PLANO and SAN ANTONIO, TEXAS — NewcrestImage has acquired two Hyatt Place hotels in Texas. The first is a 127-room property on Dallas Parkway in Plano, and the second is a 126-room property on Hyatt Park Drive in San Antonio. Both properties span six floors with amenities including a gym, business center, outdoor pool and flexible meeting space. Hyatt Place in Plano is located in the Dallas Platinum Corridor office district. There are more than 40 million square feet of office space within five miles of the hotel, including the corporate headquarters of JC Penney, Dr Pepper Snapple Group, Frito-Lay, Pizza Hut and Mary Kay. Hyatt Place in San Antonio is located along I-10, adjacent to the 288-acre headquarters of the United States Automobile Association. Also within five miles are the headquarters of Valero Energy Corp., the University of Texas at San Antonio and the South Texas Medical Center.
Texas
HOUSTON — MIG Real Estate has acquired Alta Heights, a 256-unit apartment complex in Houston. Alta Heights is located at 145 Heights Blvd., three miles from downtown Houston, and has direct access to I-10 and I-45. The property consists of a four-story building that includes studio, one- and two-bedroom floor plans and a five-story parking structure. Amenities include a pool, courtyard with gas grills, a dog park, two-story clubhouse, gym and business center.
SAN ANTONIO — Equity Inc., Equity Velocity Fund I and 2GR Equity LLC have formed a joint venture to acquire Huebner Medical Center I & II. The 166,167-square-foot medical center is situated on 11 acres at the South Texas Medical Center located at 9150 Huebner Road in San Antonio. A major tenant is Methodist Ambulatory Surgical Hospital, which operates a 48,000-square-foot, 28-bed hospital on site.
WESLACO, TEXAS — NorthMarq Capital’s San Antonio office has arranged an $11 million construction loan for Weslaco Ranch Apartments, a 156-unit apartment complex located in the Weslaco. The 15-year loan includes two years of interest-only payments and a 25-year amortization schedule. Zapata Apartment Homes is the developer for the project. Construction will begin in January 2015.
HOUSTON — Trammell Crow Co. and joint venture partner Clarion Partners have broken ground on Fallbrook Pines Business Park in northwest Houston. The first phase of the development, scheduled for completion in the first quarter of 2015, will include four concrete, tilt-wall office/warehouse buildings totaling 709,045 square feet. The 127-acre park is located near the intersection of Beltway 8 and Highway 249 on Fallbrook Drive. Phase two will include two side-load buildings, one cross-dock building and one front-load building designed to accommodate fenced, secured truck courts. Powers Brown Architecture is the project’s architect. Rosenberger Construction is the general contractor. Faron Wiley and Joseph Smith of CBRE’s Houston office will be the leasing agents.
CYPRESS, TEXAS — Red Capital Partners LLC has provided a $13.5 million balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti on Towne Lake will be a 90-unit assisted living and memory care facility located in Cypress near the Avanti headquarters in The Woodlands. The community will consist of 50 assisted living units and 40 memory-care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.
RIVER OAKS, TEXAS — ARA has arranged the sale of River Ranch, an 80-unit apartment complex located in River Oaks. Jakob Andersen, Brian O’Boyle Jr. and Brian Murphy marketed the property on behalf of the seller, an entity controlled by Roger Gunby and Roger Gault. Southwest Montana Properties LLC was the buyer. River Ranch was completed in 1985. Recent upgrades to the property include solar screens on all exterior windows, new building and entry signage, stone retaining walls, new gutters and HVAC systems.
BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 9,360-square-foot net-leased property occupied by Family Dollar in Brownsville. Curtis Carter and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Stephen Berchelmann and Knibbe represented the buyer, a private investor. Family Dollar is located at 4465 Paredes Line Road. The property was built in 2006 and is comprised of 9,360 square feet surrounded by a 28-space parking lot on 0.35 acres.
HOUSTON AND AUSTIN, TEXAS — The William Warren Group has purchased four properties in the Houston and Austin areas for a total of $27.9 million. The facilities consist of a total of 2,257 units with 349,169 square feet. The purchases include Brazos Storage & Retail, located at 210 Gonyo Lane in Richmond, Gosling Road Self Storage located at 32103 Gosling Road in Spring, New Territory Self Storage located at 420 Sartartia Road in Sugar Land and Plum Creek Self Storage located at 5500 FM 2770 in Kyle.
HALTOM CITY, TEXAS — ALDI, a low-price grocery store chain, has opened a new location in Haltom City. The new store is located at 3173 Denton Hwy. ALDI has more than 1,300 total stores in 32 states. The chain is averaging 80 new stores each year. The Haltom City location was constructed with recycled materials and uses energy-efficient refrigeration and light bulbs.