Texas

Moviehouse & Eatery Purchases Land at Craig Ranch in Metro Dallas

by Haisten Willis April 14, 2015

MCKINNEY, TEXAS — Moviehouse & Eatery has purchased 6.8 acres at Craig Ranch in McKinney. The land is located at Custer Road and U.S. Highway 121. Moviehouse will build a 40,000-square-foot, 10-screen movie theater at the property. The new theater is set to open in May 2016. This will be Moviehouse Eatery’s third location in metro Dallas. Tey Tiner and W. Thurston Witt Jr. of CBRE | UCR represented Craig Ranch in the land sale. Jason Middlebrook of Trulan Property Advisors represented Moviehouse & Eatery.

April 14, 2015

Texas Digestive Disease Consultants Expands Headquarters in Dallas

by Haisten Willis April 14, 2015

DALLAS — Texas Digestive Disease Consultants has expanded its headquarters office in the Dallas Medical District. The Elmbrook Medical Plaza tenant has expanded to 16,576 square feet, of which 7,760 square feet is new space, and extended its term seven-plus years. Paul Richter and Leigh Richter of Dallas-based Bradford Commercial Real Estate Services represented the landlord, LoaLoa Partners LP. The tenant operates 23 offices throughout North Texas. The headquarters office, located at 8267 Elmbrook Drive, is a centralized location for the medical group, which hosts on-site monthly conferences for its physicians. The existing office and new space are located on the top floor of the two-story building.

April 14, 2015

Multifamily Texas

New Condo Tower to Become Tallest Building in Austin

by Haisten Willis April 13, 2015

AUSTIN, TEXAS — A planned 58-story condo tower will become the tallest building in Austin upon completion. The planned 685-foot tall structure will be called The Independent. The property is also set to become the tallest residential building in the U.S. west of the Mississippi River. The Independent will feature 370 condo residences, ranging from 675 to 3,485 square feet, with floorplans featuring one to three bedrooms. Units will range in price from the mid-$300,000s to over $3 million. The 950,000-square-foot project is located at the northeast corner of West 3rd Street and West Avenue.

April 13, 2015

Retail Texas

M&M Arranges Sale of 16,400 SF Retail Property in Houston

by Haisten Willis April 13, 2015

HOUSTON — Marcus & Millichap has arranged the sale of Shadowbriar Shopping Center, a 16,400-square-foot retail property located in Houston. James Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. Marc Irvin of Marcus & Millichap’s Atlanta office secured and represented the buyer, a private investor. Shadowbriar Shopping Center is located at 12303 Westheimer Road.

April 13, 2015

Multifamily Texas

Hunt Entities Secures Financing, Project Development and Construction of Apartments in El Paso

by Haisten Willis April 13, 2015

EL PASO, TEXAS — Hunt Cos. has secured financing, project development and construction for 1,590 units across 13 properties in the city of El Paso. The project is Phase I of a rental assistance demonstration project. In December 2013, the Department of Housing and Urban Development approved The Housing Authority of the City of El Paso’s (HACEP) application to convert 6,100 units through the rental assistance demonstration initiative (RAD). RAD allows public housing agencies to leverage public and private debt and equity in order to rehabilitate public housing. HACEP selected Hunt Cos. as its development partner for Phase I of the project in 2014. The partnership will revitalize the properties over the next two years. Hunt Development Group will act as the development manager; Moss Construction will be the project’s master subcontractor; Hunt Mortgage Group provided the debt through a Freddie Mac tax-exempt loan direct purchase program; and Hunt Capital Partners secured the tax credit equity from Aetna, MetLife and USAA. The project represents a $250 million initial public/private investment, which could grow to a total of $1 billion over the next five years.

April 13, 2015

Industrial Texas

NAI Arranges Sale of 58,000 SF Industrial Building in Stafford, Texas

by Haisten Willis April 13, 2015

STAFFORD, TEXAS — NAI Partners has arranged the sale of a 58,000-square-foot industrial building in Stafford. The property is located on six acres at 10905 Cash Road. Chris Caudill of NAI Partners represented the buyer, OHK LLC. Marc Drumwright of Southwest Realty Advisors represented the seller, Satake USA Inc.

April 13, 2015

Loans Multifamily Texas

HFF Arranges $6.2M in Financing for Class A Apartment Complex in Metro Houston

by Haisten Willis April 10, 2015

KINGWOOD, TEXAS — HFF has arranged $6.15 million in mezzanine financing for the development of Kings Landing, a 327-unit, Class A apartment complex in Kingwood. HFF worked on behalf of the borrower, Mark-Dana Corp., to secure the loan through an affiliate of Prime Finance. Amegy Bank provided the senior construction loan in a non-HFF related transaction. Due for completion in 2016, the property will be composed of 12 two- and three-story garden-style buildings with units averaging 989 square feet each with attached garage parking. Situated on 12.6 acres at 331 Forest Center Drive, the property will have frontage along Highway 59 between the intersections of North Park Drive and Kingwood Drive, 24 miles north of downtown Houston. Colby Mueck led HFF’s equity placement team.

April 10, 2015

Multifamily Texas

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 10, 2015

GRAND PRAIRIE — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Rose Garden, a 57-unit apartment community located at 2718 Sherman Street in Grand Prairie. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented NYE LLC in the sale of Rose Garden to Series C of Intelligent Investments LLC. Built in 1968, Rose Garden is a six-building, 43,670-square-foot property consisting of 33 one-bedroom units and 24 two-bedroom units. The property is located near prominent entertainment hubs, retailers and restaurants, and offers access to nearby amenities.

April 10, 2015

Multifamily Texas

Berkadia Negotiates Sale of Two Texas Multifamily Properties

by Haisten Willis April 10, 2015

AUSTIN AND GALVESTON, TEXAS — Berkadia has negotiated the sale of two multifamily properties in Texas. George Deuillet III and Forrest Bass of Berkadia’s Austin office negotiated the sale of Capitol Village Apartments located in Austin. Chip Nash, Greg Austin, Wade Schmitz and Bob Heard of the firm’s Houston office negotiated the sale of Driftwood Apartments in Galveston. Both sales closed on March 31. Capitol Village Apartments, located at 6855 E. Highway 290 in Austin, was built in 1969. The 249-unit property features studio, one-, two- and three-bedroom layouts. Unit amenities include kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans and walk-in closets. Community amenities include a swimming pool, clubhouse, playground, fitness center and business center, as well as barbeques, carports and two laundry facilities. The property, which is 96 percent occupied, is located on Highway 290 near State Route 183. The seller was InterGroup Corp. of Los Angeles and buyer was a private investor from San Francisco. Built in 1982, Driftwood Apartments is located at 7019 Lasker Drive in Galveston and is 97 percent occupied. The 238-unit property features one- and two-bedroom layouts, and unit amenities include kitchens, pantries, balconies, patios, washer and dryer connections, walk-in closets and …

April 10, 2015

Loans Multifamily Texas

LMI Capital Secures $26.4M Loan for Refinance of Apartment Complex in Houston

by Haisten Willis April 10, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $26.4 million in debt for the refinance of a garden-style apartment complex in Houston’s Galleria submarket. On behalf of the borrower, Mullin secured the 10-year, fixed-rate CMBS loan that provided cash out proceeds to the client. The loan featured a 4.2 percent interest rate and five years of interest-only payments followed by a 30-year amortization schedule.

April 10, 2015

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