FORT WORTH, TEXAS — Pacific Retirement Services Inc. (PRS) will develop a new high-rise residential building within Trinity Terrace, a senior living facility located at 1600 Texas Street in Fort Worth. The building, called River Tower, will offer penthouses, apartment homes and brownstone-style patio homes offering underground parking. The property’s amenities will include a penthouse view dining room and a health care center, which will provide nursing and rehabilitation care in all private suites. Portland, Ore.-based Ankrom Moisan Associated Architects will provide architectural services for the project.
Texas
GARLAND, TEXAS — Bob Moore Construction has completed construction on the second phase of First Garland Business Center, an office property located at 3901 W. Miller Rd. in Garland. The 435,180-square-foot building, which was developed by First Industrial Trust, is now available for lease at a minimum of 100,000-square-foot units. Hardy McCullah/MLM Architects provided architectural services for the project. Bob Moore Construction also provided construction services for the first phase, a 509,000-square-foot property that was completed in 2001.
HOUSTON — Cushman & Wakefield of Texas Inc. has brokered a lease on behalf of Iron Mountain Information Management Inc. for an industrial space located at 4013 W. 11th St. in Houston. AN/WRI Partnership Ltd. is the landord of the 120,000-square-foot warehouse, which is located within the West Loop Business Park Commercial Park. James Foreman and Louis Kaleel of Cushman & Wakefield of Texas Inc.’s Houston office represented the tenant in the transaction, while Mary Jo Giammalva of Weingarten Realty represented the landlord.
BURLESON, TEXAS — Burleson Partners has announced the Premiere Cinemas Corp. will open a 42,000-square-foot anchor cinema at its Burleson Commons property located at State Highway 174/Wilshire Boulevard and FM 731 in Burleson. Premiere Cinemas 12 will open the new location this summer at the 37-acre retail center, which was completed in February. The theater will feature stadium seating for 1,400 patrons.
HOUSTON — Grubb & Ellis Co. has finalized the sale of an industrial building located at 5601 Braxton Dr. in Houston. Eclectic Design LP purchased the 50,200-square-foot property from R & G Leasing Co. for an undisclosed amount. Doug and John Nicholson of Grubb & Ellis Co. represented the seller in the transaction.
WACO AND SAN ANTONIO, TEXAS — CB Richard Ellis (CBRE) Detroit multi-housing group has closed the sale of two Texas student housing properties to White Plains, N.Y.-based Woodlark Capital LLC. Champaign, Ill.-based Royal Properties sold the properties for an estimated $60 million. The Outpost, a 543-bed apartment complex in Waco, comprises six buildings totaling 224,577 square feet. The 12.51-acre property is located off Interstate 35 near Baylor University. The Reserve is a 753-bed complex that spans eight buildings. The 288,168-square-foot property sits on 33 acres near the University of Texas-Austin campus in San Antonio. Rob Stone of CBRE Detroit represented both the buyer and the seller.
DALLAS — KBS Realty Advisors has purchased International Plaza Tower III, 14241 Dallas Parkway in Dallas. The 13-story, 351,872-square-foot office tower is 72 percent leased to major tenants such as IMAC, Duke Realty, Wells Fargo Foothill, KBA Group and Arthur J. Gallagher & Co. The Class AA property is part of the three-building, 1.1 million-square-foot International Plaza office development located along the North Dallas Tollway. John Alvarado of Jones Lang LaSalle’s Dallas office represented the seller, Fortis. Bill Rogalla of KBS Realty Advisors represented his firm in the transaction. Kim Brooks and Fletcher Cordell of Transwestern Commercial Services in Dallas are handling leasing at the tower. Transwestern also manages the property.
MIDLAND, ODESSA AND LONGVIEW, TEXAS — Arbor Commercial Funding LLC (Arbor), a subsidiary of Arbor Commercial Mortgage LLC, has arranged approximately $130.6 million in financing for the acquisition of a 21-property multifamily portfolio in Texas. The properties, known as the Midland/Odessa Portfolio, house a total of 3,128 units located in Midland, Odessa and Longview. The 10-year loan was originated by Jay Porterfield of Arbor’s Plano, Texas, office through Fannie Mae. The borrower was undisclosed.
SAN MARCOS, TEXAS — GE Real Estate has provided a $30.5 million acquisition loan for the purchase of two student housing apartment communities, including Bishop Square in San Marcos. The 3-year, fixed-rate loan was provided for Campus Acquisitions LLC, which acquired the property located at 109 Craddock Ave. The borrower will renovate the complex, which provides housing for Texas State University students. The loan was originated by James Tramuto of CBRE | Melody Capital Markets. The second property in the transaction is located in South Carolina.
HOUSTON — Hendricks & Partners has finalized the sale of Winkler Villa, a multifamily property located at 123 Winkler Dr. in Houston. Cal State Investment LP/Bluestone Apartments LLC purchased the 135-unit property from Winkler Ltd. for an undisclosed amount. Jeff Eisenhardt of Hendricks & Partners’ Houston office represented the seller in the transaction.