AUSTIN, TEXAS —Hank Crane of BMC Capital’s Austin office has arranged a $1.7 million loan for the refinancing of Woodland Corners, a 63-unit apartment community in Austin. The loan features a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
DALLAS — Quadrant Investment Properties (QIP) has acquired Saint Paul Place, a 22-story, 273,217-square-foot office building located on the corner of Ross Avenue and Saint Paul Street in the Dallas Arts District. The building is 78 percent leased to tenants including D-Magazine, Crowe Horwath and Sendero Business Systems. QIP plans to implement several improvements to the office tower including lobby amenity upgrades and a new tenant conference center and lounge that features a balcony overlooking the Dallas Museum of Arts sculpture garden. The new ownership will also upgrade corridors and implement a building-wide spec suite program. Headquartered in Dallas, QIP is a commercial real estate investment company targeting value-add office and industrial opportunities in Texas and the southwest United States. Celeste Fowden, Seth Thatcher and Ben Davis of CBRE will lease the project. HFF represented the seller in the transaction, and JLL procured financing for the asset.
HOUSTON — Advenir, a provider of multifamily real estate investment and management services, has acquired Advenir at Stone Park, formerly known as Broadstone Stone Park Apartments. The property is a 480-unit, Class A apartment community located at 6160 E. Sam Houston Parkway N. in Houston. Advenir has acquired more than 1,100 apartment units in metro Houston during the last nine months. Advenir at Stone Park is a two-phased development with the first phase built in 2004 and the second completed in 2007. Amenities include two fitness centers, two business centers, two swimming pools, available detached garages and carports and controlled access gates. Advenir plans to invest $4 million to renovate and modernize all of its common area facilities, the property exteriors and unit interiors. The property is located within walking distance to The Shops at Stone Park and New Forest Crossing Shopping Center, which include 533,000 square feet of retail combined.
BAY CITY AND SWEENY, TEXAS — Berkadia has negotiated the sale of two apartment communities located in Bay City and one in Sweeny. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the transactions. The sellers were Dallas-based private investors that plan to use the capital in other markets. A private investor in California was the buyer. Hamman Oaks, located at 2300 Hamman Road in Bay City, was built in 1974. The 84-unit property features one-, two- and three-bedroom floor plans. Community amenities include a laundry facility, basketball court and tennis court. Located one-half mile from Hamman Oaks, the 107-unit Bay Brook is located at 5001 Ave. F. The affordable housing community was built in 1979 and consists of one-, two- and three-bedroom floor plans. Units feature full kitchens, air conditioning and private patios or balconies. Amenities include laundry facilities, a swimming pool and a playground. Oak Bend Estates is located at 1000 W. Ashley Wilson Road in Sweeny. The 120-unit property was built in 1981 and was 96 percent occupied at the time of the sale. The property features one- and two-bedroom floor plans. Each unit features fully equipped kitchens, cable TV, high-speed …
PLANO, TEXAS — KBS Realty Advisors has signed a 39,334-square-foot lease with Highland Homes at Parkwood Place, a Class A, LEED-certified office property in Plano. The company renewed its 34,266-square-foot lease and expanded to an additional 5,068 square feet. Built in 2006, Parkwood Place is located in Plano’s Legacy submarket. The property spans 98,750 square feet and includes a tenant lounge and conference facility. Blake Shipley and Jeff Eckert of JLL represented KBS Realty Advisors in the transaction, while Scott Hobbs of CBRE represented Highland Homes.
DENTON, TEXAS — Venture Commercial Real Estate’s investment sales team has completed the sale of Lakewood Square, a 14,919-square-foot retail center located on the northeast corner of Teasley Lane and Robinson Road in Denton. Lakewood Square’s tenants include Subway, Vanilla Family Dentistry and Napoli’s Italian Restaurant. John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller of Venture Commercial represented the seller, Lakewood Partners. Michelle Hudson of Hudson Peters Commercial represented the buyer, a private investor.
SAN MARCOS, TEXAS — Austin-based Tex-Mex chain Chuy’s has signed a lease to open a restaurant in San Marcos. Chuy’s will open in the Springtown Shopping Center, which is receiving a $27.4 million overhaul by Austin-based Endeavor Real Estate Group. The center is located at 205 W. Hopkins St. along I-35. Chuy’s will occupy 6,500 square feet along with and an outdoor patio. Construction will begin in March, with the restaurant opening sometime this summer. Founded in Austin in 1982, Chuy’s owns and operates 69 full-service restaurants across 14 states. Since 2010, San Marcos’s population has increased by 30 percent
HOUSTON AND GARLAND, TEXAS — Dallas-based Revere Capital has funded a $13.5 million loan secured by a first lien for a vacant 223,000-square-foot Walmart in Garland, and a 200,000-square-foot shopping center anchored by a vacant former grocery store in Houston. The borrower plans to develop 100 percent of the vacant former Walmart space into rentable self-storage space coupled with a sports entertainment tenant. Half of the Houston property is leased to a Chuck-E-Cheese, a go-cart racing facility operator and other retailers. The borrower plans to convert 100,000 square feet of vacant shopping center space into self-storage space. Loan proceeds were used to repay existing first mortgages on each of the two properties, along with tenant improvements for executed leases for the inline retail space at the Houston property. The Houston property is in the Northgate neighborhood 18 miles north of downtown. In addition to the primary collateral, the loan is secured by a pledge of 90 percent of the ownership interests in a stabilized five-property portfolio of self-storage facilities owned by the borrower. The loan is also secured by a second lien on a vacant 170,000-square-foot K-Mart in Corsicana, and a personal guaranty of the sponsor.
HOUSTON — NAI Partners has represented Tipton Co. in the acquisition of a 10,000-square-foot office/warehouse space on 1.9 acres located at 3565 S. Loop 336 E. in Conroe. Ty Tipton is CEO and president of Tipton Co., a third-generation, family-owned plumbing supply company. His grandfather, Zeke Tipton, founded the company in 1935. Zeke Tipton was a captain in World War II serving in Germany. After returning from Germany in 1946, he and his wife, Cecile, put all their efforts toward building Tipton Co.
TOMBALL, TEXAS — Bellomy & Co. has arranged the sale of My Attic Self Storage in Tomball. The Class A facility consists of 626 climate and non-climate controlled units across 82,134 square feet. Bill Bellomy, Michael Johnson and John Arnold marketed the property on behalf of the Houston-based seller, Milestone Properties. Bellomy, Johnson and Arnold procured the buyer, Dahn American360, based in Irvine, Calif. A division of Dahn Corp., the company and its affiliates have acquired, developed or sponsored more than 6.5 million square feet of storage under the Mini U Storage brand name. My Attic will be rebranded as Mini U Storage Tomball. Bellomy & Co. is an Austin, Houston and Atlanta-based commercial real estate firm with a team exclusively focused on the self-storage industry.