$17M Loan Paves Way for Beltway Crossing’s Second Phase

MISSOURI CITY, TX – Thackeray Partners and Stream Realty Partners LP have obtained a $17.5 million senior loan to complete construction on Beltway Crossing Business Park, a warehouse/distribution complex in this submarket of Houston. The developers are using the loan, in part, to complete the second two-building phase, which will total 208,000 square feet and come on line during Q3, 2012.

PCCP LLC of Los Angeles provided the financing for the asset at 13323-13423 S. Gessner Rd. and was comfortable with doing so because of the success of the two-building, 282,880-square-foot first phase, which was completed in 2009 and is 100%-leased to four tenants.

“The Thackeray/Stream venture demonstrated its ability to build and lease successfully in phase one. We are confident their stewardship will result in similar success in phase two,” said Greg Galusha, partner with PCCP LLC, in a press release about the financing. PCCP colleague Jed Lassere added, “This loan is another example of PCCP’s appetite to continue investing in Houston where demand for most product types is outpacing demand elsewhere.”

Adam Jackson, vice president at Stream, represented the joint venture in the transaction.

ACQUISITIONS/DISPOSITIONS

GROVES, TX – Store It! @ Groves purchased a 575-unit self storage facility from MLCFC 2006-4 Gulfway Storage LLC. Steve Mellon with Grubb & Ellis’ self-storage group teamed with Pete Williams of Grubb & Ellis|Memphis to represent the seller of the asset at 6701 Gulfway Dr.

PHOENIX – The 16-unit Silver Oaks Apartments has sold for $421,000. Alon Shnitzer and Dan Dulin with Marcus & Millichap Real Estate Investment Services’ Phoenix office had the exclusive listing to market the property on behalf of the sell, and also secured and represented the buyer, a limited liability company. Silver Oaks Apartments (REO) is located at 6817 North 17th Avenue. The property was approximately 25% occupied at close of escrow.

SUGAR LAND, TX -- November 8, 2011 – Quotran Corp. acquired a 12,500-square-foot industrial building located at 10507 Fallstone from Kamal and Reema Dama. Glynn Mireles of CBRE represented the seller. Luke Thao Dinh represented the buyer.

LEASES

BEDFORD, TX -- Sunrise Home Health Services of America Inc. leased a new 3,049 square foot office at 2117 Central Dr.  Beaux Riley with SCM Real Estate Services represented the landlord in this transaction.

FORT WORTH – Encore Health Resources LLC signed a new lease of 5,269 square feet at 4 Houston Center in Houston’s Central Business District.  Debbie Wilson with Crescent Property Services Inc. represented the owner while Tami Pearson and Dana Fowlkes of NAI Houston represented Encore Health Resources.

HOUSTON -- Styron LLC signed a 3,090 square foot office lease at 11757 Katy Fwy. Mary Steen of CBRE represented the tenant in this transaction. Paul Coonrod and Adam Jackson of Stream Realty Partners represented the landlord, GE Capital Real Estate.

EXECUTIVE MOVES

DALLAS -- Greg Grainger has joined the Dallas office of Colliers International as regional managing director of the Real Estate Management Services (REMS) division in North Texas. Grainger’s primary focus will be to grow the REMS business and reinforce Colliers’ position as a prevailing, full-service commercial real estate provider in the Dallas-Fort Worth market.

Grainger joins Colliers with more than 25 years of experience in commercial real estate leasing and operations, and most recently was managing director of property management services at Jones Lang LaSalle, where he started in 2009. Prior to JLL, Grainger spent seven years at CBRE and Trammell Crow Co., where he headed the property management practice for the Dallas-Fort Worth area. He has also worked at Archon Group and Transwestern. Grainger holds the CCIM, CPM and RPA designations.