LUBBOCK, TEXAS — Lubbock-based GRACO Real Estate Development will begin the redevelopment of Kingsgate Center this fall. Located at the corner of 82nd Street and Quaker Avenue in Lubbock, the property currently contains more than 220,000 square feet of retail and restaurant space. Construction will largely consist of the conversion of the space formerly occupied by United Supermarket into lifestyle center-style space. The space will be reconfigured into a landscaped courtyard and 35,000 square feet of specialty retail and restaurant space. Additional renovations include water features, a 30-foot clock tower, landscaped traffic circles, patterned concrete and brick-inlayed walkways, an open area for community events, decorative lighting, seating areas and seasonal landscaping. Construction is already underway for the Kingsgate North section of the shopping center.
IRVING, TEXAS — Newport Beach, Calif.-based Buchanan Street Partners (BSP) has completed the full capital stack for the acquisition and renovation of Shadows of Cottonwood, a 504-unit multifamily property located in the Las Colinas submarket of Irving. Shadows of Cottonwood comprises 34 three-story buildings at 3950 N. Story Rd., and was 92 percent occupied at the time of closing. BSP invested a majority of the equity to acquire the property, along with its joint venture partner, Greystar Real Estate Partners. BSP also negotiated more than $25 million in senior financing to complete the acquisition. The partnership plans to make a significant investment to upgrade the community from Class B to Class A status. Greystar will manage the property.
SOUTHLAKE, TEXAS — Seattle-based Nordstrom has announced plans to open a 35,000-square-foot Nordstrom Rack, the company’s discount retail division, at Shops of Southlake. The store, which will open in fall 2009, will anchor the new phase of the lifestyle center, which is located at the corner of East Southlake Boulevard and South Carroll Avenue in Southlake. The new location will mark the retailer’s third Nordstrom Rack in the Dallas-Fort Worth area and its fourth in the state. Shops of Southlake is being developed by Cencor Realty Services.
DENTON, TEXAS — Hendricks & Partners has arranged the sale of La Maureta, a 22-unit multifamily community located at 417 Withers in Denton. Ryan Warren of the company’s Dallas office represented the seller, locally based Avenue A Investment. The property was purchased by a California-based private investor for an undisclosed amount.
MISSOURI CITY, TEXAS — Wells Fargo Commercial Mortgage has provided $21 million in financing for Riverstone Shopping Center, a 272,539-square-foot community shopping center located at 5230 Highway 6 in Missouri City. The property is anchored by Hobby Lobby and LA Fitness; additional tenants include Ross Dress For Less, PetSmart, Office Depot, and Bed, Bath & Beyond. The loan carries a 5-year term with interest-only payments, and was originated by Aaron Winkler of Wells Fargo. The borrower was not disclosed.
TULSA, OKLA. — KBS Real Estate Investment Trust (KBS) has acquired Meridian Tower, a 10-story, Class A office tower located at 5100 E. Skelley Dr. within the Yale Corridor/South Central submarket of Tulsa. Situated on 3.2 acres, the property comprises the 205,659-square-foot tower, as well as a four-level parking garage. It is 93 percent occupied by a tenant roster that includes Matrix Services Co., Tulsa Dental Specialties, Ram Energy Resources, TMA Systems and Enercon Services. Bill Rogalla of KBS provided in-house representation for the transaction. The seller, Trammell Crow Co., was represented by Gary Carr and Eric Mackey of the Dallas office of CB Richard Ellis (CBRE). Terry Payne and Mary Martin of CBRE’s Oklahoma office will handle leasing, and Peggy Davis, also of CBRE Oklahoma, will handle property management. The acquisition price was undisclosed.
SAN ANTONIO — The Place/BV Student Housing Fund will develop La Cantera Place, a 204-unit student housing community located near the University of Texas – San Antonio. The community will feature one-, two- and four-bedroom units; community amenities include a clubhouse with a fitness center, a computer lab ad a resort-style swimming pool. It is expected to open in the summer of 2009. La Cantera Place is the fund’s second development in San Antonio; the first, Hill Country Place, opened this month and is already 98 percent leased. The real estate investment fund is managed by BVP Managers, a joint venture between Atlanta-based Place Properties and Chicago-based Blue Vista Capital Management.
HOUSTON — Marcus & Millichap has brokered the sale of Redford Square Apartments, a 61-unit multifamily property located at 9406 Redford in Houston. Robert Su of Marcus & Millichap listed the property on behalf of a Houston-based private investor. It was acquired by a locally based limited liability company. The acquisition price was not disclosed, but the asking price was $2.13 million.
DALLAS — The Houston office of Aries Capital has arranged a $3.2 million loan secured by Kendall Plaza, a 15,734-square-foot retail center located at 2731 W. Northwest Highway in Dallas. Situated on 2.6 acres, the property contains nine retail spaces and is anchored by HSBC. The loan carries a 30-year amortization schedule and a 75 percent loan-to-value ratio. Leonard Smith of Aries originated the transaction. The borrower plans to use the proceeds to acquire an office building, as well as a tract of land for future retail development.
RICHARDSON, TEXAS — The Dallas office of Criterion Property Co. is developing Pradera, a 360-unit, resort-style apartment community located at the corner of Custer Road and Bush Tollway in the Telecom Corridor of Richardson. The community will consist of two- and three-story buildings; amenities will include outdoor gathering spaces, private front yards, an outdoor kitchen with a grilling station, a lagoon pool and spa lounge, and poolside cabanas. The community is being built along the new Greenside Drive, which will serve as the “main street” for the project and promote pedestrian activity. Equity financing for the project is being provided by Trammell Crow Company Acquisitions Fund II, with the Dallas office of Wachovia Bank providing debt financing.