AUSTIN, TEXAS — Transwestern-Austin has brokered the sale of the Savannah Apartments, a 290-unit complex in Austin. The community is located at the corner of Hart Lane and Far West Boulevard, a few blocks west of North MoPac Expressway. Jeff Rogers and Chris Stutzman of Transwestern-Austin’s Central Texas multifamily group represented the seller, Falcon Southwest. Atlanta-based Lane Strategic Investment, a subsidiary of The Lane Company, purchased the property for an undisclosed price.
HOUSTON — A Houston-based partnership has sold Hobby Commerce Center Buildings 4 and 5 to an out-of-state buyer. The 24,000-square-foot industrial property, which was built in 2006, sits on 2.56 acres at 8600 Telephone Rd. in Houston. Jerry Goldstein and Justin Miller in Marcus & Millichap’s Houston office negotiated the transaction on behalf of the buyer and the seller.
HOUSTON — Waste Management Inc. has signed a 10-year lease extension through 2020 for its space at downtown Houston’s One City Centre office tower. The company occupies 181,000 square feet in the 31-story, 608,622-square-foot building, which is located at 1021 Main St. in the central business district. David Baker and Eric Anderson of Transwestern represented the landlord, Broadway Partners.
AUSTIN, TEXAS — Corus Bank has closed a $165 million loan to finance the construction of the W Hotel and Residences in Austin. The 37-story condominium and hotel project, which is located at 308 W. Second St., will feature 198 residential condominiums, 252 hotel guest rooms, 60,000 square feet of retail and office space and a live performance venue. Amenities at the W Hotel and Residences include a signature restaurant with an outdoor terrace, an outdoor grill area, a spa and fitness center, two outdoor pools, a courtyard garden with private cabanas, meeting space and concierge services. The borrower, CJUF II Stratus Block 21 LLC, is an affiliate of Stratus Properties and Canyon-Johnson Urban Fund II LP.
KATY, TEXAS — Trammell Crow Co. (TCC) is developing a 62-acre campus for KBR, a global engineering, construction and services company, in Katy. The 910,000-square-foot facility will be located on a 124-acre site, which TCC owns in a joint venture, at the southwest corner of Grand Parkway and Interstate 10. Construction is set to begin later this year, and completion is expected in 2010. KBR’s facility is being designed within LEED specifications.
DALLAS — Los Angeles-based Post Investment Group has directed the acquisition of a two-property, 952-unit multifamily portfolio in Dallas. The garden-style, Class B properties were acquired on behalf of one of Post’s institutional investors, Lagovent Real Estate Group. The portfolio includes the 440-unit Wimberley Park and the 512-unit Camelot Village. First mortgage financing was arranged by Wachovia’s Fannie Mae DUS.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of a 14-property portfolio comprising more than 900,000 square feet. The portfolio, which includes retail, office and industrial properties in nine states, sold for $123 million. Gill Warner and Craig Kenney of Stan Johnson Co. represented the buyer, Cole Cos., in the transaction. Mark Allison at Investors Real Estate Agency represented the undisclosed seller. The portfolio included one retail and one office property in Texas.
DALLAS/FORT WORTH, TEXAS — GE Real Estate has provided a $21 million loan to Dana Point, Calif.-based Optivest Properties for the acquisition of five self-storage facilities in the Dallas/Fort Worth Metroplex. The Class A and B properties comprise 2,663 units in the cities of Allen, Murphy, Forney, Terrell and Grand Prairie. Chuck Mills of CEM Capital was the mortgage banker for the transaction, which was the first between GE and Optivest Properties.
CORPUS CHRISTI, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $7.21 million in refinancing for Town & Country Shopping Center in Corpus Christi. The 94,736-square-foot retail center, which was renovated in 2007, is 62 percent leased to tenants such as TCBY, Subway, Schlotzsky’s Deli and Hollywood Video. The property sits on a 6.2-acre site at 4250 S. Alameda St. Tucker Knight and Steve Gautier of HFF worked on behalf of the borrower, Fowler Property Acquisitions, to secure the loan through The Mission Bank.
LUBBOCK, TEXAS — Vienna, Va.-based Molinaro Koger (MK) has facilitated the sale of a Residence Inn by Marriott in Lubbock. Lion ES Hotels II LLC sold the 80-suite, extended-stay property to SA Laredo Enterprises Inc., which has obtained a long-term franchise agreement with Marriott International to continue operating the hotel as a Residence Inn. Greenbelt, Md.-based Baywood Hotels has assumed management of the hotel. Andy Kern of MK’s headquarters office represented the seller in the transaction.
