DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $114.4 million non-recourse construction loan for The Tower Residences at the Ritz-Carlton in Dallas. The Tower Residences, which comprises a 23-floor, 96-unit tower and four townhomes, is the second phase of The Ritz-Carlton hotel and condominium development underway at 2121 McKinney Ave. near Dallas’ central business district, the Arts District, Victory Park and Uptown. Scott Galloway, Trey Morsbach and John Ahmed with HFF worked on behalf of Fort Worth, Texas-based Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale. Completion is set for 2009.
Texas
AUSTIN, TEXAS — GE Real Estate has made a $13 million equity investment to acquire the three-building Great Hills Corporate Center in Austin. Located on 22 acres adjacent to the Arboretum area in the Northwest submarket, the office property totals more than 200,000 square feet. Austin-based The Kucera Companies is handling management and leasing of the development.
FORT WORTH, TEXAS — Daimler Financial Services Americas has agreed to lease a 204,000-square-foot office building in Hillwood’s AllianceTexas development in Fort Worth. The three-story, build-to-suit building will house 650 employees and is located 15 miles from Dallas/Fort Worth International Airport. AllianceTexas is a 17,000-acre development home to the Alliance Global Logistics Hub, Circle T Ranch and the mixed-use community of Heritage. UGL Equis represented the tenant and Hillwood, the developer of AllianceTexas, was represented in-house by Steve Aldrich.
HOUSTON — Argus Realty Investors has acquired three office buildings totaling 253,524 square feet from Caldwell Cos. for approximately $20 million. The Class B portfolio is 98 percent leased and includes Park 10 Place, an 83,078-square-foot, five-story office building located at 16420 Park Ten Place; Broadfield, a 102,865-square-foot, six-story office building located at 1400 Broadfield Blvd.; and Willowbrook Office Building, a 67,581-square-foot property located at 7915 FM 1960 Rd. The portfolio has 48 tenants including CITGO Petroleum and Fletcher Yoder. La Salle Bank provided a $21.2 million 10-year loan at a 5-year 6.15 percent fixed rate. Darrell Betts of Grubb & Ellis’ Houston office represented the Houston-based seller.
WESTWORTH, TEXAS — Dallas-based Metropolitan Capital Advisors has arranged $40 million in debt and equity financing for Westworth Shopping Center in Westworth. A 175,000-square-foot SuperTarget will anchor the center, in addition to 200,000 square feet of retail space. Expected tenants include Petco, Staples, Dollar Tree, Famous Footwear and Chase Bank.
DALLAS — Provident Realty Group and The Red Sea Group are developing The Glen at Preston Hollow, a 42-acre mixed-use project at the northwest corner of Central Expressway and Walnut Hill Lane in the Preston Hollow neighborhood of Dallas. The development will feature a walking village with 175,000 square feet of street-level retail and restaurants below approximately 1,100 multifamily units; a 100,000-square-foot mid-rise office building; and a gated community of 100 luxury single-family homes. The first phase is scheduled for completion by mid-2010. The Retail Connection and Blatteis & Schnur are handling retail leasing; WLK Interests/Bill Knopick is responsible for office leasing. WDG Architects handled design and site planning for The Glen.
SEABROOK, TEXAS — David Lee of Transwestern Houston has brokered the sale of a 35-acre tract of undeveloped land in Seabrook to Philadelphia-based customized logistics solutions company XTL, Inc. The buyer plans to construct a 300,000-square-foot to 400,000-square-foot robotic warehouse and distribution center on the site, which is located within the master-planned Bayport complex.
THE WOODLANDS, TEXAS — VillaSport Athletic Club and Spa will begin construction in early 2008 in The Woodlands. The 87,000-square-foot project, which will sit on 12.4 acres on Technology Forest Drive, will feature an outdoor kid’s pool complex; an outdoor 25-yard, five-lane adult lap pool with adjoining hot tub; a poolside VillaCafé; and an 18,000-square-foot air-conditioned facility for year-round indoor soccer and other sports. Opening is planned for late 2008.
FRISCO, TEXAS — North Texas Enterprise Center for Medical Technology (NTEC) will break ground on a 35-acre medical technology park in Frisco. The park, located at 6170 Research Rd., will be the largest medical technology park in Texas. Phase I will include a two-story, 50,000-square-foot building that will offer office and lab space to as many as 35 medical device and technology-based businesses. Frisco Economic Development Corp. has passed an $11 million bond issue to help fund Phase I. Project partners include Farmington Hills, Mich.-based contractor The Sinacola Companies and Dallas-based architecture firm Croft Architectural Consortium.
TEXAS AND NEW MEXICO — Centerline Holding Co. has provided $72 million in financing for San Francisco-based The Reliant Group and a group of non-profit partners for the acquisition of a 20-property multifamily portfolio in Texas and New Mexico. Centerline provided $25.3 million in tax credit equity and $46.9 million in tax-exempt bond financing. An additional $24 million was provided by other sources. Plans include a complete renovation to the interior and exterior of the properties, which are slated for completion late 2008.