ARLINGTON, TEXAS – Marcus & Millichap has arranged the sale of O’Reilly Auto Retail Strip, a 19,840-square-foot retail property in Arlington. Jason Vitorino with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside Texas broker represented the buyer, a 1031 exchange investor from the West Coast. The center was 93 percent occupied at the time of sale. O’Reilly Auto Retail Strip is located at 629 West Pioneer Pkwy. in Arlington, just off Matlock Road.
Texas
SAN ANTONIO — Institutional Property Advisors has arranged the sale of a 328-unit apartment complex in San Antonio. The name of the property and transaction details were undisclosed. Will Balthrope of IPA represented both parties in the transaction. The property was built in the mid-2000s and is located in San Antonio. Amenities include a pool, gym, tanning studio and business center.
BURLESON, TEXAS — Bob Moore Construction has completed an 89,581-square-foot cold storage distribution center in Burleson, 11 miles southwest of Fort Worth. The distribution center is part of the new HighPoint Business Park and will serve Chicken Express, a Texas-based fried chicken restaurant chain founded in 1988. The building features tilt-up construction on three sides, with insulated metal panels for the fourth wall, and four interior partitions of the freezer and cold dock area. Chicken Express has 200 locations in Texas, Oklahoma, Georgia, Arkansas and Louisiana.
HOUSTON — Cassidy Turley has arranged the lease of San Felipe Plaza’s 45th floor to AkinMears GP on behalf of Parkway Properties Inc. The 19,985-square-foot transaction brings San Felipe Plaza to 90 percent occupancy. The 46-story building is located at 5847 San Felipe St. in Houston’s San Felipe and Voss submarket. Parkway Properties bought the property as part of a merger with Thomas Properties Group in 2013. Eric Siegrist and J.P. Hutcheson of Cassidy Turley represented Parkway, while Jay Kyle of Colliers International represented AkinMears.
AUSTIN — CBRE Capital Markets has arranged the sale of an .87-acre Austin retail parcel with a long-term ground lease to Wells Fargo Bank. A private investor from Wyoming purchased the building located at 1145 Airport Blvd. near the 711-acre Mueller redevelopment. Walter Saad, Cathy Nabours and Logan Reichle of CBRE represented the seller, an Austin-based private investment partnership. The property is 100 percent occupied with 13 years remaining on a 20-year ground lease. Wells Fargo renovated the building in 2007.
DALLAS — Colliers International has arranged the sale of two North Texas properties through Auction.com to two separate unnamed buyers. The properties are Oakwood Apartments in Fort Worth and Hacienda Villa Apartments in Greenville. Oakwood Apartments is a 216-unit complex located on 6351 Vega Drive. Hacienda Villa is a 100-unit apartment complex located at 1600 Joe Ramsey Blvd. Mark Freeman and Bob Helterbran of Colliers International North Texas arranged the transactions.
LUBBOCK, TEXAS — A 103-room, four-story Courtyard by Marriott has opened in Lubbock, home of Texas Tech University. The 76,118-square-foot hotel is located at Marsha Sharp Freeway and Avenue V, near the Texas Tech Campus. Dallas-based Mayse & Associates Inc. was the project’s architect. The hotel’s main tower is painted “Raider Red,” the same color worn by the school’s Red Raider athletic teams. Lubbock-based Greenstreet Inc. built the hotel, which is owned and managed by Midland-based Insignia Hospitality Group.
THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of 242 Crossing, a 41,721-square-foot retail center in The Woodlands. Terms of the sale were not released but the asking price for the property was higher than $11.5 million. Nate Newman with Marcus & Millichap’s Woodlands office represented the seller, a local developer. The center is located at 8000 Highway 242.
SUGAR LAND, TEXAS — HFF has arranged acquisition financing for the Hyatt Place Houston/Sugar Land, a 214-room hotel in Sugar Land, just south of Houston Proper. HFF worked on behalf of the borrower, Noble Investment Group, placing a five-year, floating-rate loan with Texas Capital Bank. The hotel is located on 3.7 acres at 16730 Creek Bend Drive at the intersection of Highway 6 and U.S. 59. The hotel opened in 2010 with 6,000 square feet of meeting space, a pool, gym and business center. John Bourret and Colby Mueck led HFF’s team representing Noble.
VICTORIA, TEXAS — Houston-based Ascension Commercial Real Estate has begun construction of a 240-unit, Class A apartment complex in Victoria. The AcreRidge Victoria Apartments will be located at the intersection of Zac Lentz Parkway and Mallette Street near the Victoria Mall and Victoria Country Club. The complex will offer one-, two- and three-bedroom floor plans ranging from 628 to 1,273 square feet. Amenities will include a pool with outdoor grills, business center and conference room. Occupancy at the new apartments will be available in early 2015. San Antonio-based Galaxy Builders is the general contractor. Houston-based Mucasey & Associates is the architect for the project.