HOUSTON — National Asset Services (NAS) has arranged the sale of 602 Sawyer St. on behalf of 22 tenant-in-common co-owners. The property, an 85,923-square-foot, seven-story office building, is located in the Midtown submarket of Houston. The tenant-in-common investors purchased the property in 2008. Originally built in 1982, the office property underwent renovations in 1999. NAS represented the tenant-in-common group during the negotiations that resulted in the sale for an undisclosed amount to Houston-based Griffin Partners, who represented themselves in the transaction. NAS assumed asset management responsibility of the property in February 2013 and oversaw several property improvement projects including a remodeling project of the corridors, elevator cabs and restrooms. Prior to the sale, NAS renewed the lease of one of the property’s major tenants, the Houston Police Officer’s Pension System, for a 12,670-square-foot space. At the time of sale, the property was 92 percent leased.
HOUSTON — NAI Partners represented Electro-Tech Industries in the acquisition of a 115,000-square-foot industrial building located at 303 W. Little York in Houston. Founded in 2000, Electro-Tech Industries (ETI) offers custom design, manufacturing, testing and field service for electrical power distribution equipment and systems. David Boyd and Greg Barra with Boyd Commercial represented the seller, EJKeith Commercial Properties LP, during negotiations. Chris Caudill of NAI Partners represented Electro-Tech Industries in the negotiations.
TAYLOR, TEXAS — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single-tenant new construction Advance Auto Parts property located at 3508 N. Main Street in Taylor, for $1.98 million. The brand-new Advance Auto Parts building is located across the street from a Walmart Supercenter-anchored development. The property is positioned along the area’s primary north-south thoroughfare. Retailers located in the immediate vicinity to the property include HEB, Walgreens, CVS and Chase Bank. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a southeast-based commercial real estate developer, in the transaction. The buyer was a private individual based in the southwest who utilized a 1031 exchange. Advance Auto Parts has 15 years remaining on their absolute net lease. The lease features 5 percent rental escalations in each renewal option period. Advance Auto Parts is an investment grade rated tenant with a Standard & Poor’s rating of BBB-.
HOUSTON — Berkadia has negotiated the sale of Crystal Falls, located at 10950 Westbrae Parkway in Houston. Chip Nash, Gregory Austin, Wade Schmitz and Bob Heard of Berkadia’s Houston office negotiated the transaction. The property was 96 percent occupied at the time of the sale. Built in 1984, the 165-unit property features studio, one- and two-bedroom floor plans. Each unit features fully equipped kitchens and a balcony or patio. Select units have washer and dryer connections, fireplaces and vaulted ceilings. Community amenities include a swimming pool, jacuzzi, fitness center and controlled-access gate. The community is located near Braeswood Boulevard, State Route 59 and Beltway 8. Crystal Falls is two miles from BraeBurn Country Club and 3.5 miles from Houston Baptist University. Emerge Crystal Falls LLC of Ladera, Calif. was the seller. Bear Valley Delaware Crystal Falls LLC of Sausalito, Calif. was the buyer. The buyer plans to upgrade the unit interiors.
GARLAND, TEXAS — Lee & Associates has arranged the sale of a 15,577-square-foot office building located at 1985 Forest Lane in Garland. Brett Lewis and George Tanghongs of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Dorian Business Systems. The seller, RREAF, was represented by Century 21 Judge Fite.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Safe & Secure Self-Storage, a 52,015-square-foot self-storage facility located in Fort Worth. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured by Cunningham and Karr. Safe & Secure Self-Storage is located at 8500 S. Hulen Street. The facility rests on 3.3 acres, was built in 2004 and features an on-site manager’s residence, climate-controlled units, garage-style roll up doors, personalized key-pad gated entry, video surveillance, perimeter fencing and lighting and wide concrete driveways. The property is comprised of 182 interior climate-controlled units, 242 drive-up storage units, five covered parking spaces and 21 uncovered parking spaces.
HOUSTON — Suzanne Jones of NorthMarq Capital’s Dallas office has negotiated a $23.3 million acquisition loan for Braesridge Apartments, a 542-unit multifamily property located at 11100 Braesridge Drive in Houston. The 10-year loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
TULSA, OKLA. — KeyBank Real Estate Capital has secured a $7.8 million non-recourse, CMBS first mortgage for Wimbledon Place Apartments. The 292-unit, garden-style apartment community is located in Tulsa. John Loshbaugh of KeyBank’s commercial mortgage group arranged the financing.
AUSTIN, TEXAS — Berkadia has arranged the sale of Lantana Trace, an apartment complex located at 1830 Rundberg Lane W. and 9315 Northgate Blvd. in Austin. Forrest Bass of Berkadia’s Austin office negotiated the transaction. The property was 97 percent occupied at the time of the sale. Built in 1972, the 112-unit property features studio, one- and two-bedroom floor plans. Each unit features kitchens with tile backsplashes and double sinks, tiled showers, walk-in closets, wood-grain vinyl flooring, ceramic tile, ceiling fans and mini-blinds. Community amenities include two swimming pools, two laundry facilities, barbecue and picnic areas, courtyards with landscaping and perimeter fencing. The seller originally purchased the asset as two separate, 56-unit properties in 2012 and 2013. Since those acquisitions, the operator combined the communities to run as one property. The new owner plans minor interior and exterior renovations.
PASADENA, TEXAS — Mark Porterfield of Henry S. Miller’s investments division has brokered the sale of Town Square Apartments in Pasadena. The 92-unit apartment complex sits at 1123 Witter St. on 3.8 acres. Wenge Fan and Huilan Gao from The Campbell Family Trust purchased Town Square Apartments, which was built in 1963 and underwent renovations in 2006. Amenities include private carports, a basketball court, swimming pool and two laundry facilities. Located in southeast Houston, the complex is situated between Houston’s central business district and the bay, near Pasadena Mall, the public mall and many municipal services.