HOUSTON — NAI Partners represented Sembmarine SSP Inc. in subleasing 5,640 square feet of office space located at 10300 Town Park Drive in Houston. Sembmarine SSP Inc., a Sembcorp Marine subsidiary, specializes in the design, engineering and construction of floating production and drilling structures for the oil and gas industry. Jason Whittington and Liz Westcott-Brown of NAI Partners represented Sembmarine SSP Inc. during the sublease negotiations, while Peggy Meredith with PMCRE represented the sub-landlord, CGG Services Inc.
ROUND ROCK, TEXAS — Passco Cos. has acquired Lone Oak Apartments, a recently completed 304-unit, Class A apartment complex located in Round Rock. Lone Oak Apartments was completed in 2014 and is 92 percent occupied. The property consists of 304 units across 16 three-story buildings, with one-, two- and three-bedroom floorplans. Units include vaulted ceilings, granite kitchen countertops, stainless steel appliances, full-size washer and dryers, and direct access garages. Community amenities include a clubhouse, business center, billiards/game room, poolside barbecue grills, pool, pet park and fitness center. Chris Black of KeyBank Real Estate Capital’s commercial mortgage group arranged the financing through Fannie Mae for the acquisition of the property.
LEWISVILLE, TEXAS — Milestone Apartments Real Estate Investment Trust has agreed to purchase Broadstone Vista Ridge, a 372-unit, Class A apartment community located in Lewisville. The purchase price is $45 million. Built in 2006, Broadstone is 95 percent occupied, with average monthly rents of $1,050. Broadstone includes one-, two- and three-bedroom units. Amenities include a fitness center, swimming pool with an outdoor fireplace, multimedia center and a cyber cafe. Several large employment centers are located in close proximity to the Property, including the Dallas-Fort Worth International Airport, Las Colinas Urban Center and the Legacy Business Park.
SAN ANTONIO — Pure Multi-Family REIT LP will acquire an apartment community known as the Brackenridge at Midtown in San Antonio for $51 million. Brackenridge was constructed in 2014 and consists of 282 units averaging 852 square feet. Brackenridge is located just east of Broadway on Brackenridge Avenue. Amenities include stainless steel appliances, granite countertops, wood-style flooring and walk-in closets. Pure Multi is a publically traded Canadian vehicle offering investors exposure to U.S. multifamily real estate assets.
CONROE, TEXAS — Lancaster Pollard’s proprietary private equity program, Propero Seniors Housing Equity Fund, has partnered with a joint venture mainly consisting of Paradigm Senior Living, the land owners and passive individual investors for the development of a new seniors housing and care facility to be called Woodhaven Village. Located in Conroe, Woodhaven Village will be a 140-unit community consisting of 60 independent living units, 60 assisted living units and 24 memory care beds. Propero is a private equity fund established by Lancaster Pollard to invest in seniors housing properties. Construction on the facility began this summer and will be complete in late 2016.
ARLINGTON AND FORT WORTH, TEXAS — Venture Commercial Real Estate has represented WinCo Foods LLC in deals to open new stores in Arlington and Fort Worth. In Arlington, WinCo has leased an 85,000-square-foot building in the Bardin Place shopping center, located on the southwest corner of I-20 and South Cooper Street. WinCo will join tenants including Ross Dress for Less, Hobby Lobby and Dollar Tree. WinCo expects to start construction this fall. In Fort Worth, WinCo acquired a 10.5-acre tract and is expected to begin construction this fall on an 85,000-square-foot store located on the southeast corner of Tehama Ridge Parkway and Presidio Vista Drive. Kevie Beard, McGregor Converse, Jonathan Cooper and Theo Thompson of Venture represented WinCo in both deals. Caroline Woodbury and Don Woodbury of DWC Commercial Properties coordinated acquisition, development and entitlement of the properties. Mike Axelrad, Sr. represented Brixmor Property Group, the landlord in the Arlington lease. Weber & Co., the landlord in the Fort Worth transaction, was self-represented. WinCo Foods operates five stores in North Texas in Lewisville, Fort Worth, McKinney, Duncanville and North Richland Hills. A Garland store is expected to open this month.
GRAND PRAIRIE, TEXAS — The Bascom Group has acquired Towns of Riverside, a 436-unit apartment community located in Grand Prairie. The property offers access to all the Dallas area’s major employment corridors. Jamie Leachman of Newmark Grubb Knight Frank arranged acquisition financing on behalf of Bascom. Brian Murphy and Brian O’Boyle Jr. of ARA Newmark represented the seller in the transaction. Built in 1999, the property consists of 59 residential buildings and one standalone leasing center spread across 54 acres. The unit mix comprises 52 percent one-bedroom units, 40 percent two-bedroom units and 8 percent three-bedroom units. Roughly 39 percent of the 436 units provide direct access garages and 28 percent are townhome-style apartment homes. Amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court, basketball court and fishing pier overlooking the community lake.
AUSTIN, TEXAS — The Altman Cos., a developer of luxury apartment communities, has broken ground on its first development in Austin. Located at 12700 Ridgeline Blvd., the 354-unit complex will be known as Altís Lakeline. The property will consist of 19 two- and three-story residential buildings, and the floor plans will include one-, two- and three-bedroom units. The gated community has private entries and attached garages, as well as private balconies and patios. The clubhouse includes a Starbucks, conference room, fitness center and a yoga and aerobics studio. The community is located in Austin’s Northwest submarket.
RICHARDSON, TEXAS — The Weitzman Group has negotiated the sale of The Shire, an 83,000-square-foot mixed-use retail and office project located at President George Bush Turnpike and Jupiter Road in Richardson. A local investment group formed by Huey Investments and Standridge Cos. was the buyer. Restaurateur Dale Wamstad was the seller. Eddie Liebman and Joey Keffler with The Weitzman Group handled negotiations. The Shire features restaurants as well as service and office users. Restaurants in the retail space include Silver Fox Steakhouse, Ye Shire Tavern, Main Street Bistro/Bakery, Thai’s Thumbz Urban Kitchen and Apollonia’s Italian Kitchen. Other tenants include Bright Horizons Child Care and Republic Title.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Block 300, a 14,425-square-foot retail property located in Arlington. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also secured the buyer, a private investor. Block 300 is located at 300 E. Abram St. The subject property is a 14,425-square-foot multitenant retail center that is 100 percent occupied. Tenants include Flying Fish restaurant, CearnalCo, Mijo’s restaurant, J. McIntyre Interiors, Twisted Root Burger Co. and Hooligans Pub. The building was constructed in 1956 and sits on 0.9 acres. The subject property is located in a recently revitalized downtown area of the city. It is two blocks east of the University of Texas at Arlington and less than two miles from the Dallas Cowboys stadium, The Ballpark in Arlington and a General Motors assembly plant.