SAN ANTONIO — Berkadia has arranged the sale of Sun Park Apartments, a multifamily property located in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the sale. Sun Park Apartments was built in 1985 and is located at 1830 Bandera Road. The fully occupied, 334-unit property features studio, one- and two-bedroom units, with amenities including kitchens, pantries, walk-in closets as well as balconies or patios. Select units include two-tone paint, vaulted ceilings and pool views. Community amenities include a swimming pool, spa, barbeque area, clubhouse, playground, fitness center, sports courts, gazebos, carports and controlled-access gates. A private investor from San Diego purchased the property. A private investor from Los Angeles was the seller.
DALLAS — HFF has arranged the sale of and secured acquisition financing for the Westin Dallas Park Central, a 536-key hotel in central Dallas. HFF marketed the property on behalf of the seller, a joint venture between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts Worldwide Inc. A partnership between Building and Land Technology and AWH Partners LLC purchased the offering. Additionally, working on behalf of the buyers, HFF secured floating-rate financing for the acquisition and renovation of the property. The 20-story hotel is situated on 3.6 acres at 12720 Merit Drive within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space. The Westin-branded hotel features 42,000 square feet of flexible indoor function space that includes a 15,050-square-foot grand ballroom, 5,745-square-foot penthouse venue, Café on the Park restaurant, a gym, 24-hour business center, heated rooftop pool and sundeck. Brian Carlton led the HFF debt placement team representing the buyer.
AUSTIN, TEXAS — Baceline Investments LLC, a private equity real estate investment and management company, has acquired Dakota Plaza, a retail center in Austin. Baceline purchased Dakota Plaza, a 21,700-square-foot retail center constructed in 2006, from Colorado-based Western Dakota LLC. Located at 8516 Anderson Mill Road, Dakota Plaza serves as the only neighborhood shopping center in the immediate area.
FRISCO, TEXAS — Paycor Inc. has signed a new, 11,878-square-foot lease at 3001 Dallas Pkwy in the Hall Office Park development in Frisco. Craig Wilson and Travis Boothe of DTZ, an international commercial real estate services firm, handled lease negotiations on behalf of Paycor.
DUNCANVILLE, TEXAS — Hospitality Lodging Systems (HLS) has signed an agreement with RevMax Management of Carrollton, Texas to open Haven Hotel in the Dallas suburb of Duncanville. The two-floor property, which is set to open April 1, features 123 rooms, including six suites. Amenities at the property include an outdoor pool, 24-hour fitness center, onsite restaurant and a 6,000-square-foot ballroom with another 700 square feet of meeting room space. The Haven brand was introduced in December as a “soft” companion to HLS’s Budgetel brand. The hotel, formerly a Ramada Inn, is located along I-20. It is 12 miles from downtown Dallas and midway between DFW International Airport and Love Field. HLS, which currently manages a system of 22 Budgetel properties, expects to double its portfolio within six months.
EL PASO, TEXAS — CBRE has arranged sale of a four-building, 245,745-square-foot industrial portfolio in El Paso, on behalf of New York-based Sullivan Crosby Trust. Phoenix-based ViaWest Group purchased the portfolio in an off-market transaction for an undisclosed price. Christian Perez Giese, William Caparis, Anthony Mash and Arturo De la Mora of CBRE’s El Paso office represented the seller. The buildings are 50 percent occupied, with short-term tenants bringing it to 75 percent occupancy. According to CBRE Research, the central El Paso submarket is approximately 94.7 percent occupied as of the fourth quarter of 2014. This is the first El Paso-area acquisition for ViaWest Group. A host of rehabilitation projects are slated for the properties, including new roofs, landscaping, fencing and equipment replacement.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Village at Los Rios, a 24,805-square-foot retail property located in Plano. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a developer. Vitorino also procured the buyer, a local partnership. Built in 2003, the Kroger shadow-anchored retail property includes two buildings with a pad site for future development. Village at Los Rios is located at 1445 Los Rios Blvd. in Plano, just north of 14th Street. Tenants at the property include State Farm, Check ‘n Go, Cato and Great Clips. At the time of listing, Village at Los Rios was 81 percent occupied.
HOUSTON — Levey Group has arranged an 11,200-square-foot, 10-year lease with PCI Promatec at its Sam Houston Business Park in Houston. PCI Promatec will occupy space located at 8846 N. Sam Houston Pkwy. W. The company specializes in fire stops, penetration seals, fire wrap and rigid fire barriers developed for nuclear, power and chemical processing, as well as heavy industrial applications. Sam Houston Business Park is a Class A, industrial flex, office and distribution business park. The business park includes three tilt wall facilities featuring storefront entrances, generous clear heights and column spacing and dock-high and grade-level loading docks. A fourth 56,000-square-foot building is under construction. Other park tenants include Flotek, Ringers Technologies, Tyndale USA, NDLI Logistics, Westermann BG and Doorscapes Inc. Joseph Smith of CBRE represented Levey Group, and Chris Caudill of NAI Partners represented Promatec in the transaction. With Promatec’s lease, phase I of the development is now fully percent leased.
HOUSTON — HighStreet Net Lease Group represented a private investor in the acquisition of a single-tenant net-leased asset located at 26050 NW Freeway in Houston. Denny’s occupies the property and has multiple years remaining on a ground lease with an established multi-unit franchisee that has operated the location since its development more than 10 years ago. The 4,000-square-foot property is located in a retail corridor of northwest Houston. The immediate area is home to retailers such as Walmart, Home Depot, Lowe’s, Hobby Lobby, Target, Kroger, JC Penney and Bed Bath & Beyond. The Denny’s net leased investment property was an off-market transaction.
CARROLLTON, TEXAS — Zimmerman Enterprises LLC has acquired Northridge Court, a 33,979-square-foot retail center in Carrollton. Northridge Court is situated on nearly 2.3 acres at 2741 E. Belt Line Road near the Marsh Lane intersection. The property was 56 percent leased at the time of sale. Leigh C. Richter and Kevin J. Santaularia of Bradford Commercial Real Estate Services represented the California-based seller, Venice Ltd. Evan Bloom of Street Commercial LLC negotiated for the local buyer, a retail investor who leases and manages properties in-house. The property is close to the Dallas North Tollway and President George Bush Turnpike. The seller has owned the property since the early 1990s. Built in 1979, other tenants in the center include Kitchen Design Concepts and Dr. Smile.