HARLINGEN, TEXAS — Aloe Laboratories, an aloe vera farming and processing company, has announced plans to expand its 47,500-square-foot processing facility located at 5821 E. Harrison in Harlingen. The project, which is expected to cost more than $500,000, will expand its current facility by 20,000 square feet. Construction is set to begin this month.
CORPUS CHRISTI, TEXAS — The Dallas office of Omniplan has been selected to design the new $25 million O’Connor Business Building for the Corpus Christi campus of Texas A&M University. The 76,000-square-foot building will be located next to Lee Plaza and will house the university’s College of Business. It will include classrooms, computer labs, executive education facilities, business incubators, and faculty and administrative offices. The building features a two-story lobby with a sculptural staircase, a bridge connecting second-floor spaces, an electronic stock ticker, video monitors tuned to business networks, and a second-level balcony that can accommodate student study space or reception space for the building’s multi-purpose room. The project is applying for LEED-Silver certification. Construction will begin in summer 2009, with completion scheduled for fall 2010.
ENNIS, TEXAS — Indianapolis-based Riser Retail Group has completed the sale of Ennis Plaza, a 31,360-square-foot retail center located in Ennis, for $5.07 million. The center, which was constructed in 2002, is shadow-anchored by a Wal-Mart Supercenter. It was 92 percent occupied at the time of sale by a tenant roster that includes Starbucks Coffee, Dollar Tree, CATO and Chili’s Grill & Bar. Riser represented the private seller in the transaction; the buyer was also undisclosed. The property traded at a 7.4 percent capitalization rate.
SAN ANTONIO — The Houston office of NorthMarq Capital has arranged $25.26 million in first-mortgage financing for The Aragon Holdings portfolio. The portfolio consists of four San Antonio multifamily properties: the 296-unit Timbermill Apartments, the 276-unit Windridge Apartments, the 175-unit Las Brisas Apartments and the 72-unit Lexington Apartments. Tony Gray of NorthMarq originated the loan, which includes a 10-year term and a 30-year amortization schedule. The borrower was Aragon Holdings LLC, which is a subsidiary of Beverly Hills, Calif.-based LandBanc Capital. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
ARLINGTON, TEXAS — Arizona-based MC Companies has acquired the management portfolio of Arlington-based Encore Management Co. as part of an effort to increase the company’s Texas presence. The portfolio comprises more than 7,000 units of multifamily housing located across the state of Texas that are currently managed by Encore. As part of the transaction, the portfolio will be brought under the new division MC Residential of Texas; Encore’s, Jackie Jackson, will remain as president of the new division. The rest of Encore’s management and staff will also remain in place.
GEORGETOWN, TEXAS — Groundbreaking has occurred for the first phase of Austin Avenue Professional Plaza, a medical office complex located at 3201 S. Austin Ave. in Georgetown. Phase I will consist of a three-story, 95,000-square-foot building. The project was designed by San Antonio-based Beaty Palmer. The project is already 70 percent pre-leased by a tenant roster that includes Austin Radiological Associates, Clinical Pathology Labs, Gallagher’s Pharmacy, Georgetown Medical Clinic, Urology Associates, Foot Associates of Central Texas, Austin Gastroenterology, Central Texas Surgical Associates, Georgetown ENT and Georgetown Plastic Surgery. Other tenants will include internal medicine, neurosurgery and an urgent care clinic. The building will also contain space for a bank, a café or convenience store and ancillary services. Completion is scheduled for the end of 2009 or the beginning of 2010. The second phase of the project will include the construction of a second 60,000-square-foot building.
FORT WORTH AND DENTON, TEXAS — Irving, Texas-based The LaSalle Group is developing two new locations for its Autumn Leaves senior care brand in Texas. The new facilities will be located at 7100 Dutch Branch Rd. in Fort Worth and on Brinker Road in Denton. They will total approximately 26,000 square feet each and will feature 36 to 38 units, as well as 10,000 square feet of outside space. Amenities will include gardening areas and greenhouses, games rooms, and living rooms. Autumn Leaves specializes in memory care and assisted living services for seniors suffering from Alzheimer’s disease and dementia. The LaSalle Group is developing both projects; a partnership between LaSalle and Silverado Interest is the owner. The project architect for both facilities is Curtis Group Architects and the general contractor is Lake Superior Contracting, which is a wholly owned subsidiary of The LaSalle Group. The Fort Worth facility is under construction and is slated for a June completion. The Denton facility will break ground in March, with completion slated for November.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of Petroleum Tower, a two-building office property located at 8626 and 8700 Tesoro Dr. in San Antonio. The property consists of twin eight-story buildings totaling 112,315 and 111,042 square feet, with a 10,931-square-foot atrium connecting them. Property amenities include a restaurant, covered parking and fiber optic cable access. The tenant roster includes Lockheed Martin Corp., CYTO Laboratories, the Internal Revenue Service and AT&T Mobility. CBRE’s Todd Mills led a team of brokers from the firm’s San Antonio and Austin, Texas, offices in completing the sale. The buyer was James Cotter, a local private investor. The acquisition price was not disclosed.
SAN ANTONIO — Addison, Texas-based SRS Real Estate Partners has arranged a 12,500-square-foot retail lease at The Forum Shopping Center, located at the intersection of Interstate 35 and FM 1604 in San Antonio. The space will be occupied by Furniture Factory Warehouse, which currently has six additional locations. Its newest store is scheduled to open in spring. Todd Wallace and Robert O’Farrell of SRS represented the tenant, while Craig Garansuay of UCR represented the landlord.
SUGAR LAND, TEXAS — Fashion retailer Charming Charlie will open a new location within Sugar Land Town Square, a mixed-use project currently being developed by Planned Community Developers Ltd. (PCD) in Sugar Land. The retailer will occupy 6,640 square feet at 16250 City Walk and plans to open in late March. This newest location will bring the total number of Charming Charlie locations in the Houston metropolitan area to nine. The retailer also has locations in San Antonio, Dallas and Austin. Charlie Adams provided in-house representation for PCD in the lease transaction.