Texas

RAINIER CAPITAL MANAGEMENT ACQUIRES BAYLOR MEDICAL PLAZA

by admin December 3, 2008

HEATH, TEXAS — Dallas-based Rainier Capital Management has acquired Baylor Medical Plaza, a two-story, 35,485-square-foot ambulatory surgery center and medical office building located in Heath. The property was recently developed and leased by Trammell Crow Co. for affiliates of the Baylor Health Care System and United Surgical Partners International. Richard Cole provided in-house representation for Rainier Capital Management, which acquired the property on behalf of tenant-in-common investors. Rob Jones provided in-house representation for the seller, Trammell Crow Co. The company will continue to lease and manage the property, which was fully occupied at the time of closing. The acquisition price was not disclosed.

December 3, 2008

COLLIERS BROKERS SALE OF SCHERTZ RETAIL PLAZA

by admin December 3, 2008

SCHERTZ, TEXAS — The Houston office of Colliers International has brokered the sale of Schertz Retail Plaza, a 19,681-square-foot retail property located in Schertz. Situated on 2.25 acres at 6000-6008 FM 3009, near Interstate 35 and the intersection entrance to a Wal-Mart Supercenter, the property was constructed in 2006. It was 93 percent occupied at the time of closing by a tenant roster that includes JPMorgan Chase, TriCounty Dental, D Wine Spirits, Great Clips, GameStop, Ace Cash, EmbroidMe and Touchtel Wireless. Christopher Winters of Colliers represented the seller, SDI Realty. The property was purchased by New Mexico-based Schertz Retail Plaza LLC in a 1031 exchange. The acquisition price was not disclosed.

December 3, 2008

Office Texas

REALTY CAPITAL CORP. SELLS THIRD OFFICE BUILDING

by admin December 3, 2008

ROCKWALL, TEXAS — Colleyville, Texas-based Realty Capital Corp. has sold the third building at The Offices at Horizon Ridge, an office park catering to medical users that is located on Arista Road in Rockwall, near the new Presbyterian Hospital. The 4,130-square-foot property was acquired by Rita Ne, who will use the space as the new home of Rockwall Endodontics. It will mark Dr. Ne’s third endodontics practice. The acquisition price was not disclosed.

December 3, 2008

Industrial Texas

BIOFUELS POWER CORP. TO PURCHASE POWER PLANT

by admin December 2, 2008

HOUSTON — The Woodlands, Texas-based Biofuels Power Corp. has agreed to purchase the decommissioned H.O. Clarke Electric Generating Station, located at the intersection of Main Street and Hiram Clarke Road in Houston. The acquisition will include the 79-acre site, as well as all of the remaining infrastructure and equipment, which includes 65,000 barrels of aboveground storage tanks and a high-pressure natural gas pipeline that is connected to the distribution system. The power station, which was constructed in the 1940s, was decommissioned in 2004. At the time, the station’s gas-fired turbines were also removed. Biofuels Power Corp. plans to redevelop the site into a clean energy industrial park that will provide power to tenants by way of biofuels, biomass, natural gas, biogas and solar energy. The deal is expected to close by the end of the year. The construction timetable for the redevelopment was not disclosed.

December 2, 2008

Multifamily Texas

MARCUS & MILLICHAP COMPLETES SALE OF PORTOFINO APARTMENTS

by admin December 2, 2008

HOUSTON — Marcus & Millichap has completed the sale of Portofino Apartments, a 60-unit multifamily property located at 140 Surf Ct. in Houston. The vacant property totals 44,840 square feet and was constructed in 1963. Robert Su of Marcus & Millichap’s Houston office represented the seller, a financial institution. Su also represented the buyer, a private investor. The acquisition price was not disclosed.

December 2, 2008

Multifamily Texas

BMC CAPITAL SECURES $2.91 MILLION MULTIFAMILY LOAN

by admin December 2, 2008

HOUSTON — Dallas-based BMC Capital has secured a $2.91 million loan for the refinancing of a Houston multifamily community. The property, Spring Village Apartments, totals 132 units and is located at 11810 Chimney Rock Rd. The lender and the borrower were undisclosed.

December 2, 2008

Multifamily Texas

GRAND OPENING HELD FOR THE RETREAT AT CINCO RANCH

by admin December 1, 2008

KATY, TEXAS — Houston-based Allied Realty Services, Ltd. has held the grand opening for The Retreat at Cinco Ranch, a 268-unit apartment community located within the Cinco Ranch master-planned community in Katy. The project broke ground in June 2007, and was developed by Allied in partnership with General Electric. Monthly rents at the community average $1,064, and individual units average 942 square feet. Occupancy is currently at 35 percent, and the community is leasing without concessions. The Retreat at Cinco Ranch is being managed by Orion Real Estate Services, a subsidiary of Allied. The project marks the developer’s 27th luxury apartment community.

December 1, 2008

Hospitality Texas

ROCKBRIDGE CAPITAL ARRANGES $12.1 MILLION LOAN FOR HOTEL DEVELOPMENT

by admin December 1, 2008

STILLWATER, OKLA. — Rockbridge Capital has arranged $12.1 million in first-mortgage financing for the development of a 101-room Residence Inn by Marriott in Stillwater. The new hotel will be located along the Highway 51 corridor within a 112-acre, mixed-use development. It will be situated three miles from Oklahoma State University, adjacent to Meridian Technology Center and Oklahoma Technology & Research Park. The new Residence Inn will be developed, owned and operated by A.G. Holdings. Terms of the financing were not disclosed.

December 1, 2008

Office Texas

MARK ONE SECURES $7 MILLION FOR WESTERN INSURANCE BUILDING ACQUISITION

by admin December 1, 2008

FORT WORTH, TEXAS — Mark One Capital has arranged a $7 million loan for the acquisition of the Western Insurance Building, a 92,240-square-foot office building located at 5601 Bridge St. in Fort Worth. Terms of the loan include a 5.5 percent adjustable interest rate priced at 250 basis points above the 30-day LIBOR, a 5-year term with a 20-year amortization schedule, and a 70 percent loan-to-value ratio. It was originated by Geoffrey Harris of Mark One’s Phoenix office and Farhan Kabani of the firm’s Dallas office. The lender was an undisclosed commercial bank.

December 1, 2008

Healthcare Texas

WALTON SELECTED TO BUILD $42 MILLION MEDICAL CLINIC

by admin November 25, 2008

EL PASO, TEXAS —Walton Construction Co. has been selected to construct the Consolidated Family Care/Troop Medical Clinic, located at Fort Bliss in El Paso. The more than $42 million project will consist of a two-story, approximately 144,000-square-foot medical clinic. Services provided will include family medical care, preventative medicine, aviation medicine, optometry, physical therapy and mental health. The facility will also include a pharmacy and administrative offices. Construction is slated to begin in February 2009, with completion expected in May 2010. Walton Construction’s Dallas and Kansas City, Mo., divisions are partnering for the construction of the project, which is the firm’s fist healthcare development in the state. Hoefer Wysocki Architects is providing design services.

November 25, 2008

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