CONROE AND AUSTIN — Marcus & Millichap Capital Corp. has arranged a $9.5 million permanent loan for a 70,000-square-foot retail property in Conroe and a $7.72 million interim/bridge loan for a 294-unit multifamily property in Austin. Peter Dunn of Marcus & Millichap's Houston office arranged both loans. The retail loan has a 10-year term and a 30-year amortization schedule, while the multifamily loan has a 18-month term.
DENTON — A joint venture between McCarthy Building Cos. and GCC Enterprises has commence construction on a $12 million Army Reserve Center in Denton. The U.S. Army Corps of Engineers, Fort Worth district is overseeing construction of the project, which will serve as the headquarters, training and maintenance facilities for the Army Reserve. The facility includes a 37,000-square-foot administrative/training center, a maintenance shop, storage buildings and support facilities.
SAN ANTONIO — San Antonio-based 4M Realty Co. has arranged the sale of a 163,000-square-foot industrial building, located on a 9-acre lot at 6351 Rittiman Road in San Antonio. Michael Weiss and Nick Prater of 4M Realty Co. represented the seller, City Bank Texas, in the transaction. Todd Hess of Keller Williams Commercial Realty's San Antonio office represented the buyer, Daily Bread Ministries.
HOUSTON — Coldwell Banker Commercial United, Realtors has brokered the sale of a 7,312-square-foot industrial property, located at 2301 McAllister Road in northwest Houston. Randy Connell of Coldwell Banker's Houston office represented the buyer, SIngle Source Events, in the transaction. Michael Holmes of Weichert Realty's Houston office represented the undisclosed seller.
KYLE — HFF has secured $4.7 million in refinancing for The Village at Kyle, a 26,000-square-foot shopping center located at 5695 Kyle Pkwy. in Kyle, a suburb of Austin. The retail center is leased to tenants including AT&T, Select Physical Therapy, SportsClips and Dickey's Barbecue Pit. Tyler Ford and Tucker Knight of HFF's Houston office arranged the 5-year, fixed-rate loan through Texas Exchange Bank on behalf of the borrower, SCC Development.
For years El Paso was thought of as a sleepy little outpost in far West Texas on the Mexican border. Many people from the rest of the state knew little about the city, and thought it well suited to be part of New Mexico. The economy was always fairly stable especially in the commercial real estate sector. There was never boom nor bust, just steady growth fueled internally. Arguably the biggest things to happen in El Paso were the construction of Interstate 10 and the Sun Bowl. That was of course until recently with the opening of the Texas Tech School of Medicine, and explosive growth at Fort Bliss. The Army post is in the last phases of a $4.5 billion expansion. That does not include a $1.5 billion, 250-acre Army medical campus, and VA Hospital that recently broke ground. It is estimated that Ft Bliss’s population will expand by 40,000 troops and their families during the next few years. In spite of the economic downturn, El Paso’s future is as bright as ever. It has received many national accolades. Forbes Magazine recently ranked the city as having the 2nd best performing economy nationally in 2011. El Paso is the …
SCHERTZ — San Antonio-based 4M Realty Co. has brokered the sale of a 386,000-square-foot industrial property, located at 1150 Schwab Road in Schertz on a 42-acre lot. Michael Weiss and Nick Prater of 4M represented the seller, City Bank Texas, in the transaction. John McMillan of San Antonio-based First American Commercial Property Group represented the buyer, Salof Properties.
HOUSTON — Cadence McShane has been selected to build the 90,000-square-foot Dogan Scott Elementary School, located at 4202 Liberty Road in Houston, on behalf of the Houston Independent School District. The new school will consolidate the former Scott and Dogan elementary schools into a single establishment. The new school will feature 40 classrooms, science labs, a full-service kitchen, a cafeteria and administrative offices. Cadence McShane will also complete the sitework, landscaping, playground areas and an 85-space parking lot. ESPA CORP is providing architectural services for the project, which is slated for a spring of 2013 completion.
HOUSTON — NAI Houston has arranged the sale of a 26,000-square-foot industrial building, located at 80 White Road in Houston. Clay Pritchett of NAI Houston represented the seller, Martinez A&M Investments, in the transaction and procured the undisclosed buyer.
MCALLEN — Palio Partners has commenced construction on an 8,500-square-foot retail property, located on a 1.33-acre lot called Renaissance Point at 1304 E. Expy. 83 in McAllen. Dallas-based Genghis Grill will occupy 4,500 square feet of the retail property and the remaining space is available for leasing. Greg Blandford of Dallas-based Position Property Group represented Genghis Grill in the lease transaction. This will be Genghis Grill's 95th location and it is slated to open in August 2012.