IRVING, TEXAS — Henry S. Miller’s Bill Bledsoe has arranged the sale of a single-tenant office building in Irving, The 3,900-square-foot building sits on .81 acres and is located at 727 W. Airport Freeway. The site was purchased by a local business for expansion and renovations are underway. Bledsoe represented the seller, Hargrove Interests LLC, while Luis Pina of Accent Commercial represented the unnamed buyer.
HARLINGEN, TEXAS — Kurt Dennis of LMI Capital has arranged acquisition financing for a garden-style apartment complex in Harlingen. Working on behalf of the borrower, Dennis secured a 10-year, fixed-rate loan with a CMBS lender. The first mortgage represented 80 percent of the purchase price and featured five years of interest-only payments. The borrower plans to fully upgrade the property’s interiors, exteriors and amenities in order to maximize the asset’s potential cash flow.
HOUSTON — The Hyatt Regency Houston Galleria has opened at 2626 Sage Road in Houston. The 14-story hotel, managed by Aimbridge Hospitality, marks the ninth Hyatt-branded hotel to open in the Houston area. The hotel is part of the 7.6-acre Galleria Plaza development, which includes retail, apartments and office towers. The development will also include Hyatt Place Houston Galleria, adjacent to Hyatt Regency Houston Galleria. The Hyatt Place hotel is under construction and is expected to open in early 2016. Hyatt Regency Houston Galleria features 325 rooms, including 20 suites and eight accessible rooms. The hotel features more than 11,000 square feet of functional space and an additional 7,800 square feet of lobby and gathering space. On the third floor is a heated, outdoor swimming pool and sun deck.
AUSTIN, TEXAS — Casey Development has started construction on Tacara at Steiner Ranch, a 246-unit, Class A apartment community located in the Steiner Ranch master planned community in Austin. Located northwest of downtown Austin, Steiner Ranch sits between Lake Austin and Lake Travis alongside the Balcones Canyon Land Preserve with views of the lakes and the hill country. Exterior materials will include stone and stucco with tile roofs on all amenity buildings. The property will consist of 150 one-bedroom/one-bath units, 80 two-bedroom/two-bath units and 16 three-bedroom/two-bath units. Property amenities will include a pool, outdoor lounge areas with barbecue grills, coffee bar, business center, fitness center, dog park and gated entry. All units will have quartz countertops with under-mount sinks, stainless steel appliances, walk-in closets, washers and dryers and hard surface flooring in kitchens, bathrooms and living areas.
HOUSTON — Whiting Turner has broken ground on Amarillo Terrace, a new 108-unit independent living property at the Eagle’s Trace continuing care retirement community in Houston. Amenities will include stainless steel appliances and granite countertops, while screened-in porches and patios will be options for a number of the residences. Residents will also have access to a new media room, fitness center and additional meeting space. Amarillo Terrace is scheduled to open in the fall of 2016. Texas-based JHP Architecture designed Amarillo Terrace to be connected by a climate-controlled walkway to the main clubhouse of Eagle’s Trace, which houses services such as the medical center, convenience store, salon and bank. Additionally, the continuing care neighborhood provides 112 residences offering assisted living, memory care, post-acute rehabilitation and nursing care services.
DALLAS — Mellow Mushroom is opening a new location at 2326 N. Henderson Ave. in Dallas. The 5,628-square-foot, freestanding pizza restaurant is anticipated to open in spring 2016. Sean Alkek of EDGE Realty Partners represented the tenant, and Drew Downs and Matt Heisley of Open Realty Advisors represented the landlord in the transaction. Founded in 2009, EDGE Realty Partners is a commercial real estate firm providing brokerage, development and investment sales services throughout the Southwest.
SAN ANTONIO — Walker & Dunlop has provided an $18 million acquisition loan for Whispering Oaks Apartments in San Antonio. The Walker & Dunlop team utilized Fannie Mae’s 10-year, fixed-rate product for the loan structure. In addition, the loan included three years of interest-only payments and utilized Fannie Mae’s Early Rate Lock program. Alex Inman led the Walker & Dunlop team that structured the loan. Located in the Whispering Oaks community, the garden-style apartment complex offers 346 units featuring one-, two- and three-bedroom apartments situated on 11.8 acres. Built in 1981, the property features a fitness center, three swimming pools, picnic areas, four on-site clothing facilities, a dog park, playground and business center. In the next 12 to 18 months, the purchaser plans to continue unit upgrades, common area improvements and exterior renovations. Whispering Oaks Apartments is 93 percent occupied.
SAN MARCOS, TEXAS — Stonemont Financial Group and The Preiss Co. will develop and complete the new Ella Lofts, a 252-bed off-campus student housing community within walking distance of the Texas State University campus. Located at 817 Chestnut St. in San Marcos, Ella Lofts will feature amenities including a 24-hour fitness center, group study areas, outdoor courtyards and a pool. The project will also feature one-, two- and four-bedroom loft floor plans. Formerly known as 817 Lofts, the project originally started construction under a different developer in 2013 and was set to be completed in August 2014. After construction delays and other stalls, the project sat dormant until Stonemont Financial purchased it in September. With more than 38,000 students enrolled, Texas State University is the fourth largest institution in the state of Texas. The Preiss Co. will serve as developer and manager for the project. Leasing is underway at the Ella Lofts leasing office located at 316-D Edward Gary Drive in San Marcos. Monthly rent will begin at $499 per student, which includes utilities and furniture.
ALLEN, TEXAS — Starwood Hotels & Resorts plan to open a new Aloft hotel in the Dallas suburb of Allen. Located within the Watters Creek at Montgomery Farm mixed-used development, Aloft Allen is set to open in March 2018. Watters Creek Hospitality will own the property and Aimbridge Hospitality will manage the hotel. The property will feature 136 rooms. Facilities at Aloft Allen will include an outdoor pool, gym and bar. In addition, the hotel will offer 2,000 square feet of meeting space for business meetings and social gatherings. Guests will also be able to use their smart phone as a key. The technology is available at all Aloft, Element and W hotels.
PLANO, TEXAS — The Boulder Group has arranged the sale of a single-tenant, net leased CVS/pharmacy located at 5920 W. Park Blvd. in Plano for $10.2 million. The trophy property was sold at a 4.8 percent cap rate, which is the lowest cap rate for a drug store property sold in 2015 outside of California, according to Real Capital Analytics. The 13,146-square-foot CVS is located at the intersection of West Park Boulevard and Parkwood Boulevard. The signalized intersection sees approximately 50,000 vehicles per day. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private partnership based in the Midwest, in the transaction. The purchaser was an individual utilizing a 1031 exchange. There are 21 years remaining on the CVS net lease, which features a 5 percent rental escalation in each of six five-year renewal option periods.