Texas Real Estate Business

OCT 2017

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

Issue link: http://texasrealestatebusiness.epubxp.com/i/885420

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A U S T I N & C E N T R A L T E X A S 14 • October 2017 • Texas Real Estate Business www.REBusinessOnline.com H O U S T O N BMC CAPITAL SECURES $6.7 MILLION BRIDGE LOAN FOR PURCHASE OF APARTMENT COMMUNITY HOUSTON — BMC Capital has se- cured a $6.7 million bridge loan for the purchase of a 163-unit multifamily property in Houston. Clayton Wells of BMC Capital arranged the non- recourse loan, which includes a 75 percent loan to value (LTV) ratio and 18 months of interest-only payments. The names of the lender, borrower and property were not disclosed. JLL NEGOTIATES 37,715 SF OFFICE/INDUSTRIAL LEASE SUGAR LAND, TEXAS — JLL has negotiated a 37,715-square-foot of- fice/industrial lease at 13000 Execu- tive Drive in Sugar Land for INOVA Geophysical, a Houston-based seis- mic equipment and systems provider with offices all over the globe. Built in 1995, the property offers 42,000 square feet of office space and 12,000 square feet of warehouse space, as well as 15- ton crane capability and 24-foot clear heights. David Buescher and Jeff Veng- haus of JLL represented the tenant in the lease negotiations. Ryan Wasaff of The Welcome Group represented the landlord. The space will serve as INO- VA Geophysical's new headquarters. PISULA ACQUIRES 62,000 SF TRANSITIONAL CARE FACILITY IN CONROE CONROE, TEXAS — The Woodlands- based Pisula Development Co. has acquired Brightpointe at Rivershire, a 62,000-square-foot healthcare fa- cility situated on three acres at 601 S. Conroe Medical Drive in Conroe. Completed in 2016 and financed by Woodforest National Bank, the facility offers 150 beds for patients requiring medical and physical rehabilitation after being hospitalized. HFF NEGOTIATES $121.6 MILLION LOAN FOR REDEVELOPMENT OF APARTMENT TOWER HOUSTON — HFF has arranged a $121.6 million floating-rate bridge loan for the redevelopment of The Star, a multifamily development lo- cated in downtown Houston. Upon completion, the property will feature 286 multifamily units, 26,000 square feet of retail space, 8,000 square feet of storage space and 672 parking spaces. Steve Heldenfels and Matthew Putter- man of HFF arranged the loan through TPG RE Finance Trust on behalf of the borrower, Dallas-based Provident Realty Advisors. The property was originally commissioned in 1915 and is one of the only pre-WWII buildings still standing in Houston's CBD. CBRE ARRANGES 105,026 SF OFFICE LEASE RENEWAL HOUSTON — CBRE has negotiated a 105,026-square-foot office lease renewal on behalf of law firm Por- ter Hodges LLP at 1000 Main St. in downtown Houston. Charles Gordon, Brandon Clarke, Paul Penland and Ryan Roth of CBRE represented Por- ter Hodges in the lease negotiations. Wade Bowlin of PM Realty Group represented the landlord, 1000 Main LLC. Other tenants housed operating within the Class A, 837,161-square- foot building include Shell, UBS and Sanchez Energy. WPT INDUSTRIAL ACQUIRES 410,600 SF DISTRIBUTION CENTER HOUSTON — WPT Industrial REIT, a Canadian real estate firm specializing in the acquisition and development of warehouses and distribution centers, has acquired Apex Distribution Cen- ter, a 410,600-square-foot industrial asset in Houston. The three-building, Class A property is situated on 24.7 acres at 5750 Brittmoore Road and 10618 - 10634 Tanner Road near the West Sam Houston Parkway on the city's northwestern side. The proper- ty, which was 86 percent leased at the time of sale, also offers quick access to Interstate 10, State Highway 290 and Loop 610. Crow Holdings Indus- trial sold the asset, amenities of which include clear heights ranging from 28 to 32 feet, truck depths ranging from 120 to more than 185 feet, a total of 81 dock doors, five drive-up ramps and less than 10 percent office finish. With this transaction, WPT Industrial's portfolio measures 48 industrial prop- erties totaling 16.1 million square feet across 13 states. MORE THAN BRICKS, WE BUILD CORNERSTONES. Levcor, Inc. 1001 W. Loop South #600, Houston, Texas 77027 Houston Pharr McAllen Del Rio Eagle Pass El Paso Laredo Sherman Texas City Waco Burlington Winston-Salem SERVING TEXAS AND NORTH CAROLINA L E V C O R .C O M VISIT US at BOOTH #1329

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