Texas

M&M Arranges Sale of Two Net-Leased Properties in Houston

by Haisten Willis November 21, 2014

HOUSTON — Marcus & Millichap has arranged the sale of two BlueWave Express Wash properties located in Houston. Farhan Kabani of the firm’s Dallas office arranged the loan. Bank financing was structured with a seven-year fixed term with an interest rate of 4.5 percent. The loan-to-value was 65 percent. The properties are located at 1665 Eldridge Pkwy. and 9801 Jones Road. Both properties were built in 2007 and had more than 20 years remaining on their original net leases. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, another limited liability company.

November 21, 2014

KDC, Sarofim Realty Advisors Begin Construction on Two-Story Office Building

by Haisten Willis November 21, 2014

HOUSTON — KDC and Sarofim Realty Advisors have begun construction on a two-story, 68,950-square-foot office building that will be home to Lennar Homes of Texas Land and Construction Ltd. The property is located at 681 Greens Pkwy. across from the current Lennar headquarters. The new building will house 225 associates from Lennar, Village Builders, Friendswood Development Co., Universal American Mortgage Co. and North American Tile Co. The property will include a 5,000-square-foot design center to showcase product offerings from Village Builders. Another feature is a two-story lobby that will extend through the core of the building. The building is scheduled for completion in October 2015. Powers Brown Architecture provided architectural services for the project. Rosenberger Construction is the general contractor and Halff Associates is the civil engineer. Jerry Frey, Ron McWherter and Darren Gowell with CBRE represented Lennar in the transaction. JP Hutcheson of Cassidy Turley represented KDC and Sarofim Realty Advisors.

November 21, 2014

Texas

NorthStar Income Originates $84M Loan for Office Complex in Metro Dallas

by Haisten Willis November 20, 2014

IRVING, TEXAS — NorthStar Real Estate Income II Inc. has originated an $84 million senior loan secured by a Class A office complex in Irving. NorthStar initially funded $63 million of the senior loan and intends to fund the remaining $21 million over the 36-month loan term. The property was built in 2001 and spans 526,000 rentable square feet of office space across two adjoining buildings.

November 20, 2014

Office Texas

First American Relocates to New Office Space in Dallas

by Haisten Willis November 20, 2014

DALLAS — Boxer Property has arranged the lease of a 5,403-square-foot office space for First American Payment Systems in Dallas. The company, which provides payment solutions for small and mid-sized businesses, will occupy space in Executive Center II, located at 8330 Lyndon B Johnson Freeway in Dallas. The new space is an increase of more than 4,461 square feet from the company’s former suite. Gloria Medlock and Gil Engelhardt of Boxer negotiated the lease. Executive Center II is a Class A office space with amenities including an auditorium, two conference rooms, newly renovated lobbies, a loading dock, gym and full-service café. The property is located near North Park Mall, Park Lane and the Galleria.

November 20, 2014

Multifamily Texas

Olympus Property Acquires Apartment Complex in Downtown Dallas

by Haisten Willis November 20, 2014

DALLAS — Olympus Property has acquired The Mosaic, a 440-unit high-rise apartment building in downtown Dallas. The Mosaic consists of two connected residential towers of 21 and 32 stories along with a nine-story parking garage. The buildings were originally home to the Fidelity Union Life Insurance Co. The buildings were constructed in 1951 and 1962 and were redeveloped into apartments in 2007. Amenities include a swimming pool and spa, outdoor movie theater, gas fire pit, outdoor kitchen, gym, lounge, billiards area and a cigar lounge/poker room. The Mosaic contains 285 one-bedroom and 148 two-bedroom units.

November 20, 2014

Office Texas

JLL Arranges Office Lease in Dallas

by Haisten Willis November 20, 2014

DALLAS — JLL has negotiated a 157,568-square-foot office lease at One Arts Plaza on behalf of EnLink Midstream Partners LP and EnLink Midstream LLC. One Arts Plaza is located at 1722 Routh St. in the Dallas arts district. The company plans to relocate in 2016. Steve Thelen, Jeff Staubach and Torrey Littlejohn of JLL negotiated the lease on behalf of the tenant. Dallas-based architecture firm Corgan will design the new space.

November 20, 2014

Retail Texas

Kennedy Wilson Arranges $1.3M Sale of Retail Property in New Braunfels

by Danielle Everson November 19, 2014

NEW BRAUNFELS, TEXAS — Kennedy Wilson has arranged the sale of a 6,000-square-foot retail building in New Braunfels, 15 miles north of San Antonio, for $1.3 million. The property is located at 490 S. Business IH-35 and is fully leased to Advance Auto Plus, a provider of aftermarket automotive parts. Ernest Brown and Jorge Rodriguez of Kennedy Wilson’s San Antonio office represented the unnamed buyer. John Heeren of SMPO Real Estate LLC represented the seller, Mitchell Leigh Potash, trustee of the Mitchell Leigh Potash Dynasty Trust. Retailers located near the property include Sears, Hobby Lobby, CVS Pharmacy and Domino’s Pizza.

November 19, 2014

Hospitality Texas

CBRE Brokers Sale of Homewood Suites Hotel in Brownsville

by Danielle Everson November 19, 2014

BROWNSVILLE, TEXAS — CBRE Hotels has brokered the sale of the 86-room Homewood Suites hotel in Brownsville, 15 miles north of the Mexico border. Blue Star Hospitality LLC purchased the property, which is located at 3759 N. Expressway from an unnamed California-based company. The new owner plans to renovate the hotel and maintain the Homewood Suites brand. Bert Stevens of CBRE Hotels’ Dallas office represented the seller. The hotel features a business center, 630-square-foot meeting room, gym, pool, sports court and barbecue area. The property is located near the Port of Brownsville, Brownsville-South Padre Island International Airport and the University of Texas at Brownsville.

November 19, 2014

Multifamily Texas

Phoenix Capital Partners Purchases Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Phoenix Capital Partners LTD, a Dallas-based private equity firm, has purchased The Villas at West Oaks, a 342-unit apartment complex located in Houston. This will be the first acquisition investment for Phoenix Capital Realty Fund VI LP, which is sponsored by Phoenix Capital.

November 19, 2014

Multifamily Texas

Lubert-Adler Sells 320-Unit Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Lubert-Adler has sold Tiburon, a 320-unit Class A apartment complex in Houston, to a private individual. ARA Real Estate Investment Services represented Lubert-Adler in the transaction. Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR Inc., as part of a larger value-add multifamily investment strategy. Tiburon was built in 2008 and is located just off Beltway 8, less than two miles from U.S. Highway 290. Amenities include a clubhouse, business center, gym and swimming pool.

November 19, 2014

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