HOUSTON — A joint venture between Habitat for Humanity Northwest Harris County and Israeli development company Azorim has begun a deconstruction project located at San Felipe and Woodway drives in Houston. The partnership will deconstruct the office building and low-rise commercial structures currently located on the site in preparation for a newly planned, LEED-certified condominium project. The luxury residential development, slated to break ground this July, will consist of two, 28-story residential towers and feature 223 units. Ziegler Cooper Architects will provide architectural services for the property and Boymelgreen Developers will manage the project.
HOUSTON — BMC Capital has originated a $1.2 million loan for the acquisition of a multifamily complex located at 905 Oak St. in Houston. A private investor purchased Tiffany Oaks Apartments from the undisclosed seller with the 5-year, fixed-rate loan. The company loaned the funds to the borrower through its BMC Direct program.
PLANO, TEXAS —Construction has been completed on the Wilcox Center | 190, an office property developed by Wilcox Development in Plano. The 185,000-square-foot property, a three-story office building located at 3033 Hwy. 190, will be the first LEED-certified office building in Plano. Omniplan served as the project architect, while Spring Valley Construction Co. provided construction services for the property.
AUSTIN, TEXAS — Aspen Growth Properties is nearing completion on the Smith Consulting Architects-designed office building located at 11200 Lakeline Blvd. in Austin. The single-story, 90,000-square-foot building, which is being built within Parkline Shopping Center, is scheduled for completion this spring. Lusardi Construction Co. is providing construction services for the project.
HOUSTON — BMC Capital has originated a $2.04 million loan for the acquisition of Villa Nueva, a multifamily complex located at 827 Oak St. in Houston. A Utah-based private investor purchased the property from the undisclosed seller with the 5-year, fixed-rate loan. The 98-unit multifamily apartments includes laundry facilities on the property and is directly located on both metro and school bus lines.
SOUTHLAKE, TEXAS — Colleyville, Texas-based Realty Capital Corp. (RCC) has completed the sale of the initial building in Phase I of its new mixed-use development Stonebridge Park located at the intersection of FM 1709 (Southlake Boulevard) and Davis Boulevard in Southlake. A private investor purchased the 5,770-square-foot building from Realty Capital River Oaks Ltd., and will open a North Texas Eye Care at the site. The remaining three buildings in Phase I range in size from 2,800 square feet to 3,025 square feet and are available for sale or lease. Jobi Decker of Realty Capital Corp. represented the seller in the transaction.
HOUSTON — Transwestern Houston has begun construction on a 700,000-square-foot office project located 1 mile south of Interstate 10 at the intersection of Eldridge and Enclave parkways in Houston. The property, called Eldridge Oaks, is a Class A, LEED-registered office project that will be built in two phases on 21 acres. The first phase will comprise a 350,000-square-foot office tower and the second phase, which will be built on the remaining land after Phase I construction is complete, will be either a build-to-suit project or a second office tower. The project’s first phase is scheduled for completion in September 2009.
AUSTIN, TEXAS — North Carolina-based Oaks Development Group has finalized the purchase of a medical building located on Park Bend Drive behind St. David Medical Center in Austin. The 29,724-square-foot property, called Post Oak Center North Building 1, is a Class A medical office building that the buyer will lease in a tenant-ownership model. Oaks Development Group purchased the building from an undisclosed seller, and MSL Investments will handle leasing for the property.
BEAUMONT, TEXAS — Holliday Fenoglio Fowler’s (HFF) Houston office has arranged $6.5 million in 5-year, fixed-rate financing for the acquisition of a shopping center located at 4410 Dowlen Rd. in Beaumont. California-based Wu Investments acquired the property from an undisclosed seller. Crossroads Shopping Center is a five-building, 80,440-square-foot retail center that was fully leased at the time of sale. Tenants at the property include Stein Mart, Sprint and Morgan Stanley. Tucker Knight and Steven Gautier of HFF’s Houston office represented the buyer in the transaction, securing the loan through Mercantile Commercebank.
GRAND PRAIRIE, TEXAS — The Mumford Company has completed the sale of a Motel 6 located at 406 E. Palace Pkwy. in Grand Prairie. Accor Hospitality sold the property to a private, regional operator of extended-stay hotels in Texas for an undisclosed price. The hotel is scheduled for a renovation and re-branding as a Studio 6 hotel upon completion. Randy Lee of The Mumford Company represented the seller in the transaction.