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.
SAN MARCOS, TEXAS — Springfield, Mo.-based John Q. Hammons Hotels & Resorts is nearing completion for the new Embassy Suites San Marcos – Hotel, Spa and Conference Center, located in San Marcos. The $50 million project will include 283 suites and more than 80,000 square feet of flexible meeting space in a 10-story building. Hotel amenities include an open atrium with a water feature, a restaurant, an Internet café, a fitness center, an indoor pool, a sundeck and the company’s signature Spa Botanica. The hotel and spa will be privately owned by John Q. Hammons and managed by John Q. Hammons Hotels & Resorts. The conference center will be owned by the city of San Marcos and managed by John Q. Hammons Hotels & Resorts. The hotel is expected to open in October.
HOUSTON — Local general contractor Satterfield & Pontikes (S&P) has sold 11000 Equity Drive, a three-story, 65,000-square-foot office building located within Westway Park in Houston. The building was completed for S&P in 2006, and is anchored by the builder’s headquarters office. Additional tenants in the fully occupied building include Superior Energy Services, Link Project Services and Frac Tech Services. The building also holds LEED-Gold certification, and is the only Houston office building to carry the designation. The property was acquired by San Francisco-based Seligman & Associates for an undisclosed amount. S&P will continue to operate its headquarters out of the building.
WEBSTER, TEXAS — Construction will begin this month for 253 Medical Center Boulevard, a 48,000-square-foot medical office building located in Webster. The project is being developed in anticipation of achieving LEED-Gold certification. The adjacent medical office building, 251 Medical Center Boulevard, was completed in April 2007 and has already received the Houston Business Journal’s Landmark Award for green development. Completion of the project is expected in August 2009. Additionally, Houston-based Transwestern has arranged a lease for the entire facility. Tim Gregory of Transwestern represented Jacob White Construction Co., the project’s owner and developer. Randy Bar of REMAX Space Center represented the tenant, Houston-based IDEV Technologies.
ADDISON, TEXAS — Lee & Associates has completed the sale of an 11,900-square-foot industrial building located at 15481 Addison Rd. in Addison. Nathan Denton and Hanes Chatham of Lee & Associates’ Dallas/Fort Worth office negotiated the transaction between the seller, Wagley Trust, and the buyer, Victory Jet Assignment. The buyer plans to operate the building as a hangar for personal and business aircraft. The purchase price was not disclosed.