WACO, LONGVIEW AND WICHITA FALLS, TEXAS — Cleveland-based KeyBank Real Estate Capital has secured $19.6 million in Freddie Mac financing for three Texas assisted living facilities. Meadowlands Terrace, located in Waco, received a $7.9 million loan; Eastman Estates, located in Longview, received a $6.4 million loan; and Wichita Falls, located in a city of the same name, received a $5.3 million loan. The fixed-rate credit facility has a weighted average interest rate of 6.65 percent and a term of 10 years. The borrower was not disclosed.
ARLINGTON, TEXAS — Houston-based Weingarten Realty Investors has leased 39,100 square feet within Midpoint I-20 Distribution Center, located just north of Interstate 20 on New York Avenue in Arlington, to Greenwood Village, Colo.-based American Medical Response. The company expects to open the facility in the second quarter of 2009. George Curry of the Dallas office of Jones Lang LaSalle represented American Medical Response in lease negotiations. Michael Stanzl and Robert Reese of Dallas-based NAI Robert Lynn represented Weingarten. Terms of the lease were not disclosed. Built in 2001, Midpoint I-20 Distribution Center is a two-building complex that is designed tenants with office/showroom and warehouse/distribution needs. The facility offers spaces from 16,000 to 68,000 square feet with dock-high rear loading capability.
HOUSTON — The Houston office of Alliance Communities has held the groundbreaking for the development of Broadstone Voss, a 307-unit rental apartment community located in the Galleria corridor of Houston. Designed by locally based Meeks + Partners, the project will consist of nine buildings arranged in clusters that will wrap the apartment units around three courtyards and a six-story parking garage. The architecture of the building includes rectangular volumes, flat roofs, and a façade composed of brick, stone, exposed steel and glazed glass. The exterior of the unit balconies will also have movable sunscreens that residents can use to adjust the amount of light coming into individual units. Units will range from one to three bedrooms with sizes ranging from 632 to 1,445 square feet. Community amenities will include a 7,000-square-foot clubhouse with a lounge and entertainment kitchen, a fitness center, a business center, and a conference room. Broadstone Voss also features a resort-style pool and fountain with a sundeck and a fireplace. The project consists of the redevelopment of a former apartment complex that was built in the 1970s on the 4.89-acre site.
ARLINGTON, TEXAS — Sperry Van Ness has brokered the sale of Arlington Towers, an 82,000-square-foot, Class B office property located at 1600 E. Pioneer Pkwy. in Arlington. Originally built in 1979, the five-story tower is currently 77 percent occupied by a tenant roster that includes JPMorgan Chase Bank, Iverson Business School, Jordan Health Services, Road Manager Financial Services and Southside Financial Group. Bruce Marshall of Dallas-based Sperry Van Ness | DataVest and Bob Johnson of Atlanta-based Sperry Van Ness | AREP represented the seller, Atlanta-based Mithani Properties. Johnny Lawrence of Charlotte, N.C.-based Carolina Capital represented the Florida-based buyer. The acquisition price was not disclosed.
HOUSTON — The New York City office of iCap Realty Advisors has arranged $30 million in acquisition financing for a 17-story, Class A office building located in Houston. The tower is located just west of Interstate 610 in the city’s Galleria/West Loop submarket, within a 30-acre master planned development that also features several other Class A office towers, a luxury high-rise residential building, and a luxury hotel. The tower secured by the financing comprises 370,000 rentable square feet and includes an approximately 1,000-space parking garage. Terms of the non-recourse, first-mortgage financing include a 5-year term with interest-only payments for the first 2 years. The lender was a major insurance company.
WACO, TEXAS — White Plains, N.Y.-based Seavest has broken ground for the construction of two medical office buildings on the campus of Hillcrest Baptist Medical Center in Waco. The first building, Hillcrest Community Medical Office Building, is a three-story, 107,000-square-foot facility that will serve the adjacent Hillcrest Community Hospital. The medical office building will connect to the hospital by way of a skybridge on the second floor. The second building, Hillcrest Women’s & Children’s Medical Office building, is a two-story, 59,000-square-foot medical office building that will serve the adjacent Hillcrest Women’s & Children’s Hospital. Seavest is partnering with Lillibridge Health Care Services for the project, and will develop and own both properties. Completion is scheduled for summer 2009.
MCKINNEY, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has arranged the purchase of a 12-acre development parcel located at the corner of Community Avenue and White Street in McKinney. It was acquired by Dallas-based King Private Equity Fund, which plans to partner with another company to develop a multifamily project on the property, or sell the parcel. The site is surrounded by retail, single-family homes and a Raytheon campus. Tom Grunnah and Anderson Ngo of HSMC represented the buyer. The seller was Sherman, Texas-based Ruby Boom Ltd. the purchase price was not disclosed.
HOUSTON — Grubb & Ellis has brokered the sale of a 34,286-square-foot industrial building, located at 10010 Gulf Freeway in Houston. Rob Stillwell and Jay Jenckes of Grubb & Ellis’ Houston office represented the buyer, PEJ Real Estate Interests LP. The property was sold by Ruhrpumpen for $2.2 million.
TEMPLE, SAN ANTONIO AND ABILENE, TEXAS — Mission Viejo, Calif.-based The Ensign Group, the parent company of the Ensign brand of senior care facilities, has acquired four Ensign skilled nursing facilities for $10.4 million. Three of the properties are located in Texas; they include the 140-bed Wellington Place Living & Rehabilitation Center in Temple, the 120-bed Salado Creek Living & Rehabilitation Center in San Antonio and the 96-bed Northern Oaks Living & Rehabilitation Center in Abilene. The fourth property is a 70-bed, skilled nursing facility located in Willits, Calif. The properties were acquired from the seller, a long-time Ensign landlord, by four separate Ensign holding subsidiaries. Ensign operating subsidiaries previously have been operating the facilities, and will continue to operate them under new long-term leases with the acquisition entities. Proceeds from Ensign’s recent initial public offering were used to complete the purchase.
HOUSTON — CB Richard Ellis (CBRE) has arranged the purchase of a 26.49-acre industrial development parcel located at the corner of Pinemont Drive and U.S. Highway 290 in Houston. The buyer, locally based oilfield services company TAM International, plans to construct a 150,000-square-foot manufacturing plant on the site. The parcel acquired in the transaction is situated near the company’s existing facilities on Southerland Road. Michael Palmer, John Simons and Susana Rosas of CBRE’s Houston office provided representation for TAM, which acquired the site in an off-market transaction from Sueba Investments. The acquisition price was not disclosed.