Texas

M&M Arranges Sale of 11-Unit Apartment Building in Dallas

by Haisten Willis July 21, 2016

DALLAS — Marcus & Millichap has arranged the sale of Candlewick, an 11-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership, and procured the buyer, a limited liability company. Nick Fluellen and Bard Hoover, also of the firm’s Dallas office, assisted with the transaction. Candlewick is located at 5444 Gaston Ave. and consists of eight one-bed/one-bath units, one two-bed/one-bath unit and two two-bed/1.5-bath units. The asset was 91 percent occupied upon execution of the contract. Candlewick, built in 1961, is situated in the historic district of Old East Dallas.

July 21, 2016

Lee & Associates Negotiates 10,500 SF Office/Retail Sale in Dallas

by Haisten Willis July 21, 2016

DALLAS — Lee & Associates has negotiated the sale of a 10,500-square-foot office/retail building located at 1528 Slocum St. in Dallas. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Tatum Brown Custom Homes. Doug Molny with Jim Lake Cos. represented the seller, Mark Modares.

July 21, 2016

Hospitality Texas

Intergroup Realty, MJ Rome Broker Sale of Las Colinas Hyatt Place

by Haisten Willis July 20, 2016

IRVING, TEXAS — Tandy Lofland of Intergroup Realty and Mark Rome of MJ Rome represented the seller in the recent sale of the Hyatt Place Dallas/Las Colinas in Irving. The 122-room hotel is located in the 12,000-acre Las Colinas mixed-use development, one of the largest master-planned communities in the country. An affiliate of Summit Hotel Properties sold the hotel to a private investment group from the Dallas area. The hotel will undergo upgrades and improvements and will continue to operate as a Hyatt Place franchise.

July 20, 2016

Multifamily Texas

ARA Newmark Secures Sale of Apartment Community in Austin

by Haisten Willis July 20, 2016

AUSTIN, TEXAS — ARA Newmark has secured the sale of Broadstone 8 One Hundred, a 376-unit multifamily community in northwest Austin. The complex is located near Apple’s planned expansion of its 39-acre corporate campus, as well as local hubs for eBay, PayPal, Google, Visa and 3M. San Francisco-based Jackson Square Properties was the buyer. Pat Jones of ARA Newmark represented the seller, Alliance Residential. Constructed in 2015, Broadstone 8 One Hundred is a Class A community situated on 17 acres. The property offers a pool with lounge seating and a tanning ledge, outdoor kitchen with gas grills, bocce ball court and a hammock green. The clubhouse includes viewing/entertainment spaces, a social lounge with a beverage bar and an athletic center. Unit interiors feature 10-foot ceilings and hardwood floors.

July 20, 2016

Multifamily Texas

M&M Arranges Sale of 175-Unit Apartment Building in Metro Dallas

by Haisten Willis July 20, 2016

HURST, TEXAS — Marcus & Millichap has arranged the sale of The Gables of Notting Hill, a 175-unit apartment property located in Hurst. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a Houston-based private investment firm. Silva and Braly also secured the buyer, a Dallas-based investment group. The property was built in 1968 and consists of 27 buildings with one-, two- and three-bedroom floor plans.

July 20, 2016

Retail Texas

NAI Robert Lynn Brokers Sale of Auto Dealership in Plano

by Haisten Willis July 20, 2016

PLANO, TEXAS — The NAI Robert Lynn industrial division has represented Autos of Dallas in the purchase of the 55,000-square-foot Ex-Ewing Buick GMC Dealership in Plano, which will allow the auto dealer to nearly double its inventory to 1,000 vehicles. The new dealership will make Autos of Dallas the largest independent auto dealer in metro Dallas. NAI Robert Lynn’s Chad Albert represented Autos of Dallas in the transaction. Autos of Dallas will move from its current location in Addison, previously known as the Addison Square Garden Ice Rink, to its new headquarters on eight acres at 4472 Plano Parkway.

July 20, 2016

Restaurant Retail Texas

Flaming Grill & Supreme Buffet to Open in Metro Houston

by Haisten Willis July 20, 2016

JACINTO CITY, TEXAS — Flaming Grill & Supreme Buffet has leased the remaining space in the 217,004-square-foot Market at Hunting Bayou as its first location in metro Houston. The restaurant chain is planning to invest $2 million into the interior of a 21,164-square-foot space in the retail center, located at 11900 E. Freeway in Jacinto City. Construction on the junior anchor space is expected to take five months. The chain has restaurants in New Jersey, New York, Pennsylvania and South Carolina. The daily menu features more than 250 items of American, Italian, Japanese and Mexican dishes alongside traditional Chinese cuisine. Flaming Grill’s lease will bring Market at Hunting Bayou to 100 percent occupancy. Brad Elmore of Houston-based NewQuest Properties represented the landlord, JBL Asset Management of Miami, in the transaction. Drew Huggins of Huggins Realty Group represented the restaurateur, which also has a location in Dallas.

July 20, 2016

Mixed-Use Office Retail Texas

Third Palm Capital to Debut Republic Square in Houston

by Haisten Willis July 19, 2016

HOUSTON — A year after first announcing long-term plans for the redevelopment of the former ExxonMobil Chemical headquarters campus in Houston, Third Palm Capital is repurposing existing buildings on the 35-acre energy corridor site. The planned mixed-use district is located at 13501 Katy Freeway and is being renamed Republic Square. Houston-based Boxer Property has been awarded the leasing and management assignment. Preparations are underway to open Republic Square’s grounds with a central lake. Existing amenities include The Event Center at Republic Square, a 20,000-square-foot event and conference facility, plus Republic Square I, a three-story, 320,000-square-foot office building. Improvements include increasing visibility and accessibility off I-10 and Memorial Drive, adding a surface parking lot along Memorial and landscaping.

July 19, 2016

Healthcare Texas

CBRE Brokers Sale of Medical Facility in Oklahoma City

by Haisten Willis July 19, 2016

OKLAHOMA CITY — CBRE’s U.S. Healthcare capital markets group has brokered the sale of a 62,857-square-foot medical facility in Oklahoma City fully leased to Lakeside Women’s Hospital. Tampa-based Carter Validus Properties II LLC purchased the asset from Physicians of Northwest Oklahoma Investment Group LLC for an undisclosed price. Jason Little of CBRE’s Oklahoma City office teamed with Chris Bodnar and Lee Asher of CBRE’s U.S. Healthcare capital markets group to market the asset on behalf of the seller. Situated on five acres, the inpatient medical facility is located at 11200 N. Portland Ave.

July 19, 2016

Loans Multifamily Texas

George Smith Partners Secures $10.6M Acquisition Loan for Multifamily Property in El Paso

by Haisten Willis July 19, 2016

EL PASO, TEXAS — Commercial real estate investment banking firm George Smith Partners has arranged a $10.6 million loan for the acquisition of The Preserve at Mesa Hills, a 100 percent occupied, 248-unit apartment community in El Paso. David Rifkind and Ameet Chagan of George Smith Partners arranged the interest-only loan through a CMBS lender on behalf of the borrower, a private investor, . Located in El Paso’s northwest submarket, The Preserve at Mesa Hills comprises nine two-story and five three-story buildings offering one- and two-bedroom apartments. Units feature mountain and valley views, private patios or balconies and GE appliances, while select units also feature vaulted ceilings and wood-burning fireplaces. Common area amenities in the gated community include landscaped courtyards, a pool with spa and sundeck, fitness center, basketball and volleyball courts, as well as barbecue grills and picnic areas for residents.

July 19, 2016

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