HOUSTON —Marcus & Millichap has arranged the sale of White Oak Apartments, a 77-unit apartment building located at 2222 White Oak Drive in Houston. Juan Cuevas, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a subsidiary of Brightside Properties. Greystar, the buyer, plans to demolish the existing building and build a new mid-rise apartment building.
Texas
HOUSTON — Hunington Properties Inc. has arranged the sale of Highway 6 at Westpark, a 15,600-square-foot retail property in Houston. The property consists of two retail buildings near the intersection of Highway 6 and Westpark Drive. Todd Carlson and Sandy Aron of Hunington represented the seller, a local developer. The buyer is a local investment group. Highway 6 at Westpark was built in 2008. The shopping center was 50 percent occupied at the time of sale.
MANSFIELD, TEXAS — Hill & Wilkinson has been awarded the construction contract for Rochester Springs, a senior living facility to be built at the corner of Matlock Road and East Broad Street in Mansfield. Construction begins this month and is expected to be finished by June 2015. The 73,073-square-foot, two-story, $11.5 million Rochester Springs projectincludes 51 assisted living units and 44 memory care units. Pritchard Associates Inc. will serve as the construction manager for the project and 12 Oaks Management Services Inc. will be the facility’s operator.
FRISCO, TEXAS — John St. Clair, senior vice president of Henry S. Brokerage’s executive division, has brokered the sale of approximately 2.2 acres in Frisco. The property is located north of El Dorado Market Place on the southbound service road of the Dallas North Tollway. An undisclosed investor purchased the 2.2 acres from American Bank of Texas. Citywide Alliance Realty represented the buyer in the transaction.
SEGUIN, TEXAS — Rockspring Capital has acquired a 121-acre industrial site in Seguin, a submarket of San Antonio. The parcel is situated between a Caterpillar engine plant and supplier facility, and is located off I-10 E, east of San Antonio and south of New Braunfels. The purchase was Rockspring’s third of 2014, following the acquisition of a 7.6-acre site in San Antonio and a 22.5-acre property in Austin.
SAN ANTONIO — Marcus & Millichap has arranged the sale of a 2,172-square-foot, net-leased Dairy Queen, located at 3301 Nogalitos St. in San Antonio. Rehan Rajab and Chad Knibbe marketed the property on behalf of the seller, a private investor. The buyer, a private investor, was secured by Stephen Berchelmann and Chad Knibbe. All are based out of Marcus & Millichap’s San Antonio office. One-third of an acre, the Dairy Queen has been in operation since 1976 and was renovated in 1995.
DALLAS — Goddard Investment Group LLC has acquired the 58-story Fountain Place office tower, located at 1445 Ross Ave. in Dallas. The 1.2 million-square-foot building is 88 percent occupied. The purchase of Fountain Place was completed through the Goddard Value-Add Office Fund I LP. Cassidy Turley has been retained to oversee leasing at the property. Goddard plans to renovate the building to re-establish it as a Class A asset. Specific property improvements include refurbishing the lobby and elevator banks and enhancing the exterior fountains and landscaping. In addition, Goddard plans to build a new parking garage adjacent to the building. Fountain Place was built in 1986 and designed by I.M. Pei.
EL PASO, TEXAS — CBRE has sold the 10/375 Industrial Portfolio, which totals nearly 1.1 million square feet. IndCor Properties purchased the assets for an undisclosed sum. The CBRE National Partners team of Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni, along with Anthony Mash of CBRE in El Paso, represented an institutional seller. The 10/375 Industrial Portfolio includes seven Class A bulk distribution buildings that are 83 percent occupied. Tenants include ProTrans International Inc., Electrical Components International and Handgards Inc. CBRE retains the leasing and property management assignments for the assets.
HOUSTON — Stream Realty Partners has negotiated a lease extension and expansion on behalf of attorneys Doyen Sebesta Ltd. LLP at Paragon Center One, located at 450 Gears Road. Doyen Sebesta now leases 5,694 rentable square feet in the building. Anthony Squillante and Greg Marconi of Stream Realty Partners represented Doyen Sebesta. Carrie Powledge, leasing director of Rosemont Realty, negotiated on behalf of the landlord, Paragon Operating Associates LP.
HOUSTON AND FORT WORTH, TEXAS — BMC Capital has arranged loans for several multifamily properties in Texas. The properties that received refinance loans include the 72-unit Court of Charleston in Houston, which received $2.2 million; the 22-unit Melrose Place in Houston, which received $1.1 million; and Brentwood Apartments in Fort Worth, which received $2.4 million. The terms of the loans featured, respectively, a five-year fixed rate at 3.5 percent and a 30-year amortization; a seven-year fixed rate at 5.2 percent and a 25-year amortization; and a five-year fixed rate at 4.7 percent and a 25-year amortization.