie. New tenants at the center, which is located at the interchange of Interstate 20 and State Highway 360, include: Aeropostale, adidas Outlet Store, Bass Outlet, BCBGMAXAZRIA Factory Store, Brooks Brothers Factory Store, Columbia Sportswear, Dooney & Bourke, Easy Spirit Outlet, GUESS, IZOD, Jones New York, Nike Factory Store, Nine West Outlet, Oakley, Perry Ellis, Reebok Outlet Store, Samsonite, Tommy Hilfiger, Totes/Sunglass World and Van Heusen. The new tenants will join previously announced anchors Neiman Marcus Last Call and Saks Fifth Avenue OFF 5TH when the project opens in time for the 2009 holiday season.
CORPUS CHRISTI, TEXAS — Corpus Christi-based NAI Cravey Real Estate Services has brokered the sale of a 66,135-square-foot former H-E-B grocery store located at 4737 Saratoga Blvd. in Corpus Christi. The vacant property is located on 7.68 acres at the corner of Saratoga Boulevard and Everhart Road. NAI Cravey brokered the sale between the buyer, Saratoga Village Partners LLC, and the seller, San Antonio-based H-E-B Grocery Co. The buyer plans to redevelop the property into a retail project known as LaPrimera Market. The acquisition price was not disclosed.