ALLEN, TEXAS — Borders has opened a new location at Watters Creek in Allen. The new location represents the Texas debut of the chain’s concept store, and marks the 14th such store in the nation. The concept store features increased interactivity for customers, including a Digital Center where customers can create custom CDs, download books and music, publish their own books, and create photo books. Watters Creek is the 52-acre commercial heart of the 500-acre Montgomery Farm master-planned development.
HOUSTON — Marcus & Millichap has brokered the sale of Shepherd Lofts Apartments, a 12-unit, 12,290-square-foot multifamily property located at 5017 Cornish Dr. in Houston. Constructed in 2005, the community is 100 percent occupied. Brian Janak of Marcus & Millichap listed the property on behalf of the seller, a Houston-based partnership. A private, San Francisco-based investor purchased the property. The acquisition price was not disclosed, but the property listed for $1.61 million.
HOUSTON — Seismic Exchange has announced plans to construct an additional building for its headquarters at Westway Park, a 150-acre business park developed by Wolff Companies that is located in Houston. Seismic had already acquired the adjoining 2.4 acres, and will construct of a five-story, 72,400-square-foot office building at 11050 Capital Park Dr., as well as an accompanying five-story parking garage. The new structure is scheduled for completion in March 2009, and will be fully occupied by Seismic Exchange. The company will also be seeking LEED certification for the project. Powers Brown Architecture served as project architect, and Rosenberger Construction is completing the build.
SAN ANTONIO — Needham, Mass.-based Potomac Realty Capital has structured and funded $38.2 million in financing for a 942-unit multifamily portfolio located in San Antonio. The loan was structured as a $33.5 million first mortgage loan and a $4.7 million mezzanine loan. Proceeds will be used to acquire the portfolio, complete a minor renovation program and fund an interest reserve. The borrower is an entity comprised of a full-service real estate firm and a joint venture between six individual investors. Jeffrey Weingart of Potomac originated the loan.
DALLAS — Dallas-based interior design firm Faulkner Design Group is close to unveiling its design for Park Lane Place, a 33-acre mixed-use development located in downtown Dallas. The project will total 2 million square feet of retail, residential, hotel and office space. Faulkner is providing interior design and planning for the project’s residential units, lobbies and common area. The residential component is named The Heights, and consists of three different types of living spaces, known as The Lofts, The Flats and The Tower. Faulkner’s design includes two aqua lounges overlooking the swimming pools of The Flats and The Tower, both of which contain views of the Dallas skyline. Park Lane Place is being developed by the Dallas office of PM Realty Group, with locally based Gromatzky Dupree & Associates serving as project architect, and locally based Cadence McShane serving as general contractor.
AUSTIN, TEXAS — A joint venture between L&B Realty Advisors and Barshop & Oles Co. had acquired Brodie Oaks Shopping Center, a 244,242-square-foot retail complex located at the corner of Loop 360 and South Lamar Boulevard in Austin. The shopping center is anchored by Neiman Marcus, Last Call and Sun Harvest Market. Additional tenants include Hobby Lobby, Toys ‘R Us, Tuesday Morning, Sally Beauty Supply, Starbucks Coffee, Olive Garden, Chili’s, Pei Wei Asian Diner and Fuddruckers. The property also contains office space. The Dallas office of Holliday Fenoglio Fowler marketed the property on behalf of the seller, Weingarten Realty Investors. L&B Realty Advisors acquired the property on behalf of investors in L&B Diversified Strategy Partners LP. The acquisition price was not disclosed.
BRIDGEPORT AND MESQUITE, TEXAS — Marcus & Millichap has brokered two Texas hotel sales. The first property is a 53-unit La Quinta Inn & Suites located in Bridgeport. The limited-service hotel was recently constructed and opened in April. Ravi Mehta and Sanjeev Lad of the Fort Worth office of Marcus & Millichap represented the buyer, Mijar Kang, as well as the undisclosed seller. The acquisition price was not disclosed, but the property traded for 92 percent of the listing price. Mehta and Lad also brokered the sale of a 118-room Super 8 Motel located in Mesquite. The pair represented both undisclosed parties in the transaction. The acquisition price was not disclosed, but the property traded for 96 percent of the listing price.
NASSAU BAY, TEXAS — Houston-based PM Realty Group has arranged the lease of 59,797 square feet located at 2100 Space Park Dr. across from NASA’s Johnson Space Center in Nassau Bay. Lockheed Martin Corp. will occupy two floors of the building, effective this month. The contractor is expanding its presence in the Bay Area of metropolitan Houston as it begins work for NASA on the Orion Crew Exploration Vehicle. Doug Little, Wade Bowlin and Erik Haugen of PMRG represented the building’s landlord, Fund II & Fund III Associates; Derrell Curry of Studley represented Lockheed Martin.
AUSTIN, TEXAS — Dallas-based KDC and Birmingham, Ala.-based Harbert Management Corp. have started construction for Northpointe Trade Center, a three-building industrial park located at 2251 Piccadilly Dr. in Austin. The three buildings will total 448,550 square feet, and each will include 24- to 28-foot clear ceiling heights and ESFR sprinkler systems. The project will apply for LEED certification from the U.S. Green Building Council. Construction of the building shells is scheduled for completion in March 2009. Spring Valley Construction will provide construction services, with Azimuth Architecture serving as project architect. Brian Liverman, Scott Flack and Doug Thomas of Live Oak Gottesman will be handling leasing for the project.
DALLAS, HOUSTON AND AUSTIN, TEXAS — Miami-based Gencom Group, in partnership with Lehman Brothers Real Estate Partners, has sold a six-property hotel portfolio to RLJ Real Estate Fund III, an affiliate of RLJ Development. The six hotels are all of the Hyatt Summerfield Suites brand: three hotels are located in the Dallas area, one is located in Houston, one is located in Austin and the last one is located in Colorado Springs, Colo. Each of the properties had recently undergone a conversion to the Hyatt Summerfield Suites Brand. RLJ has selected Aimbridge Hospitality to manage the three Dallas hotels, and White Lodging Services to manage the other three. The acquisition price was not disclosed.