VICTORIA, TEXAS — Apartment Realty Advisors (ARA), an Atlanta-based investment advisory brokerage firm, has finalized the sale of Stratford Place Apartments located at 3207 E. Airline in Victoria. Des Moines, Iowa-based BH Equities sold the 110-unit property to Yates Hawaii Inc., a private Houston-based investment group for an undisclosed price. The property, which includes amenities such as covered parking, a swimming pool and laundry facilities, was 95 percent occupied at the time of sale. Jeff Patterson and Jon Boone of ARA’s Austin-based secondary markets team represented the seller in the transaction.
Texas
HOUSTON — Live Oak Capital Ltd., a commercial real estate mortgage-banking firm, has arranged permanent financing on behalf of Fidelis Realty Partners Ltd. for a shopping center located at the corner of Kirby Drive and Old Spanish Trail in Houston. The center includes a newly completed Walgreens and a Capitol One among its tenants. Financing was arranged through OneAmerica, which structured a forward commitment for a 10-year term, 30-year amortization loan.
MISSOURI CITY, TEXAS — Holliday Fenoglio Fowler’s (HFF) Houston office has closed the sale of two tracts of undeveloped land located at South Gessner Drive off Highway 90 in Missouri City. The two, 16-acre sites are zoned for industrial use and are part of the 330-acre Beltway Crossing Business Park. Dallas-based Thackeray Partners purchased the land from BC Business Park L.P. for an undisclosed amount. Adam Jackson and Dan Miller of HFF’s Houston office represented the seller in the transaction.
SUNNYVALE, TEXAS — Cottonwood Partners has begun development on Texas Regional Medical Center at Sunnyvale, which will be Sunnyvale’s first hospital. The hospital, which will be located on 29 acres at 231 S. Collins Rd., will span 117,000 square feet and will include 70 beds, 53 medical suites, six operating rooms, an emergency department with six treatment rooms, eight ICU beds and a women's center with labor-and-delivery suites and postpartum rooms. Construction is set to begin this month and is scheduled for completion by spring 2009. Rockwall Hospitals, a Cottonwood Partners affiliate, will manage the hospital upon completion. Arlington, Texas-based Ascension Group Architects designed the hospital and will oversee the construction, and Dallas-based Rogers-O'Brien Constructionis the general contractor for the project. Cottonwood Partners purchased the land from San Antonio-based Rick Sheldon Real Estate for an undisclosed amount. Cottonwood Partners represented itself in the transaction, while Mike Anderson of B.J. Anderson Co. represented the seller.
GARLAND, TEXAS — Henry S. Miller Commercial has brokered the sale of 14.6 acres located at the Firewheel Distribution Center development site at Crist Road and Highway 78 in Garland. Courtland Development Co. purchased the land for future site development. The company is currently developing the 201,000-square-foot Firewheel Distribution Center, which will be ready for initial occupancy this May. Atlas Copco has also leased 13,366 square feet at the property for its drilling solutions facility. Dan Spika and Huntley Luna of Henry S. Miller Commercial represented the seller Atlas Copco in the transaction.
CORPUS CHRISTI, TEXAS — Capmark Finance Inc. has originated $8.7 million in floating rate, interim refinancing for the Courtyard by Marriott located at 5133 Flynn Pkwy. in Corpus Christi. The hotel is a 128,397-square-foot property consisting of 105 guestrooms, a 600-square-foot meeting room and a breakfast area. Chris Clark of Capmark Finance’s McLean, Va., office originated the transaction. Western International Inc sponsored the borrower, CyCC Property L.P.
PEARLAND, TEXAS — Lead developer TAB Lonestar Holdings, an affiliate of ZT Properties USA, and co-developer Wallace Bajjali Development Partners LP are developing an office complex located at Shadow Creek Parkway and Texas 288 in Pearland. The 160,000-square-foot, Class A office development called ZT Shadow Creek Business Center, is being built on 7.5 acres and will house two, four-story buildings at 80,000 square feet apiece. The project’s first phase breaks ground in the first quarter of this year and is scheduled for completion by mid-2009. BanDier Realty Partners LLC and CB Richard Ellis are handling pre-leasing for both phases of the project.
SAN ANTONIO — Live Oak Capital has arranged acquisition float financing for Brad Greenblum of GIP SA Income Partners LP for the acquisition and renovation of the eight-property Blume Retail Portfolio. The Blume Retail Portfolio totals 465,648 square feet and consists of retail centers primarily in northwest San Antonio. The properties include Pipers Creek Shopping Center, Timberhill Village Shopping Center, Crossway Shopping Center, Leon Creek Shopping Center, Village in the Woods Shopping Center, Babcock Shopping Center, Colonial Plaza Shopping Center and Waterford Shopping Center. Jim Richards and Jim Kirkpatrick of Live Oak Capital arranged the loan.
DALLAS — Sperry Van Ness, a commercial real estate brokerage firm, has completed the sale of Regal Gardens Office Center located at 8625 King George in Dallas. The four-building, one-story office property totals 67,992 square feet on 4.44 acres. The buildings, which were built in 1979, were 23 percent occupied at the close of escrow. Los Angeles-based Geostem LLC purchased the property from an undisclosed seller. Steve Fithian of Sperry Van Ness’s Fort Worth, Texas, office represented the buyer in the transaction.
AUSTIN, TEXAS — GE Real Estate has arranged a $9.56 million equity investment in a joint venture partnership with Trammell Crow Residential (TCR) to develop a multifamily property called Alexan Ribelin in Austin. The apartment complex, which will consist of 350 Class A units housed in 15 three-story buildings, is being built on 17.55 acres. The property is near the Balcones Canyon Conservation preserve and is part of a master-planned development that includes upscale offices, retail shops, a middle school and a high school. The first phase of residences is scheduled to open this November. TCR will serve as general contractor for the project, while Riverstone Residential Group will provide leasing and property management services.