KILLEEN, TEXAS — Marcus & Millichap has completed the sale of a two-property apartment portfolio located in Killeen. The two properties, Casa Grande and La Casa Apartments, total 85 units and are located at the intersection of West Young Street and Lake Road near Fort Hood military base. Norman Eastwood and Tommy Lovell of Marcus & Millichap’s Dallas office represented the seller, a California-based institutional investor. The portfolio was acquired by a Virginia-based private investment trust for an undisclosed amount.
DALLAS — Dallas-based Quantum First Capital has arranged a $22.61 million loan for Vail Quarters Apartments, a 332-unit apartment community located at 3900 Briargrove Lane in Dallas. Situated on 9.61 acres, the Class A property contains 25 buildings with a mix of studio, one- and two-bedroom units; it features two swimming pools, a clubhouse, a fitness center, a business center, a recreational room, and garages or carports. Eli Gershenson of Quantum First Capital originated the financing on behalf of Adam’s Rib Ltd. The lender is Green Park Financial, which utilized the Fannie Mae DUS program.
ALLEN, TEXAS — Fort Worth, Tcxas-based Trademark Property Co. has held the grand opening for the first phase of Watters Creek, a $200 million mixed-use development located at the corner of U.S. Highway 75 and Bethany Drive in Allen. Approximately 300,000 square feet of retail space currently is open, with more set to come on-line this summer. Phase I will also include 80,000 square feet of office space. Upon completion, Watters Creek will contain 1.15 million square feet encompassing more than 450,000 square feet of retail and restaurant space, 301 residential lofts and additional office space. The project will feature a creekside village green, interactive public art and al fresco dining by the creek. The 52 acres comprising Watters Creek will serve as the commercial heart of the 500-acre Montgomery Farm development.
FORT WORTH, TEXAS — The Government Solutions Division of Duke Realty Corp. has been awarded the contract to develop a new 213,029-square-foot outpatient clinic for the U.S. Department of Veterans’ Affairs in Fort Worth. Situated on 24 acres at the intersection of Interstate 20 and Campus Drive, the two-story structure will include surgery rooms, outpatient recovery rooms and energy monitoring systems. Construction is set to begin in the fourth quarter, with occupancy scheduled for Veterans Day 2010.
SAN ANTONIO — Wakefield Beasley & Associates Architects has begun design work for two new buildings at The Rim, an 800-acre, 1.6 million-square-foot mixed-use development located on La Cantera Parkway in San Antonio. Buildings 200 and 300 will total 260,000 square feet, and will include ground-floor, boutique retail and restaurant space with second-floor office space. Developer Thomas Enterprises also is seeking permitting for two more Wakefield Beasley-designed buildings. Buildings 600 and 800 will total 90,000 square feet and will feature retail and restaurant space. Three retailers have already opened at The Rim: a 79,000-square-foot Dick’s Sporting Goods, a 21,000-square-foot Staples and a 6,150-square-foot Tejas Lighting.
EL PASO, TEXAS — Cohen Hospitality Group is developing El Paso’s first Candlewood Suites, located at the intersection of Interstate 54 and Cohen Avenue near Fort Bliss military base. The property will cost $5.2 million and will feature 92 suites over four floors. Hotel amenities will include an indoor pool, complimentary high-speed Internet access and a 24-hour fitness center. It will be managed by Cohen Hospitality Realty. Groundbreaking is expected to occur in the fourth quarter, with completion scheduled for fourth quarter 2009.
DALLAS — Jones Lang LaSalle (JLL) has brokered the sale of Galleria Towers I, II and III in Dallas. The Class A office buildings are located at 13355 Noel Rd. and total 1.4 million square feet. The towers range from 24 to 36 stories and adjoin the Galleria shopping mall and the Westin Galleria Hotel. Building amenities include conference facilities, a fitness center and an independently operated day care center. Occupancy is currently at 98 percent. John Alvarado, Jack Crews, Evan Stone and Kelly Branum of JLL represented the seller, Brooklyn-based Fortis Property Group. The property was acquired by Los Angeles-based Cannon Commercial. Terms of the transaction were not disclosed, but the deal was estimated to be worth more than $300 million.
DALLAS — The Dallas office of Hines has purchased two warehouse buildings, located at 4050 and 4055 Corporate Dr. in the Dallas/Fort Worth Airport East submarket, on behalf of Hines REIT. The properties comprise 4050 Corporate Dr., which contains 441,068 square feet of industrial space, and 4055 Corporate Dr., which contains 202,361 square feet. Also included is an 831-vehicle surface parking lot. The properties are fully occupied by a tenant roster that includes Kay Chemical, FleetPride Corp., Verizon Communications and John H. Harland/Harland Clarke. Both properties are located within the 180-acre DFW Trade Center office and distribution park. Hines acquired the properties from Dividend Capital Trust for an undisclosed amount.
HOUSTON — Dallas-based Urban Partners and Gables Residential have topped out Phase I construction of WEST AVE, a mixed-use development located at the corner of Kirby Drive and Westheimer Road in Houston. Located on 5 acres, the project’s first phase will consist of a seven-story building containing 180,000 square feet of retail space on the bottom two floors, and 390 luxury apartments on the top five floors. Residential units will average 1,070 square feet, and will be available for occupancy this August. The retail space will become available in August 2009; 45,000 square feet of the space has already been designated for food and beverage tenants, including a small grocery concept. Restaurants already committed to WEST AVE include Pie Bar, The Social House, Swig, Cru and Wildfish. A new road named West Ave. Street, which runs north to south through the project, is scheduled for completion in June. WEST AVE is being designed by Memphis, Tenn.-based Looney Ricks Kiss. Additional phases of WEST AVE will be announced at a later date.
DFW AIRPORT, TEXAS — A partnership between Seefried Industrial Properties and AMB Property Corp. has completed a 400,000-square-foot building, located at 1901 W. Airport Dr. on the grounds of Dallas/Fort Worth International Airport, for CEVA Logistics. The facility, which is situated on 21 acres, includes a two-story, 35,000-square-foot office area, as well as tri-dock warehouse space. CEVA Logistics will use the new facility to consolidate its existing area operations.