AUSTIN, TEXAS — CBRE Investment Properties has arranged the sale of Westlake Place, a 60,338-square-foot, multi-tenant office building in Austin. Maryland-based Moore & Associates purchased the asset from a California-based partnership for an undisclosed price. Westlake Place is a five-story building located at 1515 S. Capital of Texas Highway in the Southwest Austin submarket. Tenants at the Class B property, which is 94 percent occupied, include Sotera Defense Solutions, Frontier & Associates and Vertex Software Corp. Walter Saad, Cathy Nabours and Logan Reichle of CBRE’s Austin office represented the seller.
HOUSTON — Baker Katz has arranged a 1,200-square-foot lease on behalf of Scout & Molly’s boutique in the Plaza in the Park shopping center in Houston. The shopping center is located at the intersection of Buffalo Speedway and Westpark Drive. The boutique features upscale women’s clothing and offers original, rustic chic designs. The store’s opening is slated for January 2016. Founded in 2002 by Lisa Kornstein, Scout & Molly’s has grown to more than 10 locations in the United States. Baker Katz broker Lunden McGill represented Scout & Molly’s in the lease transaction. Edens’ Bruce Wallace represented the landlord.
FORT WORTH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 248-unit apartment community on Hulen Drive in Fort Worth. Will Balthrope, Drew Kile and Al Silva of Marcus & Millichap advised the seller and procured the buyer, an investment consortium organized by LumaCorp Inc., in the transaction. Southern Oaks was completed in 1983 and features 15 different one- and two-bedroom floor plans totaling 188,512 rentable square feet. The apartment community is located in southwest Fort Worth, seven miles from Near Southside Medical District.
DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on phase one of a $75 million self-storage development plan. The first phase of the firm’s plan includes four projects in total, all of which are located in Texas markets. Cornerstone RPC Storage Development has broken ground on the first project, a 94,475-square foot, 656-unit self-storage facility at 9485 LBJ Freeway in Dallas. Cornerstone also plans to break ground within weeks on a 116,400-square-foot storage facility in Houston at 1200 Park Row Drive. The 832-unit center will offer 80 parking spaces and climate control in the majority of units. The development company has closed on two additional properties in San Antonio this month with plans to develop more than 200,000 square feet of self-storage facilities. The first, located at 9652 Huebner Road, will span 103,575 square feet and include 731 units, 710 of which will be climate controlled. The second, located at 7413 N. Loop 1640 W., will be 98,625 square feet and offer 693 units, 644 of which will be climate controlled. The new developments will be managed by and branded as Extra Space Storage.
PEARLAND, TEXAS — Oldham Goodwin Group represented the buyer, a Houston investment group, in the acquisition of Discovery Bay Shopping Center in Pearland. Discovery Bay Shopping Center is a 16,350-square-foot retail center in Pearland. The shopping center is located at the southwest corner of Highway 288 Frontage Road and Discovery Bay Boulevard. It is located in close proximity to the entrance of Shadow Creek Ranch, a 3,300-acre master planned development. Oldham Goodwin Group will oversee property management and retail leasing of Discovery Bay Shopping Center. Bill Pyle of Oldham Goodwin’s Houston office represented the buyer in the negotiation and acquisition of the property.
DALLAS — A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet at 6060 and 6080 N. Central Expressway in Dallas. Jack Crews, Evan Stone and Lauren Zimmer of JLL sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase. 6060 N. Central Expressway is an eight-story office property spanning 224,682 square feet. The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 N. Central Expressway, with 45,817 square feet on the first floor, topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces. At the time of sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group
FORT WORTH, TEXAS — The final steel beam has been placed on the new Texas Health Huguley Hospital, signifying the project has reached its maximum height. The facility is both designed and constructed by Dallas-based The Beck Group and will be completed in summer 2016. The six-story facility will total 234,300 square feet and include a new public lobby on the ground floor, a women’s services floor with two C-section suites, eight labor and delivery rooms, 20 postpartum rooms and a nursery, three levels with medical/surgical units and 36 inpatient beds per floor.
SULPHUR SPRINGS, TEXAS — Marcus & Millichap has arranged the sale of Homespring Suites, a 60-room hospitality property located in Sulphur Springs. The terms of the sale were not released. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Cooper, Gomes and Miller also procured the buyer, a private investor. Homespring Suites is located at 1521 E. Industrial Drive. Built in 1999, the three-story, independent hotel is situated on 1.5 acres just off I-30. Amenities include an exercise room, outdoor pool, high-speed Internet access, meeting space and laundry facilities.
DALLAS — Q10 KDH Vice President Larry Peters has arranged financing for a suburban apartment complex in Dallas. The Class A property offers amenities including a fitness center, walking trails, a pool with wood burning rock fireplace, attached garages and elevators. The property is 95 percent occupied with a tenant mix of 80 percent seniors. Q10 Kinghorn, Driver, Hough & Co. is a Texas-based full service commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.
HOUSTON — Boxer Property has arranged a 5,000-square-foot lease for a government entity in Northwest Houston. The property is located at 340 and 350 N. Sam Houston Parkway E., just off Beltway 8, and provides 172,969 square feet of office space for rent. Boxer Property owns and manages the building. Diana Boswell negotiated the agreement on behalf of Boxer Property, working alongside Gary Rothe, the property manager, and Christine Guerra, leasing representative. The two-story buildings include amenities such as a conference room, video surveillance and 24=hour secure key card access.