BEAUMONT, TEXAS — Hendricks & Partners had negotiated the sale of Park Shadows Apartments, a 150-unit, Section 8 multifamily community located at 1075 Pinchback Rd. in Beaumont. The buyer is Plymouth, Minn.-based Beaumont Leased Housing Associates I LP, which is controlled by Dominium Acquisitions. The company plans to complete substantial improvements to the property over the next 12 months. The purchase was part of a three-property portfolio in Houston and Beaumont acquired by Dominium, marking the company’s entrance into the Texas market. The purchase was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing. The seller, Keswick, Va.-based Park Shadows Apartments, Ltd., was represented by Kevin McCarthy and Jeff Eisenhardt of the Houston office of Hendricks & Partners.
HOUSTON — HE Capital is in the midst of completing a $1 million renovation program for 1001 West Loop South, an eight-story, 223,340-square-foot office building located in Houston. Phase I, which will be complete by the end of November, consists of the installation of two energy-efficient chillers, as well as improvements to the property’s parking garage entrance and exterior landscaping. The design phase is also under way for renovations to the building’s conference facility, lobbies, corridors and restrooms. Construction for this phase should begin in 2009. HE Capital acquired the property in late 2007. It is currently 90 percent occupied; the Houston office of CAPSTAR Commercial Real Estate Services is handling leasing efforts for the remainder of the property, including two floors totaling 57,000 square feet that will become available in February 2009.
OKLAHOMA CITY — Capmark Finance has arranged $32.5 million for the refinancing of The Highlands Apartments, an 896-unit, Class B multifamily community located at 12701 N. Pennsylvania Ave. in Oklahoma City. Situated on 40 acres, the community comprises 98 buildings, with an average monthly rent of $590. The property was 98 percent occupied at the time of closing. Stewart Campbell of Capmark’s New York City office secured the financing through Freddie Mac by way of the Freddie Mac Capital Markets Execution product. Terms of the loan include a 6.3 percent fixed interest rate, an 80 percent loan-to-value ratio, and a 10-year term with 2-years interest only, followed by a 30-year amortization schedule. The borrower was undisclosed.
HOUSTON — The grand openings have been held for six new tenants at Vintage Park, an approximately 500,000-square-foot lifestyle center located in Houston. Situated on 84 acres at the intersection of Louetta Road and Highway 249, the center’s new tenants include BRIX Wine Cellars, The Castleberry Center for Aesthetic Dentistry, Fish City Grill, Post Net, Signature Home Theater and Shogun Japanese Grill & Sushi. Many of the openings occurred when the center held its grand opening ceremonies in October. Tenants already open at Vintage Park include Cheeburger Cheeburger, H-E-B Vintage Market, LandAmerica Commonwealth Title, Pepper-Lawson Construction, Potbelly Sandwich Works, Starbucks Coffee, and Vintage Wellness & Aesthetic Center. Tenants opening soon at the center include Freshberry Frozen Yogurt, Mia Bella, Peli Peli, Pizza Fusion, Salaa & Trio Prime Steakhouse and Bar, Bank of Texas, Compass Bank, Heritage Texas Properties and Kickerillio Cos. Vintage Park is owned by Houston-based The Interfin Companies. It is the retail component of The Vintage, a 630-acre master planned community.
FRIENDSWOOD, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of Acadiana Centre, a 39,463-square-foot retail center located at 400 West Parkwood in Friendswood. Constructed in 1997 and renovated in 2007, the multi-tenant center was 96 percent occupied at the time of closing. It is shadow-anchored by H-E-B. Tucker Knight and Brad Ballard of HFF arranged the loan on behalf of Commerce Equities through Enterprise Bank. Proceeds from the loan were used to retire existing debt.
DALLAS — Groundbreaking ceremonies were held earlier this month for Midtown Park, an 83-acre, mixed-use development located near Presbyterian Hospital on North Central Expressway in Dallas. The project is currently zoned for up to 3,800 residential units, 930,000 square feet of office space, and 90,000 square feet of retail space — but these numbers could be changed as space is subtracted from one use and added to another. Current plans for the residential component include townhomes, high-rise condos and a senior housing element. The office component will provide space for hospital-related tenants, as well as Class A users in the area. Plans for a hotel are also in the works. When coming up with the idea for Midtown Park, owner Valencia Capital Management wanted to create a community around the busy Presbyterian Hospital. “The reason we made this investment is because of the hospital,” says Tim Kaiser, principal of Valencia Capital Management. “That hospital generates a lot of jobs and a lot of economic activity in the area.” But the hospital is not the only draw in the area. Midtown Park’s trade area also is home to the headquarters of Texas Instruments, North Park Mall and Royals Oaks Country Club. …
SUGAR LAND, TEXAS — New York-based Norvin Partners has acquired Health Center I and II, two medical office buildings totaling approximately 117,000 square feet that are located in Sugar Land. The two properties are situated close to highways 6 and 59, and are located within the epicenter of Sugar Land’s medical community. Both are undergoing significant renovations. The properties are anchored by a physician-owned ambulatory care center. Norvin acquired Health Center I and II from Memorial Hermann Health System. Transwestern Houston will provide leasing and management services for the properties. The acquisition price was not disclosed.
GALVESTON, TEXAS — Capmark Finance has arranged $3.8 million in floating-rate financing for the acquisition of The Oceanfront Loft Apartments, a 102-unit multifamily community located in Galveston. Situated on approximately 3 acres of waterfront property at 7820 Seawall Blvd., the community consists of three four-story buildings, with three floors of residential units over a concrete podium parking deck. Amenities include a swimming pool, a spa, a fitness center, and volleyball and tennis courts. Brant Smith and Andy Hill of Capmark’s Houston office originated the non-recourse loan. Terms of the financing include an adjustable interest rate, a 7-year term with the first 2 years interest only, followed by a 30-year amortization schedule. The borrower was Seaside Point Partners LLC. Capmark arranged the loan with Freddie Mac through the lender’s Capped ARM program.
HOUSTON — Houston-based REITs Weingarten Realty Investors and Hines Real Estate Investment Trust, Inc. (Hines REIT) have formed a $271 million joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a portfolio of 12 supermarket-anchored shopping centers owned by Weingarten. The transaction will close on multiple dates. The first closing, comprising eight of the shopping centers and totaling approximately $205 million, occurred on November 13. The portfolio, which is more than 96 percent leased, totals 1.5 million square feet. The shopping centers are located in Texas, Georgia, Tennessee, Florida and North Carolina. Their trade areas have average populations exceeding 100,000 people and average household incomes of more than $80,000. The shopping centers are anchored by supermarkets tenants that include Kroger, Randall’s (Safeway), H-E-B, Publix, BJ’s Wholesale and Harris Teeter. Other anchors at the properties include Marshall’s, Barnes & Noble, Palais Royal and Stein Mart. “We announced in 2006 an effort to further our joint venture program,” says Gary Greenberg, senior vice president, capital markets, for Weingarten Realty Investors. “This is a continuation of that program, and it will bring us close to $2 billion in transactions since 2006.” The joint venture has a …
MANSFIELD, TEXAS — The Dallas office of RTKL is designing a $34 million, two-phase expansion of Methodist Mansfield Medical Center in Mansfield. Designed by RTKL and opened in 2006, the hospital was constructed with future expansion in mind. The first phase of expansion will comprise the creation of a 36-bed medical/surgical unit on the fourth floor of the patient tower and the finishing out of the fifth floor for additional expansion. The second phase of construction will include the expansion of the emergency department that will increase its total number of beds to 35, as well as the addition of eight beds to the intensive care unit, doubling the department’s size. Phase I is scheduled for completion in early 2009, with Phase II wrapping up later that year. The original design of Methodist Mansfield Medical Center included unfinished shell space for up to 80 additional beds, as well as land for potential growth.