DALLAS — Henry S. Miller’s retail division is nearing completion on Little Elm Towne Crossing, a retail center located at the southwest corner of Eldorado Parkway and Farm to Market Road 423 in north Dallas. The 200,000-square-foot retail development includes retailers such as Hobby Lobby, 24 Hour Fitness, Dollar Tree, Hibbett Sports and Planet Tan. The project is scheduled for completion at the beginning of next month.
Texas
DALLAS — Addison, Texas-based Silver Tree Partners has formed a joint venture with Dallas-based Beer-Wells Real Estate Services to acquire Preston Valley Center, a retail center located at the intersection of Preston Road and LBJ Freeway in Dallas. Beer-Wells will oversee property management and leasing for the 75,000-square-foot property, while Silver Tree Partners will provide equity and asset management.
RICHARDSON, TEXAS — Renner Building Partnership has finalized the sale of an office building located at 689 West Renner Rd. in Richardson to a private local investor. Development plans for the 7,122-square-foot property, as well as the sale price, were undisclosed. Greg Woodring of Henry S. Miller Commercial represented the seller in the transaction.
FORT WORTH, TEXAS — Hillwood, a Perot company and commercial real estate developer, is on course to open the initial residential phase of the 130-acre mixed-use development Monterra Village next month. The property, located at the southeast intersection of North Tarrant Parkway and Interstate 35W in Fort Worth, is part of the 17,000-acre AllianceTexas master-planned community. The soon-to-be completed residential portion of the development includes 288 of more than 1,000 total units and an 8,500-square-foot clubhouse. The residences are the first completely non-smoking apartments in North Texas. Plans for additional properties in the mixed-use community include a medical office park, neighborhood retail and restaurant spaces, as well as suburban-style office structures with residential spaces above.
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.
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.