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STAFFORD, TEXAS — CB Richard Ellis’ Dallas Capital Markets Debt & Equity Finance team has secured $100 million in financing for The Fountains on the Lake retail center located at Southwest Freeway and Fountain Lake Drive in Stafford. The 589,201-square-foot property’s tenants include Off Fifth Avenue- Saks Fifth Avenue Outlet, Borders, Bed Bath & Beyond, Office Max, Stein Mart and Sports Authority. Randy Fleisher and Jason Piering of CB Richard Ellis’ Dallas Capital Markets Debt & Equity Financing structured the joint venture equity and acquisition financing on behalf of Dunhill Partners.
SAN MARCOS, TEXAS — Hapes Properties, a subsidiary of California-based Kotel Investments, has finalized the purchase of an industrial building located at 1942 Interstate Highway 35 in San Marcos. The Interstate Business Park, which is a one story, 122,000-square-foot building, is built on 8.2 acres. Austin, Texas-based Southwest-Hawaii Partners was the seller. Lynn Taylor of Republic of Texas Real Estate represented the buyer, and Butch and Rhonda West of West Commercial represented the seller in the transaction.
HOUSTON — Kirksey, a Houston-based architecture and design firm, has announced that Life Science Plaza, a healthcare facility located at 2130 W. Holcombe Blvd. in Houston, will officially top out Tuesday, Jan. 22, 2008. The seven-story building includes a parking garage, medical offices and a long-term acute care hospital. A public park is also in development for the west side of the project. The project is planned for LEED gold certification.
DALLAS — Ascension Group Architects, an Arlington, Texas-based design firm, has been awarded the design contract for Forest Park Medical Center to be located at the northeast corner of Central Expressway and Forest Lane in North Dallas. The 66,100-square-foot, two-story hospital project is estimated to cost $36.4 million. A multi-specialty group of local physicians is developing the hospital, and Physician Synergy Group will be the operation manager. Construction is set to begin later this month on the project, which is scheduled for completion in 2009.
DALLAS — Encino, California-based Marcus & Millichap Real Estate Investment Services has completed the sale of Buckner Manor apartments in Dallas. The 82-unit property, which is located at 2722 S. Buckner Blvd., was sold for $1.58 million to a Texas-based private buyer. Al Silva of Marcus & Millichap Real Estate Investment Services’ Fort Worth office represented the undisclosed seller in the transaction.
ARLINGTON, TEXAS — Hendricks & Partners has finalized the sale of Northridge apartments, located at 2011 Lincoln Dr. in Arlington. The property, which includes 126 units and amenities such as a swimming pool and a tennis court, was purchased by Miami-based King Landing Apartments VIII. Mike Burch of Hendricks & Partners represented the seller, Bakersfield, California-based State Road Northridge, LP, in the transaction.
HOUSTON — Wolff Cos., a Houston-based real estate investment and development company, has finalized the sales of three pieces of land inside the 440-acre, master-planned Interwood business park located at the intersection of Beltway 8 and John F. Kennedy Boulevard. The buyers were Western International (8.6 acres for two hotels and a restaurant), Friendswood Development Co. (12 acres) and BRG Cornerstone Development (4 acres, office development). David Hightower of Wolff Cos. represented the seller in the transactions.
HOUSTON — The Dow Chemical Company will be relocating its Houston Dow Center and Memorial Plaza operations to the Plaza at Enclave, a six-story, 344,053-square-foot building under construction in Houston’s Energy Corridor. The company will lease 280,000 square feet of the new building, located at 1254 Enclave Parkway, and will move in this September. CORE Real Estate is developing the property. Dow’s Jeff Cutler represented Dow, and Bonnie Kelley and Cody Armbrister of CBRE represented CORE Real Estate and the financial partner, BayNorth Capital, in the transaction.