HOUSTON — KBS Growth & Income REIT has purchased The Offices at Greenhouse, a 203,221-square-foot office building in Houston, for an undisclosed sum. Currently 95 percent leased, the five-story building is LEED Silver-certified. Built in 2014, the property features a landscaped courtyard, 50-person learning center with AV equipment, 10-person board room and a four-level parking garage. The name of the seller was not released.
HOUSTON — McCord Development has topped out 250 Assay St. in Houston, the first multi-tenant office building in Generation Park’s lifestyle district, Redemption Square. The five-story building will feature 86,523 square feet of space, including 15,000 square feet of ground-level retail and restaurant space. Announced tenants include Apache Industrial Services and McCord Development, which will both relocate their corporate headquarters to the building. The property, which was designed by Page Southerland Page Architects in partnership with McCord, is slated for delivery in June 2017. E.E. Reed is serving as the general contractor for the building.
FRISCO, TEXAS — McCathern PLLC has signed a 10-year lease of office space at The Star in Frisco, the new Dallas Cowboys World Headquarters and Training Facility. The law firm will occupy 5,673 square feet at One Cowboys Way. Scott Hobbs and Michelle Donaldson of CBRE represented the tenant, while Jack Young of Lincoln Property Co. represented the landlord, Frisco HQ Operations, in the lease negotiations. McCathern currently has offices in Dallas, Houston and Los Angeles.
HOUSTON — NAI Partners has arranged the acquisition of an office space located on Richmond Avenue in Houston’s Montrose neighborhood. Rob Wiley P.C. purchased the 2,600-square-foot space from WT MAGS LLC for an undisclosed price. Dan Boyles Jr. and Michael Mannella of NAI Partners represented the buyer, while Jane Brennan-Martin of Carnan Properties represented the seller in the deal.
FRISCO, TEXAS — Bell Partners Inc. has purchased Orion Frisco, an apartment community located in Frisco, for an undisclosed sum. The buyer has renamed the property Bell Frisco at Main. Built in 2012, the 12-building community features 360 units, with an average unit size of 887 square feet. Apartments features high ceilings with crown molding, black Whirlpool appliances, custom cabinets with under-cabinet lighting and brushed nickel features, kitchen pantries and modern track and pendant lights. Additionally, apartments feature garden tubs, walk-in closets, full-size washer/dryer connections and patios or balconies. On-site amenities include a Starbucks Coffee Bar, clubhouse with business center, central park, jogging trail, children’s activity area, dog park, 24-hour fitness center, outdoor Wi-Fi lounge, resort-style swimming pool with a tanning deck and 120 rentable carports.
DENTON, TEXAS — Fidelis Realty Partners has purchased Rayzor Ranch Marketplace, a retail property located at the corner of State Highway 380 and I-35 in Denton, for an undisclosed price. Academy Sports + Outdoors, Ross Dress for Less, Petco, Jo-Ann Fabric and Crafts, Boot Barn and Guitar Center are tenants at the 252,000-square-foot retail center, while the overall center contains 641,000 square feet of retail space, including the Walmart, Sam’s Club and Kohl’s shadow anchors. Additionally, the acquisition included 18 acres of land for future development. The name of the seller was not released.
CEDAR PARK, TEXAS — CBRE has arranged $13.6 million in acquisition and development financing and $3.9 million in equity for Brushy Creek Corporate Center, a speculative office and industrial development in Cedar Park, about 20 miles northwest of Austin. The development is a two-building, 231,180-square-foot property. Mike Landon and David Aaronson of CBRE arranged the loan for the borrower, IGX Brushy Creek LLC. American National Insurance Co. provided the financing, while ANICO Eagle LLC, a joint venture partner in the development project, provided the equity for the project.
CARROLLTON, TEXAS — Pierson Retail Advisors has brokered the sale of Hebron Heights, a neighborhood retail center located in Carrollton. A Texas-based group sold the property to an out-of-state buyer for an undisclosed price. At the time of sale, the 31,992-square-foot property was fully leased to Kumon Learning Center, Premier Dental, Hebron Veterinary Hospital and Pet Supplies Plus. Pierson Retail Advisors represented the seller in the deal.
WEBSTER, TEXAS — KAMTAG LLC has acquired a multi-tenant retail property located at 145 Magellan Circle in Webster. WDC Mag One LLC sold the asset in an off-market transaction for an undisclosed sum. At the time of sale, the 9,781-square-foot property was fully occupied. Reed Vestal and Taylor Schmidt of Lee & Associates represented the buyer in the deal.
American Campus Communities Sells 19 Student Housing Properties to Saban, Campus Advantage for $508M
AUSTIN, TEXAS — American Campus Communities Inc. (ACC) has sold 19 student housing assets totaling more than 12,000 beds to a partnership between Saban Real Estate and Campus Advantage for $508 million. The transaction included a $197.3 million prepayment of secured mortgage debt. “With the sale of these non-core assets, which were all previously acquired as part of larger portfolio acquisitions, we have transformed our portfolio into one consisting almost entirely of core assets,” says Bill Bayless, ACC’s CEO. “Our overall proximity to campus improves to a median distance to campus of only one-tenth of a mile, and our portfolio now contains only two remaining assets located more than one mile from campus.” The 12,083-bed portfolio includes: Abbott Place, a 654-bed community located near Michigan State University in East Lansing. Burbank Commons, a 532-bed community located near Louisiana State University in Baton Rouge. The Cottages of Baton Rouge, a 1,290-bed community located near Louisiana State University. U Club Cottages, a 308-bed community located near Louisiana State University. University Crescent, a 612-bed community located near Louisiana State University. Campus Corner, a 796-bed community located near Indiana University in Bloomington. Campus Way, a 680-bed community …