Texas

TRANSWESTERN HOUSTON BEGINS CONSTRUCTION ON 700,000-SQUARE-FOOT OFFICE PROJ

by admin April 3, 2008

HOUSTON — Transwestern Houston has begun construction on a 700,000-square-foot office project located 1 mile south of Interstate 10 at the intersection of Eldridge and Enclave parkways in Houston. The property, called Eldridge Oaks, is a Class A, LEED-registered office project that will be built in two phases on 21 acres. The first phase will comprise a 350,000-square-foot office tower and the second phase, which will be built on the remaining land after Phase I construction is complete, will be either a build-to-suit project or a second office tower. The project’s first phase is scheduled for completion in September 2009.

April 3, 2008

OAKS DEVELOPMENT GROUP COMPLETES PURCHASE OF 29,724-SQUARE-FOOT MEDICAL BUI

by admin April 3, 2008

AUSTIN, TEXAS — North Carolina-based Oaks Development Group has finalized the purchase of a medical building located on Park Bend Drive behind St. David Medical Center in Austin. The 29,724-square-foot property, called Post Oak Center North Building 1, is a Class A medical office building that the buyer will lease in a tenant-ownership model. Oaks Development Group purchased the building from an undisclosed seller, and MSL Investments will handle leasing for the property.

April 3, 2008

Retail Texas

HFF ARRANGES $6.5 MILLION FOR ACQUISITION OF 80,440-SQUARE-FOOT CROSSROADS

by admin April 3, 2008

BEAUMONT, TEXAS — Holliday Fenoglio Fowler’s (HFF) Houston office has arranged $6.5 million in 5-year, fixed-rate financing for the acquisition of a shopping center located at 4410 Dowlen Rd. in Beaumont. California-based Wu Investments acquired the property from an undisclosed seller. Crossroads Shopping Center is a five-building, 80,440-square-foot retail center that was fully leased at the time of sale. Tenants at the property include Stein Mart, Sprint and Morgan Stanley. Tucker Knight and Steven Gautier of HFF’s Houston office represented the buyer in the transaction, securing the loan through Mercantile Commercebank.

April 3, 2008

Texas

THE MUMFORD COMPANY FINALIZES SALE OF MOTEL 6

by admin April 3, 2008

GRAND PRAIRIE, TEXAS — The Mumford Company has completed the sale of a Motel 6 located at 406 E. Palace Pkwy. in Grand Prairie. Accor Hospitality sold the property to a private, regional operator of extended-stay hotels in Texas for an undisclosed price. The hotel is scheduled for a renovation and re-branding as a Studio 6 hotel upon completion. Randy Lee of The Mumford Company represented the seller in the transaction.

April 3, 2008

Office Texas

GE REAL ESTATE PROVIDES $71.35 MILLION FOR OFFICE COMPLEX

by admin April 2, 2008

HOUSTON — GE Real Estate has provided $71.35 million in financing Newport, Calif.-based Chase Merritt for the acquisition and renovation of Four Corners, a Class B office park located at the southeast intersection of Westheimer and Sage roads in Houston. The mixed-use office property is located adjacent to the Galleria shopping center, and includes 395,473 square feet of office space, 29,920 square feet of retail and two parking structures. This marks the second transaction between GE Real Estate and Chase Merritt in Houston’s Galleria West Loop submarket in the past 6 months.

April 2, 2008

Retail Texas

MARCUS & MILLICHAP COMPLETES SALE OF 125,225-SQUARE-FOOT RETAIL CENTER

by admin April 2, 2008

DENTON, TEXAS — Marcus & Millichap Real Estate Investment Services has completed the sale of Denton Square, a 125,225-square-foot shopping center situated on 10 acres in Denton. 717 Stemmons Partners LP purchased the property, which is located at 717 Stemmons Fwy,, from Commercial Property Services LLC for an undisclosed amount. The center is anchored by Brookshire’s, Powerhouse Gym and Applebee’s, and also includes Blockbuster Entertainment, Subway, Little Caesar’s, Pro Cuts, Golden China and Nail Attraction among its tenants. Tim Speck of Marcus & Millichap’s Dallas office and Alvin Mansour and Philip Sambazis of Marcus & Millichap’s San Diego office represented the seller in the transaction. The company also represented the buyer.

April 2, 2008

Office Texas

EQUASTONE BROKERS OFFICE LEASE FOR CHILDREN’S MEDICAL CENTER DALLAS

by admin April 2, 2008

DALLAS — Equastone has brokered a lease for 98,894 square feet at Stemmons Place, an office tower located at 2777 N. Stemmons Fwy. in Dallas. Children’s Medical Center Dallas is the 20-story building’s newest tenant, signing a 10-year lease at the 634,381-square-foot office tower for an undisclosed amount. The Class A property is now more than 80 percent leased as a result of the transaction. Josh White, Carl Ewert and Brad Selner of Staubach represented the tenant in the transaction, and Reid Caldwell, Kim Butler and Linda Simpson of Transwestern represented the landlord.

April 2, 2008

Multifamily Texas

HUDSON REALTY CAPITAL COMPLETES $13.2 MILLION PURCHASE OF BROADWAY SQUARE A

by admin April 1, 2008

HOUSTON — New York-based Hudson Realty Capital has completed the purchase of Broadway Square Apartments, a multifamily property located at 8601 Broadway Blvd. in Houston. The complex, which was purchased for $13.2 million, contains 2,469 apartments in 193 two- and three-story buildings located on 69.84 acres. Amenities include 11 in-ground pools, 28 laundry facilities and gated access to all parking and residential areas. The property was purchased in conjunction with Los Angeles-based Post Investment Group LLC from an undisclosed seller. Pinnacle Realty will manage the apartment complex.

April 1, 2008

Mixed-Use Texas

POST PROPERTIES DEVELOPING MIXED-USE PROPERTY

by admin April 1, 2008

DALLAS — Post Properties is developing a mixed-use project located at the southeast corner of Campbell Street and Central Expressway in Dallas. The property will include 80,000 square feet of retail, approximately 200,000 square feet of office space, 435 residential units, a 1-acre park and an amphitheater all near the DART rail line. The complex, which broke ground in November 2006, will house four, four-story buildings. Amenities included at Post Eastside include two swimming pools, an outdoor cabana, a club room, free Wi-Fi in common areas, a fitness center and an Internet Caf. Retailers at the development will include Panera Bread, Boudreaux’s Cajun Kitchen, Dr. Goad Dentistry and Frost Bank. The first building in the residential portion of the property is scheduled for completion on May 1.

April 1, 2008

Texas

COMMERCIAL MORTGAGE CONNECTION ARRANGES $2.5 MILLION IN ACQUISITION FINANCI

by admin April 1, 2008

SAN ANTONIO — Fort Worth, Texas-based Commercial Mortgage Connection has arranged an acquisition loan to finance the purchase of an ambulatory surgical center located at Louis Pasteur Drive in the University of Texas Southwest Medical Center in San Antonio. A private, Hawaii-based investor purchased the property with a $2.5 million fixed-rate, 10-year loan from an undisclosed seller. Bill Jackson of Monticello Properties represented the buyer in the transaction, and Pete Tassos of Sullivan Commercial represented the seller.

April 1, 2008

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