DESOTO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $4.6 million in joint venture equity financing for the construction of Wintergreen Manor Seniors Housing Complex in DeSoto. The project will include moderate-density, single-story structures with garages and carport. It will also feature an 8,000-square-foot amenity center that will include a 50-seat movie theater, an exercise room, an indoor spa, a beauty salon and massage room, a health center, a business center, a general store, a dining area with a kitchen, a game room, an arts and crafts room, and a great room with a fireplace and seating. The outside area will contain a pool, a picnic area with gas barbecue grills, waterscapes and irrigated landscaping. Todd McNeill of MCA arranged the financing on behalf of a single-asset entity controlled by Dallas-based Colonial Properties. Colonial and its equity partner have agreed to develop 30 senior housing projects throughout the Southwest.
MESQUITE, TEXAS — Groundbreaking has occurred for Peachtree Towne Center, a 60-acre mixed-use development located at the intersection of Interstate 635, Gross and Peachtree roads in Mesquite. Developed by Lang & Co. LLC, the project is being developed in four phases. Phase I consists of the extension of the existing access road for I-635 and Gross Road, as well as the creation of a vehicle and pedestrian bridge that will create circular access to the entire site. Completion is expected in spring 2009. Additional construction will include a full-service hotel with a minimum of 250 rooms, a conference center and an adjacent restaurant. Construction would tentatively begin in 2009, with completion in 2010. Lang will also develop a medical/wellness facility with hiking trails along the creek bed, a multi-story office building, and a multi-use component with residential lofts over ground-floor retail. Completion of the entire project could come as early as 2012.
WAXAHACHIE, GREENVILLE AND CEDAR HILL, TEXAS — Santa Ana, Calif.-based Grubb & Ellis Healthcare REIT has acquired a five-building medical office portfolio known as Medical Portfolio 4. Three of the properties are located in Texas. The first is a two-story, approximately 48,000-square-foot building located at 1305 W. Jefferson St. in Waxahachie. The building is situated on approximately 4 acres of land on the campus of The Baylor Medical Center at Waxahachie. The second property is a two-story, approximately 43,000-square-foot building located at 4501 Joe Ramsey Blvd. in Greenville. It is situated on approximately 4 acres of land across the street from Presbyterian Hospital of Greenville. The third property is a single-story, approximately 25,000-square-foot building located at 950 E. Belt Line Rd. in Cedar Hill. It is situated on approximately 3.1 acres of land within close proximity to Methodist Charlton Medical Center. The other two properties in the portfolio include an approximately 78,000-square-foot medical office building located in Phoenix and an approximately 30,000-square-foot building located in Parma, Ohio. The portfolio was acquired from affiliates of The Cirrus Group, which was represented by James Moloney and Joe Diminguez of New York City-based Cain Brothers. The acquisition price was not disclosed.
SOUTHLAKE, TEXAS — Dallas-based Faulkner Design Group has completed the interior design for Watermere at Southlake, a senior housing community located in the Dallas suburb of Southlake. The project will feature 152 luxury condominiums and 85 villas. Condos will be available with one, two or three bedrooms, and will range from 1,000 to 2,000 square feet in size. Villas will contain two bedrooms, and will range in size from 2,000 to 3,000 square feet. Some villas will also include bonus rooms, studies, lofts and attached two-car garages. The community will also provide assisted living and memory care for residents. Amenities at Watermere at Southlake will include a 36,000-square-foot community center. It will contain restaurants, a bank, a movie theater, an indoor swimming pool, a health spa, a hair salon, a concierge, a convenience store, a library with wireless Internet access and card rooms. The project is being developed by Dallas-based South Bay Partners, with Bedford, Texas-based Galier.Tolson.French Design Associates serving as project architect. Integrated Real Estate Group is providing general contracting services.
HOUSTON — Sacramento, Calif.-based Panattoni Development Co. has broken ground for Phase I of Airtex Industrial Center, a 59.57-acre, Class A industrial park located at the intersection of Airtex Drive and Interstate 45 in Houston. Currently under construction is a 486,720-square-foot, speculative distribution facility. Completion of the shell is expected in April 2009; the project is being designed in anticipation of LEED – Core & Shell certification. Additional construction will include a total of 1 million square feet of industrial space, as well as office and retail pad sites. Airtex Industrial Center is being constructed by Panattoni Construction. Gary Mabray and Walker Barnett of the Houston office of Colliers International are provided leasing services for the project.
FORT WORTH, TEXAS — Silver Springs, Md.-based Choice Hotels International is partnering with Keller, Texas-based Ridgeline Hospitality for the construction of a Cambria Suites in Fort Worth. Located at the intersection of Interstate 35W and Fossil Bluff Drive, the hotel will feature 118 suites. Amenities include a two-story lobby with a large-screen television, a casual dining area with a coffee bar, a fitness center, a 24-hour convenience store, more than 1,000 square feet of meeting space, and wired and wireless Internet access throughout the hotel. Individual suites feature two flat-screen televisions and media hub technology. The construction timetable was not released.
ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a $6.58 million loan for Silerwood Apartments in Arlington. Situated on approximately 7 acres, the property features 196 units; amenities include a swimming pool, a spa, a fitness center, a clubhouse and a sauna. The loan carries a 7-year term with interest-only payments for the first 3 years and a 5.93 percent interest rate. The lender was Fannie Mae; the borrower was not disclosed.
KELLER, TEXAS — Marcus & Millichap has completed the sale of Park Vista Business Park in Keller. Situated on 1.57 acres, the property contains two single-story buildings totaling 22,000 square feet. Each building contains 11 units of 1,000 square feet, with some tenants occupying multiple units. Chase Johnson and Peyman Etebari of Marcus & Millichap’s Fort Worth, Texas, office represented the private seller. Scott Gigliotti, also of the firm’s Fort Worth office, represented the private buyer. Financing for the purchase was handled by Boyd Burton and Ravi Mehta of the Fort Worth office of Marcus & Millichap Capital Corp. handled the acquisition financing.
HOUSTON — The Dallas office of The Mumford Company has brokered the sale of the Motel 6 Houston – Hobby Airport, a 124-unit hotel located in Houston. Randy Lee of Mumford represented the seller, France-based Accor Hospitality. The buyer, Jai Umiya Mata LLC, plans to renovate the hotel and re-license it to a different economy hotel brand. The acquisition price was not disclosed.
LINDALE, TEXAS — Tulsa, Okla.-based Stan Johnson Co., has arranged the sale of a 6,786-square-foot Auto Zone store in Lindale for $1.21 million. The building is situated on 1.18 acres at 720 S. Main St. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, a private family trust. The buyer was represented by Dave Austin of northern California-based Cornish & Carey Commercial.