SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of The Place at Commerce, a 184-unit apartment community located in east San Antonio. The buyer was a Texas-based private investor, and the seller was a California-based partnership.
HOUSTON — HFF has arranged the sale of Pines of Louetta North, a 71,090-square-foot retail strip center in northern Houston. HFF arranged the sale of the property on behalf of the seller, Pines of Louetta North. Built in stages from 2009 to 2014, Pines of Louetta North is comprised of three buildings that are 92 percent leased to national and regional tenants including Spec’s Wine, Spirits & Finer Foods, Dickey’s Barbecue Pit, Chipotle Mexican Grill, Schlotzsky’s and Salata. Located at 1600-1620 Louetta Road, the property is just west of I-45. The property is 26 miles north of downtown Houston. Ryan West Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.
OKLAHOMA CITY — The RADCO Cos. (RADCO) has acquired Warwick West, an apartment complex located in the Northwest submarket of Oklahoma City. The 424-unit property was purchased for $31.2 million. RADCO financed the acquisition with private capital, in addition to a bridge loan from NXT Capital. Since August 2011, the company has raised more than $226 million of private equity to fund its purchases. Warwick West was originally built in 1978 on 17.4 acres in the city’s Northwest submarket. It features 16 floor plans, including 195 one-bedroom apartments, 199 two-bedroom units, 29 three-bedroom units and one five-bedroom layout. In addition, 16 of its units are townhomes. Community amenities include three swimming pools, a fitness facility, rentable event space, tennis courts and a picnic area with barbeque grills. The property is situated along the Northwest Expressway, which connects Oklahoma City residents with downtown, and is next door to the 511-bed Integris Baptist Medical Center.
AUSTIN AND ROUND ROCK, TEXAS — KFG Investment Co. has acquired an eight-building, 271,060-square-foot industrial portfolio in metro Austin. The company’s flex industrial portfolio in the area now includes 598,900 square feet. The acquisition includes Techni Center 6 and 7, located at 3714 Bluestein Drive in Austin, totaling 124,390 square feet; the five-building flex project known as Cameron Center, located at 8200 Cameron Road in Austin, totaling 94,770 square feet; and Amorron 6, located at 800 Paloma Drive in Round Rock, totaling 51,900 square feet. The portfolio is 96 percent leased. TA Associates and Clarion were the sellers. Tenants in the portfolio include Chip Semiconductor, Action Box Co., GTECH Corp., and Busch Semiconductor Vacuum Group.
DALLAS — Colliers International has acquired Conger and Sutherland Enterprises (CASE) Commercial Real Estate Partners. Dallas-based CASE was formed when Tom Sutherland and John Conger acquired GVA Cawley from Dallas real estate investor and developer Bill Cawley in April of 2008. Sutherland and Conger have grown the company to 50 employees, serving both tenants and investors, since the acquisition. Both firms are active in investment sales, but CASE caters more to private capital, according to Colliers’ regional manager David Pinsel. The deal takes Colliers from about 45 local brokers to about 80, with more than 180 total employees in Dallas and Fort Worth. CASE will be rebranded as Colliers International, and its Dallas team will move to Colliers’ Uptown office at 1717 McKinney Ave. in the coming months. Colliers International is a subsidiary of FirstService Corp., which generates about $2.7 billion in annual revenue and has more than 24,000 employees worldwide.
DALLAS — Ridgeline Property Group (RPG) and its capital partner Stockbridge Capital Group have purchased a 29.5-acre parcel in the South Dallas industrial submarket. The property will serve as the site of a 453,600-square-foot distribution facility. Construction on Eagle Park 20\35, named for its location at the intersection of Interstates 20 and 35, will begin in June and is scheduled to be completed in the first quarter of 2016. RPG and Stockbridge Capital Group purchased the site, which is located within the Eagle Business and Industrial Park at Centre Park Drive, from Danieldale/35E No. 2 Ltd. Kurt Griffin and Nathan Orbin of JLL represented the buyer and seller in the transaction. Eagle Park 20\35 will feature 32-foot ceiling heights, 185-foot dual truck courts and abundant trailer storage. The 400-acre Eagle Business and Industrial Park is home to tenants including Solar Turbines, Kohl’s, Sam’s Club and Kauffman Tire. The business park also offers access to air travel from Dallas Executive Airport.
LAREDO, TEXAS — Majestic Realty Co. has purchased a 2000-acre site from a subsidiary of Mercedes-Benz. Majestic plans to redevelop the site with warehouse distribution space to support commerce between Mexico and the United States. Laredo is a customs district with annual U.S-Mexico trade totaling $230 billion. Majestic executives have begun master-planning the development with the aim of putting the first phase of development into production immediately.
HURST, TEXAS — Dougherty Mortgage LLC has secured a $2.8 million Fannie Mae loan for the refinancing of Valencia Park Apartments, a 112-unit apartment property located in Hurst. The 10-year loan includes a 30-year amortization schedule and was arranged by Dougherty’s Minneapolis office for borrower DCP Skyline One LLC. Valencia Park Apartments features one-, two- and three-bedroom floor plans with air conditioning, assigned parking and dishwashers.
COLLEGE STATION, TEXAS — Best Western Plus College Station Inn & Suites is now open at 950 Arrington Road in College Station. The 64-room hotel is located within the Tower Point mixed-use development. Rooms include mini-fridges, microwaves, coffee and tea makers, work desks and 42-inch televisions. Community amenities include a fitness room and outdoor swimming pool.
THE WOODLANDS — Newcor Commercial Real Estate has relocated its headquarters to Grogan’s Mill in The Woodlands. Rob Banzhaf and Ryan Dierker of Newcor Commercial Real Estate represented the company in negotiating the lease of the 2,415-square-foot office space located in 10200 Grogans Mill Road. Michelle Ellis-Felder with Rosemont Realty represented the landlord, BIG Woodstead Grogan TIC LLC. The company’s previous headquarters was also located in The Woodlands.
