DENTON, TEXAS — Frontera Hotel Group has added two hotels in Denton to its portfolio of managed properties, an 88-room, four-story LaQuinta Inn & Suites and a 92-room, four-story Holiday Inn Express Hotel & Suites. Angel Hospitality Inc. of Frisco, Texas, acquired the hotels on July 1. Both properties recently underwent extensive renovations. Dallas-based Frontera now manages 12 hotels in Texas, Georgia, Wisconsin and California, and has ownership in two of the properties.
Texas
KATY, TEXAS — Marcus & Millichap has arranged the sale of Parks Plaza at Westheimer Lakes North, a 32,680-square-foot retail property located at 6734 Westheimer Lakes North Drive in Katy. The asset sold for $8 million. Watt Harrison, an associate, and James Bell, vice president of investments in Marcus & Millichap’s Houston office, represented the seller and procured the buyers.
HOUSTON — NAI Houston has leased a 22,000-square-foot industrial warehouse building at 6525-B Cunningham Road in Houston. Travis Land of NAI Houston represented the landlord, Blum Beltway LP. Scott Rubenstein of Pipeline Realty represented the tenant, Texas Pipe & Supply Company.
HOUSTON — CNL Healthcare Properties has purchased the Houston Orthopedic & Spine Hospital campus for $76 million. The Class A health campus includes a 126,946-square-foot specialty hospital; a 99,768-square-foot medical office building; and two parking structures. This purchase is CNL’s largest single-property investment in its portfolio. The hospital campus was completed in 2007 and is located at the intersection of Interstates 69 and 610. The hospital includes 64 private beds, 10 operating suites and various imaging services. Lincoln Harris CSG will provide on-site leasing and management services.
AUSTIN, TEXAS — NorthMarq Capital has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. Paul Brighton, senior vice president/senior director of NorthMarq’s Dallas office, arranged the loan with a 10-year term and 30-year amortization schedule through a CMBS lender. Austin fashion retailer Julian Gold anchors the property.
PLANO, TEXAS — Silverstone Healthcare Co. has begun construction on HarborChase of Plano, a new 120-unit, Class A, assisted living and memory care community located on Preston Road at Highway 121. Harbor Retirement Associates will operate HarborChase of Plano. Silverstone’s financial partners in HarborChase of Plano include L&B Realty Advisors and the Dow Chemical Pension Fund. HarborChase of Plano will feature a living room, library, salon, spa and wellness center. HarborChase will also offer dining venues that include a dining room, private dining, outdoor dining, an exhibition kitchen and a bistro/coffee bar. Texas Capital Bank will provide HarborChase of Plano’s construction financing. Rogers O’Brien will serve as the contractor, while BOKA Powell and Interior Design Associates will serve as architect and interior designer, respectively.
HOUSTON — Marcus & Millichap has arranged the sale of Villas at Westador Portfolio, a condominium portfolio located in Houston. Clint Roberts, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a partnership. The Villas at Westador Condo Portfolio is located at 17331 Red Oak Drive.
SAN ANTONIO — Stream Realty Partners has broken ground on a Class A office project in San Antonio, Lockhill Crossing. The development will consist of a five-story, 126,626-square-foot office building at the corner of Lockhill Selma Road and Loop 1604. The building is situated on approximately 17 acres, and offers a 4.2 per 1,000-square-foot parking ratio with executive covered parking egress and ingress from Loop 1604 and Lockhill Selma Road, highway visibility, monument signage opportunities, Class A finishes and energy efficient systems and materials. Stream Realty has leased 16 percent of the development to two undisclosed tenants. The building is scheduled to be completed in the second quarter of 2015. Stream Realty will lease and manage the project.
SAN ANTONIO — Laurus Corp. has acquired the Marriott San Antonio Northwest Hotel. The Marriott is located at 3233 Northwest Loop 410 in the Northwest business corridor, just north of the interchange of Interstates 10 and 410. The hotel is the only full-service Marriott-branded hotel outside the San Antonio central business district and features 296 guestrooms, two food and beverage outlets, and approximately 8,500 square feet of meeting and banquet facilities, in addition to various amenities such as an outdoor pool, gift shop, guest laundry and business and fitness centers. Laurus Corp. will be investing approximately $16 million to upgrade the entire property to the new Marriott standards.
OKLAHOMA CITY — Milhaus has closed on financing and will begin construction on a $42 million mixed-use development in midtown Oklahoma City. LIFT, located at the northwest corner of 10th Street and Shartel Avenue, will include 329 units, comprised of eco-suites, studios, and one-, two- and three-bedroom apartments. Some of the features in the units include granite countertops, stainless steel appliances and hard surface flooring. The development will consist of 4,700 square feet of commercial space and a 445-space parking garage. The development will also feature a yoga room, café, bar, game room, fitness studio and children’s play area. Apartment units are set to be available in the summer of 2015. This is Indianapolis-based Milhaus’ first project outside of Indiana. Regions Bank provided construction financing for the project. Milhaus Construction LLC will construct the project, and Milhaus Management LLC will manage the property.