MIDLOTHIAN, TEXAS — Bishop Avenue Capital, a Dallas-based commercial real estate services provider, has arranged $11.3 million in construction and mini-perm financing for the Timber Oaks Apartments located at 700 Timber Oaks Ln. in Midlothian. The buyer, a Texas-based developer, will use the funds for undisclosed renovations on the 180-unit multifamily property. Michael Tenbusch and Denis Healy of Bishop Avenue Capital originated the loan.
Texas
HOUSTON — Cushman & Wakefield of Texas, a real estate services firm, has finalized the sale of a 30,000-square-foot warehouse located on 1.37 acres at 1209 and 1213 Maury St. in Houston. Kelley Parker, John Littman and Jon Farris of Cushman & Wakefield of Texas’ Houston office represented the buyer, Maury Lyons, Ltd. John Ferruzzo and Travis Land of NAI Houston represented the seller, 1209 Maury Street LP and 1213 Maury Street LP.
OKLAHOMA CITY — Big Industrial, a Kansas-based industrial property developer, has purchased the vacant Bridgestone Firestone plant located near the intersection of Interstate 35 and Interstate 40 in Oklahoma City. The company plans to renovate the facility, which closed in December 2006, and lease it out for general warehousing and distribution purposes to another company. The property is 2 million square feet on 310 acres, half of which is available for new construction. Eric Dienstbach of Binswanger represented both the buyer and the seller in the transaction. Terms of the sale were undisclosed.
HOUSTON — Mountain West Industrial Properties (Mountain West), a Colorado-based real estate developer, has acquired the Colony Crossing Business Center in Houston. Two buildings make up the 149,735-square-foot distribution park located at 10207 S. Sam Houston Pkwy., and the space is currently 47 percent leased. T.J. Tarbell represented Mountain West in the transaction, for which financial terms were undisclosed. The sellers were Met-Life and Cadence McShane Corp.
SAN ANTONIO — Triple Net Properties, a subsidiary of real estate firm Grubb & Ellis, has completed the sale of Brookhollow Park on behalf of tenant-in-common investors. The four-story, 102,000-square-foot office building is located at the northeast corner of Highway 281 North and Central Parkway North in San Antonio. Ryan Gallagher of Grubb & Ellis represented the buyer, BHP Funding Corp., in the transaction.
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.
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.