RIVER OAKS, TEXAS — ARA has arranged the sale of River Ranch, an 80-unit apartment complex located in River Oaks. Jakob Andersen, Brian O’Boyle Jr. and Brian Murphy marketed the property on behalf of the seller, an entity controlled by Roger Gunby and Roger Gault. Southwest Montana Properties LLC was the buyer. River Ranch was completed in 1985. Recent upgrades to the property include solar screens on all exterior windows, new building and entry signage, stone retaining walls, new gutters and HVAC systems.
BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of a 9,360-square-foot net-leased property occupied by Family Dollar in Brownsville. Curtis Carter and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Stephen Berchelmann and Knibbe represented the buyer, a private investor. Family Dollar is located at 4465 Paredes Line Road. The property was built in 2006 and is comprised of 9,360 square feet surrounded by a 28-space parking lot on 0.35 acres.
HOUSTON AND AUSTIN, TEXAS — The William Warren Group has purchased four properties in the Houston and Austin areas for a total of $27.9 million. The facilities consist of a total of 2,257 units with 349,169 square feet. The purchases include Brazos Storage & Retail, located at 210 Gonyo Lane in Richmond, Gosling Road Self Storage located at 32103 Gosling Road in Spring, New Territory Self Storage located at 420 Sartartia Road in Sugar Land and Plum Creek Self Storage located at 5500 FM 2770 in Kyle.
HALTOM CITY, TEXAS — ALDI, a low-price grocery store chain, has opened a new location in Haltom City. The new store is located at 3173 Denton Hwy. ALDI has more than 1,300 total stores in 32 states. The chain is averaging 80 new stores each year. The Haltom City location was constructed with recycled materials and uses energy-efficient refrigeration and light bulbs.
HOUSTON — Tanglewood Property Group has acquired 2000 Bering Drive in Houston. The 192,000-square-foot office building is located in the Tanglewood area just west of the Galleria. The property is 97 percent leased. This is Tanglewood’s second office building acquisition in 2014, the company purchased 5300 W. Sam Houston Pkwy. N., earlier this year. Henry Hagendorf and Cliff Rudolph represented Tanglewood in the acquisition. Houston-based Tanglewood Property Group owns and manages more than 1.4 million square feet of commercial office space, mostly in the uptown Galleria submarket of Houston.
FRISCO, TEXAS — Dallas-based Venture Commercial Real Estate represented Fitness International LLC in lease negotiations for a new LA Fitness club in Frisco. A new 38,000-square-foot LA Fitness gym will be built in the Frisco Market Center, which is located at the northwest corner of Main Street and the Dallas North Tollway. Other tenants in the mixed-use development include Main Event Entertainment, Elite Care, Pei Wei Asian Diner, Pie Five Pizza Co. and Mooyah Burgers, Fries and Shakes. John Zikos and Jonathan Cooper of Venture represented LA Fitness in negotiations. Walt Brown Jr. and Tim Dollander of Diversified Partners brokered the lease on behalf of LA Fitness. Darrell Hernandez of United Commercial Realty represented the landlord, Dallas-based Hermansen Land Development Inc.
AUSTIN — Velocis has arranged the sale of Springdale Shopping Center in Austin. Tampa-based Forge Real Estate Partners III LP purchased the 163,677-square-foot retail center. Velocis purchased Springdale Shopping Center in 2012 and invested in a new roof, pylon signage updates and parking lot repairs. H-E-B anchors the center, which is located off of Highway 183. Other tenants include Fashion Outlet, Carousel Pediatrics, Family Dollar and O’Reilly Auto Parts. CBRE’s Chris Cozby, Chris Gerard and Kevin Holland brokered the sale on behalf of Velocis.
SAN ANTONIO — HREC Investment Advisors has arranged the sale of a 194-room Holiday Inn San Antonio NW SeaWorld located in San Antonio. Pacifica Cos., a San Diego-based investment firm, was the buyer. Mike Armstrong and Hank Wolpert of HREC represented the seller, a private equity fund, in the transaction. The hotel opened in 2009 as the first LEED-certified hotel in Texas. It is the preferred hotel of the 250-acre SeaWorld San Antonio, the world’s largest marine life theme park.
In the third quarter of 2014, the Oklahoma City multifamily market recorded 11 transactions totaling 1,537 units for a sales volume of $82.4 million. This is an average price per unit of $53,625. The third quarter experienced a significantly higher sales volume than the first quarter of 2014, increasing 305 percent. The total sales volume for 2014 overall has reached $182.7 million, which is 33 percent lower than the same time period in 2013, when the total sales volume was just over $272 million. However, the total units sold was down only 11 percent compared to last year, which indicates the quality of assets trading is lower than those properties trading in 2013. For example, in the first three quarters of 2013, just over $215 million in Class A properties were sold, compared to just over $37 million in 2014. This is an 83 percent decrease in total volume of Class A properties and caused the total multifamily average price per unit to drop by 24 percent. This is not an indication of values declining. In fact, the opposite is true. Properties that are being fully marketed and that are providing access to as many buyers as possible are fetching …
HOUSTON — Rosemont Realty LLC has acquired Kirkwood Tower in Houston. The 15-story tower located at 11757 Katy Freeway includes 285,682 rentable square feet of Class A office space. The acquisition brings Rosemont’s total square footage in metro Houston to nearly 2.5 million square feet. The company also owns the adjacent Kirkwood Atrium II property. Rosemont purchased the office building in a joint venture with new Rosemont investor Central Properties. A joint venture between Denver-based Amstar and Dallas-based Frontier Equity was the seller. The building was constructed in 1984, with major capital improvements made between 2008 and 2013. Tenants include Texon LP, Skyline Executive Suites Ltd., KCA Deutag LLC, First Solar Inc., Greene’s Energy Group LLC and Mac Haik Holding Co.