AUSTIN, TEXAS — The Austin office of Hendricks & Partners (H&P) has brokered the sale of Cooper’s Hill Apartments, a 255-unit multifamily community located at 739 W. William Cannon Dr. in Austin. The property contains two-story walk-up buildings situated on 8.78 acres. Community amenities include a swimming pool with a hot tub, a clubhouse and barbecue pits. Ellen Muskin and George Deuillet III of H&P represented the seller, Santa Rosa, Calif.-based Coopers Hill Apartment Associates of Austin. The property was acquired by Scottsdale, Ariz.-based Coopers Hill Apartments LLC for an undisclosed amount.
Texas
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Extra Space Storage, a 624-unit storage facility located at 2220 East Riverside in Austin. The property is situated on approximately 4.67 acres. Mark Villanueva of Marcus & Millichap’s Austin office represented the undisclosed seller and procured the buyer, Equity Based Services. The acquisition price was not disclosed.
FORT WORTH, TEXAS — Speed Fab-Crete, in its role as general contractor, has commenced construction of the $5.27 million Dale Keeling Field House for the Everman Independent School district in Fort Worth. The 24,100-square-foot building will be located at Everman Senior High School. It will house facilities for the school’s football teams, including player weight rooms, locker rooms, showers, an equipment room, a film room, a laundry room, and offices for the athletic director and his assistants. Completion is scheduled for spring 2009. Design services are being provided by locally based Callahan & Freeman Architects.
HOUSTON — CB Richard Ellis (CBRE), along with Trammell Crow Co., have arranged the leasing of 18,884 square feet of industrial space at East Belt Business Park, located at 1475 E. Sam Houston Pkwy. in Houston. The property was leased by Northern Safety Co., a national distributor of safety and industrial supplies. Patrick Rollins of CBRE and Jeremy Garner of Trammell Crow represented the landlord, East Belt BP Phase II LLC. LeDon Wissner of Smith Raines Co. represented the tenant. Terms of the lease were not disclosed.
DALLAS — Prime Income Asset Management, a Dallas-based advisory and management company, has acquired Stanford Corporate Centre and the adjoining Telos Fitness Center building, located in the Far North submarket of Dallas. Also known as the Clear Channel Buildings, Stanford Corporate centre is a 13-story, 274,684-square-foot office building. It is anchored by Clear Channel and EnCana Oil & Gas, which combined occupy more than half of the building’s rentable space. Additional tenants in the 98 percent-leased tower include CRC Insurance Services, and Premier Business Centers. The office property also contains a four-level parking garage with 1,005 spaces. The Telos Fitness Center building totals 63,000 square feet. Prime purchased the property from Morgan Stanley Real Estate. Locally based NexBank syndicated a $26 million acquisition loan to fund the purchase. Regis Property Management, an affiliate of Prime, will manage daily operation of the office building.
FORT WORTH, TEXAS — Hendricks & Partners has brokered the sale of Crescent Oaks, a 220-unit multifamily community located at 3001 W. Normandale St. in Fort Worth. Peter Harnett of Hendricks & Partners’ Dallas office represented the seller, Miami-based FUCMT 2001-C3 W. Normandale LLC. The buyer, Harleysville, Pa.-based Prattco Crescent Oaks LP, acquired the property for an undisclosed amount.
FAIRVIEW, TEXAS — Dallas-based MGHerring Group has signed Whole Foods Market to it’s the Village at Fairview mixed-use project. The grocer will occupy 45,000 square feet within the development, located at the corner of U.S. 75 and Stacy Road in the Dallas suburb of Fairview. Whole Foods will join a tenant roster for the project’s 1 million-square-foot retail component that is anchored by Dillard’s, Macy’s, JC Penney, The Container Store and Barnes & Noble. The project will also include a 200,000-square-foot, Class A office building; 675 residential units; a 280-room hotel with an adjoining 80,000-square-foot conference center; and an eight-screen Village Roadshow Gold Class Cinema. Construction is expected to begin later this year, with the grand opening of the entire project expected in August 2009. The Village at Fairview is being developed in conjunction with The Village at Allen, a mixed-use development located across Stacy Road in Allen, as one contiguous project. Upon completion, The Village at Fairview and The Village at Allen will span 400 acres and 3 million square feet.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Pyramid Center, a 39,991-square-foot retail property located at 2924 Kemp Blvd. in Wichita Falls. Situated on approximately 3 acres, the two-story facility is 85 percent occupied by a tenant roster that includes Blockbuster Video, Quizno’s, Sprint and Papa John’s Pizza. A freestanding Starbucks Coffee also is located on the property. Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office, along with Chris Keenan of the firm’s Phoenix office, represented the undisclosed seller. The property was acquired by a Texas-based limited partnership participating in a 1031 exchange.
WACO, TEXAS — The city of Waco has held the grand opening for the new Greater Waco Chamber of Commerce Building, located at 101 S. Third St. The $4 million project totals 13,916 square feet over two stories. Also, it is striving for LEED-Gold certification and, upon designation, will be the first certified green building in Waco and the first green chamber of commerce building in the nation. Waco-based RBDR Architects designed the project, with Waco-based Barsh Construction Co. serving as general contractor. The chamber building is part of a three-block, $75 million mixed-use project currently being developed by Waco Town Square Partners. The project will contain residential, retail and office components, as well.
HOUSTON — Capmark Finance has secured a $21.5 million loan for the refinancing of Norfolk Tower, an 11-story office tower located at 2211 Norfolk St. in the Greenway Plaza submarket of Houston. The Class B property comprises 206,671 square feet of rentable space. It was 83 percent occupied at the time of closing, with notable tenants including Frost National Bank, Comprehensive Health Management and Groundwater Services. Jim Adams of Capmark’s Houston office originated the financing on behalf of the borrower, Younan Properties. The loan carries a 3-year, variable-rate term with a 75 percent loan-to-value ratio and interest-only payments.