DALLAS AND DONNA, TEXAS — Marcus & Millichap has completed two Texas sales. In Dallas, the firm brokered the sale of the 63-unit Oak Glen Apartments. The community is situated north of Interstate 20, between interstates 35 and 45, and is also located near a DART Rail Station. John Barker of Marcus & Millichap’s Dallas office listed the property on behalf of the seller, a Texas-based limited partnership. Jeffrey Miller of the firm’s Encino, Calif., headquarters office represented the buyer, a California-based corporation. The acquisition price was not disclosed. Additionally, Chad Knibbe of Marcus & Millichap’s San Antonio office represented the seller in the disposition of a 5,4000-square-foot, net-leased Auto Zone located at 802 Hooks Ave. in Donna. Situated on approximately a half-acre, the Auto Zone was constructed in 1998. The acquisition price was not disclosed, but the property listed for approximately $1 million.
DALLAS — Addison, Texas-based MedCapital Group has provided $8.58 million in non-recourse financing for the acquisition and renovation of a 75,000-square-foot, inpatient behavioral health center located in North Texas. The borrower is a national behavioral healthcare developer and management company. Terms of the financing were not disclosed.
TERRELL, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has secured $3.5 million for the refinancing of Towne West Shopping Center, a 113,348-square-foot retail property located at the intersection of Interstate 20 and U.S. Highway 80 in Terrell. The property is 99 percent leased to a tenant roster that includes Payless Shoe Source, Zip Cash, Radio Shack, Subway, Big Lots, World Acceptance, Aaron’s Rental, Bealle’s Department Store, Robinson Furniture and Family Dollar. Todd McNeill of MCA originated the financing on behalf of O.R.D.A. Corp. with Viewpoint Bank. Terms of the financing include a 6.75 percent fixed interest rate and a 5-year term.
LEAGUE CITY, TEXAS — Englewood, Colo.-based Deerwood Development Group has received approval for the development of RiverBend on Clear Creek, a 68-acre mixed-use development located near the intersection of Interstate 45 and FM 518 in the Houston suburb of League City. The waterfront project, which is located near a wetland on the south shore of Clear Creek, has been approved for the construction of 320,000 square feet of commercial office and medical space; 50,000 square feet of retail space; a 142-room hotel and convention center; 16,000 square feet of restaurant space; and 750 multifamily residential units that include apartments, townhomes, condominiums, and lofts above the retail and office space. RiverBend on Clear Creek will also feature an 80-slip, public/private marina, as well as nature trails that pass through the undisturbed wetlands on the property. Deerwood has selected Texcor Construction Services to perform mass grading on the site, which the company began in July.
THE WOODLANDS, TEXAS — Fort Worth, Texas-based Trademark Property Co. has commenced construction of AVIA – The Woodlands, a 70-room boutique hotel located in The Woodlands. The hotel will be part of Market Street – The Woodlands, a 560,000-square-foot mixed-use town center that features retail and office space. Hotel amenities will include a wine bar, a tasting kitchen, outdoor living space with seating nooks and cabanas, and 24,000 square feet of ground-floor retail space. Completion is scheduled for fall 2009. The AVIA hotel brand is owned by Kansas-based LodgeWorks.
SAN ANTONIO — Marcus & Millichap Capital Corp. has arranged a $10.6 million loan for the refinancing of Bandera Heights, a 159,528-square-foot retail center located at 7098-7102 Bandera Rd. in San Antonio. Sharone Sabar of Marcus & Millichap’s Encino, Calif., headquarters office arranged the financing on behalf of the undisclosed seller. Terms of the loan include a 5-year term with a 30-year amortization schedule, a 65 percent loan-to-value ratio and an adjustable interest rate priced at the 1-month LIBOR plus 310 basis points.
SAN MARCOS, TEXAS — Groundbreaking has occurred for the $35 million expansion and renovation of Central Texas Medical Center in San Marcos. Designed by Arlington, Texas-based Ascension Group Architects, the project will include more than 64,000 square feet of construction, including a childbirth center, a Level II neonatal critical care unit and a 22-bed obstetrics unit. The project will also include the expansion of the hospital’s surgical suite, as well as a new nursing unit. Completion is scheduled for 2010.
FORT WORTH, TEXAS — Jones Lang LaSalle (JLL) has brokered the purchase of a former Carnival Food Store, located at 1719 8th Ave. in Fort Worth. Situated on more than 2 acres, the two-building, 28,000-square-foot property was acquired by Cook Children’s Health Care System, which plans to substantially renovate the property. Ryan Matthews and David Walters of JLL represented Cook in the transaction. The undisclosed seller was represented by Quine & Associates. The purchase price was also not released.
PEARLAND, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged a $12.84 million construction loan for the development of ZT Shadow Creek Business Center, a Class A, speculative office project located within the Shadow Creek Ranch master-planned community in Pearland. Situated on 3.5 acres, construction will consist of an 80,000-square-foot building, which is due for completion in fall 2009. The project represents the first phase of a multi-phase office development in Shadow Creek Ranch. The loan carries a 24-month term with an 80 percent loan-to-value ratio. Charlie Gasper and Colby Mueck of HFF secured the loan through Sterling Bank, which was represented by Lance Schielack. The borrower was ZT Group Business Center One LP. The project is being developed by a partnership between T.A.B. Lone Star Holdings, which is an affiliate of the Houston-based ZT Group of Companies, and Houston-based Wallace Bajjali Development Partners.
HUMBLE, TEXAS — A joint venture between Dallas-based Seneca Investments and Irvine, Calif.-based Passco Development Cos. has begun development for Stoneleigh on Kenswick, a 318-unit, Class A multifamily community located at 19800 Kenswick Dr. in Humble. Residences will be contained within two- and three-story buildings; community amenities will include a fully equipped clubhouse, a fitness center, a recreation area and a resort-style pool. The community is also located adjacent to a 275-acre nature preserve, which provides hiking, biking, canoeing and other outdoor activities. The joint venture acquired the 15-acre land parcel the community is being built on from The Fred and Mabel R. Parks Foundation in an approximately $2.19 million transaction. McDade, Smith, Gould, Johnston, Mason & Co. represented the partnership in the transaction; the seller was represented by Betz Cos. The construction timetable for Stoneleigh on Kenswick was not released.