ALLEN, TEXAS — A joint venture between Global Entertainment Corp., The MGHerring Group and the city of Allen has broken ground for the development of the Allen Event Center, a $50 million entertainment and event center located in Allen. The facility will feature 6,275 fixed seats and 26 luxury suites, with an ultimate capacity of 8,500 seats. The project is scheduled for completion in October 2009.
HOUSTON — Indianapolis-based Duke Realty Corp. has broken ground for the development of the first building within the 80-acre Westside Office Park, located at the intersection of Interstate 10 and Mason Road in Houston. The Det Norske Veritas building will be a 90,000-square-foot, build-to-suit office project situated on 7 acres within the office park. It will be applying for LEED-Gold certification from the U.S. Green Building Council. The $14.4 million facility is being developed by Duke for Norwegian consulting firm Det Norske Veritas. Ziegler Cooper Architects will serve as interior architect, with Powers Brown Architects designing the building shell. Burton Construction will serve as general contractor for the building shell and core. Completion is scheduled for early 2009.
TULSA, OKLA. — Marcus & Millichap has arranged the sale of a four-property multifamily portfolio located in Tulsa for $52.95 million. The portfolio includes a 512-unit community located at 4414 S. Garnett Rd., a 440-unit community located at 7324 S. Wheeling Ave., a 384-unit community located at 2102 E. 51st St. and a 216-unit community located at 4404 S. 109th East Ave. Gregory Harris and Chadd Davis of Marcus & Millichap’s Encino, Calif., office, along with David Bohanon of the firm’s Oklahoma City office, represented the seller, Macco Properties, and the buyer, Redfern Family Trust. The buyer acquired the portfolio as part of a 1031 exchange at a price of approximately $34,140 per unit.
DALLAS — Realty Capital Partners (RCP) has acquired an 8-acre property containing two office buildings in the Southwestern Medical District of Dallas for redevelopment. The two buildings total 125,000 square feet; one of the buildings will be demolished to make way for a new multifamily development, while the other 30,000-square-foot building will be preserved. RCP will subsequently develop a 300-unit, Class A apartment community on the property. For the transaction, RCP formed RCP Medical District Urban Living Ltd, a limited partnership designed to provide equity for the purchase of the property. The seller was not disclosed.
DALLAS — Los Angeles-based Catalyst Fund LLC has acquired a mortgage interest in Coit Central Tower, a 247,000-square-foot, Class A office tower located in Dallas. Catalyst acquired the interest from Gramercy Capital Corp., which retains the property’s senior debt. The property is owned by International Capital Partners. It was 40 percent leased at the time of closing. Catalyst Fund is a $65 million real estate fund formed by RPD Catalyst.
KENEDY, TEXAS — Hendricks & Partners has brokered the sale of Country Village of Kenedy, a 112-unit apartment community located at 369 Freeny Dr. in Kenedy. The Bank of New York Trust Co., acting as trustee, sold the property to Boerne, Texas-based Calton Investments. Mike Miller and Scott Weems of Hendricks & Partners’ San Antonio office negotiated the transaction. The sale price was not disclosed.
SAN ANTONIO — Marcus & Millichap has completed the sale of Babcock Plaza, a 29,930-square-foot shopping center located at 6565 Babcock Rd. in San Antonio. Situated on 4.29 acres, the property is occupied by a tenant roster that includes Cricket Communications, State Farm Insurance and Curves For Women. Chad Knibbe of Marcus & Millichap’s San Antonio office represented the Nashville, Tenn.-based seller. The property was acquired by a California-based investment group. The acquisition price was not disclosed, but the property listed for $3.32 million.
FORT WORTH, TEXAS — GE Real Estate has provided $18.45 million for the financing of Cameron Creek Apartments, a 446-unit multifamily community located at 5209 Bryant Irvin in Fort Worth. The community contains a mix of one-, two- and three-bedroom unit averaging 859 square feet each. Community amenities include two pools, two tennis courts, a spa, a fitness center, a volleyball court and a clubhouse. The financing was negotiated by the Dallas office of Holliday Fenoglio Fowler on behalf of The Bascom Group. Terms of the loan include a 36-month term with a fixed interest rate. The borrower plans to implement a capital improvements program that will include the addition of barbecue areas, a children’s play area, a business center, and interior unit upgrades.
HOUSTON — Trammell Crow Co. has completed construction of International Air CargoCentre II, a 61,484-square-foot cargo handling facility located within IAH CargoCenter at George Bush Intercontinental Airport in Houston. The facility features 6-inch thick concrete slab floors, 100-foot clear span, 24-foot clear ceiling heights and 52-foot by 50-foot truck dock bay spacing. The facility also boasts direct airplane ramp access, and is located adjacent to the airport’s new Federal Inspection Services center. Additionally, 2,850 square feet of first-floor office space and 2,875 square feet of mezzanine space has been built out.
IRVING, TEXAS — Sperry Van Ness (SVN) has brokered the sale of Highview Business Center, a 40,608-square-foot industrial flex building located at 1925-1939 Westridge Circle in Irving. Situated on 2.93 acres, the facility is occupied by a tenant roster that includes Abbott Laboratories, Data Return, ACS and U.S. Remodelers. Steve Fithian of the Fort Worth, Texas, office of SVN / Visions Commercial represented the buyer, Arlington, Texas-based S&D Family Partners, as well as the seller, Southlake, Texas-based Mansfield Debbie Lane and Keller Bear Creek 377. The acquisition price was not disclosed.