HOUSTON — NAI Houston has brokered the sale of a 20,250-square-foot industrial flex property located in Houston. The single-tenant facility is located at 5450 Guhn Rd. Jeffrey Barbles and Rob Chandler of NAI Houston represented the seller, Guhn One LP. The property was acquired by Jeffrey Banks in a 1031 exchange for an undisclosed amount. Banks was represented by Justin Bayne of Austin-based Skyles Bayne LLC.
SAN ANTONIO —PNC ARCS has arranged $4 million in fixed-rate financing for Timbers Edge Apartments, a 176-unit multifamily community located in San Antonio. Timbers Edge is situated on more than 8 acres; community amenities include a swimming pool, a clubhouse, tennis courts and 99 carports. Terms of the financing include a 5.84 percent interest rate and a 10-year term with 2 years of interest-only payments. The loan was originated on behalf of the undisclosed borrower by the Dallas office of PNC ARCS. The lender was Freddie Mac.
THE WOODLANDS, TEXAS — Everson Development has broken ground for a three-phase, multi-use project located on 9 acres at the intersection of Research Forest and Technology Forest drives in The Woodlands. The project consists of a 45,000-square-foot professional office building, a 25,000-square-foot retail center and two, approximately 1-acre pad sites fronting Research Drive at the intersection. The office building is scheduled for completion in the spring. The Woodlands office of The J. Beard Real Estate Company is handling leasing for the project. Several leases have been signed for the retail building, including two restaurants.
ARLINGTON, TEXAS — Construction is under way for The Village at Sports Center, a two-story, 97,892-square-foot multi-use project located at 5001 South Cooper in Arlington, adjacent to the Harold Patterson Sports Center. The $17 million project is being developed by Oakhollow Group. It comprises 49,030 square feet of retail space and 48,862 square feet of office space. Completion is scheduled for September 2009. The Fort Worth, Texas, office of Key Construction is serving as general contractor. CHS Architects is providing design services.
CARROLLTON, TEXAS — The Dallas-Fort Worth office of Lee & Associates has completed a 5-year, 10,596-square-foot industrial lease at 2105 Luna Rd. in Carrollton. Nathan Denton and Hanes Chatham of Lee represented the tenant, the Lone Star Chapter of the National Multiple Sclerosis Society. The landlord was LIT Industrial Texas Partnership.
TULSA, OKLA. — Oklahoma City-based HotelBrokerOne has completed the sale of the GuestHouse Inn & Suites located at 8181 East 41st St. in Tulsa for $3.6 million, or $38,000 per room. The 95-unit property was first constructed as a Residence Inn in 1982, but has undergone major renovations in the past 2 years. Mike Craddock and Bruce Holmes of HotelBrokerOne, along with Kamlesh Aggarwal of Sooner Properties, completed the transaction between the buyer, locally based SAMAATH LLC, and the seller, Nu-Gen Hotels. Acquisition financing was provided by First National Bank of Owasso through the SBA 504 program.
CARROLLTON, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the purchase of a 5,349-square-foot office property located at 3452 Forest Lane in Carrollton. The property, known as Building 300, was acquired by Farmers Branch, Texas-based Dina King Ventures, which plans to use the facility as a new office for its insurance business. Daniel Harris of HSMC negotiated the transaction on behalf of the buyer. The undisclosed seller was represented by Andrew Schendle of The Weitzman Group.
DALLAS — Dallas-based commercial real estate brokerage firms United Commercial Realty (UCR) and Prizm Partners have merged. The firm will continue to operate under the UCR name. Scott Weaver, the former CEO of Prizm Partners, has been brought on as president of the newly formed UCR Asset Services division. UCR Asset Services will retain Prizm’s employees, as well as the firm’s regional offices in Illinois and California. The two companies had previously had an almost 10-year joint venture relationship. UCR currently serves clients in eight states and has a portfolio in excess of 30 million square feet.
HOUSTON — CB Richard Ellis (CBRE) has brokered the sale of a 384-unit multifamily property located at Two Goodson Dr. in the Greenspoint submarket of Houston. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller, LSF5 Phoenix Crossing LP. The buyer, Ian Hancock, was represented by locally based Lifestyles Unlimited. The acquisition price was not disclosed.
STAFFORD, TEXAS — Duke Realty Corp. has leased more than 65,000 square feet to Virgo Engineers in Stafford. The manufacturer will occupy space within Stafford Distribution Center, a 241,800-square-foot industrial building located at 10225 Mula Rd. Situated on 13 acres, the facility features a cross-dock design, 28-foot clear ceiling heights, 60-foot staging bays and 76 dock doors. The building, which was completed in May, is now 85 percent leased. Kyle Fox of the Houston office of Staubach Retail represented Virgo in lease negotiations. Cory Driskill of Duke’s Houston office provided in-house representation. Terms of the lease were not disclosed.