HOUSTON — The Morgan Group Inc. has started construction on its latest Pearl luxury apartment project along with co-developer LCB Holdings Inc. The midrise property, which will be called Pearl Washington, is located on 3.1 acres at the corner of Washington Avenue and T.C. Jester Boulevard in Houston. Wells Fargo is providing financing, and the architect is Dwell Design Studio. The project, which is scheduled to open in spring 2016, will rise five stories and include 322 one-, two- and three-bedroom units. Units will range from 652 to 1,443 square feet. Amenities include a swimming pool, business center, gym, dog park and a bocce ball court.
Texas
GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a 9,062-square-foot retail property in Garland. Terms of the sale were not released. Blake Burnett with Marcus & Millichap marketed the property on behalf of the seller, LNR Texas Partners LLC. The listing was sold in conjunction with Auction.com to the highest bidder, an out-of-state investment group. The property is located at 3315 N. George Bush Highway and sits on 2.4 acres. It is an outparcel to Kohl’s and Home Depot in north Garland.
AUSTIN — CBRE has arranged a lease for GateHouse Media, a newspaper publisher, at Northview Business Center in Austin. The 18,700-square-foot space will house the company’s new Center for News & Design. The center opened in a temporary facility in May 2014 and will move into a permanent facility in late 2014 in the same office park. The property is located at 9001 N. Interstate Highway 35. The company expects 150 employees to occupy the center by the end of the year. W. Gaines Bagby with CBRE’s Austin office represented Gatehouse. Luke Wheeler and Will Stewart with Transwestern represented the landlord.
DEER PARK, TEXAS — Marcus & Millichap has arranged the sale of Deer Park Storage, a 61,220-square-foot self-storage facility located in Deer Park. David Knobler of Marcus & Millichap marketed the property on behalf of the seller, a tenant-in-common entity. Knobler and LeClaire also represented the buyer, a limited liability company. Deer Park Storage is located at 4013 Center St. in Deer Park.
HOUSTON — HFF has closed the sale of Spring Cypress Village, a 101,371-square-foot, grocery-anchored retail center in northwest Houston. HFF marketed the property on behalf of the seller, Delaware Life Insurance Co., formerly kown as Sun Life Assurance Co. of Canada, through its adviser, Guggenheim Partners. Phillips Edison and Co. bought the asset for an undisclosed amount. Spring Cypress Village sits on 15.7 acres at the intersection of State Highway 249 and Spring Cypress Road. The grocery-anchored property was renovated in 2007 and is leased to tenants including Sprouts Farmers Market, Spec’s Liquor, YES Kids Fitness, Wolfies Restaurant & Sports Bar, State Farm Insurance and Earthwise Pet Supply. The HFF team representing the seller included Rusty Tamlyn, Ryan West and Matt Berry.
HOUSTON — Songy HighRoads and The Carlyle Group have closed on construction financing and the subdivision of land for a second hotel in the Galleria Place mixed-use project in Houston. Carlyle’s share of the equity comes from Carlyle Realty Partners VI, a $2.34 billion real estate investment fund. The new Hyatt Place will be a 157-room, select-service hotel at the intersection of Sage Road and West Alabama Street near Galleria Mall. It will join the 325-room Hyatt Regency full-service hotel, which broke ground last December. Both hotels are expected to be completed in the fourth quarter of 2015. Amegy Bank provided construction financing. Gensler performed Hyatt Place’s architectural design. McCarthy Construction is the general contractor. The site spans 7.6 acres.
RICHARDSON, TEXAS — KDC and JLB Partners have started construction on two apartment complexes at CityLine, a 186-acre mixed-use development in Richardson. The 532 units will be within walking distance of four office towers leased by State Farm. Both complexes will front Plano Road and are near Dallas Area Rapid Transit’s Bush Turnpike Station. The northern four-story community will feature 233 units above 20,000 square feet of ground-floor retail. The five-story southern project will contain 299 units located at the corner of CityLine Drive and Plano Road. The apartments will include one-, two- and three-bedroom floor plans ranging in size from 573 to 1,550 square feet. Community amenities include a pool, fitness center, resident lounge and business center. Construction is expected to be completed in the second quarter of 2015. Regions Bank and Capital One are providing financing.
GRAND PRAIRIE, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired Woodlands Business Park in Grand Prairie, near Dallas. The property consists of three industrial facilities leased to 12 tenants. The acquisition is part of a joint venture with Origin Capital Fund II LLC. Brennan has acquired 23 buildings and undertaken development on five projects in the Texas market since 2012. Steve Rowland of Transwestern assisted in the transaction.
HOUSTON — James Murphy, managing director of NorthMarq Capital’s Boston-based regional office, secured $9.7 million in acquisition financing for Eastport Industrial Park buildings I & III, two industrial properties with a combined 366,595 square feet located at 8979-8999 and 8901-8919 Market St. in Houston. The transaction was structured with a five-year term with one year of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower, High Street Realty Co., through its correspondent relationship with Great-West Life & Annuity Company.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Chalet Apartments, a 40-unit apartment property in Irving. Terms of the sale were not released. Matt Davis of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. The Chalet Apartments are located at 951 French St. in Irving, 13 miles west of downtown Dallas. Built in 1985, the complex includes 10 buildings and features 40 two-bedroom units. At the time of sale the complex was 100 percent occupied.