SPRING, TEXAS — Marcus & Millichap has finalized the sale of Louetta Shopping Center located at 6370 Louetta Rd. in Spring. A Topeka, Kan.-based partnership acquired the 35,321-square-foot shopping center, which was at 100 percent occupancy at the time of sale, from a private Texas-based developer. The center, which was sold for an undisclosed amount, was constructed in 2007 and is situated on 2.94 acres. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office represented the seller in the transaction.
Texas
MIDLAND, TEXAS — Dallas-based BMC Capital has originated a $9 million loan for an apartment complex located in Midland. The 30-year, fixed-rate loan was for the refinancing of the 296-unit property. Keith Van Arsdale of BMC Capital’s Houston office announced the transaction.
GLADEWATER, TEXAS — Boston Capital Finance (BCF) has closed an approximately $1.4 million, permanent-only loan for the Gardens of Gladewater, a senior living complex in Gladewater. The 36-unit property, which is situated on 5.86 acres at 108 W. Sheppard Dr., comprises 15 duplex buildings. The senior living facility includes a small outpatient facility among its amenities.
HOUSTON — NAI Houston has completed the sale of a warehouse building located at 500 W. 23rd St. in Houston. Alen USA sold the 29,200-Square-Foot industrial facility to an undisclosed seller. Kent Willis and John Ferruzzo of NAI Houston represented the buyer in the transaction, while Michael Palmer of CB Richard Ellis represented the seller.
DALLAS Dallas-based Quantum First Capital has closed an $11 million acquisition loan for Wedgwood Tower Residences located at 2511 Wedglea Dr. in Dallas. The company originated the 3-year bridge term loan on behalf of a private, out-of-state borrower that plans to renovate both the interior and exterior of the 11-story property. Built in 1964 and first renovated in 2005, the high-rise complex houses 299 units on 8.2 acres. Jason Rice of Quantum First Capital originated the loan through Legg Mason Real Estate Investors.
WICHITA FALLS, TEXAS — Irving, Texas-based Collegiate Development Services (CDS) has been selected by Midwestern State University (MSU) to build a new residential hall on its campus located in Wichita Falls. The student housing complex, which will be situated on 5 acres, will be located on the southwest corner of Louis J. Rodriguez Drive and Midwestern Parkway on MSU’s campus. The three-story property will comprise 96 apartment-style units and feature high-speed Internet access, cable and complete appliance packages, as well as a common student courtyard area. Collegiate Contacting Services (CCS) will serve as general contractor for the project, while Hensley Lamkin Rachel Inc. will provide architectural services.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Silver Star Self Storage located at 1905 E. William Cannon Dr. in Austin. A California-based investment group purchased the 68,050-square-foot, 622-unit property from an undisclosed seller. Mark Villanueva of Marcus & Millichap’s Austin office represented the seller in the transaction, for which the sale price was undisclosed.
HURST, TEXAS Stonehenge Equity Partners has completed the purchase of 2.22 acres for a mixed-use development located at 1161 W. Hurst Blvd. in Hurst. The company plans to develop the property into four buildings consisting of office, retail and warehouse space totaling 52,650 square feet. Stonehenge Equity Partners is pre-leasing space for the project, which is set to commence construction this June. Rob Rutherford of Rutherford Realty, Southlake represented the buyer in the transaction, while Chris Stewart of Coldwell Banker represented the seller.
PEARLAND, TEXAS — CBL & Associates Properties has sold approximately 7 acres to Sueba USA Corp. for the development of apartments at Pearland Town Center in Pearland. Sueba will develop The Residences at Pearland Town Center, which will feature 188 upscale units in a landscaped, park-like setting. Apartments will be available for occupancy in fall 2009. An additional 62 luxury apartment units, which will be owned by CBL, will be developed above the retail shops at the center. Southhampton will manage and lease all 250 units. Pearland Town Center is a 1.2-million-square-foot mixed-use development underway at FM 518 and Highway 288. The center’s grand opening is scheduled for the end of July.
DALLAS — Granite Properties has acquired Spectrum Center, a 598,000-square-foot office complex, from Crescent Spectrum Center LP. The Class A complex, which is located at the northwest corner of Beltline and the Dallas North Tollway, comprises two 12-story towers with a common lobby and a connecting second floor. Currently, the buildings are 85 percent leased, with Wachovia Bank and Concentra Health Care as anchor tenants. Andrew Levy and Todd Savage of Holliday Fenoglio Fowler represented the seller. Paul Bennett of Granite Properties represented the buyer.