SPRING, TEXAS — Cypressbrook Co. has arranged the sale of an office building located at 22315 Gosling Road in Spring. Primo Hot Tubs & Swim Spas Inc. acquired the 6,000-square-foot property from Coil Tubing Technology Inc. for an undisclosed price. Joyce Sterling of Cypressbrook Co. brokered the transaction.
AUSTIN, TEXAS — Houston-based The Hanover Co. has completed the disposition of Hanover South Lamar, a 340-unit mid-rise apartment community located in downtown Austin. Boston-based General Investment & Development acquired the property, which was 95 percent occupied, for an undisclosed price. Pat Jones of ARA Newmark represented the seller in the deal. The eco-friendly property features 550 rooftop solar panels, a Heritage Tree Grove of preserved and relocated live oak and pecan trees and electric car charging stations. On-site community amenities include a resort-style swimming pool, courtyard with outdoor cooking stations and private cabanas, clubhouse with theater and gaming rooms, private dog park and a fitness center. Apartment units feature gourmet kitchens, granite and quartz countertops, high ceilings, large windows, wood-style flooring and energy-efficient appliances.
HOUSTON — Marcus & Millichap has brokered the sale of an industrial property located at 8934 Gulf Freeway in Houston. A developer acquired the 34,000-square-foot property for an undisclosed price. Derek Hargrove and Matthew Mignerey of Marcus & Millichap represented the seller, a private investor, in the deal.
DALLAS — The Dallas Morning News, owned by A. H. Belo Corp., has signed a 16-year lease to occupy The Statler Library a 90,000-square-foot office property formerly known as the Old Dallas Central Library in downtown Dallas. The media company will relocate from its current 325,000-square-foot headquarters space to the new facility between April and June. The Statler Library offers a more flexible space that will allow the company to build a contemporary digital newsroom with open floor plans, areas for employees to collaborate and a rooftop patio. Centurion American Development Group, owner and developer of The Statler, is revitalizing the long-vacant building. Slated for completion in mid-2017, the property will feature a boutique hotel, residences, restaurants and retail space, in addition to office and meeting spaces. Russ Johnson of Peloton CRE represented the landlord, Commerce Statler Development LLC, while Jeff Ellerman and Phil Puckett of CBRE represented The Dallas Morning News in the deal.
SAN ANTONIO — Stream Realty Partners has arranged the lease of 58,000 square feet of industrial space at Building 5 of Interstate Business Park in San Antonio. Wisenbaker Builder Services Inc., a provider of interior finish solutions, will occupy the space located at 6903 N.E, Loop 410. Ryan Boozer of Stream Realty Partners represented the tenant, while Cavendar & Hill Properties Inc. represented the landlord, Rio Pas Investments, in the deal.
SAN ANTONIO — Dougherty Mortgage has closed a Fannie Mae Supplemental loan for Mayfield Gardens Apartment Homes, a 53-unit multifamily property located in San Antonio. The Dougherty’s Minneapolis office arranged the eight-year loan, which features a 30-year amortization schedule, for the borrower, 737 West Mayfield LLC.
PLANO, TEXAS — J.C. Penney (NYSE: JCP) has sold its home office campus and 45 surrounding acres of land in Plano to Dreien Opportunity Partners for $353 million. The 1.8 million-square-foot asset is known as Campus at Legacy West. J.C. Penney plans to lease back approximately 65 percent, or 1.1 million square feet, of the campus, with the remaining space available for new tenants. The building lease expense would be offset by a reduction in maintenance costs, property taxes and interest expense as a result of paying down debt with proceeds from the transaction, according to the apparel and home furnishings retailer. “Since we began exploring the sale of our home office, we have been quite pleased by the level of interest in the building,” says Marvin Ellison, J.C. Penney’s chairman and CEO. “This transaction also represents a significant financial milestone for the company, as proceeds from the sale give us the opportunity to reduce outstanding debt and make improvements to our workspace, creating a modern and efficient environment.” Eight office wings that span 56.8 acres flank the three-story office building. The Class A campus is situated near the intersection of Dallas North Tollway and State Highway 121 within the …
SAN ANTONIO — Preferred Real Estate Investments has purchased 151 Technology, a two-building office complex located on 15 acres in San Antonio. Corporate Office Properties Trust sold the property for an undisclosed price. Totaling 122,093 square feet, the complex consists of one fully leased building and one vacant building. The asset was 62 percent occupied at the time of closing. Peloton Commercial Real Estate has been retained to lease and manage the property.
NEW BRAUNFELS, TEXAS — NAI Partners has arranged the sale of a 128.5-acre site at 7965 Old Bastrop Road in New Braunfels. Schlameus Trust sold the commercially zoned site to Don Buttrom for an undisclosed price. Brett Lum of NAI Partners represented the seller, while Wayne Windle of Anders Pierce Realty represented the buyer in the deal.
ARLINGTON, TEXAS — Coldwell Banker Commercial Advisors has arranged the acquisition of a two-story office building located at 801 E. Border St. in Arlington. Bardin Square Investors Ltd. acquired the property from Snowden Family Properties LLP for an undisclosed price. Renee Efimoff of Coldwell Banker Commercial Advisors represented the buyer, while Jordan Foster of Peyco Southwest Realty represented the seller in the transaction.