FORT WORTH, TEXAS — Meridian Capital Group has arranged $3.7 million in financing for Grammercy Center, a four-story office building in Fort Worth. The 52,847-square-foot building is located at 6815 Manhattan Blvd. Elliot Treitel of Meridian’s new Jersey office negotiated for the borrower, Martin Tauber.
Texas
LANCASTER AND DALLAS, TEXAS — BNSF Railway Co. has purchased 198 acres of land in the Dallas Logistics Hub (DLH) from The Allen Group. The property, which is located in the cities of Lancaster and Dallas, provides more than 9,000 square feet of rail frontage. In conjunction with the sale, the parties entered into an option agreement that gives BNSF the right to purchase an additional 164 acres.
BELTON, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $5.2 million refinancing for Chappell Oaks Apartments, a 120-unit multifamily community located at 200 Lake Rd. in northwest Belton. The Class A complex, which sits on 12.8 acres near the junction of Interstate Highway 35 and U.S. Highway 190, is 98 percent leased. The community features one-, two- and three-bedroom units and has on-site amenities such as a controlled-access gate, a swimming pool with a hot tub and both detached and attached garages. Cortney Cole of HFF worked on behalf of the borrower, Chappell Hill Equity IV Ltd., to arrange the 10-year, fixed-rate loan through Wachovia Multifamily Capital FNMA. Proceeds from the loan were used to retire the existing debt that was maturing.
HOUSTON — The Carson Companies has acquired 149,000 square feet of Class A distribution space in Houston from MBW Houston LP. The space, which is situated on 9.15 acres at 6300 West by Northwest Blvd., is 87 percent leased to three tenants, Bosworth Papers, Patterson Logistics and Home Depot Installation Services. David Boyd of Boyd Commercial represented the seller in the transaction. The Carson Companies is handling property management in-house, and Boyd Commercial is handling the leasing of the remaining 24,000 square feet of vacant space on the site.
HOUSTON — John Ferruzzo and Travis Land of NAI Houston have represented Lapas Icon Inc. in the sale of approximately 19,996 square feet of office/warehouse space in Houston. Asian American Plastics acquired the space, which is located at 3703 and 3709 Lapas. Andy Hsu of AA Realty represented the buyer.
ADDISON, TEXAS — UDR has broken ground on its $1 billion dollar Vitruvian Park, a 99-acre mixed-use development located approximately 1 mile north of Interstate 635/LBJ Freeway between Midway Road and Marsh Lane in Addison. Featuring multifamily, retail and commercial components, the project is introducing a new green initiative program created by the Town of Addison. The program, which is a combination of Energy Star and LEED standards, will be included in all 5,500 residential units and 300,000 square feet of office and retail space. The first phase will feature 667 multifamily units and a 12-acre public park, and leasing is scheduled to begin by the end of next year. Occupancy is expected to be ready at the beginning of 2010. All phases of Vitruvian Park are projected for completion in 2017.
HOUSTON — A joint venture between Houston-based Mission Equities GP and Baltimore, Md.-based Alex Brown Realty has acquired the 18-story St. Joseph Professional Building in downtown Houston. ORIX sold the 138,586-square-foot medical office building. Located at 2000 Crawford, the tower features ground-level retail with five floors of structured parking above. The upper 12 floors house medical office space, and the building’s basement includes additional office space and a tunnel connecting directly to St. Joseph’s Medical Center. The building will undergo a $7.8 million renovation. Alex Brown Realty Chesapeake Fund III, which is a value-added real estate investment fund sponsored by Alex Brown Realty, provided an equity commitment along with Mission’s equity to the venture. Robert LaRue of Live Oak Capital arranged equity capital and debt, and Whitney National Bank provided the acquisition and redevelopment loan for the project. Tim Gregory of Transwestern Houston represented the seller. Transwestern’s healthcare advisory team will continue to handle leasing at the building for the new owners.
SAN MARCOS, TEXAS — Arlington, Texas-based Ascension Group Architects has received the contract to design Central Texas Medical Center’s $35 million expansion and renovation in San Marcos. Plans call for a new childbirth center, a Level II neonatal critical care unit, a new cardiac telemetry inpatient nursing unit and an expansion/improvement of the hospital’s surgical unit. The more than 64,000-square-foot, two-story addition is scheduled to break ground in the third quarter. Parsons Corp. is the program manager.
FORT WORTH, TEXAS — Fort Worth-based NAI Huff Partners has closed the sale of 13,000 square feet of industrial space located at 3029 E. Randol Mill Rd. in Fort Worth. Grayscale LLC purchased the property from Ramco Laundry Machinery for an undisclosed amount. Frank Jester of NAI Huff Partners represented the buyer.
LUBBOCK, TEXAS — Portland, Ore.-based NBS Real Estate Capital has acquired a $4 million note from a national conduit lender secured by a grocery distribution facility in Lubbock. The 494,142-square-foot property is leased on a long-term basis to a strong credit tenant. The first mortgage is composed of a senior A note and a junior B note.