AUSTIN, TEXAS — Live Oak Capital Ltd. has arranged financing for the development of The Austonian, a mixed-use project located at the corner of Second Street and Congress Avenue in Austin. The 56-story, 188-unit residential property, which is being developed by Second Congress Ltd., also will feature 16,500 square feet of retail space. The project, which is being designed by Ziegler Cooper Architects, is scheduled for completion in 2010. Live Oak Capital arranged the 5-year, undisclosed loan for the development with Aareal Bank AG.
Texas
HOUSTON — CB Richard Ellis Sale Leaseback Group has finalized the sale of a 174,139-square-foot industrial property located at 1601 Vallen Dr. in Houston. The building, which is situated on 13.8 acres and houses the headquarters for PGI International, sold for approximately $12.98 million to an undisclosed buyer. The building was part of a four-property sale that also included sites in Illinois, Michigan and Wyoming. Robert Brennan, Andrew Sandquist and Jonathan Wolfe of CB Richard Ellis Sale Leaseback Group represented Madison Capital Partners, Edgewater Funds and Rocky Mountain Bank in the transaction.
HOUSTON — NAI Houston has brokered the sale of an office building located at 10727 Tower Oaks Blvd. in Houston. Otwell Tower Oaks Ltd. purchased the 23,650-square-foot building from Suttles Real Estate Investments Ltd. for an undisclosed amount. Travis Land of NAI Houston represented the buyer in the transaction, and Dylan Schopper of Caldwell Cos. represented the seller.
ROUND ROCK, TEXAS — Smith Consulting Architects is nearing completion on the Spectrum at Crystal Park, an office park located at 2300 Greenhill Dr. in Round Rock. The site comprises 10, two-story buildings, which range in size from 5,600 to 15,000 square feet, on 8.68 acres. The office park will house 84,376 square feet total upon completion this spring. St. Croix Capital Corp. and Red Texas Realty LLC have partnered to manage the property.
FORT WORTH, TEXAS — Capmark Finance has originated a floating-rate refinancing loan of approximately $22.2 million for the Oil & Gas and Commerce Buildings located on West Seventh Street in downtown Fort Worth. The 19-story Oil & Gas Building, which was built in 1929, and the 16-story Commerce Building, which was built in 1954, total 439,802 square feet of office space. Jeffrey Geifman of Capmark Finance’s McLean, Va.-based office originated the transaction on behalf of the borrower, RYLB FW Properties LP.
ALLEN, TEXAS — GE Real Estate has partnered with BH Equities in an equity investment of $17.8 million for the acquisition of two adjacent multifamily properties located in Allen. The three-story Benton Pointe, a 456-unit property built in 2000, is located at 205 Benton Dr. Located at 505 Benton Dr., Lansbrook is a 288-unit, two-story complex built in 2002.
HOUSTON — Colliers International has brokered the lease of 144,000 square feet at an office building located at 2707 N. Loop West in Houston. CHRISTUS Health leased the office space from the landlord, Hines Interests, for an undisclosed amount. The location will serve as a corporate office for the company, which is a Catholic faith-based health system. Robert Parsley and Bill Byrd of Colliers International represented the tenant in the transaction, and Hines Interests represented itself.
FORT WORTH, TEXAS — Trammell Crow Co. has completed construction and renovations on the Andrews Women’s Hospital at Baylor All Saints Medical Center located at 1400 Eighth Ave. in Fort Worth. The four-story, 190,000-square-foot hospital will initially offers maternity services, a level III neonatal intensive care unit (NICU) and a Midwife Center. Services will soon expand to include gynecological care. Along with its current medical facilities, the hospital also features retail stores, a spa and a Starbucks Coffee. Page Southerland Page provided planning, design and construction administration for the $95 million project.
LEAGUE CITY, TEXAS — CB Richard Ellis (CBRE) has finalized the sale of 24 acres located at the corner of State Highway 96 and South Shore Boulevard in League City. Raymond R. Betz Interest Inc. purchased the land from Centerprise Group Retail Fund for an undisclosed amount. The buyer plans to develop and sell the land, which is situated adjacent to an 84,000-square-foot Kroger grocery store and near the site of new high school and elementary school developments. Simmi Jaggi and Elizabeth Clampitt of CBRE represented the seller in the transaction, and the buyer represented itself.
HOUSTON — M.J. Spoor & Co. has arranged approximately $5.4 million in financing for the acquisition of Stoneriver Apartments located at 8901 Bissonnet St. in Houston. The 324-unit multifamily property includes amenities such as an access gate, covered parking, a pool area, laundry facilities and a tennis court. Both the buyer and seller of the Class C apartment property were undisclosed.