HOUSTON — NAI Houston has brokered the sale of an office building located at 10727 Tower Oaks Blvd. in Houston. Otwell Tower Oaks Ltd. purchased the 23,650-square-foot building from Suttles Real Estate Investments Ltd. for an undisclosed amount. Travis Land of NAI Houston represented the buyer in the transaction, and Dylan Schopper of Caldwell Cos. represented the seller.
Texas
ROUND ROCK, TEXAS — Smith Consulting Architects is nearing completion on the Spectrum at Crystal Park, an office park located at 2300 Greenhill Dr. in Round Rock. The site comprises 10, two-story buildings, which range in size from 5,600 to 15,000 square feet, on 8.68 acres. The office park will house 84,376 square feet total upon completion this spring. St. Croix Capital Corp. and Red Texas Realty LLC have partnered to manage the property.
FORT WORTH, TEXAS — Capmark Finance has originated a floating-rate refinancing loan of approximately $22.2 million for the Oil & Gas and Commerce Buildings located on West Seventh Street in downtown Fort Worth. The 19-story Oil & Gas Building, which was built in 1929, and the 16-story Commerce Building, which was built in 1954, total 439,802 square feet of office space. Jeffrey Geifman of Capmark Finance’s McLean, Va.-based office originated the transaction on behalf of the borrower, RYLB FW Properties LP.
ALLEN, TEXAS — GE Real Estate has partnered with BH Equities in an equity investment of $17.8 million for the acquisition of two adjacent multifamily properties located in Allen. The three-story Benton Pointe, a 456-unit property built in 2000, is located at 205 Benton Dr. Located at 505 Benton Dr., Lansbrook is a 288-unit, two-story complex built in 2002.
HOUSTON — Colliers International has brokered the lease of 144,000 square feet at an office building located at 2707 N. Loop West in Houston. CHRISTUS Health leased the office space from the landlord, Hines Interests, for an undisclosed amount. The location will serve as a corporate office for the company, which is a Catholic faith-based health system. Robert Parsley and Bill Byrd of Colliers International represented the tenant in the transaction, and Hines Interests represented itself.
FORT WORTH, TEXAS — Trammell Crow Co. has completed construction and renovations on the Andrews Women’s Hospital at Baylor All Saints Medical Center located at 1400 Eighth Ave. in Fort Worth. The four-story, 190,000-square-foot hospital will initially offers maternity services, a level III neonatal intensive care unit (NICU) and a Midwife Center. Services will soon expand to include gynecological care. Along with its current medical facilities, the hospital also features retail stores, a spa and a Starbucks Coffee. Page Southerland Page provided planning, design and construction administration for the $95 million project.
LEAGUE CITY, TEXAS — CB Richard Ellis (CBRE) has finalized the sale of 24 acres located at the corner of State Highway 96 and South Shore Boulevard in League City. Raymond R. Betz Interest Inc. purchased the land from Centerprise Group Retail Fund for an undisclosed amount. The buyer plans to develop and sell the land, which is situated adjacent to an 84,000-square-foot Kroger grocery store and near the site of new high school and elementary school developments. Simmi Jaggi and Elizabeth Clampitt of CBRE represented the seller in the transaction, and the buyer represented itself.
HOUSTON — M.J. Spoor & Co. has arranged approximately $5.4 million in financing for the acquisition of Stoneriver Apartments located at 8901 Bissonnet St. in Houston. The 324-unit multifamily property includes amenities such as an access gate, covered parking, a pool area, laundry facilities and a tennis court. Both the buyer and seller of the Class C apartment property were undisclosed.
WACO, TEXAS — SWB Heritage Square Partners (SWB) has selected Humphreys & Partners Architects to provide architectural services for the developer’s student living facility within a mixed-use project located at South Third and South Fourth streets in downtown Waco. The student-housing complex, which is located within the approximately 166,000-square-foot Waco Town Center project, will be a four-story facility. Amenities at the complex will include a computer/business center, a fitness center, on-site parking and direct access to the Baylor University shuttle route. Construction begins this spring on the project with a scheduled completion date of fall 2009. Campus Advantage will provide management services for the complex when it opens.
HOUSTON — Arbor Commercial Funding (Arbor) has arranged $50.1 million in acquisition financing for Broadway Square Apartments located at 8601 Broadway St. in Houston. The loan was arranged on behalf of the buyer, Post Investment Group, which purchased the property from a private developer. Broadway Square Apartments is a 2,469-unit complex built on 69 acres. The 5-year loan, which is on a 30-year amortization schedule, was originated by Alex Kaushansky of Arbor’s New York City office. The loan was arranged through Fannie Mae DUS.