PEARLAND, TEXAS — Lead developer TAB Lonestar Holdings, an affiliate of ZT Properties USA, and co-developer Wallace Bajjali Development Partners LP are developing an office complex located at Shadow Creek Parkway and Texas 288 in Pearland. The 160,000-square-foot, Class A office development called ZT Shadow Creek Business Center, is being built on 7.5 acres and will house two, four-story buildings at 80,000 square feet apiece. The project’s first phase breaks ground in the first quarter of this year and is scheduled for completion by mid-2009. BanDier Realty Partners LLC and CB Richard Ellis are handling pre-leasing for both phases of the project.
Texas
SAN ANTONIO — Live Oak Capital has arranged acquisition float financing for Brad Greenblum of GIP SA Income Partners LP for the acquisition and renovation of the eight-property Blume Retail Portfolio. The Blume Retail Portfolio totals 465,648 square feet and consists of retail centers primarily in northwest San Antonio. The properties include Pipers Creek Shopping Center, Timberhill Village Shopping Center, Crossway Shopping Center, Leon Creek Shopping Center, Village in the Woods Shopping Center, Babcock Shopping Center, Colonial Plaza Shopping Center and Waterford Shopping Center. Jim Richards and Jim Kirkpatrick of Live Oak Capital arranged the loan.
DALLAS — Sperry Van Ness, a commercial real estate brokerage firm, has completed the sale of Regal Gardens Office Center located at 8625 King George in Dallas. The four-building, one-story office property totals 67,992 square feet on 4.44 acres. The buildings, which were built in 1979, were 23 percent occupied at the close of escrow. Los Angeles-based Geostem LLC purchased the property from an undisclosed seller. Steve Fithian of Sperry Van Ness’s Fort Worth, Texas, office represented the buyer in the transaction.
AUSTIN, TEXAS — GE Real Estate has arranged a $9.56 million equity investment in a joint venture partnership with Trammell Crow Residential (TCR) to develop a multifamily property called Alexan Ribelin in Austin. The apartment complex, which will consist of 350 Class A units housed in 15 three-story buildings, is being built on 17.55 acres. The property is near the Balcones Canyon Conservation preserve and is part of a master-planned development that includes upscale offices, retail shops, a middle school and a high school. The first phase of residences is scheduled to open this November. TCR will serve as general contractor for the project, while Riverstone Residential Group will provide leasing and property management services.
HOUSTON —Holliday Fenoglio Fowler’s (HFF) Houston office has completed the sale of five industrial buildings located at 8503, 8607, 8609, 8711 and 8833 City Park Loop at the intersection of North Loop 610 and McCarty Street in Houston. INVESCO Real Estate sold the properties, which are with the industrial park City Park East, to an undisclosed pension fund advisor. The five industrial buildings total 882,232 square feet on approximately 36 acres, and are currently fully leased to Exel Logistics. Rusty Tamlyn and Mike Parker of HFF’s Houston office represented the seller in the transaction.
HOUSTON — Meridian Capital Group, a multifamily and commercial real estate mortgage brokerage, has arranged $6.4 million in financing for the SunBlossom Cottages on behalf of the borrower, Stone Mountain Properties. The property, which is located at 10300 Harwin Dr. in Houston, is a two-story, garden-style apartment complex with 253 units. Abe Schonfeld of Meridian Capital Group’s New Jersey office negotiated the 5.5 percent rate over a 10-year term on behalf of the borrower.
DALLAS — Henry S. Miller’s retail division is nearing completion on Little Elm Towne Crossing, a retail center located at the southwest corner of Eldorado Parkway and Farm to Market Road 423 in north Dallas. The 200,000-square-foot retail development includes retailers such as Hobby Lobby, 24 Hour Fitness, Dollar Tree, Hibbett Sports and Planet Tan. The project is scheduled for completion at the beginning of next month.
DALLAS — Addison, Texas-based Silver Tree Partners has formed a joint venture with Dallas-based Beer-Wells Real Estate Services to acquire Preston Valley Center, a retail center located at the intersection of Preston Road and LBJ Freeway in Dallas. Beer-Wells will oversee property management and leasing for the 75,000-square-foot property, while Silver Tree Partners will provide equity and asset management.
RICHARDSON, TEXAS — Renner Building Partnership has finalized the sale of an office building located at 689 West Renner Rd. in Richardson to a private local investor. Development plans for the 7,122-square-foot property, as well as the sale price, were undisclosed. Greg Woodring of Henry S. Miller Commercial represented the seller in the transaction.
FORT WORTH, TEXAS — Hillwood, a Perot company and commercial real estate developer, is on course to open the initial residential phase of the 130-acre mixed-use development Monterra Village next month. The property, located at the southeast intersection of North Tarrant Parkway and Interstate 35W in Fort Worth, is part of the 17,000-acre AllianceTexas master-planned community. The soon-to-be completed residential portion of the development includes 288 of more than 1,000 total units and an 8,500-square-foot clubhouse. The residences are the first completely non-smoking apartments in North Texas. Plans for additional properties in the mixed-use community include a medical office park, neighborhood retail and restaurant spaces, as well as suburban-style office structures with residential spaces above.