TAYLOR, TEXAS — The Weitzman Group has arranged the purchase of Storefront Taylor Marketplace, a 2.82-acre development parcel located at the intersection of FM 397 and Highway 95 in Taylor. Taylor Retail LP acquired the site and has enlisted Noble Capital Real Estate to develop it into an 18,000-square-foot retail center with a pad site. Graham Carter of Weitzman and Kirk Slack of Noble negotiated the transaction.
DALLAS AND ROWLETT, TEXAS — Dallas-based Quantum First Capital (QFC) has secure a total of $10.8 million in financing for two Texas shopping centers. In Dallas, QFC closed on a $7.5 million loan for Northlake Shopping Center, a 99,920-square-foot retail property located at the corner of East Northwest Highway and Ferndale Road. The center is occupied by a tenant roster that includes Tuesday Morning, Dollar Tree and the U.S. Post Office. The bridge loan carries a 3-year term with a LIBOR-priced floating rate. Stuart Wernick and Eli Gershenson of QFC originated the transaction. In Rowlett, Gershenson originated a $3.3 million loan for the acquisition of Bank of America Lakeview Center, a 19,160-square-foot shopping center located at 2409 Lakeview Pkwy. The center is shadow-anchored by The Home Depot and Wal-Mart Supercenter. Major tenants include Bank of America, Cato Fashions, Check ‘n Go, H&R Block and Garland Dental Group. The loan carries a 5-year term with a fixed interest rate in the low 6 percent range. An Oklahoma-based financial institution provided the loan to an overseas investor.
HOUSTON — Marcus & Millichap has brokered the sale of Baytown Primary Medical Tower, a three-story medical office building located on 5.32 acres at 2802 Garth Rd. in Houston. Constructed in 1988, the building totals 46,120 square feet and was 98 percent occupied at the time of closing. Ross Cannizaro of Marcus & Millichap’s Houston office represented the seller, a locally based limited liability company. The property was acquired by another locally based limited liability company for an undisclosed amount.
HOUSTON — Marcus & Millichap has arranged the sale of Oak Forest Apartments in Houston. Located at 4300 Rosslyn, the property totals 20,451 square feet and was fully occupied at the time of closing. Sheri Carey of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. It was acquired by an Encino, Calif.-based investor. The acquisition price was not disclosed, but the property listed for $1.25 million.
THE WOODLANDS, TEXAS — Houston-based Hunington Properties Inc. (HPI) has brokered the sale of a 14,613-square-foot retail property located at the intersection of Woodlands Parkway and FM 2978 in The Woodlands. Jamie Bouterie and Sandy Aron of HPI represented the seller, Shops at Terramount Ltd. The retail property was acquired by a Houston-based limited liability corporation for an undisclosed amount.
HOUSTON AND CONROE, TEXAS — A joint venture between New York-based Hudson Realty Capital and Triumph Land & Capital Management has acquired two non-performing loans with a balance of $18 million. The loans are secured by two Houston-area multifamily properties that were immediately foreclosed on by the joint venture. The first property is a 288-unit, Class B property located in Houston; the second is a 228-unit property located in the Conroe. The venture plans to renovate and reposition both properties.
FRISCO, TEXAS — Development is set to begin for three phases of luxury apartment units at Frisco Square, a town center-style, mixed-use project located in Frisco. Construction of Phase I, consisting of 281 units, will commence immediately, with completion expected in June 2009. The other two phases are scheduled for completion in 2012. Fairway Equities will be co-developing the residential project with Columbus Realty Partners. Amicus Construction will provide general contracting services, and Lincoln Property Co. will serve as leasing agent. The project is owned by Fairway Equities and Trammell Crow Company Acquisitions II, a real estate fund sponsored by Atlanta-based Trammell Crow Co.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Grand Avenue Center I, a newly constructed, 19,422-square-foot shopping center located at 1615 Grand Avenue Pkwy. in Austin. Jason Middlebrook of Marcus & Millichap’s Austin office represented the seller in the transaction; Casey Beasley of Kemp Properties represented the buyer. Both parties were undisclosed.
AUSTIN, TEXAS — Austin-based Texas Realty Capital (TRC) has secured $35.7 million in joint venture and construction financing for Capstar at Compass Plaza, an eight-story office building that will be located within Austin’s central business district. The project will contain 116,000 square feet of Class A space, and is already more than 90 percent pre-leased to Capstar Partners, Harden Healthcare, DMX Music and Compass Bank. Construction is expected to take 14 months to complete. Jim Lemos of TRC arranged the financing through Thrivent Financial of Minneapolis. Capital City Partners and Sage Land Co. are developing the project. Terms of the loan were not disclosed.
BRYAN, TEXAS — Indianapolis-based Lauth has held the grand opening for Bryan Towne Center, a 400,000-square-foot retail development located near Texas A&M University in neighboring Bryan. The retail center was constructed as a “power village”, which combines aspects of a power center tenants with a lifestyle center design. It is anchored by a 127,000-square-foot Target, with additional retailers including Rack Room Shoes and rue21. Additional stores opening soon include Shipley’s Donuts, Nailtopia, Anytime Fitness and Baskin Robbins. Other retailers and restaurants will be announced in the future.