HOUSTON — LMI Capital has arranged $7.2 million in acquisition financing for the 436-unit Crescent Park Apartments, located in west Houston. Brandon Brown of LMI Capital arranged the three-year loan through a bridge lender. LMI Capital has also recently arranged loans for Windfern Pointe Apartments in northwest Houston, Ashford Park Apartments in west Houston and Bay House Apartments in the Clear Lake area.
DALLAS — Atlanta-based Cousins Properties has acquired 2100 Ross Avenue, an 844,000-square-foot, Class A office building located in Dallas' Art District, for $59.2 million at a foreclosure auction. The building is 67 percent leased to tenants such as CBRE Group, Prudential Mortgage Capital and Bank of America Merrill Lynch. The building is located adjacent to the new 5.2-acre Clyde Warren Park, which is slated to open in October.
HOUSTON — Granite Properties and Hoar Construction have begun construction of the 300,000-square-foot Briarpark Green, a 12-story, Class A office building located at 3151 Briarpark in Houston's Westchase district. PGAL has designed the building to LEED Gold standards. The property is currently speculative and Granite Properties is providing construction financing. The building will have wood paneling, blown-glass fixtures and elevators with in-cab televisions. The property will also include a 361,000-square-foot, six-story parking garage. The building is slated for a September 2013 completion.
ARLINGTON AND IRVING — Marcus & Millichap has arranged the sales of the 114-unit Pine Ridge Apartments in Arlington and the 111-unit Embassy Apartments in Irving. Pine Ridge is located at 3808 Little Road and Embassy is located at 1415 W. Airport Freeway and MacArthur Boulevard. Pine Ridge was 97 percent occupied and Embassy was 93 percent occupied at the time of the sales. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, an out-of-state partnership, in the Pine Ridge transaction. John Barker of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the Embassy transaction.
SPRING — RCG Ventures Fund II has purchased the 45,222-square-foot Best Buy, located at 19503 Interstate 45 in Spring. Super Target, Staples and Petco shadow-anchor the Best Buy location. RCG owns 66 assets totaling more than 6 million square feet.
LAKE JACKSON — Colliers International has brokered the sale of the 61,213-square-foot Brazos Crossing Shopping Center, located at 104 Highway 332 E. in Lake Jackson. The shopping center is fully leased to tenants such as PetSmart, Office Depot and Best Buy. Christopher Winters and Crady Newton of Colliers International represented the seller, Lake Jackson Crossing LP., in the transaction. Emilio Guzman and Guillermo Anaya, also of Colliers, represented the buyer, Brazos Crossing Management.
HOUSTON — CyrusOne has plans to add a 120,000-square-foot data center at its Houston West location, bringing the three-center property to a total of 300,000 square feet. The data center, which will provide 24 mW of power, is slated for a first quarter 2013 completion. The facility is being built to achieve LEED Platinum certification.
DENTON — Dallas-based PMFG has begun construction on its new 80,000-square-foot manufacturing facility, located in Denton. CBRE Group represented PMFG in its acquisition of the 33-acre site. The facility is slated to employ approximately 150 people upon completion.
IRVING — Panther Transaction Group, in a partnership with a Dallas-based multifamily investor, has purchased the 256-unit Westgate Apartments, located at 3829 William DeHaes Drive in Irving. The partnership has plans to make interior renovations exceeding $500,000. The community is 94 percent occupied. Transwestern represented both the buyer and seller in the transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of the 316-unit Havenwood, a multifamily community located at 6500 Melwood St. in Fort Worth. The community features two swimming pools, a fitness center, tennis and racquetball courts, security systems and washer/dryer connections. The property is 94 percent occupied. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Dallas-based investor, in the transaction and represented the buyer, an out-of-state partnership. Marcus & Millichap Capital Corp. arranged a 10-year loan through Fannie Mae for the acquisition on behalf of the buyer.