PLANO, TEXAS — Hendricks & Partners, a Pheonix-based multifamily real estate firm, has finalized the sale of Lodgetree, a 408,256-square-foot apartment complex located at 3400 West Park Blvd in Plano. The 480-unit multifamily community, built in 1981, includes three pools, tennis and basketball courts and a jogging trail on the 27.7-acre site. Mission Park Green purchased Lodgetree for an undisclosed amount. Tom Burns, Jay Gunn and Tom Warren of the Dallas office of Hendricks & Partners represented the seller, Hall Texas Associates.
Texas
THE WOODLANDS, TEXAS — Jones Lang LaSalle Hotels has arranged the sale of The Woodlands Waterway Marriott Hotel & Convention Center in The Woodlands. The Woodlands Development Company sold the property to Inland. Features of the hotel include a fitness and health club, a heated outdoor pool, a whirlpool and hot tub, and an on-site, full-service spa called Urban Retreat. The property also features 70,000 square feet of meeting space with a 37,180-square-foot exhibition hall and an 18,000-square-foot ballroom. Jones Lang LaSalle Hotels arranged the transaction on behalf of the seller.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $114.4 million non-recourse construction loan for The Tower Residences at the Ritz-Carlton in Dallas. The Tower Residences, which comprises a 23-floor, 96-unit tower and four townhomes, is the second phase of The Ritz-Carlton hotel and condominium development underway at 2121 McKinney Ave. near Dallas’ central business district, the Arts District, Victory Park and Uptown. Scott Galloway, Trey Morsbach and John Ahmed with HFF worked on behalf of Fort Worth, Texas-based Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale. Completion is set for 2009.
AUSTIN, TEXAS — GE Real Estate has made a $13 million equity investment to acquire the three-building Great Hills Corporate Center in Austin. Located on 22 acres adjacent to the Arboretum area in the Northwest submarket, the office property totals more than 200,000 square feet. Austin-based The Kucera Companies is handling management and leasing of the development.
FORT WORTH, TEXAS — Daimler Financial Services Americas has agreed to lease a 204,000-square-foot office building in Hillwood’s AllianceTexas development in Fort Worth. The three-story, build-to-suit building will house 650 employees and is located 15 miles from Dallas/Fort Worth International Airport. AllianceTexas is a 17,000-acre development home to the Alliance Global Logistics Hub, Circle T Ranch and the mixed-use community of Heritage. UGL Equis represented the tenant and Hillwood, the developer of AllianceTexas, was represented in-house by Steve Aldrich.
HOUSTON — Argus Realty Investors has acquired three office buildings totaling 253,524 square feet from Caldwell Cos. for approximately $20 million. The Class B portfolio is 98 percent leased and includes Park 10 Place, an 83,078-square-foot, five-story office building located at 16420 Park Ten Place; Broadfield, a 102,865-square-foot, six-story office building located at 1400 Broadfield Blvd.; and Willowbrook Office Building, a 67,581-square-foot property located at 7915 FM 1960 Rd. The portfolio has 48 tenants including CITGO Petroleum and Fletcher Yoder. La Salle Bank provided a $21.2 million 10-year loan at a 5-year 6.15 percent fixed rate. Darrell Betts of Grubb & Ellis’ Houston office represented the Houston-based seller.
WESTWORTH, TEXAS — Dallas-based Metropolitan Capital Advisors has arranged $40 million in debt and equity financing for Westworth Shopping Center in Westworth. A 175,000-square-foot SuperTarget will anchor the center, in addition to 200,000 square feet of retail space. Expected tenants include Petco, Staples, Dollar Tree, Famous Footwear and Chase Bank.
DALLAS — Provident Realty Group and The Red Sea Group are developing The Glen at Preston Hollow, a 42-acre mixed-use project at the northwest corner of Central Expressway and Walnut Hill Lane in the Preston Hollow neighborhood of Dallas. The development will feature a walking village with 175,000 square feet of street-level retail and restaurants below approximately 1,100 multifamily units; a 100,000-square-foot mid-rise office building; and a gated community of 100 luxury single-family homes. The first phase is scheduled for completion by mid-2010. The Retail Connection and Blatteis & Schnur are handling retail leasing; WLK Interests/Bill Knopick is responsible for office leasing. WDG Architects handled design and site planning for The Glen.
SEABROOK, TEXAS — David Lee of Transwestern Houston has brokered the sale of a 35-acre tract of undeveloped land in Seabrook to Philadelphia-based customized logistics solutions company XTL, Inc. The buyer plans to construct a 300,000-square-foot to 400,000-square-foot robotic warehouse and distribution center on the site, which is located within the master-planned Bayport complex.
THE WOODLANDS, TEXAS — VillaSport Athletic Club and Spa will begin construction in early 2008 in The Woodlands. The 87,000-square-foot project, which will sit on 12.4 acres on Technology Forest Drive, will feature an outdoor kid’s pool complex; an outdoor 25-yard, five-lane adult lap pool with adjoining hot tub; a poolside VillaCafé; and an 18,000-square-foot air-conditioned facility for year-round indoor soccer and other sports. Opening is planned for late 2008.