FORT WORTH, TEXAS — CBRE Hotels has brokered the sale of The Ashton Hotel in downtown Fort Worth. Ashton Hotel Partners sold the property to a Dallas-based hotel REIT, which plans to renovate and operate the property. The Ashton Hotel first opened in 1890 and expanded from two stories to six in 1915. The hotel was renovated in 2001 and again in 2008. It features 39 guestrooms and is home to the Six 10 Grille restaurant. The property also includes event space for weddings, social gatherings and corporate functions. Bert Stevens, with CBRE Hotels in Dallas, represented the seller in the transaction.
Texas
ABILENE, TEXAS — Taylor Consulting Inc. (TAYO) has acquired a multi-unit storage facility in west Texas. The company says the area around the Permian Basin is undergoing a population explosion thanks to the oil industry, which is why it is investing in the west Texas area.
DALLAS — CBRE has brokered the sale of Two Hickory Centre at 1750 Valley View Lane in the Farmers Branch submarket of Dallas. Austin, Texas-based Capital Commercial Investments Inc. bought the asset from Los Angeles-based Cathay Bank for an undisclosed price. The 97,117-square-foot office building was built in 1999 and is 40 percent occupied. Lead tenants include Beazer Homes, Bartlett Cocke and Border Foods. Shannon Brown, Michael Dudley and Ben Davis with CBRE represented the seller in the transaction. The three have also been named the exclusive leasing agents for the new owner.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 15,120-square-foot Walgreens in Odessa, Texas. Terms of the sale were not released. Jason Vitorino, Jared Aubrey and Adam Gottschalk with Marcus & Millichap’s Dallas office represented the buyer, a private investor from Texas. The all-cash transaction included a due diligence period of seven days. Walgreens is located at 2161 E. 42nd St., between Loop 338 and Andrews Highway. The property is less than two miles from the University of Texas of the Permian Basin.
Purpose-built student housing has always been a dynamic market segment with unique challenges and opportunities. As an asset class, student housing fared well during the recent downturn, but the micro-market nature of these developments precludes too many generalizations. What makes a university a strong market for new student housing is in large part due to the dynamics at work in that specific university community. In addition, student housing being developed today reveals a trend toward high-end finishes and lavish amenities. Hyper-local Market On a national scale, the student housing market is large and growing. As the recession drove more people back to college, developers began adding new beds to campus communities across the nation. The swelling ranks of college enrollment, even as the job market declined, is one reason student housing continued to provide strong returns in a weak economy. But within a university community, there is a finite market for off-campus housing. For example, if a university has 20,000 students, one-third may live on-campus and one-third may commute or live in conventional housing. The other third — 6,500 students — in the market for off-campus housing likely represents the total market. If there were already 5,000 beds available, the …
SAN ANGELO — Marcus & Millichap has arranged the sale of Days Inn San Angelo, a 113-room hotel in San Angelo, Texas. Terms of the sale were not released. Chris Gomes and Allan Miller, with Marcus & Millichap’s San Antonio office, marketed the property on behalf of the seller, a limited liability company. The buyer was a private investor. Days Inn San Angelo is located at 4613 S. Jackson St. in San Angelo. The hotel is accessible by Loop 306 and U.S. Highways 87 and 277. The property was built in 1983.
DALLAS — CBRE has brokered the sale of 1700 Pacific, a Class A office tower in the Dallas central business district. Quebec, Canada-based Olymbec Group bought the property for an undisclosed price. The 49-story tower totals 1.3 million square feet and includes three levels of parking and concourse-level retail. CBRE’s John Alvarado, Gary Carr, Eric Mackey and Robert Hill arranged the sale on behalf of the seller, Berkeley Investments Inc. 1700 Pacific is in walking distance of downtown Dallas destinations including the Tower Club, Main Street Gardens, the Neiman Marcus flagship store and Majestic Theatre. Tenants include Akin Gump Strauss Hauer & Field LLP, Neiman Marcus, Mary Crowley Medical Research Center and Southcross Energy.
TYLER AND LONGVIEW, TEXAS — HFF has closed the sale of, and arranged financing for, two East Texas apartment complexes, Arbors on Chimney Rock in Tyler and Saddlebrook Apartments in Longview, totaling 440 units. HFF marketed the properties on behalf of the seller, Haley Real Estate Group. Coastal Exchange Group bought the properties for an undisclosed amount. HFF’s debt placement team secured the $19 million, 10-year fixed-rate acquisition loan on behalf of the buyer through Redwood Trust. Arbors on Chimney Rock is located at 323 Chimney Rock Road just off Broadway Avenue in Tyler. The property sits on 9.8 acres, is 93 percent leased and includes 176 one- and two-bedroom units averaging 794 square feet. Amenities include a swimming pool, tennis courts, picnic areas and clubhouse. Saddlebrook Apartments is 91 percent leased and includes 264 one-, two- and three-bedroom units averaging 729 square feet. Amenities include a swimming pool, fitness center, sand volleyball court, tennis court, barbecue area and clubhouse. The property is located along H. G. Mosley Parkway, between U.S. Highway 80 and Loop 281 in Longview.
PALMVIEW & LA JOYA, TEXAS — Marcus & Millichap has arranged the sale of two Dollar General Stores, both 8,625-square-foot net-leased properties, one in Palmview, Texas and the other in La Joya, Texas. Terms of the sales were not released. Geoff Ficke and Chris Adams of Marcus & Millichap’s Dallas office marketed the properties on behalf of the seller, a private investor. The buyer, an individual/personal trust, was procured by Dominic Sulo and Matthew Wenger, investment specialists in Marcus & Millichap’s Chicago Oak Brook office. Dollar General-Palmview is located at 2750 West Expressway 83. Dollar General-La Joya is located at 395 West Expressway 83.
HOUSTON — HFF has completed the sale of three industrial properties totaling 219,452 square feet in Houston’s Pologis Park NorthPark, formerly NorthPark Central Business. HFF marketed the properties on behalf of the seller, J.A. Billipp Co. Prologis Inc. bought the assets for an undisclosed amount. The properties are located at 433, 533 and 600 NorthPark Central Drive. They are close to Interstate 45 and Beltway 8, Hardy Toll Road and George Bush Airport. The buildings are 100 percent leased to tenants including CalAtlantic, Michigan Institute of Aeronautics, Universal Technical Institute and Zoyto. HFF’s sales team included Rusty Tamlyn and Wesley Hightower, who worked with seller principals Andy Billipp and Mark Witte of J.A. Billipp Company.