ABILENE, TEXAS — Marcus & Millichap has completed the sale of the Hampton Inn & Suites Abilene I-20, a 72-room hotel located in Abilene. Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. The duo also represented the buyer, another undisclosed private investor. The acquisition price was not released.
ARLINGTON, TEXAS — SCM Real Estate Services has brokered the sale of an approximately 4.3-acre development site, located at 721 W. Highlander Blvd. in Arlington, for the construction of a new specialty surgery center. The facility will be named Baylor Orthopedic & Spine Hospital of Arlington; it will total two stories and 57,000 square feet. The site is located adjacent to USMD Hospital. Gary Walker and Renee Efimoff of SCM Real Estate represented the buyer, Arlington Orthopedic Associates, in the land transaction. Michael Bailey of Windstar Development represented the seller. The project’s investment and management team includes Arlington Orthopedic Associates, United Surgical Partners and Baylor Healthcare System. The project is being developed by BremnerDuke Healthcare Real Estate.
ALLEN, TEXAS — Cadence McShane Construction Co. has been selected to build a 360,000-square-foot mixed-use project at The Village at Allen, located at the corner of U.S. Highway 75 and Stacy Road in Allen. The project will comprise a three-level parking deck, as well as 45,978 square feet of ground-floor entertainment and retail space. Architecture+ is providing design services, and completion is scheduled for September. The Village at Allen is part of a 3 million-square-foot mixed-use project currently being developed in Allen and Fairview, Texas, by MGHerring Group. The Village at Allen held its grand opening in October 2008. The Village at Fairview, which is the other half of the project, is currently under construction.
BEAUMONT, TEXAS — The Houston office of Grubb & Ellis has arranged two leases on behalf of ENGlobal Corp. in Beaumont. The first lease is for a new 52,518-square-foot office building located at 3155 Executive Blvd. within Executive Business Plaza. The building was constructed as a build-to-suit by Clay Development & Construction, and will be used for ENGlobal’s engineering and administrative operations. It replaces a building located on the same site that was destroyed by Hurricane Rita in 2005. ENGlobal is currently moving into the building. The second lease is for 80,808 square feet of industrial space located at 225 Portwall St. in Portwall Distribution Center II. The company is expanding its fabrication operations into the new space from a previous nearby location that totaled 62,641 square feet. ENGlobal will relocate to the space in March. Grubb & Ellis’ Robert Bantly and Scott Fikes represented ENGlobal in both transactions. The landlord in the second transaction, The Carson Companies, was represented in-house.
TULSA, OKLA. — KeyBank Real Estate Co. had secured $11.3 million in Fannie Mae financing for two multifamily properties located in Tulsa. In the first transaction, KeyBank arranged $8 million for the refinancing of Pomeroy Park Apartments, a 230-unit, Class B property. The borrower was Pomeroy Park Apartments LLC. In the second transaction, KeyBank arranged $3.3 million for the refinancing of Southern Hills Villa, a 107-unit, Class B property. The borrower was Southern Hills Villa LLC. Both properties were acquired out of distress several years ago and subsequently underwent substantial capital improvements. Terms of the loans were not disclosed.
SUGAR LAND, TEXAS — HE Capital will complete a $4 million renovation plan at 14141 Southwest Freeway, a 515,000-square-foot, Class A office building located in Sugar Land. Improvements will be made to the building’s front entrance, lobby and elevators. HE is also renaming the property The Lake Corporate Center to reflect the 6-acre Sugarcreek Lake that is located adjacent to the campus. Construction is expected to commence in spring. Goulas & Associates will be serving as project architect, with Smith Commercial providing general contracting services. The Lake Corporate Center is currently 100 percent occupied by Unocal/Chevron but will be vacant in April 2010 when the tenant relocates to the Houston central business district upon the expiration of its lease. Chip Colvill and Michael Anderson of Colvill Office Properties have been retained by HE Capital to market the property. The Lake Corporate Center is situated on an 8.9-acre, landscaped campus. It features a teleconference facility with hi-definition audio-visual equipment, a recreation room, fitness facilities, a 216-seat auditorium and a 50-seat cafeteria.
KERRVILLE, TEXAS — The San Antonio office of Grubb & Ellis has negotiated the sale of Singing Wind Apartments, an 80-unit multifamily community located at 2105 Singing Wind Dr. in Kerrville. The garden-style property comprises 10 two-story buildings. Occupancy was 94 percent at the time of closing. Grubb & Ellis’ Jason Brumm, Jerry Williams and Maggie Nigro represented the seller, Fredericksburg, Texas-based Wolf Mountain Foundation. The undisclosed buyer was represented by Amber Lenz of First Texan Realty.
HARKER HEIGHTS, TEXAS — Marcus & Millichap has brokered the sale of Heights Corner, a 12,000-square-foot retail property located at 300 E. FM 2410 in Harker Heights. Jason Middlebrook of Marcus & Millichap’s Austin, Texas, office represented the undisclosed seller. The buyer, as well as the acquisition price, were also undisclosed.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the sale of Barton Oaks II and III in Austin. The properties comprise two five-story, Class A office buildings located at 901 S. MoPac Expressway. Barton Oaks II totals 117,127 square feet and was 90 percent occupied at the time of closing. Barton Oaks III totals 121,467 square feet and is fully leased. Notable tenants at the buildings include The Broussard Group, Arbor E&T, Parsons Brinckerhoff, LifeSize Communications, Fiserv and IKON Office Solutions. HFF represented the seller, Parsippany, N.J.-based Prudential Real Estate Investors, and assisted the buyer, HPI Real Estate Services & Investments, in securing debt and equity financing for the purchase. A fixed-rate loan was secured through ViewPoint Bank, and joint venture equity was secured through Sarofim Realty Advisors. The acquisition price was not disclosed.
GRAND PRAIRIE, TEXAS — Kansas City, Mo.-based Block & Co. has brokered the sale of an approximately 60-acre development parcel located along Interstate 20 between Highway 360 and Great Southwest Parkway in Grand Prairie. The buyer, Prime Outlets, plans to develop an approximately 500,000-square-foot outlet center on the property. Construction is slated to begin this year. David Block and Gene Moffitt of Block & Co. negotiated the sale. Block had previously assisted the undisclosed seller in the disposal of a number of sites surrounding the land parcel. Tenants already open near the proposed outlet center include Garden Ridge, Northern Tool, Johnny Carino’s, Chuck E. Cheese, Goodyear, Golden Corral and Longhorn Harley-Davidson. Three pad sites currently remain for sale.