AUSTIN — The Beck Group has begun construction of the 40,000-square-foot Austin Children's Museum, which will be the anchor tenant of Mueller Town Center in Austin. The two-story museum will include eight different indoor exhibits as well as a courtyard for outdoor exhibits. The facility is designed to achieve LEED certification and is set to open in late 2013.
Texas
HOUSTON — A joint venture between Hines and Pinto Realty Partners has hired Studley's Houston office for tenant representation of Pinto Business Park, a 971-acre master-planned business park located at the southwest corner of Beltway 8 and Interstate 45 in Houston. Additionally, an affiliate of Kohlberg Kravis Roberts will invest in the development of the business park. When fully built out, the park could span 9 million square feet and represent approximately $900 million in investments.
DALLAS — Cadence McShane Construction Co. has completed the construction of the 98,228-square-foot Adelfa Botello Callejo Elementary School, located at 7817 Military Parkway in Dallas. The school will serve 810 students from pre-kindergarten through fifth grade. HKS Architects designed the school in compliance with the Dallas Independent School District sustainable design board policy and the City of Dallas Green Building Ordinance. The sustainable features include a geothermal heating/cooling system, reflective roof, water-efficient plumbing and use of natural daylight. The new school will feature 36 classrooms, a visual arts area, two computer labs, a gymnasium, cafeteria and administrative office space.
DESOTO — Griffin-American Healthcare REIT II has acquired the 30,000-square-foot DeSoto Medical Office Building, located in DeSoto. The property is fully leased to four tenants, the largest of which is Texas Health Resources. The REIT purchased the property from Caddis Partners, using $5.5 million in borrowings through Bank of America and cash on hand. The transaction was part of a $59.6 million portfolio purchase that included healthcare properties in Tennessee.
AUSTIN — Marcus & Millichap has arranged the sale of the 112-unit Spanish Palms, a multifamily property located at 1007 E. Rundberg Lane in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller in the transaction and procured the buyer, a private investor.
GRAPEVINE — GCC Project Owner has purchased the 33,995-square-foot Capital Center I & II, an office property located at 1235 and 1245 S. Main St. in Grapevine. David Glasscock and Wade Smith of Colliers International represented the seller, OneWest Bank, in the transaction.
NACOGDOCHES — Domus Development has begun construction of the 310-unit Lumberjack Lofts, an upscale student housing community located within walking distance to Stephen F. Austin University in Nacogdoches. Each unit will be fully furnished and include washer/dryers, high-end finishes and a Memory Foam mattress on each bed. Amenities will include a courtyard, salt water pool, sand volleyball court, fitness center, basketball court, coffee bar and a lounge. Asset Campus Housing will manage the property, which will open for residency in fall 2013.
HOUSTON — HFF has arranged the sale of the 478,584-square-foot Northline Commons, a retail power center located at the northeast corner of Interstate 45 and Crosstimbers in Houston. The center is 86 percent leased to Marshalls, Ross Dress For Less, Burlington Coat Factory, Conn's and Palais Royal. Rusty Tamlyn and Ryan West of HFF represented the seller, Berenson Associates, in the transaction. The buyer, North American Development Group, was self-represented by Stephen Preston.
HOUSTON — ARA has arranged joint venture equity for the planned 320-unit Broadstone Energy Corridor, a multifamily development located on the southeast corner of Eldridge Parkway and Memorial Drive in Houston. The community is an Alliance Residential project. Adam Allen and Matt Rotan of ARA's Houston office represented Alliance in the transaction, and a large institution with a multi-billion dollar real estate portfolio made the investment alongside Alliance. Construction is slated to begin within the next 30 days and is slated for an early 2014 completion.
HOUSTON — NorthMarq Capital has secured $2.75 million in first trust acquisition financing for a 21,519-square-foot bank fully leased to Wells Fargo, located in Houston. Matthew Kohlhoss of NorthMarq's Washington, D.C., office arranged the 10-year loan with a 22-year amortization schedule through a CMBS lender on behalf of the borrower, LOG II, LLC.