MESA AND GILBERT, ARIZ. — Two new Pure Barre locations are set to open in the Phoenix area. Leases include a 1,935-square-foot space in Village Square at Dana Park in Mesa, and a 1,658-square-foot space in Spectrum Town Center in Gilbert. Alan Houston of SRS Real Estate represented the tenant, Pure Barre, in both transactions.
DALLAS — CBRE Strategic Partners U.S. Value 7 has acquired Galleria Towers, a 1.4 million-square-foot, three-building office complex in Dallas. Galleria Towers is located at 13355, 13455 and 13155 Noel Road, adjacent to the Galleria Mall. The property offers freeway access at the intersection of the North Dallas Tollway and LBJ Freeway. CBRE Global Investors plans to invest in the property by adding conference facilities, a fitness center and tenant amenities. Gary Carr, John Alvarado, Eric Mackey and Robert Hill with CBRE’s Dallas office investment group represented the seller.
SPRING, TEXAS — HighStreet Net Lease Group, a Texas-based company specializing in the disposition and acquisition of net leased investment properties, represented a Houston-based retail owner/developer in the sale of Louetta Creek Plaza, a multi-tenant retail center located at 4660 Louetta in Spring. Matt Moake of HighStreet represented the seller. Glenn Clements of MFT Interests represented the buyer, a local investment group. The 27,000-square-foot property was originally developed in 2005 and is located near the intersection of Louetta and Kuykendahl.
AUSTIN, TEXAS — GroundFloor Development and Prescott Group have announced plans for Saint Elmo, a mixed-use project set to open in Austin in the first quarter of 2018. Designed by Andersson-Wise Architects and located on South Congress near Ben White Boulevard, Saint Elmo will include 225,000 square feet of office space and a 40,000-square-foot indoor-outdoor marketplace. GroundFloor Development and Prescott Group are the master developers of the $120 million project. In November of last year, the Austin city council approved the rezoning request for the project. Construction is slated to begin in mid-2016. Andersson-Wise Architects is the lead architect of the project, KBGE’s Chad Kimbell is the civil engineer, David Hocker of Hocker Design is the landscape designer, Juice Consulting’s Heather Wagner Reed will oversee public relations and marketing, and Helms Workshop is the strategic brand design studio.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Sheahan Self Storage, a 32,621-square-foot self-storage, office warehouse and retail property located in Austin. Justin Miller and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Knobler and Miller secured the buyer, a limited liability company, as well. Sheahan Self Storage is located at 11712 N. Lamar Blvd. in Austin.
HOUSTON — NAI Investment Fund I LLC has acquired an office building located at 12600 Featherwood Drive in Houston. The 74,753-square-foot, Class B property is 81 percent occupied. NAI Partners has been retained to provide both property management and leasing services on behalf of the owner, NAI Investment Fund I LLC. The seller, Fort Worth-based Klabzuba Realty, was represented by Marty Hogan off HFF. Rob Evans of NAI Investment Management LLC negotiated the acquisition. Amegy Bank of Texas is the lender.
AMES, IOWA — Vesper Holdings has acquired a 540-bed student housing community in Ames, which is 35 miles north of Des Moines. University Plains was built in 2001 and is located near Iowa State University. The property is comprised of 12 three-story residential buildings and a clubhouse spread across a 10-acre site. Vesper purchased University Plains from a group of tenant-in-common owners. The property was acquired through an off-market transaction for $18.5 million. Vesper plans to execute $2 million worth of renovations. Amenities include a swimming pool, hot tub, fitness center, computer center, game room, study area, tanning beds, volleyball court, basketball court, and location on the University shuttle route. The property is currently 99 percent occupied. Vesper Holdings is a privately held real estate investment firm based in New York City.
NEW YORK CITY — GFI Realty Services has arranged a $150.6 million floating-rate loan on behalf of an office building located at 330 W. 42nd St. in Manhattan. Constructed in 1931, the 33-story building offers 590,000 square feet of office space. The building has occupancy of 90 percent. Daniel Lerer and Will Watkins of GFI procured the loan from Natixis, an investment bank.
CHICAGO — Essex Realty Group Inc. has brokered the sale of Argyle Street Properties located at 1261-1301 and 1338-1354 W. Argyle St. The properties are located in Chicago’s Uptown neighborhood and sold for $17.1 million. The properties consist of 60 studio, 96 one-bedroom, one two-bedroom/two-bath, and one three-bedroom/one-and-a-half bath units. The buildings have operated at or above 95 percent occupancy for the past five months, according to Essex. Doug Imber and Kate Varde of Essex Realty brokered the transaction. Essex Realty Group Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.
NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.