Texas

M&M Arranges Sale of 70-Room Hotel in Hillsboro

by Haisten Willis June 16, 2016

HILLSBORO TEXAS — Marcus & Millichap has arranged the sale of Hampton Inn Hillsboro, a 70-room hotel in Hillsboro. Chris Gomes of Marcus & Millichap’s Dallas office, Allan Miller of the firm’s San Antonio office, and Skyler Cooper of the Houston office marketed the property on behalf of the seller, a private investor. Gomes and Miller also procured the buyer, also a private investor. Hampton Inn Hillsboro is located at 102 Dynasty Drive, just east of I-35 near Old Brandon Road. Built in 2007, the three-story hotel features a wood frame, stucco and brick exterior and a flat roof. Amenities include a fitness center, swimming pool, business center, complimentary breakfast bar and 691 square feet of meeting space. Rooms are equipped with a desk, microwave, refrigerator and flat-screen television with cable.

June 16, 2016

Simon to Expand, Renovate Allen Premium Outlets in Metro Dallas

by Haisten Willis June 15, 2016

ALLEN, TEXAS — Simon has launched the expansion of Allen Premium Outlets, a shopping destination in the Dallas suburb of Allen. The expansion is expected to include an estimated 30 new specialty retailers that will be added at the heart of the shopping center near Neiman Marcus Last Call. Simon will also renovate Allen Premium Outlets with new features and amenities including updated seating, a new play area, Wi-Fi, landscaping and architectural adornments to match the new structures. In addition, a 22-acre plot northeast of the current shopping center has been rezoned to allow for the future inclusion of restaurants and hotels. Allen Premium Outlets currently includes retailers such as Kate Spade New York, Michael Kors, Nike, Polo Ralph Lauren and Under Armour. The expansion is expected to be complete by fall 2017.

June 15, 2016

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Industrial Texas

Mohr Capital Acquires 90,000 SF Industrial Facility in Metro Dallas

by Haisten Willis June 15, 2016

LEWISVILLE, TEXAS — Mohr Capital has acquired a 90,000-square-foot industrial building in the northwest Dallas suburb of Lewisville. The building, located at 651 E. Corporate Drive, is the U.S. headquarters for HOYA Corp., a Forbes Global 2000 company and a supplier of medical and optical products. Cushman & Wakefield’s Randy Baird, Jud Clements and Robby Rieke represented the seller, Cohen Asset Management, in this transaction.

June 15, 2016

Retail Texas

Baker Katz Completes Redevelopment of Retail Property in Beaumont

by Haisten Willis June 15, 2016

BEAUMONT, TEXAS — Baker Katz has redeveloped a fully leased retail site in Beaumont. The company demolished a building that had been located on the property to create five new spaces for retail tenants. Starbucks, Mattress One and Wingstop will occupy a 6,100-square-foot building at the site, and T-Mobile and Access Dental will each lease 2,800 square feet in the second building. The property is located at the northeast corner of I-10 and College Street.

June 15, 2016

Multifamily Texas

M&M Arranges Sale of 31-Unit Apartment Building in Dallas

by Haisten Willis June 15, 2016

DALLAS — Marcus & Millichap has arranged the sale of Shawnee Sevilla Apartments, a 31-unit apartment property located in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Barker and Burton also secured the buyer, a limited liability company. The Shawnee Sevilla Apartments was built in 1972 and is a Class C multifamily asset located in a residential neighborhood at 9633 Old Seagoville Road. The property is located near two Dallas Area Rapid Transit (DART) bus stops, along with Crawford Memorial Park and Fireside Park. The Southeast Dallas Health Center is less than one mile from the property. The property includes 28 two-bedroom units, two one-bedroom units and one three-bedroom unit. Shawnee Sevilla has a total rentable square footage of 29,810, with an average unit size of 962 square feet. The building is constructed with wood siding and brick with concrete slab foundations. On-site amenities include storage, a mechanical room and an on-site laundry facility totaling 2,046 square feet.

June 15, 2016

Industrial Texas

NAI Partners Negotiates 30,721 SF Industrial Lease in Houston

by Haisten Willis June 15, 2016

HOUSTON — NAI Partners has represented landlord Carson Cos. in the lease of a 30,721-square-foot industrial warehouse facility located at 7618 Bluff Point in Houston. Travis Land and Nick Peterson of NAI Partners represented Carson Cos. during the negotiations, while David Carter of Colliers International represented the tenant, Akurate Dynamics LLC.

June 15, 2016

Hospitality Texas

CBRE Negotiates $115M Sale of Hospital Campus in Metro Austin

by Haisten Willis June 14, 2016

ROUND ROCK, TEXAS — CBRE’s U.S. Healthcare Capital Markets Group has negotiated the sale of Forest Park Medical Center – Austin on behalf of FPMC Austin Realty Partners. St. David’s HealthCare purchased the 146,997-square-foot hospital, along with a 79,708-square-foot medical office building and 508-space parking garage, for $115 million. Scott Herbold, Chris Bodnar, Lee Asher and Greg Greene of CBRE, along with KOA Partners, marketed the asset on behalf of the seller. Forest Park Medical Center – Austin was planned to be a physician majority-owned and governed hospital. The seller filed for Chapter 11 bankruptcy protection in January, shortly after construction was completed. Built in 2015 on 8.5 acres in the Austin suburb of Round Rock, the hospital includes 40 private inpatient suites with 12 VIP/family suites, 10 operating rooms, two procedure rooms and six intensive care rooms. The common areas and restrooms of the four-story, on-campus medical office building have been completed, along with the parking garage.

June 14, 2016

Industrial Texas

Hangover Opportunity Fund Sells Industrial Complex in Metro Dallas

by Haisten Willis June 14, 2016

CLEBURNE, TEXAS — Hangover Opportunity Fund has sold a fully leased, three-building industrial property situated on 16.8 acres in southeastern Johnson County. The all-cash transaction was made with a private investor from Houston. The seller has spent $250,000 renovating the 144,698-square-foot Grandview Industrial Complex, which was nearly 88 percent vacant when it was bought out of foreclosure three years ago. The fund’s manager, SkyWalker Property Partners, undertook a major upgrade of the shuttered RV conversion plant and subsequently signed three long-term tenants, each leasing an entire building at 8800 FM 916. Noltex Truss DFW Inc. leases the largest building, which spans 82,210 square feet. Leland’s Industries LLC occupies a 44,988-square-foot warehouse, and AES Drilling Fluids LLC leases the smallest structure, which is 17,500 square feet. All three tenants are in place at least three more years. Zane Marcell and Dustin Volz of JLL listed the property. Houston investor Eli Sasson, who represented himself, made an all-cash offer using funds from several 1031 tax-deferred exchanges to complete the acquisition.

June 14, 2016

Loans Multifamily Texas

Old Capital Provides $10M Loan for Apartment Community in Abilene

by Haisten Willis June 14, 2016

ABILENE, TEXAS — Old Capital has provided a $10 million loan for Cimarron Apartments in Abilene. An out-of-state ownership purchased the 288-unit asset for an undisclosed price. Old Capital provided a five-year, non-recourse bridge loan with 24 months of interest-only payments and a 30-year amortization schedule. The loan features a rehab budget to bring the 1982-era asset up to date.

June 14, 2016

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Office Texas

Mainland Bank Relocating Headquarters in Metro Houston

by Haisten Willis June 14, 2016

TEXAS CITY, TEXAS — Mainland Bank has selected Texas City Professional Office Building as its new headquarters and banking hub, signing a long-term lease for a property in Texas City now undergoing a major renovation. The bank has leased 5,555 square feet at 2501 Palmer Highway, a two-story office building with three covered drive-thru banking lanes. Mainland Bank’s new space and the balance of the 33,486-square-foot structure will be renovated this summer. A-K Texas Venture Capital owns the 90 percent-occupied building. Texas City Professional Office Building features 111 parking spaces, Wi-Fi and a digital lobby directory. Upgrades are planned for the common areas, lobby and elevator cabs. Mainland Bank was chartered in 1944 as First State Bank. Richard Barbles of Stream Realty Partners represented the bank in lease negotiations.

June 14, 2016

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