Texas

M&M Arranges Sale of 9,801 SF Net-Leased Property in Rio Grande Valley

by Haisten Willis February 11, 2015

BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Advanced Auto Parts, a 9,801-square-foot, net-leased property located in Brownsville. Jason Vitorino and Adam Gottschalk of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Hank Wolfer, an investment specialist in the firm’s Seattle office, procured the buyer, a trust group based in Kansas. Advanced Auto Parts is located at 3740 International Blvd. in Brownsville, less than 1.5 miles from US Highway 77. Constructed in 2004 on 2.2 acres, the property is surrounded by tenants including Walmart, The Home Depot, GameStop, State Farm, CVS, Dairy Queen, Sally Beauty Supply, Subway and RadioShack. At the time of listing, Advanced Auto Parts had approximately five years remaining on its 15-year, corporately guaranteed net lease.

February 11, 2015

CBRE Arranges Sale of McKinney Retail Center in Metro Dallas

by Haisten Willis February 10, 2015

MCKINNEY, TEXAS — CBRE Capital Markets’ investment properties team has arranged the sale of Shops at Eagle Point in McKinney. An out-of-state investor purchased the 14-acre site, which consists of two retail centers and four pad sites. Dallas-based developer Uptown Custer Partners LP was the seller. Shops at Eagle Point is shadow-anchored by Walmart at the southwest corner of North Custer Road and Highway 380. The property is 81.8 percent occupied by Subway, Leslie’s Pool Supplies, Mooyah Burgers – Fries – Shakes, Great Clips and Eagle Point Dental Care. Jennifer Pierson, Cameron Deptula and Beth Pierson of CBRE’s Dallas office represented the seller. Gary Tobias of Quine & Associates represented the buyer.

February 10, 2015

Texas

DreamVision Co. to Launch New Theme Park in Metro Dallas

by Haisten Willis February 10, 2015

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.

February 10, 2015

Texas

Gaedeke Group Acquires 11-Acre Development Site in Dallas

by Haisten Willis February 10, 2015

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.

February 10, 2015

Hospitality Texas

M&M Arranges Sale of 89-Room La Quinta Inn & Suites in Northeast Texas

by Haisten Willis February 10, 2015

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.

February 10, 2015

Multifamily Texas

ARA Arranges Sale of Apartment Complex in Austin

by Haisten Willis February 9, 2015

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.

February 9, 2015

Hospitality Texas

Stage Equity Partners Acquires Medical Office Building in Houston

by Haisten Willis February 9, 2015

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.

February 9, 2015

Multifamily Texas

PRP Sells Apartment Complex in Metro Houston for $27M

by Haisten Willis February 9, 2015

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.

February 9, 2015

Office Texas

Moody Rambin Arranges Lease of Office Building in Houston

by Haisten Willis February 9, 2015

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.

February 9, 2015

DoubleTree-by-Hilton-Hotel-Galveston-Beach

Hospitality Texas

DoubleTree by Hilton Opens on Galveston Island

by Haisten Willis February 6, 2015

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.

February 6, 2015

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