HOUSTON, SPRING AND KATY — ARA has brokered the sale of a 940-unit multifamily portfolio featuring the 318-unit Piney Creek in Houston, the 304-unit Spring Creek in Spring and the 318-unit Downs at Cinco Ranch in Katy. David Mitchell, David Oelfke, Matt Rotan and David Wylie of ARA's Houston office represented the undisclosed seller in the transaction. Camden Property Trust was the buyer.
PARIS — Paris Junior College, located at 2400 Clarksville St. in Paris, has selected Plano-based SHW Group to design its $11 million, 41,800-square-foot Science and Technology Center. The new facility will provide classrooms, laboratory space and departmental offices. Construction began in October of this year and is slated for a December 2012 completion.
DALLAS AND FORT WORTH — Nebraska Furniture Mart has purchased four parcels of land, located south of Highway 121 and east of Plano Parkway in the Dallas/Fort Worth area, totaling 433 acres,to develop its fourth and largest store in the country. Larry Leon, Jonathan Cooper and Bob Moore of Venture Commercial Real Estate's Dallas office represented the buyer in the purchase of a 308-acre tract. The seller was Maharishi Global Development Fund. David Davidson Jr. of Venture's Dallas office and David Davidson Sr. of Davidson Real Estate helped Leon, Cooper and Moore in the purchase of the surrounding three parcels.
THE WOODLANDS — The Woodlands Development Co. has secured a $55 million loan for two office buildings, the 216,000-square-foot 4 Waterway Square and the 95,078-square-foot 9303 New Trails, located in The Woodlands. Both properties are well-occupied — 4 Waterway Square is 98.8 percent leased and 9303 New Trails is fully leased. The Woodlands Development Co. arranged the 12-year loan through Prudential Mortgage Capital Co. on behalf of Dallas-based The Howard Hughes Corp. The loan will refinance a maturing construction loan at 9303 New Trails.
MIDLAND — Dallas-based Annandale Real Estate has purchased a 29,000-square-foot retail property formerly occupied by Circuit City, located at 4110 W. Loop 250 in Midland. The facility has been vacant for more than 2 years. Parker Carroll of Coldwell Banker's Lubbock office represented the buyer in the transaction. The seller, a bank, was represented by Lynn Cook of Odessa-based The Havens Group.
DALLAS — Dallas-based Compatriot Capital, a subsidiary of Sammons Enterprises, has acquired a 50 percent ownership of Farmington Hills, Mich.-based Village Green, a privately held luxury apartment developer and manager. Village Green owns and operates $4.5 billion in assets across 14 states, and plans to invest approximately $50 million for the development or acquisition of $250 million in apartment assets in the next 2 to 3 years. The Village Green acquisition is Compatriot's first action in developing a $1 billion real estate business during the next decade.
DALLAS — Fort Worth-based Crescent Real Estate Holdings will develop a 600,000-square-foot mixed-use project on its 3.1-acre parcel at McKinney Avenue and Olive Street in Dallas. Pelli Clarke Pelli Architects, designer of the World Financial Center in New York City, the Petronas Towers in Malaysia and the International Finance Centre in Hong Kong, will design the project. The property will feature 400,000 square feet of office space, 60,000 square feet of retail space and 50 luxury residences. The project will break ground once it has been successfully pre-leased.
DALLAS — Dallas-based Ashford Hospitality Trust has restructured its $203.4 million mortgage loan and extended its maturity from December 2011 to March 2014. At the close of the loan restructuring, Ashford allocated $25 million toward the loan, decreasing the balance to $178.4 million. Terms of the restructuring indicate that 85 percent of excess cash flow after debt service, working capital and capital expenditures will go to paying down the debt.
AUSTIN — LDR has opened its approximately 40,000-square-foot office building, located at 13785 Research Blvd. in Austin, which will serve as LDR's new global headquarters. The office building was a build-to-suit for LDR. STG Design's Austin office was the architect of the new office and Austin-based Burt-Watts Industries was the contractor.
NORMAN, OKLA. — A 24,641-square-foot retail property, located at 300 Norman Center Ct. in Norman, which was once leased to Borders has been sold for $1.6 million. The seller was Farmington Hills, Mich.-based Agree Realty Corp.
