TYLER, TEXAS — Stan Johnson Co. has brokered the sale of a 14,820-square-foot Walgreens pharmacy located in Tyler. Gil Warner, Rod Pickney and Chad Byerly of Stan Johnson represented the seller, a retail developer. The property was acquired by an undisclosed investor for $6.28 million.
GRAND PRAIRIE AND AUSTIN, TEXAS — NorthMarq Capital has arranged $26.6 million in first mortgage financing for two Texas multifamily properties. A $16.1 million loan was arranged for Indigo Pointe Apartments, a 300-unit community located in Grand Prairie. The loan includes a 4-year, interest-only term and was arranged with an undisclosed Midwest life insurance company. The second loan totals $10.5 million, and was secured by Presidio Apartments, a 250-unit community located in Austin. The loan carries a 5-year, interest-only term, and was arranged through AmeriSphere Multifamily Finance, which is a Fannie Mae DUS lender. Both loans were originated for the undisclosed borrowers by Jeff Frankel of the Chicago office of NorthMarq Capital.
IRVING, TEXAS — Dallas-based The Beck Group has been selected to serve as the owner’s representative for the city of Irving in its plans to develop a new convention center and entertainment district. The more than $400 million project will be developed on a 40-acre parcel in the city’s Las Colinas neighborhood. Construction, which will be done in three phases, will consist of a 275,000-square-foot conference and event center, a 3,500 to 5,000-seat entertainment theater, 85,000 square feet of restaurant and retail space, and structured parking for more than 2,000 cars. The convention center will feature a 50,000-square-foot exhibit hall, 20,000 square feet devoted to conference and meeting rooms, and a top-floor ballroom that includes a full-service kitchen. The first phase is expected to open in the fourth quarter of 2010, followed soon afterward by the entertainment venue. Plans for Phase III presently include a hotel for the convention center.
KINGWOOD, TEXAS — Los Angeles-based SCI Real Estate Investments has acquired Kings Cove, a 192-unit, Class A apartment community located in Kingwood. The Class A community, which is situated on the northeast corner of Lake Houston, is part of the Kingwood master-planned community. Scott Derrick and Bill Rose of SCI provided in-house representation for their company in the purchase from Houston-based Dinerstein Cos. The acquisition price was not disclosed.
GRAND PRAIRIE, TEXAS — Baltimore, Md.-based Prime Retail has completed leases for 20 new retailers at Prime Outlets – Grand Prairie, a $100 million, 485,000-square-foot outlet retail center owned and operated by the company in Grand Prairie. New tenants at the center, which is located at the interchange of Interstate 20 and State Highway 360, include: Aeropostale, adidas Outlet Store, Bass Outlet, BCBGMAXAZRIA Factory Store, Brooks Brothers Factory Store, Columbia Sportswear, Dooney & Bourke, Easy Spirit Outlet, GUESS, IZOD, Jones New York, Nike Factory Store, Nine West Outlet, Oakley, Perry Ellis, Reebok Outlet Store, Samsonite, Tommy Hilfiger, Totes/Sunglass World and Van Heusen. The new tenants will join previously announced anchors Neiman Marcus Last Call and Saks Fifth Avenue OFF 5TH when the project opens in time for the 2009 holiday season.
CORPUS CHRISTI, TEXAS — Corpus Christi-based NAI Cravey Real Estate Services has brokered the sale of a 66,135-square-foot former H-E-B grocery store located at 4737 Saratoga Blvd. in Corpus Christi. The vacant property is located on 7.68 acres at the corner of Saratoga Boulevard and Everhart Road. NAI Cravey brokered the sale between the buyer, Saratoga Village Partners LLC, and the seller, San Antonio-based H-E-B Grocery Co. The buyer plans to redevelop the property into a retail project known as LaPrimera Market. The acquisition price was not disclosed.
BEAUMONT, TEXAS — Hendricks & Partners had negotiated the sale of Park Shadows Apartments, a 150-unit, Section 8 multifamily community located at 1075 Pinchback Rd. in Beaumont. The buyer is Plymouth, Minn.-based Beaumont Leased Housing Associates I LP, which is controlled by Dominium Acquisitions. The company plans to complete substantial improvements to the property over the next 12 months. The purchase was part of a three-property portfolio in Houston and Beaumont acquired by Dominium, marking the company’s entrance into the Texas market. The purchase was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing. The seller, Keswick, Va.-based Park Shadows Apartments, Ltd., was represented by Kevin McCarthy and Jeff Eisenhardt of the Houston office of Hendricks & Partners.
HOUSTON — HE Capital is in the midst of completing a $1 million renovation program for 1001 West Loop South, an eight-story, 223,340-square-foot office building located in Houston. Phase I, which will be complete by the end of November, consists of the installation of two energy-efficient chillers, as well as improvements to the property’s parking garage entrance and exterior landscaping. The design phase is also under way for renovations to the building’s conference facility, lobbies, corridors and restrooms. Construction for this phase should begin in 2009. HE Capital acquired the property in late 2007. It is currently 90 percent occupied; the Houston office of CAPSTAR Commercial Real Estate Services is handling leasing efforts for the remainder of the property, including two floors totaling 57,000 square feet that will become available in February 2009.
OKLAHOMA CITY — Capmark Finance has arranged $32.5 million for the refinancing of The Highlands Apartments, an 896-unit, Class B multifamily community located at 12701 N. Pennsylvania Ave. in Oklahoma City. Situated on 40 acres, the community comprises 98 buildings, with an average monthly rent of $590. The property was 98 percent occupied at the time of closing. Stewart Campbell of Capmark’s New York City office secured the financing through Freddie Mac by way of the Freddie Mac Capital Markets Execution product. Terms of the loan include a 6.3 percent fixed interest rate, an 80 percent loan-to-value ratio, and a 10-year term with 2-years interest only, followed by a 30-year amortization schedule. The borrower was undisclosed.
HOUSTON — The grand openings have been held for six new tenants at Vintage Park, an approximately 500,000-square-foot lifestyle center located in Houston. Situated on 84 acres at the intersection of Louetta Road and Highway 249, the center’s new tenants include BRIX Wine Cellars, The Castleberry Center for Aesthetic Dentistry, Fish City Grill, Post Net, Signature Home Theater and Shogun Japanese Grill & Sushi. Many of the openings occurred when the center held its grand opening ceremonies in October. Tenants already open at Vintage Park include Cheeburger Cheeburger, H-E-B Vintage Market, LandAmerica Commonwealth Title, Pepper-Lawson Construction, Potbelly Sandwich Works, Starbucks Coffee, and Vintage Wellness & Aesthetic Center. Tenants opening soon at the center include Freshberry Frozen Yogurt, Mia Bella, Peli Peli, Pizza Fusion, Salaa & Trio Prime Steakhouse and Bar, Bank of Texas, Compass Bank, Heritage Texas Properties and Kickerillio Cos. Vintage Park is owned by Houston-based The Interfin Companies. It is the retail component of The Vintage, a 630-acre master planned community.