AUSTIN, TEXAS — An Austin-based investment partnership has purchased the 69,336-square-foot Rivertowne Mall from a private party for an undisclosed amount. The property is located on 5.58 acres at 2003-2017 Riverside Drive in Austin. The buyer is planning to redevelop the project into traditional retail space. Walter Saad, Cathy Nabours and Eric DeJernett of CB Richard Ellis' Austin office represented the seller.
Texas
HOUSTON — Wholesale Roofing Supply has purchased a 40,055-square-foot warehouse from Bowie Sims Prange for an undisclosed amount. The property is located at 1310 Richey Road in Houston. CB Richard Ellis' Glynn Mireles represented the buyer. The seller had in-house representation.
MCKINNEY, TEXAS — The Cirrus Group and its joint development partner McFarlin Group have broken ground on Orchard Park of McKinney, a senior assisted living facility, which specializes in tenants living with Alzheimer's disease and dementia. The development will be located at 3392 Medical Center Drive in McKinney and is scheduled to open in early 2011. Upon completion, Orchard Park of McKinney will contain 67 apartment-style assisted living residences and 30 memory care residences. Good Neighbor Care Centers will be assisting with daily operations.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has closed the sale of The Commons at Presidio Square, a 189,340-square-foot shopping center located at the intersection of Highway 6 and Bellaire Boulevard in Houston. The shopping center, which sits on 22.5 acres, is anchored by H-E-B and is currently 89.9 percent leased with major tenants such as RadioShack, IHOP and JPMorgan Chase. HFF's Rusty Tamlyn and Trent Agnew lead the investment sales team on behalf of the seller, Camden Securities. Canadian-based North American Development Group purchased the property and assumed the in-place financing.
HOUSTON — Marcus & Millichap Real Estate Investment Services has sold Long Point Shopping Center, a 41,731-square-foot retail property in Houston. Located at 7922 Long Point Road, the property consists of a KFC/Taco Bell and three freestanding retail buildings. Chris Maling of Marcus & Millichap's Los Angeles office and Todd A. Carlson of the firm's Houston office had the exclusive listing to the property on behalf of the seller, a California-based private investor. The buyer, a Texas-based private investor, was secured by Carlson.
HOUSTON — An investment fund managed by Urdang, the real estate investment specialist of BNY Mellon Asset Management, and Griffin Partners have refinanced an $80.8 million securitized loan for an 800,000-square-foot office building in Houston with a 7-year, fixed-rate term loan from MassMutual Financial Group in the amount of $81 million. Located at 1301 Fannin St., the Class A office building includes a data center. The Urdang Added Fund II, managed by Urdang Capital Management, and Griffin Partners acquired the property in March 2007.
MCKINNEY, TEXAS — CB Richard Ellis has been named advisor in the sale of Times Square at Craig Ranch, a mixed-use apartment and retail center at 7951 Collin McKinney Parkway in McKinney. The 313-unit multifamily community and 88,284 square feet of ground floor retail space was constructed at an estimated cost of $52 million and was foreclosed upon by Bank of America in November 2009. Dirk Goris and Mark Stymiest with the CBRE Multi Housing team in Dallas will lead the marketing on behalf of Bank of America. The five-story development is approximately 50 percent leased.
HOUSTON — Tuscon, Ariz.-based Pima Medical Institute (PMI) has leased 42,297 square feet of space within Katy Freeway Retail Center I, located at 10201 Katy Freeway in Houston, for a new campus facility slated to open in September. PMI is a private, family-owned, accredited medical school with 13 campuses throughout New Mexico, Arizona, Colorado, Washington, Nevada and California. James Wachholz of UGL Equis's Denver office worked with William Wolff of the firm's Houston office to secure the lease.
AUSTIN, TEXAS — Cole Real Estate Investments has acquired Sunset Valley Homestead, a 147,841-square-foot power center in Austin. Anchor tenants include PetSmart, Babies “R” Us, DSW Shoe Warehouse and ULTA Beauty. The center is located 6 miles from downtown Austin, and is in close proximity to the University of Texas.
AUSTIN, TEXAS — New York-based Hudson Realty Capital has funded a $9.17 million bridge loan for the acquisition and renovation of a 370-unit garden apartment complex in Austin. The sponsor is Los Angeles-based Post Investment Group, and the group acquired the complex from a special servicer that had foreclosed on the property. Situated on 14-acres, the 44-building multifamily rental complex is set to undergo a $4 million renovation and modernization.