FLOWER MOUND, TEXAS — Brad and Gavin Kam of Dallas-based commercial real estate investment sales and advisory firm TKG recently closed the sale of Towne View Shopping Center in Flower Mound. The 31,939-square-foot retail center, which is located off of the intersection of Long Prairie and Flower Mound roads, includes tenants such as Anamia’s Tex Mex Restaurant, i Fratelli Pizza and Edohana Sushi. TKG represented the buyer, a Texas-based limited partnership, in the sale. A local property owner was the seller.
Texas
HOUSTON — Brandon Brown of The Woodlands, Texas-based LMI Capital has arranged approximately $3.92 million in permanent debt for the acquisition of Aspen Ridge Apartments, a 256-unit multifamily project in Houston. LMI worked on behalf of the buyer to secure the fixed-rate financing with one of the company’s lending sources.
FRISCO, TEXAS — Bravo Health Texas, Inc., Net Traffic, America Unit and DaVita Inc. have all signed leases at Hall Office Park, Hall Financial Group’s 15-building, master-planned, Class A office park in Frisco. Bravo Health Texas will take 4,775 square feet at 6801 Gaylord Parkway. Rebecca Griffin of Newmark Knight Frank negotiated the lease on behalf of the tenant. Net Traffic has signed a lease for 4,564 square feet at 3000 Internet Blvd.; and American Unit will occupy 3,950 square feet of space at 2801 Network Blvd. DaVita has signed on for 2,602 square feet at 6801 Gaylord Parkway. Louis Carpenter of USI Real Estate Brokerage Services, Inc. negotiated for the tenant. Jean C. Farris and Tammy Lomonaco handled all negotiations on behalf of the owner and landlord, Hall Financial Group.
TYLER, TEXAS — The city of Tyler has secured $8.6 million in federal stimulus funds for the construction of a 160-bed extended care facility for the Department of Veterans Affairs. The facility will provide ongoing care and basic medical services for military veterans. The project will be located on Texas Highway 155, just west of Texas Highway 271, at a 20-acre site that was donated by the University of Texas Health Science Center at Tyler for the construction of a new VA nursing homes. The construction timeline was not released. In addition, the city of Houston received the other portion of an approximately $17 million block of stimulus funds allocated for the construction of VA nursing homes in east Texas.
AUSTIN, TEXAS — CyrusOne, a data center services provider, has opened a new 50,000-square-foot data center in Austin. The facility is located within The MetCenter, a data center business park that features two on-site electrical substations, underground electrical infrastructure, and redundant telecommunications and water infrastructure. CyrusOne already had the ability to provide disaster recovery and business continuity services for its customers at the Austin site. Data center space is expected to come online in the third quarter of this year.
FORT HOOD, TEXAS — The federal economic stimulus package will provide $621 million for the construction of a new military hospital at Fort Hood. The base’s current hospital, the five-story Carl R. Darnell Army Medical Center, was constructed in 1964. It has the capacity to accommodate 30,000 troops but serves almost twice that amount, as well as military families and veterans. The new medical center is expected to be able to serve 55,000 soldiers, 67,000 military families and 52,000 veterans. Construction plans were not released.
OKLAHOMA CITY AND TULSA, OKLA. — Indianapolis-based Simon Property Group has refinanced two of its Oklahoma shopping malls. In the first transaction, Simon secured a $100 million loan for Penn Square Mall, located in Oklahoma City. The loan includes a 7.75 percent interest rate and a 7-year term. The property’s previous mortgage carried a 7.03 percent interest rate and a $65.8 million principal. In the second transaction, Simon secured $97.5 million for Woodland Hills Mall, located in Tulsa. The loan carries a 7.79 percent interest rate and a 10-year term. The previous mortgage carried a $78.6 million principal at a 7 percent interest rate. Financing in both transactions was provided by major life insurance companies.
FORT WORTH, TEXAS — Q-Edge, an electronics assembly and distribution company, has signed a lease for 365,440 square feet of space within Alliance Global Logistics Hub in Fort Worth. The company will lease space within Alliance Gateway 2, a 423,992-square-foot industrial facility located at 5650 Alliance Gateway Freeway. The company will use the space as an assembly and distribution center. Trace Elrod and Reggie Beavan of Jackson Cooksey represented Q-Edge in lease negotiations. The owner, Hillwood Properties, was represented in-house by Bill Burton and Tony Crème. Alliance Global Logistics Hub is an industrial component of AllianceTexas, a 17,000-acre master-planned development located in Fort Worth.
SAN ANTONIO — Fast food chain Whataburger has acquired an approximately 140,000-square-foot office building, located at 300 Concord Plaza Dr. in San Antonio, for its new home office. The company will be relocating all of its business functions to the new office from its previous headquarters in Corpus Christi, Texas. The company’s Learning Center facilities will remain in Corpus Christi. The San Antonio property was acquired from HDG Mansur for an undisclosed amount. Move-in is expected to begin in June and be complete by late summer. Whataburger currently operates more than 700 restaurants in 10 states. San Antonio already houses one of the company’s divisional headquarters, as well as approximately 60 restaurants located in the city and surrounding area.
AUSTIN, TEXAS —An agreement has been reach between Thomas Properties Group, Lehman Brothers and California State Teachers’ Retirement System (CalSTRS) for the refinancing of the Austin Portfolio, a 10-property, 3.5 million-square-foot office portfolio located in Austin. The portfolio’s $292.5 million credit facility was replaced by an unfunded $100 million commitment from Lehman Brothers, with $60 million of new senior secured priority financing contributed by the partners. Proceeds from the recapitalization are being used to acquire and retire $80 million in third-party term loan debt. As part of the transaction, all pending motions brought on behalf of the ownership group in Lehman Brothers’ bankruptcy case were resolved. Lehman Brothers will retain a 50 percent interest in the portfolio, while Thomas Properties Group holds a 6.25 percent interest indirectly through its joint venture with CalSTRS. Douglas Snyder of California-based Cox Castle & Nicholson LLP assisted in the debt restructuring.