ODESSA, TEXAS — Dallas-based Gatehouse Capital has finalized agreements with the city of Odessa and Eofficial Enterprises to develop a seven-story, 219-room Marriott hotel with a 67,500-square-foot conference center, 323-space parking garage and 27,000-square-foot plaza. Gatehouse Capital also plans to refurbish the historic Ector Theater, originally built in 1951. The Gatehouse team includes general contractor UEB Builders, architect RTKL, hotel operator Aimbridge Hospitality, hotel brand Marriott Hotels and Resorts and structural engineer DCI. Construction is expected to begin in March 2017 and last for 18 months. Founded in 1997, Gatehouse Capital is a national real estate investment and development firm that has launched mixed-use developments such as the W Hollywood Hotel and Residences and W Dallas Victory Hotel and Residences.
Texas
ARLINGTON, TEXAS — Hilton Worldwide has opened the DoubleTree by Hilton Arlington DFW South following a $10 million renovation. Located less than five miles from Six Flags Over Texas, AT&T Stadium and Globe Life Park, the 237-room, five-story hotel features more than 6,000 square feet of meeting space, an outdoor swimming pool, fitness center, business center and a round-trip shuttle to Dallas/Fort Worth International Airport. Owned by Admiral Hotel Group LLC and managed by Hotel Equities, the former Admiral Hotel features complimentary Wi-Fi, a 40-inch TV, mini-refrigerator, coffee maker and workspace. Many rooms also provide a pool view, patio and/or balcony.
PLANO and LEWISVILLE, TEXAS — CBRE has arranged the sale of Dominion Legacy Office Center in Plano and Lakeside II Office Center in Lewisville. Developed by Myers & Crow Co. and completed in 2014 and 2015, respectively, both properties are fully leased to single tenants and offer a combined total of 173,214 square feet. The Aztec Fund acquired the assets for an undisclosed price. CBRE’s Gary Carr, Eric Mackey, John Alvarado, Jared Chua, Robert Hill and Pete Van Amburgh arranged the transaction on behalf of Myers & Crow. Dominion Legacy spans 92,250 square feet and serves as the headquarters of CompuCom Systems Inc. Spanning 80,964 square feet, Lakeside II is fully leased to a regional service center of Teachers Insurance and Annuity Association of America (TIAA).
CARROLLTON, TEXAS — Lee & Associates has negotiated a 101,382-square-foot industrial lease located at 1255 Champion Circle in Carrollton. Nathan Denton of Lee & Associates Dallas/Fort Worth represented the tenant, Value Lighting, a supplier of lighting fixtures and ceiling fans for multifamily residences, in the lease transaction. StoneLake was the landlord.
HOUSTON — Waterman Steele Real Estate Advisors has arranged a lease for A+UP, a local charter school that will move to a new location at 3353 Elgin St. in the historic Greater Third Ward of southeast Houston. Waterman Steele’s Tami Pearson and Sage Klement represented A+UP in the transaction. Bob Parsley of Colliers International represented the landlord, Change Happens. A+UP Charter Schools was founded in 2013. Students range in age from 11 to 14. A+UP enrolls 60 students and plans to increase enrollment to 180 students within three years.
GRAND PRAIRIE, TEXAS — Home2 Suites by Hilton Dallas Grand Prairie is now open. Offering 96 suites, the hotel is the first Hilton Worldwide property in Grand Prairie. Located at 2123 W. I-20, Home2 Suites Dallas Grand Prairie offers access to Six Flags Over Texas, Lone Star Park, local sports venues and Dallas-Fort Worth International Airport. The property is also within walking distance of several dining and shopping options. Owned by Orion Lodging LLC and managed by Kriya Hotels, the hotel’s guestrooms feature fully equipped kitchens and modular furniture. The hotel also features complimentary Wi-Fi, a combined laundry and fitness area, outdoor pool and grill area, Home2 MKT store and complimentary breakfast.
BOERNE, TEXAS — Bellomy & Co. has brokered the sale of Storage Solutions of Boerne in the San Antonio suburb of Boerne. The facility consists of 465 units across 67,500 square feet. The 7.9-acre property was built in 2009 and was 83 percent occupied at the time of closing. Boerne is located 30 miles northwest of San Antonio. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. structured the off-market transaction between the unnamed, local seller and the buyer, Lockaway Storage. Lockaway operates more than 50 self-storage properties in California and Texas.
HOUSTON — JLL has secured an anchor tenant at 1885 Saint James Place, a Class A office building in Houston. Houston-based construction law firm Andrews Myers P.C. will relocate from its current office at 3900 Essex Lane to the top two floors of 1885 Saint James Place. The company signed for 30,102 square feet, encompassing the 14th and 15th floors of the building. Craig Hausman and Tony Allen of Pollan Hausman Real Estate Services LLC represented Andrews Myers in the transaction. JLL’s Chrissy Wilson and Russell Hodges represented the landlord, 1885 St. James Place Partners LP, in the transaction. The building is 27 percent leased. Construction was completed this summer on the 165,000-square-foot office building located south of the Tanglewood neighborhood. The building features nine floors of office space situated atop six floors of above-grade parking. The property’s amenities include a fitness center, conference center, food service, on-site security, on-site property management and covered, in-building parking for all employees.
LEAGUE CITY, TEXAS — Lee & Associates’ Houston office has arranged the sale of a 9,000-square-foot office/industrial building at 2227 Gulf Freeway S. in League City, a suburb of Houston. The buyer was KSSG 646 Investments LLC. Mike Spears and Thomas Leger of Lee & Associates represented the seller, Sanberg Investments, in the transaction.
AMARILLO, TEXAS — BMC Capital has secured a $1 million acquisition loan for a net-leased Dunkin’ Donuts store in Amarillo. The five-year loan includes a 25-year amortization schedule, 70 percent loan-to-value ratio and a 4.25 percent fixed interest rate. The lender and borrower were unnamed.