Property Type

TMPC-Park-Towers-Houston

HOUSTON — TPMC Realty Corp. (TPMC) will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston located at 1233 W. Loop S. The renovation will include elevator bank corridors, restrooms, the lobby, fitness facilities and a conference center. Highlights include: Restrooms equipped with luxury hospitality-like finishes and automatic flushing, soap, water and hand towel dispensers; lobbies with welcoming concierge layout and four televisions, with updated security badge technology and Wi-Fi; conference center made of two interconnected rooms with Wi-Fi presentation technology connected to TVs in each room; New elevator cabs with Thyssen Krupp destination-based dispatch technology, touch screen kiosks and streaming TV monitors, and; lighting upgrades throughout tenant and common areas to incorporate LED bulbs. Bob Parsley of Principal of Colliers International is handling the leasing for Park Towers. The two towers combine for more than 300,000 square feet of Class A office space, with two blocks of 111,250 square feet spanning five floors and multiple options for exclusive tenant signage capabilities. The redevelopment should be finished by the end of the year. Ziegler Cooper Architects is the architect, and O’Donnell Snider Construction is the general contractor.

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GULFPORT, MISS. — SVN has brokered the $12.4 million sale of Cambridge Apartments, a 201-unit apartment complex located in Gulfport. Built in 2004, the property features a resort-style swimming pool, covered grilling and picnic areas, business center with Wi-Fi access, sand volleyball court, self storage garages and on-site car care service. A private real estate investor based in the Northeast purchased Cambridge Apartments from Salt Lake City-based Realsource. Andrew Agee of SVN represented both the buyer and seller in the transaction.

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ATLANTA — Alpha Alternatives LLC has arranged a $13 million bridge loan for a new 141-room Cambria Suites hotel. The property, currently a vacant office building, is located at 110 Mitchell St. in downtown Atlanta. Alpha Alternatives arranged the loan on behalf of the unnamed borrower, which plans to break ground on the hotel conversion in the near future. Cambria Hotels, a Choice Hotels International brand, invested more than $3 million in equity for the project.

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Huntsville-Crossing

HUNTSVILLE, TEXAS — Metropolitan Capital Advisors has arranged the sale and acquisition financing for Huntsville Crossing Shopping Center, a 23,760-square-foot retail center located in Huntsville. The property is located in front of a new power center anchored by Target, Kroger, Academy Sports + Outdoors, PetCo, Ross and Marshalls. In November 2014, Metropolitan Capital Advisors arranged the construction debt and equity to build the project on behalf of a partnership between Dallas-based Brand Capital Partners and Loon Partners. The property was 100 percent pre-leased to Spec’s, Mattress One, Chipotle and Buffalo Wild Wings prior to breaking ground. The project was completed in October 2015 with the last tenant taking occupancy in February 2016. Metropolitan Capital Advisors and Marcus & Millichap co-brokered the sale of the property to a California-based buyer utilizing a 1031 tax-deferred exchange. Metropolitan Capital Advisors also arranged the acquisition financing for the buyer with Longview-based Texas Bank & Trust.

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West Loop I & II-1

BELLAIRE, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed nine leases totaling 60,227 square feet at West Loop I & II in Bellaire with tenants in the medical and financial industries. Bellaire Dermatology and Eye Center of Texas signed the two largest leases, at 16,334 square feet and 15,120 square feet, respectively. Located three miles west of Houston’s central business district, West Loop I & II is a Class A, two-building office complex with 313,873 rentable square feet. It sits on a 5.6-acre office property with an eight-story parking garage and a covered walkway. The property is near the residential communities of Bellaire and West University with access to I-610. Amenities include structured parking, a deli, park and on-site security. John Spafford and Allie Hubbard of PM Realty Group represented KBS in the lease negotiations. Greg Hall with Greater Houston Commercial Properties represented Eye Center of Texas, and Jon Silberman and Dan Boyles of NAI Partners represented Bellaire Dermatology.

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WALLER, TEXAS — Colliers International has arranged a 34,220-square-foot office/warehouse lease for Cordyne Inc. at 1500 Alegacy Place in Waller. Walter Menuet and Tom Condon Jr. of Colliers represented the landlord, Alegacy Development, in the transaction. Colt Haack of Coldwell Banker Properties Unlimited represented the tenant.

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PLEASANTON, TEXAS — NAI Partners has negotiated the sale and purchase of a 9,100-square-foot industrial property on a four-acre lot at 449 Corgey Road in Pleasanton. Chris Caudill and Wade Carter of NAI Partners represented the seller, Code Red Safety, during the negotiations. Dan Boyles Jr. and Clare Flesher of NAI Partners represented the buyer, Johnson Specialty Tools.

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PROSPECT HEIGHTS, ILL. — Greenbrier Senior Living has broken ground on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in the northwest Chicago suburb of Prospect Heights. Greenbrier, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, estimates development costs at $30 million. Located on five acres, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for memory care. Chicago-based Pathway Senior Living will operate the community once it’s complete.

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ST. CHARLES, MO. — Cullinan Properties will construct a 180-room Drury Inn and Suites hotel, which will be part of the Streets of St. Charles, a 27-acre mixed-use community. In addition to the seven-story hotel, a second parking deck will be added to the development providing over 300 additional spaces. Construction of the parking deck is already underway, and work on the hotel is expected to start in April. Both projects are slated for completion by the summer of 2017. The Drury Inn and Suites at Streets of St. Charles will feature king and queen suites and deluxe two-room suites. The hotel will offer meeting space, an indoor/outdoor pool, Wi-Fi and hot breakfast. Drury Inn and Suites is the latest of several new tenants to be announced at Streets of St. Charles including Orangetheory Fitness, PF Changs, Firebirds Wood Fired Grill and Noodles & Co. which are all currently under construction and scheduled to open this summer.

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MILWAUKEE — Home2 Suites by Hilton has opened a new 110-room hotel in Milwaukee. Raymond Management Co. will own and manage the Home2 Suites by Hilton Milwaukee Airport. The pet-friendly hotel will feature fully equipped kitchens, modular furniture, Internet access, a combined laundry and fitness area, complimentary breakfast, indoor pool and outdoor grill area. The hotel also provides a 24-hour shuttle to and from the General Mitchell International Airport, which is one mile away. The hotel is located at 5880 S. Howell Ave.

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