HOUSTON — Cushman & Wakefield of Texas Inc. brokered the sale of a 83,000-square-foot former Chrysler dealership, located at 19200 Northwest Fwy. in Houston. James Foreman, Louis Kaleel, David Cook, Jeff Peden and Will Condrey of Cushman & Wakefield's Houston office represented the seller, CP Inver Grove III RE Holdco LLC, in the transaction. Phil Arnett of Houston-based D Philip Arnett Inc. represented the buyer, Emerson Electric Co.
WEBSTER — The BETZ Companies has acquired the 20,250-square-foot Shops at the Bay, a shopping center located at 300 & 304 W. Bay Area Blvd. in Webster. BETZ was self-represented by Ron Dagley in the transaction. Tony Patronella of Read-King Commercial Real Estate represented the seller, Bay Area 4.5 Acres Ltd. Gary Hough of Q10/Kinghorn, Driver, Hough & Co. secured a loan through Cantor Commercial Real Estate Lending on the property. Shops at the Bay includes tenants such as Chipotle Mexican Grill, Mooyah Burgers & Fries, Scottrade, Firehouse Subs, Crickett, Lovett Dental, Miko's Mediterranean Restaurant, Thai Spice Kitchen, RadioShack and Games Plus.
GRAND PRAIRIE — Walker & Dunlop has provided $21.65 million in acquisition financing for the 350-unit Lakeside Villas Apartments, a garden-style multifamily property in Grand Prairie. Andrew Tapley led the Walker & Dunlop team in arranging the 10-year loan with a 30-year amortization schedule under the Fannie Mae DUS ERL Loan Program. Dave Susank of Johnson Capital's Irvine, Calif., office originated the loan. The property was 90 percent leased at the time of closing and features a fitness center, business center, conference room, game room, pet park, attached/detached garages, carports and two swimming pools.
HOUSTON — SM Energy Co. has leased 52,389 square feet of office space at One Eldridge Place, located at 777 N. Eldridge Pkwy. in Houston. The energy firm currently occupies 30,000 square feet at the property and is expected to move into its new space in the second quarter of 2012. Jim Arket and Mona Williams of Grubb & Ellis' Houston office represented the tenant in the lease transaction. John Pruitt of CBRE's Houston office represented the property owner, Behringer Harvard.
LOGAN, UTAH — Armor Storage of Logan, a 479,160-square-foot, self-storage facility in Logan, has sold to an unnamed buyer for $7.2 million. It is located at 1095 North 600 West Street. Jason Smith and Russell Packer, self-storage investment specialists in Marcus & Millichap’s Salt Lake City office, represented the seller, a developer.
LAS VEGAS – The 118,763-square-foot Anthem Highlands Shopping Center in Las Vegas has sold to Excel Trust for an undisclosed sum. The neighborhood shopping center is anchored by Albertsons grocery store and CVS/pharmacy. Lucescu Realty represented the seller, Regency Centers, and procured the buyer.
IRVINE, CALIF. — Pacific Trust Bank has leased 41,382 square feet of office space at 18500 Von Karman Ave. in Irvine. The space will serves as the company’s corporate headquarters. The company is currently headquartered in Chula Vista, Calif. It will relocate to the Von Karman space in early 2012. David Giglio and Lori Smith of Grubb & Ellis’ Office Group represented Pacific Trust Bank, a wholly-owned subsidiary of First PacTrust Bancorp, in this transaction. The landlord, the Irvine Company, represented itself.
ALEXANDRIA, VA. — Washington Real Estate Investment Trust (WRIT) and Trammell Crow Co. have formed a joint venture to develop a $95 million, 270-unit high-rise apartment community, located at the intersection of First and Fayette Streets in Old Town Alexandria. Construction on the 15-story tower is expected to begin in the fourth quarter of 2012, with completion slated for the fourth quarter of 2014.
OLIVE BRANCH, MISS. — A 14,750-square-foot Walgreens, located at 7030 Hacks Cross Rd. in Olive Branch, has sold for $5.17 million. Walgreens is on a 25-year net lease. Randy Blankstein and Jimmy Goodman of Northbrook, Ill.-based The Boulder Group represented the buyer, a private individual in a 1031 exchange, in the transaction. The seller was a Tennessee-based private company.
SMYRNA, TENN. — Marcus & Millichap has arranged the $3.32 million sale of the 16,275-square-foot Shoppes at Movie Row, a strip center located at 900 Grammer Ln. in Smyrna. Joseph Massa of Marcus & Millichap's Nashville, Tenn., office represented the seller, McMinnville, Tenn.-based Investment Partners, in the transaction and procured the undisclosed buyer.