DENTON, TEXAS — Stratford Group has sold 185 acres in Denton to ALDI Corp. for approximately $3.97 million. Tom Smolik of TIG Real Estate Services represented ALDI Corp. in the sale. The buyer plans to construct a 500,000-square-foot distribution center on the site, which is located near the Denton Municipal Airport.
KATY, TEXAS — Formation Development Group has broken ground on The Sienna at Cinco Ranch, a luxury senior living project in the Cinco Ranch master-planned community in Katy. The development, which will be complete in the third quarter of 2009, will offer 126 independent living and 32 assisted living rental apartments. The Sienna at Cinco Ranch will feature amenities such as concierge services, multiple dining venues, a wine bar and a terrace club activities room. The project is located at 24001 Cinco Village Center Blvd. next to LaCenterra, a new Main Street-style retail center in Cinco Ranch. Spawglass Construction Corp. of Houston is the general contractor for the project, and architectural services are being provided by Three Architecture of Dallas. The Sienna will be managed by The Arbor Company. Guaranty Bank is providing project debt financing.
AUSTIN, TEXAS — Construction is underway on Midtown Commons at Crestview Station, a mixed-use, transit-oriented development (TOD) located in the northwest quadrant of Lamar and Airport boulevards in Austin. The 73-acre site, which will comprise office, retail and a variety of Class A luxury residential units, will be directly adjacent to a Cap Metro commuter rail station that opens this fall. The project’s first phase will be oriented around the transit station and will include 316 residential units, 30,300 square feet of retail space and 30,300 square feet of office space. Additional phases will follow in the near term. Midtown Commons at Crestview Station has received a 3-star rating from ENERGY STAR, a program of the U.S. Environmental Protection Agency and the U.S. Department of Energy. USAA Real Estate Co. is the capital partner on the project. High Street Residential, Trammell Crow Co.’s wholly owned subsidiary, is the developer.
COPPELL, TEXAS — Martin Fayer of Johnson Capital’s Washington, D.C., office has arranged approximately $40.98 million in financing for the St. Marin/Karrington Apartments in Coppell. Fayer arranged two separate loans for the apartment owner, Williams Multifamily Realty Advisors. Freddie Mac assumed an existing approximately $31.38 million fixed-rate loan and provided a supplemental fixed-rate loan of $9.6 million. The St. Marin/Kensington Apartments, which is located adjacent to the Riverchase Golf Club and the R.J. Mcinnish Park, consists of 600 units in two buildings. Community amenities include a swimming pool, a fitness center, a putting green and a basketball court.
FORT WORTH, TEXAS — A partnership between Dallas-based Cawley Partners and New York-based Greenstreet Real Estate Partners has sold the Ridglea Bank Building in Fort Worth. The 181,601-square-foot office building, which is located at 6300 Ridglea Place, currently is 98 percent leased. GNL Properties purchased the 12-story tower. The Dallas office of Holliday Fenoglio Fowler (HFF) represented the seller. HFF also arranged acquisition financing for the purchaser through GE Real Estate.
FORT WORTH, TEXAS — Meridian Capital Group has arranged $3.7 million in financing for Grammercy Center, a four-story office building in Fort Worth. The 52,847-square-foot building is located at 6815 Manhattan Blvd. Elliot Treitel of Meridian’s new Jersey office negotiated for the borrower, Martin Tauber.
LANCASTER AND DALLAS, TEXAS — BNSF Railway Co. has purchased 198 acres of land in the Dallas Logistics Hub (DLH) from The Allen Group. The property, which is located in the cities of Lancaster and Dallas, provides more than 9,000 square feet of rail frontage. In conjunction with the sale, the parties entered into an option agreement that gives BNSF the right to purchase an additional 164 acres.
BELTON, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $5.2 million refinancing for Chappell Oaks Apartments, a 120-unit multifamily community located at 200 Lake Rd. in northwest Belton. The Class A complex, which sits on 12.8 acres near the junction of Interstate Highway 35 and U.S. Highway 190, is 98 percent leased. The community features one-, two- and three-bedroom units and has on-site amenities such as a controlled-access gate, a swimming pool with a hot tub and both detached and attached garages. Cortney Cole of HFF worked on behalf of the borrower, Chappell Hill Equity IV Ltd., to arrange the 10-year, fixed-rate loan through Wachovia Multifamily Capital FNMA. Proceeds from the loan were used to retire the existing debt that was maturing.
HOUSTON — The Carson Companies has acquired 149,000 square feet of Class A distribution space in Houston from MBW Houston LP. The space, which is situated on 9.15 acres at 6300 West by Northwest Blvd., is 87 percent leased to three tenants, Bosworth Papers, Patterson Logistics and Home Depot Installation Services. David Boyd of Boyd Commercial represented the seller in the transaction. The Carson Companies is handling property management in-house, and Boyd Commercial is handling the leasing of the remaining 24,000 square feet of vacant space on the site.
HOUSTON — John Ferruzzo and Travis Land of NAI Houston have represented Lapas Icon Inc. in the sale of approximately 19,996 square feet of office/warehouse space in Houston. Asian American Plastics acquired the space, which is located at 3703 and 3709 Lapas. Andy Hsu of AA Realty represented the buyer.