HOUSTON — Marcus & Millichap has arranged the sale of Wilcrest at Lakeside Center, a 14,875-square-foot shopping center located in Houston. Situated on 1.3 acres at 700 Wilcrest, the property currently has an occupancy rate of 94 percent. James Bell of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. The shopping center was acquired by a San Jose, Calif.-based limited liability company. The sale price was not disclosed, but the property listed for $3 million.
Texas
PLANO, TEXAS — Chicago-based Wrightwood Capital has provided a $13.53 million loan for the acquisition of Pitman Atrium Tower, a 10-story office building located at 1255 W. 15th St. in Plano. The building totals more than 183,000 square feet, and features a shared conference room, a delicatessen and glass-backed elevators that open to a central atrium. The borrower, Dallas-based Holt Lunsford Commercial, plans to undertake a capital improvements program, and lease the remaining space. Terms of the loan include a 36-month term.
PEARLAND, TEXAS — Chattanooga, Tenn.-based CBL & Associates Properties has signed eight tenants to outparcel locations at Pearland Town Center, a 1.2 million-square-foot mixed-use development located at the intersection of FM 518 and Highway 288. Gringo’s Mexican Kitchen, Goodyear Auto Service, Burger King, Jared, Red Lobster, Pot Belly Sandwich Works, Pei Wei Asian Diner and Arby’s will join the 718,000-square-foot lifestyle center component of the project. The lifestyle center will be anchored by Dillard’s, Macy’s and Barnes & Noble. In addition to the retail component, Pearland Town Center will contain a 110-room Courtyard by Marriott hotel, office and residential space above the retail shops; as well as a 25-acre lake with walking paths and parks. Completion is scheduled for the end of this month.
MESQUITE, TEXAS — PNC ARCS has secured $7.37 million in financing for Town Centre Village Apartments, a 188-unit multifamily community located in Mesquite. Situated on more than 8 acres, the property includes a lobby with gathering areas, leasing and management offices, a kitchen, a pool room, a laundry room and an outdoor swimming pool. The loan carries a 7-year term with a 30-year amortization schedule, a 6.05 percent interest rate, and is interest-only for the first 3 years. The loan was originated by the Dallas office of PNC through Fannie Mae. The borrower was undisclosed.
HOUSTON — Alliant Capital has secured a $7.15 million loan for the refinancing of West Brook Apartments in Houston. The 148-unit, garden-style community comprises eight, three-story buildings. Terms of the financing include a 10-year term with a 30-year amortization schedule. The transaction was handled by Alliant’s Tucson, Arizona, office. Both parties were undisclosed.
LA PORTE, TEXAS — A partnership between Colorado-based Mountain West Industrial Properties and Galveston, Texas-based American National Insurance Co. has acquired Bayport N. Distribution Center II, a two-building industrial property located in La Porte. The recently constructed project is situated at the intersection of Fairmont Parkway and Underwood Drive, and includes two cross-docked facilities measuring 600,000 and 172,500 square feet. The recently constructed property was 17 percent pre-leased at the time of closing. It was acquired from the developer, Vantage Cos., which has been retained to manage and lease the property. The acquisition price was undisclosed.
HOUSTON — Behringer Harvard has sold a controlling interest in Enclave on the Lake, an approximately 171,000-square-foot office building located in the Energy Corridor of Houston. The six-story building is situated on 6.7 acres at 1255 Enclave Pkwy. It is currently 100 percent leased to SBM Atlantia, a subsidiary of SBM Offshore. Behringer Harvard completed the sale on behalf of Behringer Harvard REIT I, which acquired a 36 percent interest in the property in 2004 with other tenant-in-common (TIC) investors. The disposition will provide the REIT and its TIC investors with an overall yield during the cash holding period of more than 80 percent, as well as an annualized cash-on-cash return of approximately 19 percent. The sale price and the buyer were not disclosed.
TULSA, OKLA. — Harbor Group International has acquired a $31.5 million tranche of debt from JPMorgan Chase Bank. The debt is secured by One and Two Warren Place, two office towers located in the Yale Corridor of Tulsa. One Warren Place is a 20-story tower than contains 469,907 rentable square feet, and is currently 85 percent occupied. Two Warren Place is a 19-story tower that contains 485,576 square feet, and is 94 percent occupied. Harbor Group International acquired the loans through its HGI Debt Opportunity Fund.
KELLER AND WICHITA FALLS, TEXAS — Grubb & Ellis Healthcare REIT has acquired Medical Portfolio 2, a five-building medical portfolio located in Missouri and Texas. Two of the five buildings are located in Texas: 180 Bear Creek Pkwy. is an 11,000-square-foot surgery center located in Keller. The single-story building is fully leased to Lonestar Endoscopy. The other property, which is located at 1722 Ninth St. in Wichita Falls, is a two-story neurosurgery and imaging building. It contains approximately 25,000 square feet of leaseable space, and is equipped to accommodate a variety of neurodiagnostic studies. The property is fully occupied by North Texas Neurology Associates. The three Missouri properties total 136,200 square feet and are located in O’Fallon and St. Louis. Grubb & Ellis acquired the portfolio from affiliated entities of The Cirrus Group, which was represented by James Moloney of Cain Brothers & Co. The acquisition price was not disclosed.
KELLER, TEXAS — Sperry Van Ness (SVN) has brokered the sale of a church and 9.78 acres of land to the Forth Worth Catholic Diocese for $2.4 million. The church, which is located at 2040 and 2050 Willis Lane in Keller, consists of a one-building complex that totals 21,000 square feet. It is currently leased to Milestone Church. Heather Konopka of Hurst, Texas-based SVN/Konopka & Co. represented the seller, North Richland Hills, Texas-based Life Church. The buyer was represented by J.C. Burciaga of JCB Unlimited.