AUSTIN, TEXAS — A joint venture between Los Angeles-based Lowe Enterprises and McShane Corp. has completed development for two industrial buildings totaling 161,600 square feet that are located at 8024 Exchange Dr. in Austin. Situated on 19.4 acres within Tuscany Center at Walnut Creek, Tuscany 7 is a 72,000-square-foot facility and Tuscany 8 is an 89,600-square-foot facility. Both buildings feature 24-foot clear ceiling heights, 40-foot by 40-foot bay spacing, one drive-in door each and ESFR sprinkler systems. Tuscany 7 is divisible by 16,800 square feet and includes six exterior truck docks with expansion capability to 16. Tuscany 8 is divisible by 19,200 square feet and includes five exterior truck docks with the capacity for 22. Lowe and McShane acquired the site in 2007. Dallas-based Cadence McShane Corp., a construction division of McShane Corp., served as design/builder for the project. McShane Corp. served as development manager, with TAG International providing architectural services.
Texas
SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of Ye Olde Colony Apartments, an 88-unit multifamily community located at 1631 Aquarena Springs Dr. in San Marcos. The property contains 70,126 rentable square feet, and is located less than 1 mile from the campus of Texas State University. Todd Sherrer of Marcus & Millichap’s Austin, Texas, office listed the property on behalf of the undisclosed seller. An out-of-state investor acquired the property for an undisclosed amount; the buyer was represented by Marcus & Millichap’s Kansas City, Missouri, office.
HOUSTON — Houston-based Hartman Income REIT, on behalf of Hartman Income REIT Property Holdings, has completed a $67.6 million credit facility with an affiliate of J.P. Morgan. The non-recourse loan is secured by a 12-property, approximately 3.2 million-square-foot portfolio owned by Hartman. The properties are located in Houston, Dallas and San Antonio, and comprise office, flex and retail buildings. The debt was structured by Tom Melody and Bernard Branca of CBRE Melody on behalf of Hartman. The proceeds will be used to refinance all of the properties’ existing credit facilities, fund the redemption of non-accredited investors in connection with the company’s earlier formation transactions, and provide additional working capital. Terms of the loan were not disclosed.
ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodstock, a 128-unit apartment community located at 712 Washington Dr. in Arlington. The seller, New Albany, Ohio-based The Bank of New York Trust Company, was represented by Mike Miller of H&P’s San Antonio office, and Tome Burns and Jay Gunn of the firm’s Dallas office. Brookfield, Wis.-based MLG Capital 2008 acquired Woodstock for an undisclosed amount.
ROSENBERG, TEXAS — Cincinnati-based The Kroger Company has announced that its Kroger Marketplace brand will be joining the tenant roster at Brazos Town Center, a 550-acre, master-planned community under development in Rosenberg by Houston-based NewQuest Properties. The 123,000-square-foot Kroger Marketplace features a full-service grocery, a pharmacy, expanded perishables and general merchandise, such as outdoor living products, electronics, home goods and toys. The multi-department concept is twice the size of a typical Kroger supermarket. Brazos Town Center comprises 940 multifamily residences, a medical/professional office park and 220 acres of retail space — all interconnected with a parks and trails system. Retail anchor tenants include Target, The Home Depot, Hobby Lobby, Academy, JC Penney, Ross Dress For Less, Petco, Best Buy, Famous Footwear, Cinemark, Palais Royal, Kohl’s, Conn’s, OfficeMax, Walgreens and Spec’s.
PLANO, TEXAS — Dallas-based Trammell Crow Co. has been selected to develop a new national corporate headquarters for Diodes Inc. within the Legacy mixed-use development in Plano. Diodes will be relocating from its old headquarters at 15660 N. Dallas Pkwy. in Dallas to a 16-acre site at the corner of Legacy Drive and Communications Parkway. The building is expected to range between 70,000 and 75,000 square feet; construction will begin in late 2008 or early 2009. Corgan Associates will design the project. Diodes acquired the 16-acre parcel in June from Trammell Crow, which acquired 404 acres within Legacy in 2006; 264 acres currently remain for sale or development.
PORT ARANSAS, TEXAS — Marcus & Millichap has brokered the sale of a Best Western hotel located at 400 East Avenue G in Port Aransas. Situates on 1.89 acres, the property contains 48 rooms. Michael Yu and Imran Haroon of Marcus & Millichap’s Houston office listed the property on behalf of the seller, a Texas-based private investor. Yu and Rahul Bijlani represented the buyer, a San Diego-based private investor. The acquisition price was not disclosed, but the property listed for $3.9 million.
ALVIN, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $5.8 million in refinancing for Morgan Oaks Apartments, a 98-unit, Class A multifamily community located at 877 E. House St. in Alvin. The property features an average unit size of 879 square feet. Community amenities include a swimming pool, a clubhouse, a fitness center, a playground and security access gates. Tucker Knight and Steve Gautier of HFF arranged the loan on the behalf of Minkoff Development with Freddie Mac. The securitized loan was placed under HFF’s Capital Markets Execution program, and will be serviced by the company. Terms of the financing include a 10-year term and a fixed interest rate.
HOUSTON — Marcus & Millichap has brokered the sale of Northwood Villas Apartments, a 312,565-square-foot multifamily community located at 5005 Aldine Mail Route in Houston. The property is situated on 14.17 acres, and was construction in 1974. Robert Su of Marcus & Millichap’s Houston office marketed the property on behalf of a Charlotte, N.C.-based limited liability company. It was acquired by a Houston-based private investor. The purchase price was not disclosed, but the property listed for $7.5 million.
FORT WORTH, TEXAS — Completion is nearing for Rattikin Square, a historic office project located at 4936 Collinwood Ave. in Fort Worth. The building originally served as an officer’s club for nearby Camp Bowie Army Base. Most recently, it was the site of the Rangoon Racquet Club, a popular 1970s bar. The current renovation will convert the building into 7,000 square feet of office space. A courtyard and a fountain will also be constructed on the property. Tenants already announced include the law practice of Jeffrey Rattikin, who is also the owner of the project, as well as three exchange companies and the Westside office of Rattikin Title Co. Leasing for the remaining two first-floor spaces is being undertaken by Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group.