SUGAR LAND, TX-Wells Fargo Bank provides a $5.2 million permanent loan to Weaver, Davis & Jacob Realty Group to pay off a construction loan on Lexington Square, a 42,493-sf office and retail development. The loan offers a fixed interest rate of 5.37% over a 10-year term with an earn-out structure.
HOUSTON-Bradley Associates of Chicago makes the first and best offer for the 119,527-sf, class B office building, putting down close to the $12.8-million ask to win a single-tenant property. The healthcare provider has occupied the building since 1998.
PHOENIX-The office condo developer buys Biltmore Fountains, Biltmore Lakes and the Scottsdale Professional Plaza to get 168,000 sf of class A and B space to retool into "for sale" product now that land's becoming scarce in key submarkets.
HOUSTON-The investor, with a foothold in the Heights Boulevard neighborhood, buys two more properties, getting 47 units with the acquisition of the Kimberely Apartments and Shadow Oaks Apartments. The class B duo is 95% leased at sale time.
PHOENIX-A group of San Diego buyers drive up the acquisition price to win Tudor Plaza, a 20-year-old, class B office building. The group pays $1.8 million or $10,000 more than the list price to get its first Valley deed.
PHOENIX-International Capital Partners, laying $29.8 million on the line, outmaneuvers 14 other prospective buyers for a two-building park with 175,209 sf that's 97% occupied. Only 16.2% of the leases expire before 2009.
HOUSTON-Cirrus Group gets a group of 20 surgeons to commit to 10-year leases for a 13,000-sf surgery center and 5,000-sf imaging facility in the proposed Spring Creek Surgery Center. The first phase to the 40,000-sf plaza is now poised to break ground.
PHOENIX-The real estate services firm promotes six sales professionals. Bo Mills and Mark Detmer take on SVP titles while Jerry Noble advances to VP. Jason Moore, Todd Noel and Michael Kitlica move up to senior associate.