Texas

M&M Arranges Sale of Largest Single Multifamily Asset in Texas

by Haisten Willis June 9, 2015

HOUSTON — Marcus & Millichap has arranged the sale of Broadway Square Apartments, a 2,470-unit apartment complex adjacent to the William P. Hobby Airport in in Houston. The property is the largest single multifamily asset in Texas. Jeffrey Fript of Marcus & Millichap’s Houston office represented the buyer, an out-of-state investment entity. The seller is an out-of-state investment group specializing in multifamily real estate investments. Located on the Houston metropolitan bus line at 8751 Broadway St., Broadway Square Apartments was constructed in phases from 1976 to 1979 on 69 acres. The unit mix features one- and two-bedroom floor plans, 80 of which are townhomes, ranging in size from 504 square feet to 1,206 square feet. Community amenities include controlled access gates, four separate management offices, one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions and courtyards, after-school programs and a community playground. Unit amenities include private patios and balconies in select apartments, ceiling fans, walk-in closets, mini blinds and dishwashers. Select units have washer/dryer connections.

June 9, 2015

NorthMarq Arranges $6M Acquisition Financing for Shopping Center in San Antonio

by Haisten Willis June 9, 2015

SAN ANTONIO — Bryan Leonard of NorthMarq Capital’s San Antonio office has arranged a $6 million acquisition loan for Fairview Shopping Center, a 28,662-square-foot retail property located at 24200 Interstate 10 W. in San Antonio. The loan was structured with a 10-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with Nationwide. The property’s tenant roster includes Fiddlin’ Frogs, Willie’s Grill and Phyllis Browning Co.

June 9, 2015

Industrial Texas

Seven Tenants Sign at Crosby Trade Center, Park West Crossing in Metro Dallas

by Haisten Willis June 9, 2015

CARROLLTON AND COPPELL, TEXAS — ML Realty Partners LLC has arranged 182,764 square feet in lease transactions in its recently delivered industrial developments in Carrollton and Coppell that total 603,276 square feet. Crosby Trade Center, a two-building development in Carrollton, has leased 90,705 square feet to Cashion Home Services LLC, Gunder Associates Inc., Pacific Coast Transportation Inc. and East Penn Manufacturing Co. Park West Crossing, a four-building development located in Coppell, has leased 92,056 square feet to JAS Forwarding Inc., Southwestern Carpets Ltd. and J.C. Ehrlich Co.

June 9, 2015

Texas

NorthStar Energy to Relocate, Expand in Metro Dallas

by Haisten Willis June 9, 2015

ARLINGTON, TEXAS — NorthStar Energy Services Inc. will relocate and expand to Copeland Tower in Arlington’s Entertainment District, signing a full-floor lease for Class A office space with views of the Dallas Cowboys’ stadium. Houston-based NorthStar is the largest of three new tenants to sign direct deals for office space at 1250 E. Copeland Road. The company will relocate from nearby Grand Prairie. The other new tenants are Lake of Dallas Inc., a structural engineering firm that has leased 1,458 square feet, and Los Angeles-based Apartment Service Management Co., which has leased 1,534 square feet. Both will occupy space in Copeland Tower beginning July 1. Richmond Collinsworth, Erik Blais and Clint Manning of Bradford Commercial represented the Houston-based landlord, Aque Investment Group, in the transactions. The 126,602-square-foot office tower is now 90 percent leased.

June 9, 2015

Hospitality Texas

DoubleTree by Hilton Opens New Hotel in Austin

by Haisten Willis June 8, 2015

AUSTIN, TEXAS — DoubleTree by Hilton Austin Northwest – Arboretum is now open in Austin. The hotel is located less than a mile from the Arboretum shopping mall and one block from the MoPac Expressway and I-183 intersection. The former Holiday Inn underwent a multi-million dollar transformation that included a redesign of the lobby, updated guest rooms, new furniture, a new restaurant and bar and expanded meeting and event space. The hotel is owned by 8901 Austin Hotel LLC and managed by Driftwood Hospitality Management. Amenities include a 24-hour fitness center, business center, outdoor pool and WiFi.

June 8, 2015

Multifamily Texas

M&M Arranges Sale of 79-Unit Apartment Building in Metro Houston

by Haisten Willis June 8, 2015

LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of Village by the Bay, a 79-unit apartment property located in La Porte. Juan Cuevas of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. John Susank of Marcus & Millichap’s Newport Beach, Calif., office secured the exchange buyer, a limited liability company. Village by the Bay is located at 1026 S. 6th St. in La Porte.

June 8, 2015

Industrial Texas

First Industrial Arranges Two Industrial Leases in Houston Totaling 273,018 SF

by Haisten Willis June 8, 2015

HOUSTON — First Industrial Realty Trust has arranged two long-term leases totaling 273,018 square feet at its 351,672-square-foot First Northwest Commerce Center development in Houston. The leases bring the facility to 78 percent leased. A leading global supplier to the energy industry will use 194,364 square feet of the facility for distribution and assemblage, and an international technology and manufacturing company will occupy a 78,654 square-foot space that will serve as a design, production and distribution center. Both leases will commence Sept. 1, 2015. Located in the Northwest submarket of Houston at 4800 W. Greens Road, First Northwest Commerce Center features 32-foot clear heights, a sprinkler system, truck courts and excess trailer storage, as well as access to major transportation systems via Beltway 8. Royal Pratt and Chad Parrish lead First Industrial’s development and leasing efforts for First Northwest Commerce Center.

June 8, 2015

Industrial Texas

Brennan Purchases Industrial Property in Dallas in Sale-Leaseback Transaction

by Haisten Willis June 8, 2015

DALLAS — Brennan Investment Group LLC has purchased and leased back to Arbor Metals an industrial property located at 811 Regal Row in Dallas. Arbor is an international trader, processor and stocking metal service center for stainless steel and aluminum strip and coil. The building serves as the company’s headquarters and sole manufacturing facility. This acquisition increases Brennan’s Southwest regional portfolio to 21 buildings.

June 8, 2015

Retail Texas

InvenTrust Properties Corp. Names Alan Grayson Director of Leasing for Dallas

by Haisten Willis June 8, 2015

DALLAS — InvenTrust Properties Corp. has named Alan Grayson as its director of leasing in the company’s Dallas office. Grayson oversees all retail leasing activities and assists in market expansion efforts for the North Texas and Western regions of the company’s national portfolio. Prior to joining InvenTrust Properties, Grayson spent 10 years at Dallas-based MG Herring Group, most recently as vice president of leasing. Grayson earned his BBA from the University of North Texas and holds the Certified Leasing Specialist (CLS) designation from the International Council of Shopping Centers (ICSC). InvenTrust Properties currently owns and manages 34 centers in North Texas, Oklahoma, Colorado, California, Nevada and Washington, and is seeking acquisitions in Dallas, Oklahoma City, Denver and Phoenix.

June 8, 2015

Office Texas

HFF Brokers Sale of Office Tower in Houston

by Haisten Willis June 5, 2015

HOUSTON — HFF has arranged the sale of 400 North Belt, a 230,872-square-foot, Class A office project in Houston’s Greenspoint office submarket. HFF marketed the property on behalf of the unnamed seller. Hartman 400 North Belt, a subsidiary of Hartman Short Term Income Properties XX Inc., purchased the asset for an undisclosed amount. 400 North Belt is located at the southeast corner of the Sam Houston Parkway/Beltway 8 at Imperial Valley Drive between the Houston central business district and The Woodlands. The property is close to George Bush Intercontinental Airport, as well as I-45, Hardy Toll Road and I-69. Originally built in 1982, the 12-story property has undergone more than $2 million in capital upgrades during the last 10 years. Building amenities include a deli, bank facility with a drive-thru motor bank and a fitness center planned to open this year. 400 North Belt was 64 percent leased at the time of sale. The HFF investment sales team representing the seller was led by senior managing director Dan Miller and director Trent Agnew. Dave Wheeler, Julian Kwok and Russell Turman of HFF represented the buyer.

June 5, 2015

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