FRIENDSWOOD, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of Acadiana Centre, a 39,463-square-foot retail center located at 400 West Parkwood in Friendswood. Constructed in 1997 and renovated in 2007, the multi-tenant center was 96 percent occupied at the time of closing. It is shadow-anchored by H-E-B. Tucker Knight and Brad Ballard of HFF arranged the loan on behalf of Commerce Equities through Enterprise Bank. Proceeds from the loan were used to retire existing debt.
DALLAS — Groundbreaking ceremonies were held earlier this month for Midtown Park, an 83-acre, mixed-use development located near Presbyterian Hospital on North Central Expressway in Dallas. The project is currently zoned for up to 3,800 residential units, 930,000 square feet of office space, and 90,000 square feet of retail space — but these numbers could be changed as space is subtracted from one use and added to another. Current plans for the residential component include townhomes, high-rise condos and a senior housing element. The office component will provide space for hospital-related tenants, as well as Class A users in the area. Plans for a hotel are also in the works. When coming up with the idea for Midtown Park, owner Valencia Capital Management wanted to create a community around the busy Presbyterian Hospital. “The reason we made this investment is because of the hospital,” says Tim Kaiser, principal of Valencia Capital Management. “That hospital generates a lot of jobs and a lot of economic activity in the area.” But the hospital is not the only draw in the area. Midtown Park’s trade area also is home to the headquarters of Texas Instruments, North Park Mall and Royals Oaks Country Club. …
SUGAR LAND, TEXAS — New York-based Norvin Partners has acquired Health Center I and II, two medical office buildings totaling approximately 117,000 square feet that are located in Sugar Land. The two properties are situated close to highways 6 and 59, and are located within the epicenter of Sugar Land’s medical community. Both are undergoing significant renovations. The properties are anchored by a physician-owned ambulatory care center. Norvin acquired Health Center I and II from Memorial Hermann Health System. Transwestern Houston will provide leasing and management services for the properties. The acquisition price was not disclosed.
GALVESTON, TEXAS — Capmark Finance has arranged $3.8 million in floating-rate financing for the acquisition of The Oceanfront Loft Apartments, a 102-unit multifamily community located in Galveston. Situated on approximately 3 acres of waterfront property at 7820 Seawall Blvd., the community consists of three four-story buildings, with three floors of residential units over a concrete podium parking deck. Amenities include a swimming pool, a spa, a fitness center, and volleyball and tennis courts. Brant Smith and Andy Hill of Capmark’s Houston office originated the non-recourse loan. Terms of the financing include an adjustable interest rate, a 7-year term with the first 2 years interest only, followed by a 30-year amortization schedule. The borrower was Seaside Point Partners LLC. Capmark arranged the loan with Freddie Mac through the lender’s Capped ARM program.
HOUSTON — Houston-based REITs Weingarten Realty Investors and Hines Real Estate Investment Trust, Inc. (Hines REIT) have formed a $271 million joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a portfolio of 12 supermarket-anchored shopping centers owned by Weingarten. The transaction will close on multiple dates. The first closing, comprising eight of the shopping centers and totaling approximately $205 million, occurred on November 13. The portfolio, which is more than 96 percent leased, totals 1.5 million square feet. The shopping centers are located in Texas, Georgia, Tennessee, Florida and North Carolina. Their trade areas have average populations exceeding 100,000 people and average household incomes of more than $80,000. The shopping centers are anchored by supermarkets tenants that include Kroger, Randall’s (Safeway), H-E-B, Publix, BJ’s Wholesale and Harris Teeter. Other anchors at the properties include Marshall’s, Barnes & Noble, Palais Royal and Stein Mart. “We announced in 2006 an effort to further our joint venture program,” says Gary Greenberg, senior vice president, capital markets, for Weingarten Realty Investors. “This is a continuation of that program, and it will bring us close to $2 billion in transactions since 2006.” The joint venture has a …
MANSFIELD, TEXAS — The Dallas office of RTKL is designing a $34 million, two-phase expansion of Methodist Mansfield Medical Center in Mansfield. Designed by RTKL and opened in 2006, the hospital was constructed with future expansion in mind. The first phase of expansion will comprise the creation of a 36-bed medical/surgical unit on the fourth floor of the patient tower and the finishing out of the fifth floor for additional expansion. The second phase of construction will include the expansion of the emergency department that will increase its total number of beds to 35, as well as the addition of eight beds to the intensive care unit, doubling the department’s size. Phase I is scheduled for completion in early 2009, with Phase II wrapping up later that year. The original design of Methodist Mansfield Medical Center included unfinished shell space for up to 80 additional beds, as well as land for potential growth.
HOUSTON — The New York office of iCap Realty Advisors has secured $30 million in first-mortgage financing for a Class A office building located in Houston. The property is situated within a 30-acre, master-planned development in the city’s Galleria/West Look submarket, just west of Interstate 610. It rises 17 stories and contains 370,000 rentable square feet, as well as a 1,000-space parking garage. Terms of the loan include a 5-year term, non-recourse, with interest-only payments for the first 2 years. The loan was placed with a major insurance company. The borrower was not disclosed.
DALLAS — Phoenix-based Opus West Corp. has signed its first five retail tenants for Broadstone Parkway, a 5.8-acre multi-use project located at the intersection of Inwood, Galleria and Simonton roads in Dallas. The new tenants include Hibashi, a 9,988-square-foot Teppan grill and sushi bar; Chill Bubble Tea, a 1,150-square-foot smoothie store; L’Image Salon, a 1,537-square-foot, full-service beauty salon; Firehouse Subs, a 2,000-square-foot sandwich shop; and Lover’s Egg Roll, a 2,000-square-foot Chinese restaurant. With the recent leases, the 39,000-square-foot retail and restaurant component of the project is approximately 50 percent leased. Developed by Opus in partnership with Alliance Communities, Broadstone Parkway features 333 luxury apartments and townhomes, along with the retail component and a five-story parking garage. The Weitzman Group is handling leasing efforts for the retail component of the project.
BEDFORD, TEXAS — The Dallas office of PNC ARCS has arranges a $7.28 million loan for Copper Hill Apartments, a 204-unit multifamily community located in Bedford. Situated on more than 8 acres, the property features a swimming pool, a spa, a fitness center, a clubhouse, a racquetball court, laundry facilities and covered parking. Terms of the financing include a 6.22 percent fixed interest rate, a 10-year term with a 30-year amortization schedule and interest-only payments for the first 5 years. The lender was Fannie Mae; the borrower was undisclosed.
PEARLAND, TEXAS — Houston-based Greatland Investment has broken ground for the development of Shadow Creek Village, a 29,000-square-foot retail project located in Pearland within the Shadow Creek Ranch master-planned community. Situated on 3 acres at the corner of FM 518 and Kirby Drive near Pearland Town Center, Shadow Creek Village is seeking to attract fine dining restaurants, dry cleaners, salons/spas and other consumer service-related tenants. The project also contains a pad site for a bank. The $6 million project is scheduled for completion in February 2009. Greatland Investment is developing the project, with construction management services being provided by Houston-based EDWEA. It will be managed by CSL Leasing & Management.