WACO, TEXAS — SWB Heritage Square Partners (SWB) has selected Humphreys & Partners Architects to provide architectural services for the developer’s student living facility within a mixed-use project located at South Third and South Fourth streets in downtown Waco. The student-housing complex, which is located within the approximately 166,000-square-foot Waco Town Center project, will be a four-story facility. Amenities at the complex will include a computer/business center, a fitness center, on-site parking and direct access to the Baylor University shuttle route. Construction begins this spring on the project with a scheduled completion date of fall 2009. Campus Advantage will provide management services for the complex when it opens.
Texas
HOUSTON — Arbor Commercial Funding (Arbor) has arranged $50.1 million in acquisition financing for Broadway Square Apartments located at 8601 Broadway St. in Houston. The loan was arranged on behalf of the buyer, Post Investment Group, which purchased the property from a private developer. Broadway Square Apartments is a 2,469-unit complex built on 69 acres. The 5-year loan, which is on a 30-year amortization schedule, was originated by Alex Kaushansky of Arbor’s New York City office. The loan was arranged through Fannie Mae DUS.
HOUSTON — CB Richard Ellis has finalized the sale of a 31,137-square-foot office/industrial building located at 6040 Rookin St. in the Highway 59/Highway 90 industrial submarket of Houston. Fugro Properties purchased the property from Price Toole Co. for an undisclosed amount. Lee Jeane of CB Richard Ellis represented the buyer in the transaction, while Kyle Roberts of NAI Utah Commercial Real Estate represented the seller.
FORT WORTH, TEXAS — NAI Huff Partners has finalized the sale of an industrial facility located at 4015 W. Vickery Blvd. in Fort Worth. Durango Doors purchased the 24,200-square-foot building from a private party for an undisclosed amount. Frank Jester of NAI Huff Partners represented the buyer in the transaction, and Ryan Matthews of The Staubach Company represented the seller.
DALLAS, HOUSTON, SAN ANTONIO AND FORT WORTH, TEXAS — Capmark Finance has originated approximately $185 million in fixed-rate, permanent financing for the acquisition of the Internacional Portfolio. Triden Sunbelt Portfolio LLC acquired the 10-property multifamily portfolio. The garden-style properties are located in and around Dallas, Forth Worth, San Antonio and Houston. The Internacional Portfolio properties total 3,041 units and approximately 2.68 million square feet, and were 93.5 percent occupied at the time of sale. Mike Bryant of Capmark Finance’s Dallas office originated the loan through Capmark’s Freddie Mac program.
MISSOURI CITY, TEXAS — Fort Bend Independent School District trustees voted to purchase 62 acres for a new high school to be located just east of Sienna Parkway near Sienna Plantation in Missouri City. The school district purchased the land for $3.4 million, and Dallas-based Hillwood Residential will develop the high school and an adjacent tract of 15 acres for a future elementary school. Construction will begin this summer with a completion date of August 2010.
FORT WORTH, TEXAS — NAI Huff Partners has finalized the sale of an industrial facility located at 1400 E. Devitt St. in Fort Worth. Krest Steel purchased the 20,980-square-foot building from 1400 Berry Co. for an undisclosed amount. Frank Jester of NAI Huff Partners represented the seller in the transaction, and Bryan Gee of Keller Williams Realty represented the buyer.
HOUSTON — Marcus & Millichap has completed the sale of Oakland Plaza Apartments, a multifamily property located at 221 Caylor St. in Houston. The 17,345-square-foot, 36-unit apartment complex was built in 1959 and is situated on .6 acres. Robert Su of Marcus & Millichap’s Houston office represented the seller, a Texas-based partnership, in the transaction. The buyer was a private, Houston-based investor.
What area is your expertise? My specialty is retail investment sales in Oklahoma. What trends do you see presently in retail development in your area? The Oklahoma City metropolitan area has experienced minimal local tenant turnover, but for the most part, leasing has stabilized. With the construction of new life style centers, mall tenants and even mall anchors are moving to the new open air developments. What type of retail product is doing well in your area? Recently developed shopping centers occupied with national tenants remain the front runner for solid retail investments and, as in most markets, well-located neighborhood centers continue to be successful. Free standing retail is still solid with very few vacancies; however, the verdict is still out as to what fallout the Metropolitan area will have from nationwide store closings. What retailers are new to your area? Conn s is the most recent retailer to the Oklahoma City area opening one store with three more planned. Who are the active retail developers in your area? Jackson Development, Sooner Investment Group, Blanton Property Co., Burk Collins & Co. and Larry Owsley. Please name one or two significant retail developments in your area. What impact will these projects …
FARMERS BRANCH, TEXAS — Dallas-based Icon Partners will develop a new 500,000-square-foot shopping center in Mercer Crossing, a 1,100-acre master-planned development in Farmers Branch. Located at the intersection of Interstate 635/LBJ Freeway and Luna Road, The Shops at Mercer Crossing will feature a mix of value-priced couture, designer and popular brands in a Mediterranean-inspired, lakefront town center. Icon Partners plans to begin construction before the end of the year on the project, which is estimated to take 18 months to build.