HOUSTON — Developer Western International has purchased 5.2 acres of land in of Houston’s Energy Corridor submarket for the construction of two new hotels. The properties, one of which will be operated under the Courtyard by Marriott brand and the other under the Hampton Inn & Suites brand, will each include 135 rooms. Located within the Ten Oaks development, a project of Wolff Cos. that is situated at the intersection of Barker-Cypress Road and Park Row, the hotels will be in proximity to the Texas Medical Center – West Campus and Texas Children’s Hospital, as well as major employers Wood Group, Mustang Engineering and Sercel. Western International plans to break ground on the properties this summer.
Texas
ALVARADO AND JOSHUA, TEXAS — Marcus & Millichap has brokered the sale of two manufactured home communities in the far south suburbs of Fort Worth. The properties include Pleasant Oaks Mobile Home Park, a 44-unit community located at 6133 County Road 1022 in the city of Joshua, and Walnut Creek Mobile Home Park, a 64-unit community located at 3600 N. Cummings Drive in the city of Alvarado. Nicholas Ling of Marcus & Millichap marketed the properties on behalf of the seller, a limited liability company, and also secured the buyer, another limited liability company.
HOUSTON — NAI Houston has brokered the sale of two industrial properties in Houston totaling 18,000 square feet. The facilities include a 6,000-square-foot structure at 13727 FM 529 and a 12,000-square-foot structure at 13731 FM 529. The buildings are part of Atco Industrial Park, which is located along FM 529 between North Eldridge Parkway and Jackrabbit Road. John Ferruzzo of NAI Houston represented the buyer, 13727-13731 FM 529 LLC, in the transaction. Eric Hughes of Centermark Commercial Real Estate represented the seller, ATCO-Valley Plaza LLC.
FLOWER MOUND, TEXAS — Stage Equity Partners LLC has acquired two adjacent medical office buildings totaling 34,910 square feet in the northern Metroplex suburb of Flower Mound. The facilities, located at 4921 and 4951 Long Prairie Road, are fully leased to seven different medical practices, including Texas Health Resources, USMD, OrthoTexas and Flower Mound Vein Center. Stage Equity Partners, a Chicago-based healthcare real estate investment firm, purchased another medical office building in the southern Metroplex suburb of Cleburne. The principals of OrthoTexas sold the assets in Flower Mound, then leased back the space occupied by their practice. American Momentum Bank provided acquisition financing to Stage Equity Partners for the transaction.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of two net-leased restaurant properties in the northern Dallas/Fort Worth suburb of Grapevine. The assets include a 9,551-square-foot building, located at 1285 S. Main St. and occupied by Fireside Pies; as well as a 5,595-square-foot building located at 1265 S. Main St. and occupied by Winewood Grill. The restaurants are part of the Grapevine Epicenter development, which is in close proximity to State Highway 114. Jason Vitorino of Marcus & Millichap marketed the properties on behalf of the seller, a local private investor, and also procured the buyer, a limited liability company. Single Purpose LLC will operate the facilities and has guaranteed the leases.
JARRELL, TEXAS — Bellomy & Co. has brokered the sale of a 16,050-square-foot self storage facility in Jarrell, a city approximately 40 miles north of Austin. Operated as Sonterra Self Storage, the property includes 135 rentable units. Bill Bellomy, Michael Johnson and John Owens of Bellomy & Co. marketed the asset on behalf of the seller, Conroe, Texas-based GGG Investments LLC. David Downs of Jimmy Joseph Realtors represented the buyer, Ally Self Storage LLC of Round Rock.
AUSTIN, TEXAS — Whiddon Development Inc. has acquired a 14,000-square-foot office building in Austin. The property is located on more than four acres at 1005 E. St. Elmo St., and Whiddon plans to build out the site as an approximately 70,000-square-foot business park consisting of several freestanding buildings. Blair Helgren of Woodland Property Group represented the buyer, and Jonathan Stilley of SBR Associates represented the unnamed seller.
DALLAS — Panther FW Investments LLC, in partnership with Atlas CP, has acquired a five-property flex portfolio in Dallas. The facilities total 303,420 square feet of office and warehouse space in the Valwood and East Brookhollow submarkets. Panther is a private real estate investment firm that focuses on value-add assets for its own account and placement of third-party private equity. Atlas CP is a private real estate investment company that targets institutional-quality, multi-tenant industrial and office assets in the Southern U.S.
HOUSTON — HFF has brokered the sale of 9801 Westheimer, a 211,125-square-foot office building in Houston’s Westchase submarket. The 11-story property was 86 percent leased at the time of the sale and includes a three-level parking structure. Located on the south side of Westheimer Road between Gessner and Elmside drives, the building is in close proximity to the Sam Houston Tollway, the Westpark Tollway and I-10. Dan Miller and Martin Hogan of HFF marketed the asset on behalf of the seller, Younan Properties Inc., and also procured the buyers, Fuller Realty Partners LLC and Harbert US Real Estate Fund V.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Candle Chase Apartments, a 116-unit multifamily property in Fort Worth. Located at 4805 Altamesa Blvd., the community includes one- and two-bedroom apartments and two-bedroom townhomes, as well as a swimming pool and two laundry facilities. The distressed asset was 70 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, Timber Chase Apartments LLC, and also procured the buyer, a local partnership.