FORT WORTH, TEXAS —The DreamVision Co., a Fort Worth-based, privately owned entertainment and media enterprise, plans to open a multi-billion dollar theme park in Fort Worth. In addition, executive Dave Goodman has been named president of DreamVision Theme Parks. The parks are being developed in partnership with Bryan Robinson, CEO of Provident Global Capital LLC. Slated to open in 2020, DreamVision Mountain/DreamScape Texas will transport guests through multiple themed lands and attractions. In the center of the park will be the DreamVision Mountain, an indoor winter snow attraction that will feature winter sports like skiing, snowboarding and bobsledding. The company has already begun pre-development on the park. Dave Goodman, a longtime entertainment executive, will head up the theme park division. Goodman is a former vice president of entertainment and executive producer at Disneyland Resort. He has held executive level positions at Walt Disney Special Events Group and Busch Entertainment Corp.
DALLAS — Gaedeke Group LLC has acquired an 11-acre tract to develop a multi-tenant office project in the $2 billion Legacy West development. The site is across the street from Toyota Corp.’s $350 million North American headquarters campus and in close proximity to the recently announced Liberty Mutual Insurance service center. The development site was purchased in an off-market transaction with SWC Tollway & 121 LLC. Glenn Lickstein of Gaedeke Group represented the buyer. Jim Judge of Wicker & Associates represented the seller. Gaedeke Group’s development site is located at the corner of Highway 121/Sam Rayburn Tollway and Legacy Drive, just west of the mixed-use Legacy West parcel, which is currently under construction.
MOUNT PLEASANT, TEXAS — Marcus & Millichap has arranged the sale of La Quinta Inn & Suites, an 89-room hotel located in Mount Pleasant. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a Dallas-based company. Gomes and Cooper also procured the buyer, a private investor. La Quinta Inn & Suites is located at 1620 Rotan Road, near the intersection of West Ferguson Road and I-30. Built in 2008, the interior corridor, limited service hotel is less than six miles from the Mount Pleasant Municipal Airport. Recreational amenities at the hotel include an indoor swimming pool and spa, fitness facility and vending area. The hotel offers a fully equipped business center, meeting facilities and free wireless Internet access in all rooms.
AUSTIN, TEXAS — Atlanta-based ARA has arranged the sale of the Reserve at Walnut Creek, a 284-unit, value-add apartment complex located in Austin. Pat Jones of ARA’s Austin office represented the seller, a Delaware Statutory Trust, in the transaction. Houston-based Tradewind Properties was the buyer. The company plans to upgrade the units. Premium Property USA Inc., headquartered in Switzerland, provided equity in the transaction. Constructed in 2002, Reserve at Walnut Creek is a garden-style apartment community comprised of one- and two-bedroom units. The Class A community features amenities including a resort-style pool, a poolside barbecue area with a gas grill, a fitness center, gym, business center, limited access gates and remote controlled detached garages. Reserve at Walnut Creek is located near employment, retail and entertainment centers. Occupancy at the time of sale was 94 percent.
HOUSTON — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has acquired a 24,075-square-foot multi-tenant medical office building in Houston. The single-story, Class A building was acquired in an off-market transaction from a local investment group. The property, located at 5650 E. Sam Houston Pkwy. (Beltway 8) in east Houston, is 100 percent leased by seven established medical practices. These include anchor tenant Texas Children’s Pediatrics (Texas Children’s Hospital), Bayshore Medical Center (HCA), Houston Eye Associates and Diagnostic Radiology of Texas. The property is within 20 minutes of Texas Children’s Hospital’s main campus, as well as other hospitals, for those patients requiring acute procedures.
KATY, TEXAS — PRP LLC has sold Providence at Grand Parkway, a 250-unit luxury community for active seniors 55 and older located in Katy. Built in 2009, the property features nine separate buildings and was developed through a partnership with Blazer Building Corp. Grand Parkway features a heated pool, business center, library, conference room, chapel, activity rooms, game room, a fitness center, media room and covered parking. The undisclosed buyer acquired the property for $27 million or $108,000 per unit. The property was 95 percent leased at the time of sale.
HOUSTON — London Offshore Consultants has leased 8,054 square feet at the Imperial 20 building, which is located at 16800 Imperial Valley Drive in the Greenspoint submarket of Houston. Kurt Kistler of Moody Rambin represented the owner, 16800 Imperial LLC. Chad Beck of Cushman & Wakefield represented the tenant in the transaction.
GALVESTON, TEXAS — DoubleTree by Hilton Galveston Beach, a five-story, 97-room hotel located in the island’s dining and entertainment districts and overlooking the Gulf of Mexico, is now open. Formerly the Galveston Beach Hotel, the property has concluded a multi-million dollar renovation that includes a redesign of the lobby, food and beverage outlets, public spaces, meeting and event areas and guest rooms. The property is DoubleTree by Hilton’s first hotel in Galveston. 17th Street Properties LLC owns the property and Houston-based American Liberty Hospitality will manage the property. Amenities include a saltwater swimming pool with swim-up bar, 24-hour fitness center, laundry service, on-site parking, 24-hour business center and in-room safes. Free WiFi is also available throughout the hotel’s public areas and guest rooms. The hotel is located at 1702 Seawall Blvd.
HOUSTON — CenterSquare Investment Management has sold 1301 Fannin Street and the Villas at Hermann Park, both in Houston. 1301 Fannin Street is a 784,000-square-foot, Class A, mixed-use office tower and data center in Houston’s central business district. The Pennsylvania-based investment boutique of BNY Mellon acquired the property in 2007 in a joint venture with Houston-based Griffin Partners. During the eight-year hold period, the building’s common areas and infrastructure were upgraded resulting in net operating income (NOI) growth of 71.6 percent. The Villas at Hermann Park is a 320-unit, Class A apartment project south of downtown Houston. The property was purchased in 2011. During the 3.5-year hold, the property’s common areas and apartment interiors were upgraded resulting in NOI growth of 20.5 percent.
ALLEN, TEXAS — RED Capital Partners LLC has provided an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374-unit, Class A apartment complex in Allen, a suburb of Dallas. The $51.3 million construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners along with the $8.9 million in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.