TULSA, OKLA. — Marcus & Millichap has negotiated the sale of 38th Street Mini Storage, a 37,350-square-foot self-storage facility located in Tulsa. Trey Hammond and Michael Mele of Marcus & Millichap’s Tulsa office marketed the property on behalf of the seller, a limited liability company. Hammond and Mele also secured and represented the buyer, a private investor. 38th Street Mini Storage is located at 7711 E. 38th St. with visibility from Highways 64 and 51. The facility consists of 354 non-climate controlled units ranging from 50 to 400 square feet. The facility, initially constructed in 1960 with a solid concrete slab and metal framing, is secured by electronic gate access and recorded video surveillance.
EL PASO, TEXAS — The Meyers Group has acquired the historic Camino Real Hotel in El Paso. The 356-room property is located at 101 S. El Paso St. in the city’s downtown district. The Meyers Group plans to completely renovate the property, which was named to the National Register of Historic Places in 1979. After the completion of the 18-month renovation project, the hotel will reopen under its historic name, Hotel Paso del Norte. The historic 10th-floor ballroom and terrace, currently being used for mechanical purposes, will be restored and will feature a full-service spa, gym, pool and pool deck.
HOUSTON — Carroll Organization, a privately held real estate company, has completed the sale of Carroll at Shadow Creek Ranch in Houston. The 360-unit community was originally purchased in February 2012 and was the last remaining property in the firm’s first investment vehicle, Carroll Co-Invest Fund I LP. Carroll at Shadow Creek Ranch is a Class A property built in 2010. The community is located in the Shadow Creek Ranch neighborhood and features one- and two-car garages with individual driveways, private patios, nine-foot ceilings with crown molding, full-size washers and dryers and a pool.
EDMOND, OKLA. — CBRE has brokered the sale of Tealridge Assisted Living and Memory Care, a 52,283-square-foot seniors housing facility in Edmond. MOC Assisted Living sold the property for $6.8 million to a nonprofit private investor that is looking to establish a presence in the Oklahoma market. Tealridge Assisted Living and Memory Care is located at 2200 N.W. 140th St. at the intersection of East Memorial Road and North Eastern Avenue. The facility was constructed in 2010 and includes 65 units. Daniel Morris of CBRE’s Oklahoma City office represented the buyer in the transaction.
HOUSTON — Marcus & Millichap has negotiated the sale of Inwood Forest Shopping Center, a 77,553-square-foot, Foodarama-anchored retail property at the northeast corner of Antoine and Victory drives in Houston. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, Brixmor Property Group. Goldstein also represented the buyer, a limited liability company. The grocery-anchored shopping center was built in 1985 and is 96 percent leased to tenants including UT Physicians Clinic, City Gear and Wingstop. Inwood Forest Shopping Center is located at 7320-7372 Antoine Drive.
CARROLLTON, TEXAS — The Vitorino Group has arranged the sale of Christian Brothers Automotive, a 4,790-square-foot auto mechanic located in Carrollton. James Mangum of The Vitorino Group marketed the property on behalf of the seller, a private investor from Colorado. The buyer, a Texas-based investor, was represented by an outside broker and bought the asset to fulfill a 1031 tax-deferred exchange.
The booming land market in north Texas reflects a convergence of economic and demographic trends resulting in a dramatic expansion of residential communities, new mixed-use developments and the transformation of retail centers across the region. The result is higher land values, shifting land uses and developers, planners and designers adapting to the evolving lifestyles of a new generation of workers. Demand for well-located land parcels across multiple property types is reaping handsome returns for landowners. The land market in Dallas/Fort Worth is experiencing strong transaction volume and record prices due to a range of factors. Developers are responding to strong housing demand by building new residential communities that are accessible to Dallas/Fort Worth employment centers. Multifamily construction continues as some 360 people move into the region daily, many not ready for home ownership. New mixed-use developments are catering to a steady stream of corporations relocating to the area and seeking work settings that provide live/work/eat/play environments. Neighborhood grocery stores and restaurants are multiplying to support growing demand, while regional malls are being repurposed as spending habits shift. These trends have played a major role in the growth of urban centers like Dallas’ central business district, Uptown Dallas and Fort Worth’s …
SAN ANTONIO — On behalf of Seavest Healthcare Properties, Trammell Crow Co. has begun construction on a medical office building located at 1434 E. Sonterra Blvd. in San Antonio. Seavest Healthcare Properties will own the new three-story, 60,000-square-foot Children’s Hospital of San Antonio Health Pavilion at Stone Oak. The medical office building will focus on pediatric services. CHRISTUS Santa Rosa will lease 88 percent of the property, with the remaining space leased to MedCare Associates, a primary healthcare group. Construction has already begun and is scheduled for completion in fall 2017. The development team includes general contractor Joeris, architect MKS Associates, Cooper-Lochte Landscape Architecture, Pape Dawson, RGM Engineering and Alpha Consulting Engineers.
TULSA, OKLA. — CBRE has arranged the sale of BOK Place at Southern Hills, a 126,656-square-foot, Class A office building in Tulsa. The eight-story asset was 89 percent occupied at closing. Mary Martin of CBRE’s Tulsa office represented the seller, Allegiancy Houston LLC, in the transaction. The building is located at 5727 S. Lewis Ave. near the intersection of East 61st Street and South Lewis Avenue with close proximity to Southern Hills Country Club. Building amenities include high-speed internet, on-site banking with drive thru lanes and an on-site deli. Major tenants include Bank of Oklahoma and The Home Depot.
CARROLLTON, TEXAS — Shopoff Realty Investments, a manager of value-add real estate investments, has acquired a 36,000-square-foot retail center in the Dallas suburb of Carrollton for $8.1 million. The property, Hebron Heights, is located at 1012 W. Hebron Parkway in the north Carrollton submarket. Anchored by Pet Supplies Plus, the retail center is 100 percent leased to national, regional and local tenants. Hebron Heights was constructed in 2004 on 8 acres located less than one mile east of the Sam Rayburn Tollway.