KEMAH, TEXAS — Waterman Steele Real Estate Advisors has negotiated the sale of 30 acres in Kemah. Zircon Properties Inc., a Maryland corporation, and Beethoven Realty Associates, a Maryland limited liability company, were the sellers. The Galveston Bay Foundation, a Texas nonprofit corporation, was the buyer. The land is located on the east side of State Highway 146 near its intersection with State Highway 96. Waterman Steele’s Lance Gilliam and Adrian Ramirez represented the seller. Doug Nicholson with Newmark Grubb Knight Frank represented the buyer. The Galveston Bay Foundation was established in 1987 to address issues and concerns related to Galveston Bay. The foundation’s mission is to preserve, protect and enhance the natural resources of the Galveston Bay estuarine system and its tributaries for the community.
WACO, TEXAS — Rushi Shah of Aries Capital’s Chicago office has secured a $6.3 million non-recourse CMBS loan for a 94-key Comfort Suites in Waco. The loan was secured on behalf of the borrower, TJ Patel of Pavansut Hotels LLC. The borrower used the 10-year, fixed-rate loan to pay off an existing full-recourse SBA loan.
DALLAS — Sperry Commercial Global Affiliates has announced a new franchise affiliate, Dallas-based Engvest Commercial Realty LLC. The first Dallas/Fort Worth affiliate to join Sperry Commercial, Engvest was founded by Daniel Eng to serve its clients as a full-service commercial real estate investment firm. Eng and his business partner Calvin Wong will provide leasing, acquisitions, disposition and property management services under the Sperry Commercial Global Affiliates brand. Engvest brings more than 1 million square feet of retail center listings to the platform.
FORT WORTH, TEXAS — Transwestern has brokered the sale of Presidio North, a retail development site in Tarrant County. Las Vegas-based Diversified Real Estate Group sold the property for an undisclosed price to a locally owned development partnership controlled by the De La Vega Group. Transwestern’s Steve Williamson represented both parties in the transaction. Presidio North, located at the southwest corner of I-35 West and Heritage Trace Parkway, consists of 90 acres in north Fort Worth. Transwestern will provide marketing and leasing services for the mixed-use project, which will be renamed The Citadel. De La Vega plans to develop 500,000 square feet of retail, restaurant, hotel and entertainment space at the site.
BEDFORD, TEXAS — CBRE has arranged the sale of Airport Centre I & II, a Class A office complex located in Bedford near the Dallas/Fort Worth International Airport. The property consists of two two-story buildings totaling 251,168 square feet and an overall parking ratio of 5.8 per 1,000 square feet. Constructed in 2000 and 2001, Airport Centre I and II feature 10-foot ceiling heights. With an occupancy rate of 81.6 percent, the property serves as the headquarters of Warrantech Corp. Stanton Road Capital purchased the asset from Allegiancy Houston LLC for an undisclosed price. CBRE’s Eric Mackey, Gary Carr, John Alvarado, Jared Chua, Robert Hill and Pete Van Amburgh arranged the transaction on behalf of the seller.
SAN ANTONIO — Institutional Property Advisors (IPA) has negotiated the sale of Vantage at Alamo Ranch, a 288-unit apartment community located near the Westover Hills area of San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The property is located on Alamo Parkway, near the Alamo Ranch master-planned community. Vantage at Alamo Ranch is a gated community featuring nine-foot ceilings, black appliances and in-unit washers and dryers. Community amenities include a clubhouse and business center, fitness center and swimming pool.
ROCKWALL, TEXAS — Steadfast Apartment REIT has acquired Lake Ray Hubbard, a garden-style apartment community with 334 apartment homes in the Dallas suburb of Rockwall. Built in 2009, Lake Ray Hubbard is a 96 percent occupied apartment community with 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans. The average unit size is 1,118 square feet and the average rent is $1,603. The Lake Ray Hubbard community is being renamed to Sixteen50 @ Lake Ray Hubbard. Each unit features a balcony or patio, ceiling fans, washer and dryer connections and a garage, with fireplaces and hardwood floors in select homes. Community amenities include a pool, hot tub, steam room and dry sauna, on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area and a business center. Steadfast Apartment REIT plans a value enhancement strategy at the property.
BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Calli Village, a 76-unit apartment property located at 2644 Old Port Isabel Road in Brownsville. The single-story development was completed in summer 2016 and features 62 two-bedroom and 14 three-bedroom apartment homes. The new owner-operator plans to construct an additional 40 units on the adjacent land. Mike Moffitt Jr. of Marcus & Millichap’s Austin office represented the seller, a limited liability company. Moffitt also secured the purchaser, a partnership.
KATY, TEXAS — Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use development at the northwest corner of I-10 and Mason Road in Katy. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space. The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over several years. Phasing and a construction timeline will be scheduled following planning.
THE WOODLANDS, TEXAS — Academy Sports + Outdoors is now open in Valley Ranch Town Center, a 240-acre retail district located at the intersection of I-69 and the Grand Parkway. Academy is situated in the 1,400-acre master-planned community of Valley Ranch just north of Kingwood, a development of The Signorelli Co. and is the first of over 85 stores and restaurants expected to open in Valley Ranch Town Center. This is the 95th location for Katy-based Academy Sports + Outdoors, and is expected to employ about 100 people. Houston-based Arch-Con is the contractor for the 63,000-square-foot store.