KATY, TEXAS — Ascension Group Architects recently completed Oceans Behavioral Hospital Katy at 455 Park Grove Drive in Katy. The hospital opened to patients in the spring. The 48-bed, 34,274-square-foot behavioral health hospital provides care to adults 55 and older who require inpatient hospitalizations for psychiatric illnesses. The property is located just south of I-10 and Mason Road and is a joint venture between Dallas-based real estate investment and development company SRP Medical and Plano, Texas-based Oceans Healthcare. The property is Oceans’ seventh hospital in Texas and fourth in partnership with SRP. Dallas-based Rogers-O’Brien Construction was the general contractor.
ATASCOCITA, TEXAS — Houston-based Baker Katz has acquired a 4.5-acre property located near the cross streets of Farm to Market Road 1960 and West Lake Houston Parkway in Atascocita. The firm plans to renovate two existing buildings at the site totaling 33,000 square feet to update the architecture and attract new tenants. The buildings were originally constructed in 1984. Construction is slated to begin early next year. Jim Bayne with Investar Real Estate Services represented the seller in the transaction.
DALLAS — Jim Hoopes of NorthMarq Capital’s Minneapolis office and Stephen Whitehead of the firm’s Dallas office arranged $18.2 million in acquisition financing for Alexan Trinity, a 167-unit multifamily property located at 333 E. Greenbrier Lane in downtown Dallas. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. The property features unobstructed views of downtown Dallas.
CARROLLTON, TEXAS — Japan-based Daiso will be opening its first Texas location Carrollton Town Center, which was developed by NewQuest Properties. The 11,000-square-foot store will open to the public at noon on Friday. Daiso currently operates 3,300 stores worldwide with a total of 44 stores in the United States. The company plans to open 20 stores throughout Texas. Carrollton Town Center is located at 2540 Old Denton Road in Carrollton, a suburb of Dallas. The grand opening will be a weekend-long event. Carrollton Town Center is undergoing a $7 million facelift and will be anchored by a new 99 Ranch Market. In addition to Daiso, the development will feature other prominent Asian restaurants and retailers, such as Gen Korean, Kung Fu Tea and Dan Sung Sa.
HOUSTON — Regis Property Management has acquired 770 S. Post Oak Lane, a mid-rise office building located seven miles from downtown Houston and 24 miles from Houston Intercontinental Airport. The six-story building is located in the Galleria area, surrounded by restaurants, hotels and other amenities. Regis Property Management is an affiliate of Pillar Income Asset Management and manages 34 commercial properties comprising more than 6 million square feet of office, warehouse, industrial and retail space. Regis was selected to manage the property portfolios for three publicly traded companies as well as several affiliated and non-affiliated private companies.
HOUSTON — NAI Partners has arranged lease negotiations for 18,442 square feet of new industrial space at 5175 Ashley Court in Houston. Chris Kugle of NAI Partners represented the tenant, Smart Sensors Inc., a manufacturer of temperature sensors, during the negotiations, while John Ferruzzo represented the landlord, Marwell Properties.
RICHARDSON, TEXAS — Q Real Estate Holdings, the real estate affiliate of Fort Worth-based Q Investments, has purchased 2400 N. Glenville in Richardson. The property is now open for tours and new leases for the first time in its history. It opened in 1989 as a build-to-suit for Verizon, then known as MCI, and is located in the heart of Galatyn Park Urban Village, a mixed-use development in Richardson’s Telecom Corridor. Verizon will remain in the property until the fourth quarter of 2016 when Q Real Estate plans to begin renovations to reposition the property for new tenants. DTZ’s Trey Smith and Clint Madison will oversee leasing services for the 388,600-square-foot facility. Comprising four interconnected 100,000-square-foot buildings, 2400 N. Glenville is one of the largest contiguous blocks of available office space in the Dallas market.
TOMBALL, TEXAS — ARA Newmark has arranged the sale of Alexan Creekside, a 380-unit, Class A apartment complex located in Tomball. Matthew Rotan and Adam Allen of ARA Newmark represented the sellers, Trammell Crow Residential and The Carlyle Group, in the transaction. David Marshall of ARA Newmark previously advised Trammell Crow Residential on the purchase of the land where the property now stands. Allen advised Trammell Crow on raising equity for the development. Los Angeles-based multifamily real estate management company Francis Property Management was selected as the buyer and purchased the property for an undisclosed price. Francis maintains a portfolio of apartment complexes located in Texas and California. Constructed in 2014, Alexan Creekside is located near The Woodlands’ 3,500-acre Creekside Park, which is the master-planned community’s newest village. Amenities include an electronically keyed unit and amenity access, USB charging stations, granite countertops, an upgraded unit finish package, a stainless steel appliance package, track and pendant lighting and under-cabinet kitchen lighting. Community amenities include swimming pools with an outdoor kitchen, cyber cafe, clubroom, resident lounge, coffee bar, complimentary Wi-Fi and a dog park.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Sierra Hermosa Apartments, a 168-unit apartment property located in Fort Worth. John Barker, Trey McGhin and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private partnership. Barker, McGhin and Allen also secured the buyer, a New Jersey limited liability company. Sierra Hermosa Apartments is located at 3254 Las Vegas Trail near West Camp Bowie Boulevard with access to Highway 820 and I-30. The property was built in 1970 and comprises 41 buildings. Nearly 70 percent of the units have two bedrooms. There are three onsite laundry facilities, seven floor plans and three boiler rooms.
HOUSTON — Waypoint Residential has purchased the Valencia Place apartment complex in Houston. Located at 3131 W. Bellfort Ave., Valencia Place is a 246-unit, Class A property located near the Texas Medical Center. Valencia Place also provides access to major highways.