KILLEEN, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $3 million equity joint venture for the construction of Creekside Manor Seniors Housing Complex in Killeen. The property, which will be located within the Highway 190 Corridor, will house 13 single-story units per acre. Construction will also include a 7,000-square-foot amenity center featuring an exercise room, a swimming pool, a spa, a hair salon, a health center, a business center, a kitchen/dining area and a movie theater. The borrower was undisclosed.
Texas
HOUSTON — INVESCO has leased a total of 472,601 square feet of space to Exel Inc. in Houston. The transaction comprised 217,836 square feet at 8711 City Park Loop and 254,765 square feet at 8833 City Park Loop. Edward Bane of Holt Lunsford Commercial represented INVESCO, and Sam Brown of Sam H. Brown Inc. represented Exel Inc. in the lease transactions.
HOUSTON — Apartment Realty Advisors (ARA), an Atlanta-based investment advisory brokerage firm, has brokered the sale of Bayou Park, an apartment property located at 4400 Memorial Dr. in Houston. The property, which includes 688 residential units and 6,320 square feet of retail space, encompasses 15 acres in Houston’s central business district. Webster, Texas-based Venterra sold the property for an undisclosed amount to Boston-based Berkshire Property Advisors. David Wylie, Matt Rotan, David Mitchell, David Oelfke and Tim Dosch of ARA represented the seller in the transaction.
AUSTIN, TEXAS — Houston-based PM Realty Group (PMRG) has recently completed the sale of the Highland Commons Shopping Center located at 5775 Airport Blvd. in Austin. Tenants at the 39,818-square-foot property include Spec’s Wine Spirits and Finer Food, EyeMart and Advance America-Cash Advance. Bernard McAuley and Brandon Beeson of PMRG’s Dallas office brokered the transaction.
COPPELL, TEXAS — ProLogis, an owner, manager and developer of distribution facilities, has leased 61,000 square feet at Freeport Corporate Center in Coppell to Hussmann, a refrigeration and food merchandising equipment manufacturer. The facility, which totals 143,000 square feet overall, is located near the Dallas/Fort Worth International Airport and is now fully occupied. Gary Lindsey and Jim Caldwell of Grubb & Ellis represented the tenant in the transaction.
CARROLLTON, TEXAS — Realty Capital Partners’ (RCP) subsidiary RCP Lakeview Living Ltd. has provided equity capital for the acquisition and development of an independent living facility on 5.83 acres in Carrollton. The unnamed development, which will overlook Josey Ranch Lake, will be adjacent to the Carrollton Senior Center and the Carrollton Public Library. The property will be developed through a joint venture between Zerga Development and The Covenant Group.
ALLEN, TEXAS — Trademark Property Co. has signed 15 new tenants for Watters Creek, a mixed-use development located at the southwest corner of U.S. Highway 75 and Bethany Drive in Allen. The new tenants bring the total number of leases signed to 38 for the project’s first phase, which is scheduled to open in April 2008. The new leases were signed by Cheesecake Factory, Bath & Body Works, DSW, Le Creuset, Gymboree, New York & Company, Sample House, Victoria’s Secret, Strasburg Children, The Boardroom Salon for Men, Celebrity Bakery and Café, Paciugo, Woodlands Grill and Gathering Place, Potbelly and Patsy Grimaldi’s Pizza. Nearly 620,000 square feet of the 1.15 million-square-foot development are complete. Future phases will include additional residential, retail, dining and office space, as well as a lifestyle hotel.
FORT WORTH, TEXAS — Henry S. Miller (HSM) Investment Banking Group has arranged approximately $35 million in financing for the Watercolor at North Beach Street Apartments development in Fort Worth. The 398-unit property, which is being built on 27.23 acres, will be located at North Beach Street just north of North Tarrant Parkway. Insight will manage and market the project, and El Paso, Texas-based C.F. Jordan Construction Co. will be the general contractor. Representing all parties, Roy Norwood, Jr. and Loy Shaw, Jr. of HSM Investment Banking Group arranged a $29.8 million construction loan with Capital One Bank, a $5.5 million equity investment by Fine Line and a third party loan guarantee.
GARLAND, TEXAS — First Industrial Realty Trust has completed construction of an industrial facility located at 3901 W. Miller Rd. in Garland. The 435,000-square-foot property is located at First Garland Business Park and is available for a single or multi-tenant lease. Terry Darrow and EdKepner of First Industrial Realty Trust were development managers for the project, and Bob Moore Construction provided building services.
SAN ANTONIO — Hendricks & Partners has finalized the sale of Bentwood Place, a 121-unit apartment complex located at 1111 Austin Hwy. in San Antonio. San Antonio-based Bentwood Apartments LLC sold the property to Houston-based Chancellor Austin Highway Apartments LP, which plans to redevelop the site into a 360-unit, mid-rise luxury apartment community. Construction is scheduled to begin this summer. The sale price was undisclosed. Scott Weems of Hendricks & Partners’ San Antonio office represented the seller in the transaction.