Real Deals April 12, 2013
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A group formed by real estate investor Will Martin has acquired the five-story, 82,000-square-foot office tower at 1612 Summit Avenue for an undisclosed sum.
The group, named Summit Hilltop Partners, bought the property at Summit and Interstate 30 from Ameritas Life Insurance Co. of Omaha.
The building is 95 percent occupied by 15 tenants. It has an underground parking garage, on-site property management and key card access.
The group bought the building for a long-term investment and gradual improvements will be made to the building. Martin will handle leasing, as well, and is looking for future investments of class A and class B office buildings, he said in a release.
Jeff Day with Centra Partners represented the seller. Reagan Casey with Liberty Bank provided financing.
Glimcher refinances University Park Village loan
Glimcher Realty Trust, a real estate investment trust based in Columbus, Ohio, has secured $55 million loan for its $105 million purchase of University Park Village. The 15-year loan has a fixed interest of 3.85 percent and replaces the $60 million loan executed to buy the outdoor shopping plaza in January. Glimcher bought the shopping center on University Drive from a Hawaiian pension fund.
Baylor Healthcare proposes emergency care center for Colleyville
Baylor Healthcare and Emerus are proposing a 16,165-square-foot emergency medical center for Colleyville. The plan calls for seven examination rooms, eight in-patient beds with on-site X-ray, CT scan and ultrasound. The group expects to employ about 30 to 40 people and to see about 25 patients a day.
The group’s application for a special-use permit is represented by Dowdey, Anderson and Associates of Plano. Emerus is an operator of emergency care facilities and is based in The Woodlands.
Walker & Dunlop underwrites
$731 million for Texas apartment financing in 2012
We know that Texas apartment complexes have been hot properties for investment. Now the folks at Walker & Dunlop Inc. have toted up their 2012 financing to put a number to it: $731,024,800. The projects include $6.99 million for the 208-unit La Jolla Ridge Apartments in Fort Worth; $20.5 million for the Bellagio at Beach Street and others in Port Arthur, Kingwood, College Station and elsewhere. Walker & Dunlop Vice President Alex Inman led teams that handled the Fort Worth deals.
Copper Creek apartments sell
Texas-based 6011 Oakland Hills LP has purchased the Copper Creek Apartments, a 274-unit in east Fort Worth. The sale price was not disclosed, but the apartments, built in 1986 had been listed for $6.2 million. The apartments are 92 percent occupied. Al Silva of Marcus & Millichap’s Fort Worth office represented the seller, Price Realty Corp., of Dallas, and then secured and represented the buyer, as well.
Arlington shopping center sold
Cross Creek Shopping Center, a 17,674-square-foot retail and medical center at 2001 SE Green Oaks Boulevard in South Arlington, has sold to a Texas investment partnership. The seller, a limited liability company, marketed the center for six months before the seller accepted an offer. The center is 93 percent occupied. Blake Burnett with Marcus & Millichap’s Dallas office represented the seller. The buyer was represented by an outside broker.
Concentra Urgent Care center is sold
A Concentra Health Services urgent care center next to Arlington Highlands shopping center has been sold. The 8,462-square-foot urgent care center sits beside Interstate 20 and was sold to an out-of-state private buyer. Alvin Mansour of The Mansour Group, represented the seller, a developer. Mansour is an investment specialist in March & Millichap’s San Diego office. The Mansour Group is a division of Marcus & Millichap.
Twisted Root has opened a gourmet burger restaurant at Bedford Meadows Shopping Center in Bedford. The Retail Connection is handling leasing at the 42,000-square-foot center which is owned by Addison-based Legacy Alliance Holdings. …Cowart Properties LLC has bought a 39,750-square-foot warehouse and industrial space at 1201 Forum Way in Fort Worth. Michael Newsome with NAI Robert Lynn represented the buyer. Noel Hutcheson with Colliers International represented the seller, Skyline Industries Inc. …Blue Sky Land Express has renewed the lease of 18,900 square feet of industrial space at 1220 Texan Trail, Grapevine. Phil Rosenfeld and Matt Thompson with Colliers International represented the landlord, Tarrant County Properties. …Raba Kistner Inc., an engineering and consulting firm based in San Antonio, has leased 2,982 square feet of office space at 3301 W. Airport Freeway in Bedford. Renee Efimoff of SCM Real Estate Services represented the landlord. Clay Vaughn and Grant English of CBRE represented Raba Kistner.
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