Texas

GLADSTONE ACQUIRES ALLEN OFFICE BUILDING FOR $15.1M

by admin July 16, 2013

ALLEN, TEXAS — Gladstone Commercial Corp., a publicly traded REIT, has acquired a two-story, 115,200-square-foot office building in Allen for $15.1 million. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE brokered the transaction. Synovus Bank provided acquisition financing. The purchase of the two-tenant, fully leased property is in line with the company's strategy to expand beyond acquiring single-tenant properties, according to Buzz Cooper, senior managing director of Gladstone Commercial Corp.

July 16, 2013

ARA SECURES SALE OF BENT TREE APARTMENTS IN SAN ANTONIO

by admin July 16, 2013

SAN ANTONIO — ARA has arranged the sale of the 272-unit Bent Tree Apartments, located at 4801 Gus Eckert Road in San Antonio. Casey Fry and Pat Jones of ARA represented the seller, Venterra Realty, a privately held owner/operator of apartment communities in Texas, Georgia, Florida, North Carolina and Tennessee. Venterra Realty sold the community to Salem, Ore.-based Windmill Investments, a privately held real estate investment firm. Bent Tree includes efficiencies, one- and two-bedroom units that average 683 square feet. The community also features two resort-style pools, a business center, resident lounge and views of downtown San Antonio. Occupancy at the time of sale was 96 percent.

July 16, 2013

Office Texas

KDC BREAKS GROUND AT $1.5B MASTER-PLANNED DEVELOPMENT

by admin July 15, 2013

RICHARDSON, TEXAS — KDC has begun construction on its 186-acre, $1.5 billion master-planned community in Richardson. The development is located near the intersection of President George Bush Turnpike and North Central Expressway. State Farm will lease 1.5 million square feet in three of the towers at the new development. The three Class A buildings include a 13-story, 15-story tower and 21-story towers, which are all situated on five-level parking structures and include ground-floor retail space. Once completed, State Farm will have the capacity to employ 8,000 staffers. Randy Cooper and Craig Wilson of Cassidy Turley represented State Farm in the lease transaction. Austin Commercial is the general contractor of the development, and Corgan Architects is providing design services for both the shell and interior of the properties. Including the three towers, the development will consist of 5 million square feet of office space, 300,000 square feet of grocery, retail and restaurant space, 3,925 multifamily units and two hotels. KDC is pursuing LEED Silver certification for the office towers, which are slated for occupancy in early 2015.

July 15, 2013

Multifamily Texas

STEADFAST INCOME REIT BUYS APARTMENT COMMUNITIES FOR $31.9M

by admin July 15, 2013

PLANO AND CARROLLTON, TEXAS — Steadfast Income REIT Inc. has acquired two apartment communities in Plano and Carrollton totaling for $31.9 million. The REIT purchased the 350-unit Waterford on the Meadow in Plano for $23.1 million and the 131-unit Arbors at Carrollton in Carrollton for $8.8 million. Waterford on the Meadow is 97 percent occupied and includes a swimming pool, sand volleyball court, clubhouse and picnic areas. Steadfast plans to upgrade the interior of each apartment unit between resident move-ins. Arbors at Carrollton is 95 percent occupied and includes a swimming pool, clubhouse and barbecue areas. Steadfast plans to upgrade the kitchen appliances when turning the units between residents. Including these acquisitions, the REIT has acquired more than 9,250 apartments homes in the Southwest, Southeast and Midwest for approximately $820 million.

July 15, 2013

Retail Texas

320,352 SF INDEPENDENCE PLAZA IN LAREDO SELLS TO PARTNERSHIP

by admin July 15, 2013

LAREDO, TEXAS — Marcus & Millichap has brokered the sale of Independence Plaza, a 320,352-square-foot, grocery-anchored retail center located at 1911 Bob Bullock Loop in Laredo. James Bell of Marcus & Millichap's Houston office represented the seller, a Texas-based limited partnership, in the transaction. The buyer is a publicly traded REIT. The retail center was built in phases between 2007 and 2013. A 147,324-square-foot H-E-B Plus anchors the center, and the other tenants include T.J. Maxx, Hobby Lobby, Ross Dress for Less, Ulta Beauty, Petco, Wells Fargo and Chili's.

July 15, 2013

Office Texas

MOODY RAMBIN BROKERS SALE OF THREE CLEAR LAKE PROPERTIES

by admin July 15, 2013

CLEAR LAKE, TEXAS — Moody Rambin has arranged the sale of three properties — two office buildings and one flex building — totaling 130,000 square feet in Clear Lake. The properties are located at 16840 and 16850 Buccaneer Lane and 1045 Gemini St. Northden Holdings LLC purchased the properties from CEF Funding LLC. Rob Chandler of Moody Rambin represented the seller in the transaction.

July 15, 2013

Retail Texas

CBRE ARRANGES SALE OF SHELDON FOREST SHOPPING CENTER

by admin July 15, 2013

CHANNELVIEW, TEXAS — CBRE's National Retail Investment Group has secured the sale of of Sheldon Forest Shopping Center, a 97,380-square-foot property located at 450 Sheldon Road in Channelview, 16 miles east of Houston. Gerland's Food Fair anchors the center, and its other tenants include Family Dollar and Burke's Outlet. Phase I and II of the center are both fully occupied. Capcor Partners purchased the center from Weingarten Realty Investors. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in the transaction. Jeff Stein of CBRE's Houston office arranged the acquisition financing for the transaction.

July 15, 2013

Multifamily Texas

WALKER & DUNLOP PROVIDES FINANCING FOR TWO MULTIFAMILY PROPERTIES

by admin July 12, 2013

DALLAS AND HUMBLE, TEXAS — Walker & Dunlop Inc. has provided financing for two borrowers in Texas under its Interim Loan Program. The program offers floating-rate loans to experienced borrowers seeking to acquire or reposition multifamily, independent living and assisted living properties that do not currently qualify for permanent financing. The first financing is a $23.35 million acquisition loan for Bellaterra at Deerbrook, a 360-unit, garden-style apartment property located in Humble. The complex features one- and two-bedroom floor plans. This one-year, interest-only financing marks the first interim loan for borrower Priderock Capital Partners. Stephen Farnsworth, senior vice president, led the Walker & Dunlop team in the transaction. The second financing is an interest-only, nonrecourse loan for the 55-unit Shelby Apartments, a Class A multifamily property located on the Southern Methodist University campus in Dallas. The Prescott Group of Dallas and AREA Property Partners received the loan. Matt Wallach and Stephen Wes, vice presidents led the Walker & Dunlop team in the transaction.

July 12, 2013

Retail Texas

RESTAURANT CRAVE PLANS NEW LOCATION IN AUSTIN

by admin July 12, 2013

AUSTIN, TEXAS — CRAVE, which features eclectic American cuisine, is opening a new location in the 8,500-square-foot former Roy’s restaurant space at 340 E. Second St. in Austin’s Convention Center District. The space has been vacant for more than three years. Currin J. Van Eman, vice president, of NAI REOC Austin, and Jack Breard, president of UCR Urban, represented CRAVE in the transaction. Mike Joyce with the retail group Live Oak-Gottesman represented the landlord, Gottesman Co. The restaurant is slated to open in the first quarter of 2014.

July 12, 2013

Seniors Housing Texas

UPTOWN HOUSTON DISTRICT CHOOSES POST OAK CENTRAL FOR NEW PROJECTS

by admin July 12, 2013

HOUSTON — The Uptown Houston District has chosen Post Oak Central, a three-building office complex totaling 1.3 million square feet, as the hub for the management of its new projects, including the reconstruction and widening of Post Oak Boulevard. The project stems from the recent approval of the extension and expansion of Uptown Houston’s Tax Increment Reinvestment Zone. The Uptown Houston District will lease 7,900 square feet at Post Oak Central. The office is currently 95 percent leased with approximately 65,000 square feet still available. The property is LEED Gold certified. Enhancements are being made on the office complex including a new 20,000-square-foot health club, updated conference facility and improved retail and parking.

July 12, 2013

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