HOUSTON — The New York office of iCap Realty Advisors has secured $30 million in first-mortgage financing for a Class A office building located in Houston. The property is situated within a 30-acre, master-planned development in the city’s Galleria/West Look submarket, just west of Interstate 610. It rises 17 stories and contains 370,000 rentable square feet, as well as a 1,000-space parking garage. Terms of the loan include a 5-year term, non-recourse, with interest-only payments for the first 2 years. The loan was placed with a major insurance company. The borrower was not disclosed.
DALLAS — Phoenix-based Opus West Corp. has signed its first five retail tenants for Broadstone Parkway, a 5.8-acre multi-use project located at the intersection of Inwood, Galleria and Simonton roads in Dallas. The new tenants include Hibashi, a 9,988-square-foot Teppan grill and sushi bar; Chill Bubble Tea, a 1,150-square-foot smoothie store; L’Image Salon, a 1,537-square-foot, full-service beauty salon; Firehouse Subs, a 2,000-square-foot sandwich shop; and Lover’s Egg Roll, a 2,000-square-foot Chinese restaurant. With the recent leases, the 39,000-square-foot retail and restaurant component of the project is approximately 50 percent leased. Developed by Opus in partnership with Alliance Communities, Broadstone Parkway features 333 luxury apartments and townhomes, along with the retail component and a five-story parking garage. The Weitzman Group is handling leasing efforts for the retail component of the project.
BEDFORD, TEXAS — The Dallas office of PNC ARCS has arranges a $7.28 million loan for Copper Hill Apartments, a 204-unit multifamily community located in Bedford. Situated on more than 8 acres, the property features a swimming pool, a spa, a fitness center, a clubhouse, a racquetball court, laundry facilities and covered parking. Terms of the financing include a 6.22 percent fixed interest rate, a 10-year term with a 30-year amortization schedule and interest-only payments for the first 5 years. The lender was Fannie Mae; the borrower was undisclosed.
PEARLAND, TEXAS — Houston-based Greatland Investment has broken ground for the development of Shadow Creek Village, a 29,000-square-foot retail project located in Pearland within the Shadow Creek Ranch master-planned community. Situated on 3 acres at the corner of FM 518 and Kirby Drive near Pearland Town Center, Shadow Creek Village is seeking to attract fine dining restaurants, dry cleaners, salons/spas and other consumer service-related tenants. The project also contains a pad site for a bank. The $6 million project is scheduled for completion in February 2009. Greatland Investment is developing the project, with construction management services being provided by Houston-based EDWEA. It will be managed by CSL Leasing & Management.
BEAUMONT, TEXAS — Hendricks & Partners (H&P) has arranged the sale of Seville, a 90-unit apartment community located at 4325 Crow Rd. in Beaumont. The Section 8 property caters to elderly and disabled residents. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Keswick, Va.-based Seville Apartments, Ltd. The buyer, Plymouth, Minn.-based Dominium Acquisition, plans to complete substantial improvements to the property over the next 12 months. The acquisition was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing.
HOUSTON — The Houston office of Marcus & Millichap has brokered the sales of two Houston flex properties. The first property, Hempstead Industrial Plaza, is located at 14620 Hempstead Rd. and contains 42,510 square feet of office and warehouse space. The second property, McAllister Industrial Park, is located at 2441 McAllister Rd. and contains 26,652 square feet of office and warehouse space. Justin Miller and Jerry Goldstein represented both locally based sellers. The buyers, also based in Houston, were both secured by Joshua Lass-Sughrue, also of Marcus & Millichap’s Houston office. The acquisition prices were not disclosed.
HOUSTON — Construction has topped out for Memorial Hills, a 286-unit rental apartment community located on 2.2 acres near the intersection of Memorial and Shepherd drives in Houston. Designed by Houston-based Ziegler Cooper Architects, the eight-story, infill project will contain one-, two- and three-bedroom units ranging in size from 600 to 1,500 square feet. Amenities include a pool, an outdoor kitchen, a garden area and a parking garage. Completion is scheduled for spring 2009. The project is being developed by Atlanta-based Gables Residential Trust. In addition, Four Chasewood, a Houston office building also designed by Ziegler Cooper, was completed recently. Located within Chasewood Technology Park, the $13.2 million project comprises a five-story, 110,000-square-foot office building and a 5.5-story parking garage. The project was designed with sustainable features that include low-e windows, a reflective roof, water-efficient landscaping and fixtures, and low VOC materials. The project was developed by GenCap.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has completed the sale of Southpark 3 and Southpark 4, two Austin industrial properties totaling 176,000 square feet. Located at 4209 and 4129 S. Industrial Dr., the properties are a combined 89 percent leased by a tenant roster that includes The Whitley Printing Company, BlueLinx Corp., Crawford Electric Supply and Austin Tele-Services. An adjacent 4.2-acre land parcel was included in the sale. Jud Clemens and Robby Rieke of HFF represented the seller, an affiliate of General Electric Pension Trust that was advised by Stamford, Conn.-based GE Asset Management. The buyer was Boston-based AEW, which made the purchase on behalf of AEW Value Investors II, the company’s value-added real estate fund. The acquisition price was not disclosed.
TOMBALL, TEXAS — Development is under way for a 14,000-square-foot outpatient surgery center, located on the campus of Tomball Regional Medical Center in the Houston suburb of Tomball. Developed by Chicago-based Lillibridge, the one-story facility will contain four operating rooms, as well as expansion capability. The building will be owned by a joint venture between Tomball Regional Medical Center and a group of physician owners. Completion is scheduled for April 2009.
HOUSTON — Santa Ana, Calif.-based Grubb & Ellis Realty Investors has acquired Oak Park Office Center III, a two-story, 151,000-square-foot office building located in Houston’s Westchase submarket. Situated on 11.4 acres at 6001 Rogerdale Rd. within the 225-acre Oak Park at Westchase office park, the Class A building is occupied in its entirety by Jacobs Engineering Group, which is subject to a long-term, triple-net lease. It includes 855 parking spaces. The property was developed in 2008 by the Houston office of Myers Crow & Saviers, which is also the seller in the transaction. It was represented by Robert Williamson, Jeff Hollinden and Barbara Guffey of the Houston office of Holliday Fenoglio Fowler (HFF). The seller was also represented by HFF in the 2004 and 2008 sales of Oak Park Office Center I and II. The buyer made the acquisition on behalf of tenant-in-common investors.