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.
HOUSTON — A joint venture between Habitat for Humanity Northwest Harris County and Israeli development company Azorim has begun a deconstruction project located at San Felipe and Woodway drives in Houston. The partnership will deconstruct the office building and low-rise commercial structures currently located on the site in preparation for a newly planned, LEED-certified condominium project. The luxury residential development, slated to break ground this July, will consist of two, 28-story residential towers and feature 223 units. Ziegler Cooper Architects will provide architectural services for the property and Boymelgreen Developers will manage the project.
HOUSTON — BMC Capital has originated a $1.2 million loan for the acquisition of a multifamily complex located at 905 Oak St. in Houston. A private investor purchased Tiffany Oaks Apartments from the undisclosed seller with the 5-year, fixed-rate loan. The company loaned the funds to the borrower through its BMC Direct program.
PLANO, TEXAS —Construction has been completed on the Wilcox Center | 190, an office property developed by Wilcox Development in Plano. The 185,000-square-foot property, a three-story office building located at 3033 Hwy. 190, will be the first LEED-certified office building in Plano. Omniplan served as the project architect, while Spring Valley Construction Co. provided construction services for the property.
AUSTIN, TEXAS — Aspen Growth Properties is nearing completion on the Smith Consulting Architects-designed office building located at 11200 Lakeline Blvd. in Austin. The single-story, 90,000-square-foot building, which is being built within Parkline Shopping Center, is scheduled for completion this spring. Lusardi Construction Co. is providing construction services for the project.
HOUSTON — BMC Capital has originated a $2.04 million loan for the acquisition of Villa Nueva, a multifamily complex located at 827 Oak St. in Houston. A Utah-based private investor purchased the property from the undisclosed seller with the 5-year, fixed-rate loan. The 98-unit multifamily apartments includes laundry facilities on the property and is directly located on both metro and school bus lines.
SOUTHLAKE, TEXAS — Colleyville, Texas-based Realty Capital Corp. (RCC) has completed the sale of the initial building in Phase I of its new mixed-use development Stonebridge Park located at the intersection of FM 1709 (Southlake Boulevard) and Davis Boulevard in Southlake. A private investor purchased the 5,770-square-foot building from Realty Capital River Oaks Ltd., and will open a North Texas Eye Care at the site. The remaining three buildings in Phase I range in size from 2,800 square feet to 3,025 square feet and are available for sale or lease. Jobi Decker of Realty Capital Corp. represented the seller in the transaction.