WACO — Deerwood Real Estate Capital has arranged a $15.35 million loan to refinance a 215,000-square-foot retail center that is shadow-anchored by a 150,000-square-foot Target in Waco. The property is currently 83 percent leased. Joe Hercenberg and David Rosenberg of Deerwood arranged the 10-year loan.
Texas
TEXAS — Cole Real Estate Investments has purchased a portfolio of 20 convenience stores, including 19 Stripes stores in Texas and one Road Ranger store in Illinois, for $80 million. Cole was self-represented by Daniel Lovitz in the transaction. The acquisition was in-line with Cole's growth strategy of acquiring core real estate assets occupied by creditworthy tenants with long-term leases.
KATY, SCHERTZ AND CEDAR PARK — PinPoint Commercial and Thrive Senior Living have plans to develop three assisted living/memory care facilities in Texas, including The Legacy at Falcon Point in Katy, The Legacy at Forest Ridge in Schertz and The Legacy at Crystal Falls in Cedar Park. The 104-bed Falcon Point facility is scheduled to break ground before the end of the year, the 120-bed Forest Ridge facility is slated to break ground in early 2013 and the 90-bed Crystal Falls facility is also slated to break ground in early 2013. The three facilities are part of a five-property portfolio being constructed with a total development budget of more than $80 million.
HOUSTON — The LaSalle Group has plans to break ground on the $11.2 million Autumn Leaves of West Houston, a 26,000-square-foot memory care/assissted living community that will be located at 1725 Eldridge Parkway in Houston. The project is slated to provide 200 jobs and will be the eighth Autumn Leaves community in the Houston area.
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.
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.