COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Manor Inn College Station Aggieland, a 116-room hospitality property located at 2504 Texas Ave. S. in College Station. Rahul Bijlani, Eric Guerrero and Michael Yu of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and sourced by Yu, Bijlani, Agrama Mannapperuma and Tyler Bean of the firm’s Houston office.
AUSTIN, TEXAS — ARA, A Newmark Co. (ARA Newmark), has negotiated the sale of 40 Hyde Park, a 10-unit asset located in the North Campus/Hyde Park area of Austin. Andrew Shih and James Young of ARA Newmark’s Austin office represented the seller, Artesia. The undisclosed buyer was a private investor also from Austin. Constructed in 1972, 40 Hyde Park is a garden-style apartment community comprising 10 efficiency units. The community is situated on an infill lot in the Historic Hyde Park District, Austin’s oldest neighborhood. Unit amenities for 40 Hyde Park include new gas stoves and countertops, upgraded light fixtures and two-inch faux wood blinds, as well as accent walls. The property is located within minutes of the University of Texas, Austin’s central business district and the Hancock golf course.
SAGINAW, TEXAS — Frost Bank has sold a foreclosed retail property in Saginaw to TL2 Industries LLC, a franchisee of five Valvoline Instant Oil Change locations in the Metroplex. The property, located at 701 N. Saginaw Blvd., was formerly Zippy Lube. The 4,150-square-foot structure features a 1,600-square-foot basement oil changing pit, state inspection space and in-bay carwash. Built in 2004, the commercial building occupies about half of the one-acre tract, allowing room for expansion or ground-up development. The property is located two miles north of Loop 820 and fronts U.S. 287, a commercial corridor traveled by an estimated 31,000 vehicles per day. The land behind the property is built out with multifamily and single-family communities. Wayne Burgdorf of Coldwell Banker Commercial Alliance DFW was the deal’s sole broker.
DALLAS — Miyama USA Texas and Pillar Commercial are teaming up on a proposed new office showroom/distribution project in Dallas. The 250,000-square-foot, two-building complex, SOHCO (previously known as Cornerstone Business Park), is owned by the Miyama family. Both existing facilities (9761 and 9755 Clifford Drive) are 100 percent leased and situated directly off I-35 just south of Spur 482, located between Love Field and DFW airports. The property includes an eight-acre site on which the development team is planning to build a third phase that will contain approximately 115,000 square feet with up to 30 dock-high doors. The Miyama family has owned SOHCO since 2006, and Pillar Commercial has worked with the Miyamas since 2007. A new jogging trail, clubhouse and upgrades to Phase I and Phase II are also being contemplated as part of the overall master plan.
BEAUMONT, TEXAS — NAI Wheeler, in conjunction with NAI Partners, represented Mustang Cat in the purchase of 12 acres located in Beaumont. Mustang Cat, an authorized Caterpillar dealer in Southeast Texas, is experienced in heavy construction machinery, compact construction equipment, power systems, on-highway trucks and equipment rental and support services in the industrial equipment industry. Lee Wheeler and Erica Goss of NAI Wheeler, along with Dan Boyles of NAI Partners, represented Mustang Cat during negotiations.
EL PASO, TEXAS — CBRE has arranged two long-term lease renewals for logistics tenants in El Paso. The buildings are part of a larger industrial portfolio purchased by Phoenix-based ViaWest Group earlier this year. Foreign trade and door-to-door logistics services firm Jichasa renewed a 20,000-square-foot lease at 7189 Merchant Ave., with plans for future expansion. The El Paso operations support a powdered milk supplier in Chihuahua, Mexico. Third party logistics provider Superior Transport & Logistics Inc. also renewed a 20,000-square-foot lease at 7157 Merchant Ave. Since acquiring the four-building, 245,745-square-foot portfolio in March, ViaWest Group has installed new roofing, resurfaced the parking lots and updated the exterior paint. Additional renovations are planned for the future. The portfolio is 58 percent occupied. Arturo De la Mora with CBRE’s El Paso office represented the landlord in lease negotiations.
TEMPLE, TEXAS — Treetop Development has added its seventh Texas U.S. Department of Housing and Urban Development (HUD) -sponsored apartment complex with the recent acquisition of Wayman Manor in Temple. Situated at 1811 E. Ave. K, Wayman Manor consists of 160 one-, two- and three-bedroom rent-assisted apartments. Wayman Manor was part of a larger portfolio-style acquisition of four rental complexes by Treetop Development. Treetop purchased all four assets, which total 588 units, from GHC Housing Partners of Sherman Oaks, Calif., for $22.1 million. The acquisition brings the number of homes acquired by Treetop Development from HUD in the past two years to more than 5,000. Marcus & Millichap represented Treetop Development in the transaction. Steven Fleissig of Greenberg Traurig served as attorney.
MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Princeton Apartment Homes, a 164-unit apartment property located in Mesquite. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Daniel Burton also secured the buyer, a limited liability company. Marcus & Millichap’s Barker Multifamily Group conducted numerous showings and generated multiple competitive offers prior to going under contract. Princeton Apartment Homes is located at 4300 Gus Thomasson Road. The community offers one- and two-bedroom floor plans ranging from a 506-square-foot one-bedroom/one-bath to a 1,020-square-foot two-bedroom/two-bath.
EL PASO, TEXAS — Sealy & Co. has acquired a 101,983-square-foot industrial asset located at 9500 Plaza Circle in El Paso on behalf of the company’s investment offering, SSEP. The single-tenant building, developed in 2000, is a cross-dock facility that offers above average clear heights for the market and a large amount of excess trailer parking. The building is located 1.7 miles from the Zaragoza Bridge, a commercial international port of entry between Mexico and the United States.
NEW BRAUNFELS, TEXAS — Metropolitan Capital Advisors has arranged a loan totaling $12.8 million for a retail property located in New Braunfels. Walnut Square Shopping Center is a 95,952-square-foot retail shopping center shadow anchored by At Home (formerly known as Garden Ridge). Situated on 11.9 acres, the property’s tenant roster includes Chase Bank, AutoZone and Dollar Tree. The sponsor, a Dallas-based property company, plans to fill the largest vacant space — 31,442 square feet — with a big-box credit tenant. Metropolitan Capital placed the acquisition loan, which equated to 75 percent loan-to-cost, with a fixed interest rate of 4.5 percent. The loan structure also featured one year of interest-only payments and a 25-year amortization schedule.
