Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/817755
16 • May 2017 • Texas Real Estate Business www.REBusinessOnline.com A U S T I N & C E N T R A L T E X A S MARCUS & MILLICHAP NEGOTIATES SALE OF SELF-STORAGE PORTFOLIO AMARILLO, PLAINVIEW AND LUB- BOCK, TEXAS — Marcus & Millichap has arranged the sale of a nine-prop- erty portfolio of Extra Space Storage facilities located in Amarillo, Plain- view and Lubbock. The portfolio en- compasses 1,237 climate-controlled units, 3,527 non-climate-controlled units, 18 offices and 644,795 square feet of net rentable space. Brett Hatch- er and Charles LeClaire of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the buyer, also a limited liability company. JLL NEGOTIATES SALE OF 50,502 SF OFFICE PROPERTY AUSTIN, TEXAS — JLL has negotiat- ed the sale of Oak Creek Plaza, a two- story, 50,502-square-foot office build- ing located at 3107 Oak Creek Drive on Austin's north side. The sale in- cludes the 7.6 acres on which the prop- erty is situated. Jeff Coddington and Kevin Kimbrough of JLL represented the seller, Toronto-based Eastbourne Investments. TMF Health Quality, an Austin-based healthcare consulting firm, purchased the property. WILLIAM COLE COS. COMPLETES 176-KEY HOTEL NEAR TEXAS A&M; BRYAN, TEXAS — William Cole Cos. has completed development of The Stella, a 176-key hotel in Bryan, a city near Texas A&M; University in Col- lege Station. Located at 4100 Lake Atlas Drive, the property is part of ATLAS, a master-planned develop- ment approximately two miles from the school's campus. Hotel amenities include suites with wraparound bal- conies, minibars in every room, 20,000 square feet of event and meeting space and an on-site restaurant. The hotel opened April 6. ECR NEGOTIATES 16,444 SF OFFICE LEASE AUSTIN, TEXAS — Equitable Com- mercial Realty (ECR) has negotiated a 16,444-square-foot lease on behalf of engineering firm Cobb, Fendley & As- sociates Inc. at Centennial Towers, an office property located at 505 E. Hunt- land Drive in Austin. Matt Levin and Jason Steinberg of ECR represented the landlord in the transaction. Jason Whittington of NAI Partners repre- sented the tenant. DOUGHERTY MORTGAGE ARRANGES $11.1 MILLION ACQUISITION LOAN FOR APARTMENT COMPLEX WACO, TEXAS — Dougherty Mort- gage LLC, a Minnesota-based mort- gage broker, has arranged an $11.1 million Fannie Mae loan for the ac- quisition of Blair's Cove Apartments, a 256-unit multifamily property in Waco. The loan, which was arranged on behalf of Upper Level Acquisitions II LLC, features a 10-year term, 30- year amortization schedule and one year of interest-only payments. The property is located at 2425 S. 21st St., approximately two miles from Baylor University. LMI CAPITAL CLOSES $16 MILLION IN FINANCING FOR TWO RETAIL CENTERS HOUSTON AND AUSTIN — LMI Capital has arranged $15 million for the refinancing of two retail proper- ties in the greater Houston and Austin areas. The first transaction was a 10- year loan for a 102,000-square-foot site in southeast Austin, and the second transaction was a seven-year loan for a 21,000-square-foot property in north Houston. Both loans included a 4.75 percent fixed interest rate. The names of the properties were not disclosed. GVA, DECISIVE VENTURES RECEIVE FINANCING FOR MULTIFAMILY PROPERTY GEORGETOWN, TEXAS — GVA LLC and Decisive Ventures LLC, two Aus- tin area-based investment firms and joint venture partners, have received acquisition financing for Apple Creek, a 176-unit apartment community in Georgetown, a northern suburb of Austin. Amenities of the 10-building property, which is situated on a 10.5- acre tract at 302 Apple Drive near Interstate 35, include a pool, play- ground, basketball court and a dog park. HFF arranged the seven-year loan, which has a floating interest rate starting at 3.31 percent, through Fred- die Mac on behalf of the joint venture. Keri Samford, Economic Development Director 972.624.3127 • edc@thecolonytx.org • www.TheColonyEDC.org A RETAIL AND RESTAURANT DESTINATION Over 8 Million Visitors Projected Annually to Nebraska Furniture Mart/Grandscape Development A GROWING RETAIL TRADE AREA POPULATION OF 155,425 Median Household Income of $98,839 Average Household Income of $129,628 AWARD-WINNING QUALITY OF LIFE - SMARTASSET.COM