HOUSTON — A partnership between Midway and Valencia Group will develop a new 225-room hospitality property, known as Hotel Alessandra, in Houston. The 25-story hotel will anchor the GreenStreet mixed-use development, located in the downtown district and in proximity to the George R. Brown Convention Center, Toyota Center and Discovery Green Park. Plans call for oversized bathrooms, meeting rooms, event spaces and indoor-outdoor areas. GreenStreet, located at 1201 Fannin Street, includes the 11-story regional headquarters of NRG Energy, as well as retailers, restaurants and entertainment venues. Midway is a Houston-based investment and development firm, and Valencia Group, also based in Houston, is a hospitality management and development company.
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HOUSTON — LMI Capital has arranged a $6.2 million loan for the acquisition of Chancellor Apartments, a 224-unit multifamily complex in Houston. Located at 311 Parramatta Lane, the Class B property is in proximity to the 385-acre site of the future ExxonMobil campus. The community offers one- and two-bedroom floor plans, as well as communal amenities including two swimming pools. Brandon Brown worked on behalf of the Florida-based borrower to arrange the non-recourse, 10-year CMBS loan, which includes three years of interest-only payments and a 30-year amortization schedule.
SAN DIEGO – A joint venture between Parallel Capital Partners and Equity Group Investments has purchased Wateridge Plaza, a three-building office campus in the San Diego submarket of Sorrento Mesa for $72.5 million. The Class A campus is located at 10201, 10221 and 10241 Wateridge Circle. It totals 278,787 square feet. The campus is currently 72 percent leased. The property also includes the potential to develop up to 168,000 additional square feet of Class A office space. The campus was built in 1984 and renovated in 2012. The seller, a joint venture between Beacon Capital Partners and C-III Realty, invested more than $14 million in campus upgrades between 2009 and 2013. The new joint venture plans to make additional capital improvements. The JV seller was represented by Adam Edwards of Eastdil Secured.
CHANDLER, ARIZ. – A 104,352-square-foot manufacturing facility in Chandler has sold to Grupo Phoenix for $6 million. The facility is located at 464 E. Chilton Drive. It is fully occupied by the buyer. The seller, Primrose Properties Ltd., was previously represented in the lease transaction by Mike Parker and Evan Koplan of CBRE’s Phoenix office.
DENVER — Crow Holdings Capital Partners has acquired the Brown Palace Hotel Portfolio in Denver for an undisclosed sum. The portfolio contains the Brown Palace Hotel & Spa and the adjacent Comfort Inn Downtown Denver, for a total of 472 guest rooms, 22,100 square feet of meeting space, and five food and beverage venues. The Brown Palace is located at 321 17th Street. It is the only hotel in Downtown Denver to receive both the Forbes Four-Star and AAA Four-Diamond awards for more than 30 consecutive years. The hotel was built in 1892. An affiliate of Quorum Hotel Advisors will continue to manage the property. The Comfort Inn Downtown Denver is located at 401 17th Street. The acquisition was completed on behalf of Crow Holdings Fund VI.
LOS ANGELES – A 28,323-square-foot bowling alley in Tarzana has received a $5.7-million SBA loan. The 20-year, fixed-rate loan amortizes over 20 years at 4.7 percent. It features an 85 percent loan-to-value. Financing was arranged by Sharone Sabar of Marcus & Millichap Capital Corp.’s Encino office. Steven Schechter of the same office advised the buyer on the purchase.
DENVER — Banker’s Bank of the West has leased 20,716 square feet at Granite Tower in Denver. The 562,709-square-foot tower is located at 1099 18th Street. It is currently 96 percent leased. Banker’s Bank of the West is renewing and expanding its footprint at the tower. The bank was represented by JLL’s Mike Rooks. The landlord, KBS Real Estate Investment Trust II, was represented by Nathan Johnson and Pete Staab of Newmark Grubb Knight Frank.
LAKEWOOD, COLO. – Jackson Square has acquired the 257-unit Mountain Vista apartments in Lakewood for $18.3 million. The community is located at 474 S. Wright Street, near the Market Square Shopping Center. It was fully leased at the time of sale. The seller, a local private real estate investment firm, was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.
PHOENIX – The 180-unit Papago Crossing apartments in Phoenix has sold to BH Properties for $8.1 million. The community is located at 4530 E. McDowell Road. This is BH Properties’ ninth multifamily acquisition in Arizona in the past 24 months. The all-cash transaction was brokered by Tyler Andersen, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix.
CARLSBAD, CALIF. – A 7,751-square-foot office building in Carlsbad has sold to Big Cat Investments LLC for $1.6 million. The building is located at 3168 Lionshead Ave. in the San Diego submarket. Big Cat represented itself in this transaction, while the seller, McIntyre Smith Holdings LLC, was represented by Conor Boyle of Colliers International.