HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $9.75 million, 10-year, fixed-rate CMBS loan for the acquisition of an office building in the Westchase District of Houston. The two-story structure includes 95,000 square feet of space and is located on five acres.
FARMERS BRANCH, TEXAS — Lee & Associates has brokered the sale of a 31,204-square-foot industrial building located at 3320 Beltline Road in the Dallas suburb of Farmers Branch. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Lina Ramey & Associates. Adam Curran with Mercer Co. represented the seller, HYJY Investments.
AUSTIN — CBRE has brokered the sale of McNeil 1, a 246,390-square-foot industrial complex in north Austin. Glendale, Calif.-based PS Business Parks purchased the asset from Investors Warranty of America Inc. for an undisclosed price. McNeil 1 is located at 12317 Technology Blvd. in Austin and includes 140,000 square feet of space available for lease. The building is located near several companies including Flextronics, Luminex and VISA. Mark Emerick, John Barksdale and Darryl Dadon of CBRE represented the seller and retained the leasing assignment on behalf of the buyer.
FORT WORTH — Marcus & Millichap has arranged the sale of Marine Creek Business Park, a 50,050-square-foot office property located in Fort Worth. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Wayne Bares, also of the firm’s Dallas office, secured and represented the buyer, a limited liability company. The buyer aims to maximize value through lease up, increasing leases to current market rents and through improved management of expenses. Marine Business Park is located at 3501-3529 N. W. Loop 820 northeast of Azle Avenue. The building was built in 1982 and sits on 3.5 acres. The property was renovated in 2009 and was 95 percent occupied at the time of sale.
HOUSTON — Marquette Cos., in partnership with Hunt Cos. and Ares Management have begun construction on Catalyst Houston. The 28-story luxury apartment building is located at 1423 Texas Ave. in Houston’s central business district. The building is scheduled for completion in the summer of 2016. Houston-based architect Ziegler Cooper designed the tower, which will include 361 apartment units with one-, two- and three-bedrooms layouts. The apartments will feature views of downtown and Minute Maid Park, with amenities including hardwood floors, quartz countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. Community amenities will include a Wi-Fi lounge, outdoor dog run with a pet wash, a club room, meeting room, gym and swimming pool.
HOUSTON — Moody Rambin has arranged a lease renewal and expansion for Margolis Brady Raghavan Financial Inc. at the 2000 W. Loop South building in Houston. The lease is for 4,593 square feet of office space. Bob Cromwell and Kevin Nolan of Moody Rambin represented the building’s owner, SRI Nine 2000 WL LP. Scott Covington with SE Covington represented the tenant, Margolis Brady Raghavan.
BEAUMONT, TEXAS — NAI Houston represented Spring Safety in the company’s lease renewal of 10,215 square feet in Beaumont. The property is located at 3880 Washington St. Jason Whittington of NAI Houston represented the tenant, Spring Safety, a division of Spring Holdings Inc., in the transaction. Ryan Harrington of Foxworth Real Estate Co. Ltd. represented the landlord, Perth United Limited Partnership. Sprint Safety is a rental company specializing in safety, breathing air and confined space entry equipment.
PLANO, TEXAS — CBRE Capital Markets’ has arranged the sale of Towne Square Shopping Center in Plano. Dallas-based Norman J. Hoppenstein purchased the retail center from an undisclosed seller. Towne Square is a 151,982-square-foot center that is 53 percent occupied. Tenants include Dollar General, Rent-A-Center, Inwood National Bank and Shipley Do-Nuts. The four-building asset sits at the corner of Parker Road and Alma Drive. Jennifer Pierson, Beth Pierson and Cameron Deptula of CBRE’s Dallas office represented the seller.
AUSTIN — Capital One Multifamily Finance has provided a $19.5 million Fannie Mae fixed loan for the acquisition of City Point, a 396-unit apartment complex in Austin. Firmus Equity Partners was the borrower. Adam Bieber with Capital One’s Bethesda, Maryland office originated the transaction. The property was built in 1983 and is located near the intersection of I-35 and U.S. Highway 290. The borrower plans to complete interior renovations. The seven-year loan features two years of interest-only payments and a 30-year amortization schedule.
CYPRESS, TEXAS — Marcus & Millichap has arranged the sale of Northlake Forest Shopping Center, a 20,340-square-foot retail property in Cypress. Watt Harrison and James H. Bell of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Bell and Harrison also secured the buyer, a private investor. Northlake Forest Shopping Center is located at 15210 Spring Cypress Road.
