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.
Texas
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.
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.
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.