BAYTOWN, TEXAS — Marcus & Millichap has completed the sale of The Shoppes at Baytown located at 6902 Garth Rd. in Baytown. The 75,589-square-foot shopping center, which was constructed in 1984 and is situated on 6 acres. A Texas-based private investor sold the property to a Manhattan Beach, Calif.-based LLC. Jerry Goldstein of Marcus & Millichap's Houston office represented both parties in the transaction.
Texas
BRYAN, TEXAS — GE Real Estate has provided $29.84 million in financing for the purchase of Reveille Ranch Apartments, a student housing complex located at 3645 Wellborn Rd. in Bryan. Jamespoint Management Co. purchased the property, which is located 1 mile north of Texas A&M University. The seller was undisclosed. The garden-style apartment community has 372 units housed in 21 three-story buildings on 25 acres. Jay Wagley and Matt Mattox of CBRE | Melody were the mortgage bankers in the transaction.
TULSA and OKLAHOMA CITY, OKLAHOMA — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $12.3 million in financing for renovations on two separate apartment properties in Tulsa and Oklahoma City. MCA arranged a $5.6 million fixed-rate Fannie Mae DUS loan for the Braden Creek Apartments located at 4801 S. Braden Ave. in Tulsa, and a $6.7 million equity joint venture along with a fixed-rate loan for the Arbor Lake Apartments located at 301 W. Hefner Rd. in Oklahoma City. Braden Creek Apartments is a 304-unit property owned by Braden Creek LLC. Arbor Lake Apartments is a 152-unit complex owned by Arbor Lake Partners LP. The borrowers plan undisclosed renovations on both of the properties.
PLANO, TEXAS — BremnerDuke Healthcare Real Estate (BremnerDuke), a Duke Realty division, has broken ground on a medical office building at Baylor Regional Medical Center in Plano. The building, which is located at 4708 Alliance Rd., will be a seven-story, 141,000-square-foot facility. The project includes a skywalk to Baylor’s existing Medical Pavilion I and more than 850 parking spaces. BremnerDuke will oversee design and construction on the facility, while Dallas-based PageSoutherlandPage is the project architect. Duke Realty LP will own the facility upon its completion.
SAN ANGELO and SCHERTZ, TEXAS — CB Richard Ellis (CBRE) has finalized the sale of two office buildings located in San Angelo and another located in Schertz on behalf of San Antonio-based Atlee Development. The properties are part of a seven-building office portfolio. The San Angelo buildings — San Angelo Regional Medical Center #1 and #2 located at 3501 Knickerbocker Rd. — were built in 2004 and are both 21,292 square feet. The property in Schertz, located at 5000 Baptist Dr., is a 19,825-square-foot building completed in 2005. Montecito Medical Investment Co. purchased the portfolio.
HOUSTON — NAI Houston has brokered the sale of an office and warehouse facility in Houston on behalf of Restorative Equipment Services. The 12,960-square-foot building is located at 10700 Kinghurst St. Jason Whittington of NAI Houston represented the seller in the transaction, and Yakup Altiniski of Realty Associates represented the buyer, NUR International. The sale price was undisclosed.
DALLAS — Commercial real estate brokerage firm Sperry Van Ness has completed the sale of two adjacent land parcels totaling approximately 1 acre to San Antonio-based Baywood Hotel Corp. for the future development of a hotel in Dallas. The first parcel is located at 2130 Olive St. and 2121 Pearl St. and totals .54 acres, while the second parcel is located at 2131 Pearl St. and totals .42 acres. Trevor Dyck and Mark Boone of the Fort Worth office of Sperry Van Ness / Visions Commercial represented the buyer in the sale, and Michael Turner of J. Elmer Turner Realtors and Newt Walker of Newt Walker Co. represented the undisclosed seller.
DALLAS — Vaquero Holdings has purchased multiple adjacent sites totaling 4 acres at Southwell Road and Shady Trail in Dallas. The company, which bought the properties from Southwell Investments, plans to develop the land for a new material supply distribution yard. Tom Grunnah and Lily Chang of Henry S. Miller Commercial represented both the buyer and seller in the transaction. The sale price was undisclosed.
CARROLLTON, TEXAS — Grubb & Ellis, a real estate services firm, has brokered the lease of an industrial site in Carrollton on behalf of Panolam Industries International Inc. The company, a melamine and laminate services provider, has leased the property from Holt Lundsford Commercial. Gary Lindsey of Grubb & Ellis represented Panolam Industries International Inc. in the transaction. Terms of the lease were undisclosed.
WACO, TEXAS — Tractor Supply Co. has broken ground on the $10.2 million expansion of its distribution center located at 2801 Corporation Pkwy. on Interstate 35 in Waco. The project will increase the size of the facility, which was built in 2003, from 305,000 square feet to a 654,221-square-foot space. The center currently services 135 stores in Texas, Oklahoma and Arkansas, and will soon increase to include stores in Louisiana, Mississippi and New Mexico. The distribution center for the company, which operates more than 750 stores in 43 states, has been located in Waco for 10 years.