ADDISON, TEXAS — Deutsche Bank Berkshire Mortgage (DBBM) has arranged financing on behalf of Post Properties for Post Addison Circle, a mixed-use development located in Addison. The $120 million loan for the property, which includes 10 mid-rise buildings, was arranged through a Freddie Mac. The property contains 1,334 rental units, 41,000 square feet of office space, 108,725 square feet of retail space and 234 self-storage spaces. The interest-only loan was structured with a 7-year fixed-rate.
Texas
AUSTIN AND LUBBOCK, TEXAS — Apartment Realty Advisors (ARA) has completed a trio of sales for multifamily properties located in Austin and Lubbock. Ridgeview Apartments, which is located at 8600 Brodie Ln. in Austin, is a 167-unit property situated within 18 buildings. Meridian Park and Willow Hill, both located in Lubbock, comprise 639 units total and are part of a larger portfolio. Patton Jones, Jerry Lamm and David Mitchell of ARA represented the seller, Camden Property Trust, in the Ridgeview Apartments transaction. Brian O’Boyle, Jordan Cortez and Mike Girard of ARA’s Dallas office represented both parties in the Meridian Park and Willow Hill transaction.
HOUSTON — Opus West Corp. has finalized the acquisition of the former DeVry University-owned building on 15 acres of land located at the intersection of the Sam Houston Tollway and Clay Road in Houston. The property is situated within Westway Park, a 150-acre master-planned development. The site will be developed into One and Two Westway Center, an office campus featuring the existing three-story, 99,276-square-foot One Westway Center building that will undergo renovations. Another three-story, 100,000-square-foot Class A office building named Two Westway Center will be constructed by Opus West. DeVry, which sold the property, will occupy approximately 60 percent of the first building with the remaining space being leased out by Opus West as office space.
HOUSTON — Transwestern represented developer Dienna Nelson Augustine Co. in the lease of its office space at Westway Park in Houston to GE Oil & Gas. The new tenant leased 125,055 square feet at DNA Westway II, an under-construction office building located at 10800 Clay Rd. within the 436,300-square-foot office park development that will be completed by the end of 2008. Eric Anderson of Transwestern represented the landlord in the transaction, while Robert and John Parsley of Colliers International represented the tenant.
DALLAS — Granite Properties, in a joint venture with Gables Residential, has begun construction on a $200 million mixed-use project located in Dallas. The development will comprise two towers. The first, Granite’s 19-story, 361,524-square-foot office tower called 17Seventeen McKinney, is located at the northwest intersection of McKinney Avenue. North Akard Street, Gables’ 292-unit, 26-story high-rise residential property located at 1700 Cedar Springs and Akard Street, is the second property. The development, situated on approximately 2.14 acres, also will include a 1-acre amenity deck between the two towers that features a 4,000-square-foot fitness center and an infinity-edge pool in a park-like setting that overlooks Victory Park and downtown Dallas. The development also will house 15,000 square feet of retail. Good Fulton & Farrell is providing architectural services for the project, while Austin Commercial is the general contractor.
ADDISON, TEXAS — Opus West Corp. has broken ground on Two Addison Circle, a six-story office building located at 15725 N. Dallas Pkwy. in Addison. The 198,000-square-foot, Class A office project is scheduled for completion this December, and Opus West is seeking LEED Silver-certification for the property. The development will feature a four-story parking garage with a covered walkway to the building and 35,000-square-foot floor plans. HKS Architects is providing architectural services for the property, while Peloton is handling leasing. Opus West Construction Corp. is the general contractor.
ARLINGTON, GALVESTON, PORT ARTHUR AND TEXAS CITY, TEXAS — Grubb & Ellis Healthcare REIT has acquired the four Texas properties in the six-property Senior Care Portfolio 1. Three of the four properties house Gulf Health Care Center nursing facilities in Texas City, Port Arthur and Galveston, while the fourth property is home to Meadow View Assisted Living in Arlington. The other two properties in the portfolio are located in California. Constructed in 1993 and 1994, the four Texas properties comprise approximately 155,000 square feet of space all leased to Southwest LTC. Grubb & Ellis Healthcare REIT acquired the four properties from an unaffiliated institutional investor with financing primarily provided by Red Mortgage Capital Inc.
CLUTE, TEXAS — Hendricks & Partners has finalized the sale of Ashton Oaks, a 436-unit multifamily property located at 201 Hackberry St. in Clute. Palm Harbor, Fla.-based Quall Ridge Apartments LP acquired the property from Houston-based The Bank of New York Trust Co. for an undisclosed amount. Mike Miller of the San Antonio office of Hendricks & Partners and Chip Nash of the company’s Houston office represented the seller in the transaction.
DALLAS Forest City Residential Group Inc. has topped out the 15-story Element apartment building located at the intersection of Main and Ervay streets in downtown Dallas. The 156-unit apartment building is situated within Mercantile Place on Main, a luxury mixed-use rental community that also includes the 213-unit The Merc apartment property. The Element is being designed by Boston-based Dimella Shaffer Architects, while Hensel Phelps Construction is providing construction services for the property.
LANCASTER, TEXAS — Turner Construction Co. has broken ground on the $30 million Science, Veterinary Technology and Allied Health Building at Cedar Valley College (CVC), in Lancaster. The 108,000-square-foot facility, located at 3030 N. Dallas Ave., is being designed to achieve LEED Silver certification. The property will house the CVC’s Science and Veterinary Technology programs and will include both indoor and outdoor science and health labs, faculty offices, storage, receiving and preparation areas. HOK will provide architectural services for the project, which is scheduled for completion in May 2009.