PINEHURST, TEXAS — Marcus & Millichap has arranged the sale of Ray Childress Storage located in Pinehurst. The asset has 21,600 net rentable square feet and 16,400 feet of covered and uncovered parking. Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. Knobler also secured the buyer, a limited liability company. Ray Childress Storage is located at 35615 FM 149 in Pinehurst.
DALLAS — Edgemere, a seniors housing community in Dallas, will soon undergo a large-scale renovation and expansion project to address the growing demand for senior living options in the local area. Financing for the project was completed through the sale of $36 million in Series 2015 bonds. When complete, the project will add between 30 and 40 new jobs to the local economy. The renovation project is designed to bridge the gap between the Italian style that Edgemere is known for and the modern luxuries that current and future retirees are seeking. A 6,000-square-foot performing arts center will be built to provide a larger abundance of entertainment options. An extensive renovation is planned for the two dining venues aimed at giving them the look and feel of authentic restaurants in Italy. The Plaza at Edgemere will also be undergoing an expansion that will add eight new assisted living apartment homes, 12 new memory support suites and 15 new skilled nursing private suites. The Plaza commons areas will also be updated with indoor/outdoor courtyards and renovated dining areas. An underground parking garage will be added.
DALLAS — HFF has arranged the sale of a three-property hotel portfolio totaling 313 rooms in San Antonio. HFF marketed the property on behalf of the seller, Barshop & Oles Co. Silverwest Hotels LLC purchased the assets for an undisclosed amount. The hotels in the portfolio are the 118-room Fairfield Inn & Suites San Antonio NE/Schertz, located at 5008 Corridor Loop in Schertz; the 98-room Hampton Inn & Suites San Antonio/Schertz, located at 17702 IH-35 North in Schertz; and the 97-room Hampton Inn San Antonio – Northwoods, located at 2127 Gold Canyon Drive in San Antonio. All of the hotels, which opened between 2000 and 2009, feature a business center, fitness room, outdoor pool, complimentary breakfast and meeting space. All of the assets are located along major traffic arteries in the San Antonio/Austin corridor. John Bourret and Brooks led the HFF investment sales team representing the seller.
ALLEN, TEXAS — TIG Real Estate Services Inc. plans to build Ridgeview Business Center, a $31 million, 154,000-square-foot, six-story office building in Allen. Located on eight acres along the Sam Rayburn Tollway between Stacy and North Watters roads, Ridgeview Business Center will be the first office building developed in the corridor, which includes 1,300 acres of developable land stretching six miles from U.S. 75 southwest to Custer Road between the Sam Rayburn Tollway south service road and Ridgeview Drive. Future land-use plans show office, entertainment and mixed-use development along the corridor. Construction will begin once 25 percent of the space has been pre-leased. International architectural firm Gensler has designed the exterior.
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.
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.
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.
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.
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.
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.