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TEXAS MEDICAL PROPERTIES SELL IN $106.7M PORTFOLIO DEAL
TEXAS — Griffin-American Healthcare REIT II, co-sponsored by American Healthcare Investors and Griffin Capital Corp., has acquired 14 medical office buildings for a purchase price of $106.7 million. The properties in the 474,000-square-foot portfolio are located in Florida, Texas, New Mexico, Hawaii, Indiana, Alabama, Illinois, Colorado and South Carolina. The Texas properties include the 85,000-square-foot, 91 percent leased Rockwall Medical Center in Rockwall; the 43,000-square-foot, fully leased San Angelo Community Medical Center I and II in San Angelo; the 20,000-square-foot, fully leased Schertz Medical Building in Schertz; and a 32,000-square-foot, fully leased medical office building in Texarkana.
CADENCE MCSHANE TO RENOVATE GOLDEN TRIANGLE MALL
Golden Triangle Mall, located at Interstate 35 East and Loop 288 in Denton.
DENTON — Cadence McShane has been selected to develop the 75,167-square-foot first phase of a multi-phase renovation of the 765,000-square-foot Golden Triangle Mall, located at Interstate 35 East and Loop 288 in Denton. GTM Development, created by The MGHerring Group and Cencor Realty Services, purchased the property in November 2011. The mall features 90 specialty stores such as Dillard's, Macy's, JC Penney and Sears. The first phase of renovations includes upgrading the lighting, opening existing skylight coves and replacing ceilings and flooring. The project is slated to be complete before the holiday shopping season. C.M. Architecture is providing architectural services for the assignment.
DISTRIBUTION FACILITY IN DALLAS SELLS FOR $6.2M
DALLAS — American Realty Capital Properties (ARCP) has acquired a 75,050-square-foot Mrs. Baird's distribution facility, located in Dallas, for $6.2 million. The facility is fully leased to Bimbo Bakeries USA, which has five years remaining on its 15-year lease. The acquisition brings ARCP's real estate holdings to 119 properties worth roughly $216.5 million.
COLDWELL BANKER BROKERS CONDO SALE
Magnolia at Fleur Gardens, a garden-style condominium property located at 6353 Richmond Ave. in Houston.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged the sale of 10-unit Magnolia at Fleur Gardens, a garden-style condominium property located at 6353 Richmond Ave. in Houston. Mark McGinley of Coldwell Banker represented the institutional sellers in the transaction. Quinn Luong of Texas Midland Realty represented the international buyer. The property was developed in 2006.
M&M ARRANGES SALE OF TOWN SOUTH CENTER
Town South Center, located at 103 N. Brentwood Drive in Lufkin.
LUFKIN — Marcus & Millichap has brokered the sale of the 18,638-square-foot Town South Center, located at 103 N. Brentwood Drive in Lufkin. James Bell of Marcus & Millichap's Houston office represented the seller, a developer, in the transaction. The property is shadow-anchored by a Walmart Supercenter and a Sam's Club.