BEAUMONT, TEXAS — Marcus & Millichap has closed the sale of a 9,014-square-foot retail property located at 5468 College St. near Interstate 10 in Beaumont. The single-tenant building, which was built in 2007, is leased exclusively to Dollar General. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of the sale were not disclosed
Texas
Joint Venture Breaks Ground on $79M Marriott Hotel and Conference Center in Odessa, Texas
by Katie Sloan
ODESSA, TEXAS — A joint venture between the City of Odessa, Eofficial Enterprises and Gatehouse Capital has broken ground on a Marriott Hotel and conference center in Odessa. The development will include a seven-story, 218-room hotel, 67,500-square-foot conference center, 365-stall parking garage and full-service Starbucks Coffee. Plans also include the refurbishment of Ector Theater, a historic performance and event venue originally built in 1951. The theater is located next to the new development. Construction is expected to take approximately 18 months, and will cost $79 million. Funding for the project will include $48 million from Sondra and Toby Eoff with Eofficial Enterprises, and $31.6 million from city officials. The development team includes general contractor UEB Builders; architect RTKL; hotel operator Aimbridge Hospitality; hotel brand Marriott Hotels and Resorts; structural engineer DCI; and interior designer Duncan Miller Ullman. Founded in 1997, Gatehouse Capital is a national real estate investment and development firm that has launched major mixed-use lifestyle developments, including hotels in the Hilton, Marriott and other brand families totaling more than $1 billion in completed development. — Katie Sloan
PLANO, TEXAS — Developer KDC and general contractor Balfour Beatty have topped off Liberty Mutual Insurance’s new, 1.1 million-square-foot office campus at the Legacy West development in Plano. The $325 million, 19-story property will feature amenities such as a medical center with physical therapy services, a full-service cafeteria, coffee bar, rooftop gardens and more than 4,000 covered parking spaces. The complex will house approximately 4,000 Liberty Mutual employees who will move in during December.
WEATHERFORD, TEXAS — Gunn Automotive Group, a San Antonio-based car dealer, has purchased a 10.4-acre tract in western Fort Worth suburb of Weatherford for the development of a Honda dealership. The $10 million project, which includes a 30,000-square-foot building and showroom, will break ground in June. Colton Wallis and Nick Talley of Bradford Commercial represented the sellers, two private investors, in the transaction. Jack Huff of Transwestern represented the undisclosed buyer.
HOUSTON — CBRE has arranged the sale of Bellaire Atrium I and II, two six-story office buildings located at 5909 and 5959 W. Loop South near the Texas Medical Center in Bellaire, a neighborhood in west Houston. SLS Properties, a Houston-based development and management firm, purchased both buildings, which total 152,304 square feet and were 91 percent occupied at the time of sale. Todd Casper and Michael Hassler of CBRE represented the seller, 5909-5959 Realty Ltd., in the transaction.
DALLAS — Marcus & Millichap has closed the sale of Paradise Manor, a 16-unit apartment complex in Dallas. The Class B property is located at 5317 Junius St. across from Munger Park in the Old East Dallas submarket. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. An outside broker procured the undisclosed buyer.
DALLAS — Mote & Associates Inc. has brokered the sale of a 5,262-square-foot retail center located at 11525 Jupiter Road in east Dallas. Justin Clark of Mote represented the buyer, BFI Jupiter LLC, in the transaction. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the seller, SSN Group LLC. The property was 100 percent occupied at the time of sale.
AUSTIN, TEXAS — KeyBank Real Estate Capital has arranged $6.5 million in acquisition financing for Western Trails Senior Apartments, a garden-style apartment community in Austin, on behalf of Harmony Housing, a nonprofit organization that provides multifamily housing throughout the country. Located at 2422 Western Trails Blvd., the 99-unit property features a mix of studio, one- and two-bedroom apartments, laundry facilities, a fitness center and a hair salon.
DALLAS — EDGE Realty Capital Markets has arranged the sale of Wylie Crossing, a 12,327-square-foot, multi-tenant retail center located at the corner of Country Club Road and West Brown Street in Wylie, a northeastern suburb of Dallas. Brandon Beeson and John Mungioli of EDGE represented the seller, Wylie Building LP, in the transaction. Greg Cagle of Coldwell Banker represented the buyer, WinWin Holdings LLC.
ADDISON, TEXAS — Stream Realty Partners has secured an 8,223-square-foot office lease at Spectrum Center in the Dallas-Fort Worth metro of Addison on behalf of research and consulting firm Parks Associates. Located at 5080 Spectrum Drive, the building offers 598,250 square feet of Class A office space. Todd Noonan of Stream represented Parks Associates in the transaction. Avery Bush and Aarica Mims were the in-house representatives for the landlord, Granite Properties.