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.
Texas
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.
FRISCO, TEXAS — North Texas Enterprise Center for Medical Technology (NTEC) will break ground on a 35-acre medical technology park in Frisco. The park, located at 6170 Research Rd., will be the largest medical technology park in Texas. Phase I will include a two-story, 50,000-square-foot building that will offer office and lab space to as many as 35 medical device and technology-based businesses. Frisco Economic Development Corp. has passed an $11 million bond issue to help fund Phase I. Project partners include Farmington Hills, Mich.-based contractor The Sinacola Companies and Dallas-based architecture firm Croft Architectural Consortium.
TEXAS AND NEW MEXICO — Centerline Holding Co. has provided $72 million in financing for San Francisco-based The Reliant Group and a group of non-profit partners for the acquisition of a 20-property multifamily portfolio in Texas and New Mexico. Centerline provided $25.3 million in tax credit equity and $46.9 million in tax-exempt bond financing. An additional $24 million was provided by other sources. Plans include a complete renovation to the interior and exterior of the properties, which are slated for completion late 2008.
AUSTIN, TEXAS — Stream Realty Partners has acquired a 97,594-square-foot office property in Austin. Located at 8100 Cameron Rd., the property features two, two-story buildings. The buyer was represented in-house by Derek Land, and Walter Saad and Cathy Nabours of CBRE private client group represented the undisclosed seller. The buyer plans to renovate the lobby and common areas. The acquisition price was undisclosed.
MONTGOMERY COUNTY, TEXAS — A new urban village is being planned at the intersection of Interstate 45 and FM 3083/Carter Moore Parkway in Montgomery County. The 147-acre property, which is located midway between Lake Conroe and the Lone Star Executive Airport, will comprise retail, restaurants, offices, medical facilities, a hotel, luxury rental apartments and brownstone townhomes. Madeley Interests, the owner, has engaged Roger Galatas Interests as real estate advisor to create a land use plan and marketing strategy for the property.
ROUND ROCK, TEXAS — NorthMarq Capital recently arranged approximately $8.11 million in joint venture/equity capital for Sunrise Apartments, a 384-unit multifamily community located on Sunrise Boulevard north of Old Settler’s Boulevard in Round Rock. NorthMarq arranged the joint venture and equity placement for the borrower, a national apartment development company, through its relationship with Arsenal Real Estate Funds.