HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $4.4 million loan for the refinancing of a 156,000-square-foot office building located at 13111 Northwest Freeway in Houston. The property totals six stories and is currently 86 percent occupied by a tenant roster that includes K. Hovnanian, Luby’s, National Marketing & Administration and Horace Mann Educators Corp. Tucker Knight and Steven Gautier of HFF negotiated the loan on behalf of Sabine Management Corp. Terms of the loan include a 6.71 percent fixed rate over a 10-year term. The lender was AIG Global Investment Group.
HOUSTON — Addison, Texas-based Behringer Harvard, on behalf of the company’s Behringer Harvard REIT I, has acquired One BriarLake Plaza, a 20-story office tower located in Houston. Situated on more than 9 acres, the property comprises more than 500,000 square feet of office space, as well as a seven-level parking garage. Amenities include a granite plaza, a lake near the building’s front entrance, a lobby with polished granite and sycamore finishes, a full-service bank branch, a deli and climate-controlled access to the park garage. The seller and the acquisition price were not disclosed.
THE WOODLANDS, TEXAS — Houston-based Bridgewood Property Co. has acquired a 2.66-acre land parcel, located at the corner of Grogan’s Mill Road and Lake Robbins Drive in The Woodlands, for the development of a senior residential community. The Village of The Woodlands will total approximately 250,000 square feet, and contain 188 independent and assisted living units. Building amenities include a dining room that overlooks The Woodlands Waterway, a living room, a library, a bridge room, a theater, a fitness center with an indoor swimming pool, a billiards room, a computer room and landscaped courtyards. Residences will come in a mix of studio, one-bedroom, one-bedroom plus study and two-bedroom units. All units will contain full kitchens, individual climate controls, and washers and dryers. Construction is slated to begin next spring, with completion expected by fall 2010.
OWASSO, OKLA. — Houston-based Live Oak Capital has arranged $8.8 million in acquisition financing for Garrett Creek Center in the Tulsa suburb of Owasso. The 104,216-square-foot property is located at 11550 N. 135th East Ave. It is anchored by Reaser’s, with additional tenants such as Subway, U.S. Cellular Corp. and Supercuts; occupancy is currently at approximately 99 percent. Greg Young of Live Oak secured the loan on behalf of Hollywood Continental Apts. LLC with Cincinnati-based Eagle Realty. Terms of the non-recourse loan include a 6.28 percent fixed interest rate, a 5-year term, a 30-year amortizations schedule and a 62 percent loan-to-value ratio. The borrower was participating in the purchase as part of a 1031 exchange.
CORPUS CHRISTI, TEXAS — Redevelopment is under way for the former Hoechst Celanese Technical Center in Corpus Christi. Situated on 112 acres along Clarkwood Road, the campus currently contains more than 50 buildings ranging in size from 1,000 to more than 175,000 square feet. Initial plans call for the campus to be redeveloped into an industrial campus. Some of the buildings will be demolished and the redevelopment process will be on an ongoing timeline, but portions of the park are currently ready for occupancy. The property was purchased earlier this year by an investment group headed by Dan Henderson, eh CEO of Houston-based Doyles. Josh Gaines of Corpus Christi-based NAI Cravey Real Estate Services has been named exclusive leasing agent.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged the sale of Bammell Business Park 6 and 7, two industrial/flex building located within Bammell Business Park in Houston. Completed in 2008, Bammell Business Park 6 and 7 each comprise 55,200 square feet, and are located at 4702 and 4802 N. Sam Houston Tollway, respectively. Rusty Tamlyn and Mike Parker of HFF represented the undisclosed seller; the two are also marketing the remaining five properties in the business park for the seller.
GRAND PRAIRIE, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the sale of an 18,068-square-foot parcel located at 1502 109th St. in Grand Prairie. The buyer, locally based Visionaire, plans to develop a new manufacturing and distribution facility on the site; the new facility will be more than 11,000 square feet larger than its current location. Jim Hazard of HSMC represented the buyer. The seller, Ollie Bell Properties Ltd., was represented by Brian Pafford of Dallas-based Bradford Cos. The acquisition price was not disclosed.
UNIVERSAL CITY, TEXAS — The Houston office of Concierge Asset Management (CAM) has purchased Sunrise Canyon Apartments, a 208-unit apartment community located at 501 Sunrise Canyon Dr. in the San Antonio suburb of Universal City. The Class B, gated community contains a mix of one-, two- and three-bedroom units. Apartment sizes average 858 square feet and rents average $864 monthly. It was 88 percent occupied at the time of closing. The seller, Corpus Christi, Texas-based SRC Universal Partners, was represented by Bobby Bull and Matt Lockin of Transwestern’s Phoenix office, as well as Alan Grilliette of Transwestern’s San Antonio office. Financing was arranged by the Houston office of Capmark Finance through Freddie Mac. The 7-year, floating rate loan carries an initial interest rate of 4.45 percent with a built-in cap. CAM’s future plans include upgrading the property to Class A status. Sunrise Canyon marks the second San Antonio-area multifamily community the company has purchased in the past 3 months.
ARLINGTON, TEXAS — Groundbreaking will occur next week for The Hatala Development, a three-building office complex located in downtown Arlington. The first building to be constructed on the 2.16-acre parcel is the Hatala Building. The single-story structure will contain 13,561 square feet of ground-level office space and a 6,198-square-foot, underground garage. The other two buildings will rise two stories and will total 4,450 and 3,800 square feet. Additionally, Hatala Systems Group will occupy 4,100 square feet of the Hatala Building. The project is being developed by locally based ART Properties, which is also handling leasing. Locally based Gagliardi Group is serving as project architect, and construction financing is being provided by Chase Bank.
LA PORTE, TEXAS — The Houston office of Cushman & Wakefield of Texas (C&W) has arranged the sale of a 49.36-acre industrial development parcel located on Fairmont Parkway in La Porte. John Littman, B. Kelley Parker and Coe Parker of C&W represented the seller, NDI Fairmont Parkway Partners Ltd. The buyer, Notsuoh Development Corp., plans to use the property, which is located within Fairmont Industrial Park, for future development. Lane Guinn of Houston-based JLM Commercial Advisors provided buyer representation in the land transaction.