FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of a 2,820-square-foot net leased retail property located at 4217 Bridge St. in Fort Worth. Lisa Estrada of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. Estrada also secured the buyer, another individual/personal trust. The property is located two miles from downtown Fort Worth along I-30.
CYPRESS, TEXAS — Lee & Associates’ Houston office has brokered the sale of 1.7 acres at Barker Cypress Road near Highway 290 in Cypress. Patrick Wolford of Lee & Associates represented the seller, Rileigh LLC. Hunington Properties Inc. represented the unnamed buyer, and will be retained for the leasing and management of a planned 15,000-square-foot retail center at the site. The center will be known as Barker @ 290 Center.
AUSTIN, TEXAS — Kor Group has begun construction on Austin Proper Hotel & Residences, a mixed-use hotel and residential tower in downtown Austin. The merchant banking division of Goldman, Sachs & Co. is the capital partner for the development, which is slated to open in 2018. The 33-story, 500,000-square-foot project will be managed and branded by Proper Hospitality, a lifestyle hotel operator. The tower will feature 244 hotel rooms with interior design by Kelly Wearstler; dining options by McGuire Moorman Hospitality; and over 12,000 square feet of indoor and outdoor meeting and event space. Atop the hotel are 99 condominiums available for purchase. Property amenities will include full hotel services for both residents and guests, two roof decks with swimming pools, a full spa and fitness center, lobby restaurant and lounge, coffee shop and an elevated poolside restaurant.
FRISCO, TEXAS, and TULSA, OKLA. — Inventure Design, a Houston-based architecture and interior design firm, has opened two new office locations serving Dallas and Tulsa. The metro Dallas office will be located in Frisco. Inventure Design Tulsa will be the first office located outside of Texas for the firm. The new location will bridge design programs for oil and gas, office, healthcare, retail and multifamily clients with offices in both markets. The new office is located just outside of downtown Tulsa. Inventure Design was established in 1997.
SAN ANTONIO — The Weitzman Group, representing a Florida-based investment partnership, has brokered the sale of Stonehue Shopping Center in San Antonio. The 21,004-square-foot retail center is located at 20323 Huebner Road. A local investment group was the buyer. Daniel Mitchell and Marcus Shaffer of The Weitzman Group handled negotiations. The tenant mix includes Jersey Mike’s, India Tai Palace, Guero’s Taco Diner, Austin Driving School and Pizza Hut. The Weitzman Group will continue to handle leasing of the center under the new ownership.
HOUSTON — Waterman Steele Real Estate Advisors has secured a 22,500-square-foot warehouse lease for Premier Auto Transport at 2906 Holmes Road in southwest Houston. Waterman Steele’s Mike Easely represented the lessee, Aaron Myles of the Myles Group. Joel Michaels of NIA Partners represented the lessor, Michael Powers. Premier Auto Transport will take occupancy this month and plans to open an auto staging facility, combining four separate staging areas throughout Houston into one location.
DALLAS — The Vitorino Group has negotiated the sale of a retail property net-leased by QuikTrip on Forest Lane in Dallas. The 4,636-square-foot property is located on three acres. QuikTrip has less than one year left on its lease. Anthony Pucciarello and Jared Aubrey of The Vitorino Group marketed the property on behalf of the seller, an out-of-state private investor. The duo also represented the buyer, an Oklahoma-based company.
AUSTIN, TEXAS — CIM Group and Seaholm Power LLC have sold the Seaholm Power Plant mixed-use development located at the southwestern edge of downtown Austin. The centerpiece of the project is the 126,000-square-foot, repurposed power plant constructed in the 1950s. The redeveloped Seaholm Power Plant includes four floors of office space designed for its major tenant, athenahealth. Boiler Nine Bar + Grill, a 10,000-square-foot restaurant spanning all four levels, is also part of the redevelopment. Boiler Nine’s concept at Seaholm includes Deck Nine Observatory Bar, a rooftop bar with views of Austin and Lady Bird Lake, and The Boiler Room, a den located on the lowest level of the power plant near the original boiler room. The five acres surrounding the power plant have been redeveloped into a mixed-use space with a 1.5-acre public plaza and multifamily residences. The property also includes a 68,000-square-foot office building and 33,000 square feet of ground-floor retail space anchored by a Trader Joe’s. Construction began on the Seaholm Power Plant project in April 2013, with athenahealth opening its doors in February 2015.
DRIPPING SPRINGS, TEXAS — Shop Cos. Investment Sales has brokered the sale of a Deep Eddy Vodka distillery in Dripping Springs. The 27,724-square-foot, net-leased distillery also serves as a tasting room and an events center. Located 25 miles southwest of downtown Austin, the property fronts West Highway 290 and is near Ranch Road 12. At the time of closing, there were over 17 years remaining on an original 20-year net lease with two, five-year renewal options. Heaven Hill Brands acquired Deep Eddy Vodka in September 2015. Tommy Tucker and Tim Axilrod of Shop Cos. represented the seller, an Austin-based limited liability company. A California-based limited liability company was the buyer.
ARLINGTON, TEXAS — Westmount Realty Capital has acquired Forest Oaks Apartments, a Class B apartment property located at 2408 Forest Oaks Lane in Arlington. Westmount is rebranding the community as Westmount at Forest Oaks. Constructed in 1980, the project consists of 164 units in 10 two- and three-story buildings. The site sits on 7.5 acres with an average of 22.1 units per acre. Westmount at Forest Oaks includes 116 one-bedroom units and 48 two-bedroom units. Planned exterior improvements will consist of updating the common areas and amenities, minor wood and stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount also plans to renovate the pool area with new seating areas and pool furniture, as well as an outdoor kitchen. Berkadia provided financing through the Freddie Mac value-add program.