HOUSTON — HFF has closed on Promenade Jersey Village, a 596-unit housing complex in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Co., bought the complex for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony Drive near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included director Tre Banks, senior managing directors Todd Marix and Todd Stewart and director Chris Curry.
Texas
SAN ANTONIO — Marcus & Millichap has arranged the sale of Iron Gate Self Storage, a 44,100-square-foot self storage facility in San Antonio. Brandon Karr, senior associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed partnership. The buyer, an unnamed private investor, was also secured by Karr. Iron Gate Self Storage is located at 2410 Southwest Loop 410 in San Antonio. It was built in 1965 and consists of 372 non-climate-controlled units. The property includes an on-site manager’s residence, video surveillance, personalized keypad gated entry, roll-up doors, perimeter fencing, concrete foundations and asphalt driveways.
HEBRON, TEXAS — Marcus & Millichap arranged the sale of Hebron Plaza, a 14,176-square-foot retail center in Hebron. Philip Levy, vice president of investments in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, a limited liability company. Hebron Plaza is located at 2425 West Parker Road. The multi-tenant retail center is 92 percent occupied. Tenants include Classy Nails Spa, Crosspointe Church and True Spirits Liquor. The building was constructed in 2008 and sits on nearly 1.6 acres.
HOUSTON — Taylor Consulting’s real estate division, Third Avenue Development LLC, has made a bulk real estate purchase in west Texas. The winning bid gives the company the right to buy 64 lots in the region on or near the Cline Shale formation. In total, the lots cover 16 acres. The company plans to redevelop the lots and also expects to keep any mineral rights associated with them.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Hallmark Apartments, a 90-unit multifamily property in San Antonio. Reynold Toepfer, Kent Myers and Joe James of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed limited liability company. The buyer also was a limited liability company. Hallmark Apartments is located at 8425 Ahern Drive in San Antonio next to the North Star Mall. Built in 1972 on 3.9 acres, the apartments feature amenities such as fully equipped kitchens, a central swimming pool and three on-site laundry rooms.
TYLER, TEXAS — Olympus Property has closed on buying The Woodlands, a 256-unit apartment complex in Tyler, Texas, 100 miles east of Dallas. It’s the fourth purchase made by WW Olympus Multifamily I, a real estate investment vehicle owned by Olympus. The Woodlands is located at 400 Old Grande Boulevard and has one- and two-bedroom units ranging from 566 square feet to 946 square feet. Amenities include a business center, pool and covered parking. Olympus manages over 8,000 units spanning eight states.
DALLAS — The Dallas office of Duke Realty Corp. has signed leases totaling 1.4 million square feet in Coppell and northwest Dallas since the beginning of the year. The transactions include four new leases and eight renewals, plus a new lease of 127,189 square feet for Insight Merchandising, a Texas-based manufacturer of store fixtures. Occupancy in Duke’s industrial properties in the Dallas area is 98 percent. Louis Pascuzzi and David Creirer with Jackson-Cooksey represented Insight Merchandising in the new lease, while Randy Wood, vice president of leasing, represented Duke.
SAN ANTONIO — CBRE has negotiated the sale of Commons at Concord Park, a four-building, 108,116-square-foot office project in north-central San Antonio. Boston-based Intercontinental Real Estate Corporation sold the property to an affiliate of Beverly, Massachusetts-based Brookwood Financial Partners, LLC for an undisclosed price. Commons at Concord Park is on Sonterra Boulevard, west of the Loop 1604/U.S. Highway 281 interchange near the Stone Oak neighborhood. The complex is 77.6 percent occupied. Brookwood selected CBRE’s Lindsey Tucker to lease the property, while Transwestern will handle management. Todd Mills, Hunter Mills and Casey Knust with CBRE represented the seller.
PLANO, TEXAS — Dallas-based KDC Real Estate Development & Investments will develop Toyota’s new North American headquarters in the Legacy West development in Plano. Toyota recently finalized the purchase of the 100-acre site and expects to occupy the campus in late 2016 or early 2017. The headquarters will be home to about 4,000 employees when finished.
HOUSTON — Beacon Investment Properties, of Hallandale Beach, Florida, has bought a 218,680-square-foot office tower in Houston’s Westchase submarket from a Boston real estate advisor for $46.3 million. The 91 percent occupied, 11-story building sits on 3.3 acres at 10333 Richmond Street. It’s Beacon’s 15th property in Houston, giving the company 2.89 million square feet of office space citywide. The property is one block from the intersection of Richmond and the Sam Houston Tollway (Beltway 8), and has access to Interstate 10, US 59, Loop 610 and the Westpark Tollway. Susan Hill, managing director for HFF in Houston, arranged financing. Kim Grizzle-Shapiro and Mike Martin of PM Realty Group in Houston are the leasing brokers, while Beacon Real Estate Services will take over property management.