Texas

PANATTONI BREAKS GROUND FOR 1 MILLION-SQUARE-FOOT INDUSTRIAL CENTER

by admin October 1, 2008

HOUSTON — Sacramento, Calif.-based Panattoni Development Co. has broken ground for Phase I of Airtex Industrial Center, a 59.57-acre, Class A industrial park located at the intersection of Airtex Drive and Interstate 45 in Houston. Currently under construction is a 486,720-square-foot, speculative distribution facility. Completion of the shell is expected in April 2009; the project is being designed in anticipation of LEED – Core & Shell certification. Additional construction will include a total of 1 million square feet of industrial space, as well as office and retail pad sites. Airtex Industrial Center is being constructed by Panattoni Construction. Gary Mabray and Walker Barnett of the Houston office of Colliers International are provided leasing services for the project.

October 1, 2008

RIDGELINE HOSPITALITY TO BUILD NEW CAMBRIA SUITES

by admin October 1, 2008

FORT WORTH, TEXAS — Silver Springs, Md.-based Choice Hotels International is partnering with Keller, Texas-based Ridgeline Hospitality for the construction of a Cambria Suites in Fort Worth. Located at the intersection of Interstate 35W and Fossil Bluff Drive, the hotel will feature 118 suites. Amenities include a two-story lobby with a large-screen television, a casual dining area with a coffee bar, a fitness center, a 24-hour convenience store, more than 1,000 square feet of meeting space, and wired and wireless Internet access throughout the hotel. Individual suites feature two flat-screen televisions and media hub technology. The construction timetable was not released.

October 1, 2008

Multifamily Texas

PNC ARCS ARRANGES $6.58 MILLION MULTIFAMILY LOAN

by admin October 1, 2008

ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a $6.58 million loan for Silerwood Apartments in Arlington. Situated on approximately 7 acres, the property features 196 units; amenities include a swimming pool, a spa, a fitness center, a clubhouse and a sauna. The loan carries a 7-year term with interest-only payments for the first 3 years and a 5.93 percent interest rate. The lender was Fannie Mae; the borrower was not disclosed.

October 1, 2008

Office Texas

MARCUS & MILLICHAP COMPLETES SALE OF BUSINESS PARK

by admin September 30, 2008

KELLER, TEXAS — Marcus & Millichap has completed the sale of Park Vista Business Park in Keller. Situated on 1.57 acres, the property contains two single-story buildings totaling 22,000 square feet. Each building contains 11 units of 1,000 square feet, with some tenants occupying multiple units. Chase Johnson and Peyman Etebari of Marcus & Millichap’s Fort Worth, Texas, office represented the private seller. Scott Gigliotti, also of the firm’s Fort Worth office, represented the private buyer. Financing for the purchase was handled by Boyd Burton and Ravi Mehta of the Fort Worth office of Marcus & Millichap Capital Corp. handled the acquisition financing.

September 30, 2008

Hospitality Texas

MUMFORD BROKERS MOTEL 6 SALE

by admin September 30, 2008

HOUSTON — The Dallas office of The Mumford Company has brokered the sale of the Motel 6 Houston – Hobby Airport, a 124-unit hotel located in Houston. Randy Lee of Mumford represented the seller, France-based Accor Hospitality. The buyer, Jai Umiya Mata LLC, plans to renovate the hotel and re-license it to a different economy hotel brand. The acquisition price was not disclosed.

September 30, 2008

Retail Texas

STAN JOHNSON CO. ARRANGES SALE OF AUTO ZONE

by admin September 30, 2008

LINDALE, TEXAS — Tulsa, Okla.-based Stan Johnson Co., has arranged the sale of a 6,786-square-foot Auto Zone store in Lindale for $1.21 million. The building is situated on 1.18 acres at 720 S. Main St. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, a private family trust. The buyer was represented by Dave Austin of northern California-based Cornish & Carey Commercial.

September 30, 2008

Office Texas

SMC REFINANCES OFFICE BUILDING

by admin September 30, 2008

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.

September 30, 2008

Office Texas

BEHRINGER HARVARD ACQUIRES 20-STORY OFFICE TOWER

by admin September 29, 2008

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.

September 29, 2008

Seniors Housing Texas

BRIDGEWOOD BUYS LAND PARCEL FOR SENIOR HOUSING DEVELOPMENT

by admin September 29, 2008

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.

September 29, 2008

Retail Texas

LIVE OAK CAPITAL ARRANGES $8.8 MILLION RETAIL ACQUISITION LOAN

by admin September 29, 2008

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.

September 29, 2008

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