HOUSTON — Marcus & Millichap has brokered the $1.6 million sale of an 11,350-square-foot net-leased property occupied by Commercial Alliance Insurance Co. in Houston. The asset is located at 415 Lockhaven Drive. Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Justin Miller, also of Marcus & Millichap, secured and represented the buyer, a private investor.
Texas
McALLEN, TEXAS — Venture Commercial has arranged a 15,521-square-foot lease in McAllen for Northern Tool + Equipment. The property, located at 505 W. Expressway 83 and adjacent to Sheplers Western Wear, is in proximity to the interchange with Expressway 281, as well as McAllen-Miller International Airport. Clay Mote of Venture represented the tenant in the negotiations, while the landlord represented itself.
DALLAS — HFF has arranged $73 million in permanent financing for 17Seventeen McKinney, a 369,014-square-foot office property in the Uptown submarket of Dallas. The loan will replace the original construction loan for the property, which was completed in 2010 and is located at the corner of Akard Street and McKinney Avenue. The LEED Gold-certified asset was 95 percent leased at the time of the loan closing, with tenants including Regions Bank, Huitt-Zollars, Red Bull North America, Clarion and American Airlines. 17Seventeen McKinney is connected to and shares amenities such as a fitness center with residential community Park Seventeen. Trey Morsbach and Jim Curtin of HFF arranged the seven-year, fixed-rate loan through Regions Bank on behalf of Granite Properties.
DALLAS — ElmTree Net Lease Fund II has acquired two industrial buildings in Dallas for a combined purchase price of $26.5 million. The first asset is a 150,975-square-foot facility located at 2717 S. Main St. within the Dallas-Fort Worth International Airport and leased by Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. Five years remain on the tenant’s original 10-year lease, and under terms of the acquisition, Sikorsky may expand the facility by 150,000 square feet. The second asset is a 72,056-square-foot building, also within the airport, occupied by Hitachi High Technologies America. Nine years remain on the tenant’s original 10-year lease. The property, used for the manufacturing and development of microchips, features clean rooms, a product demonstration room and a designated Foreign Trade Zone area in the warehouse portion of the building. ElmTree Net Lease Fund II is a private equity fund sponsored by ElmTree Funds LLC.
HOUSTON — The project team of Simpson Housing LLLP, Novare Group, Batson-Cook Development Co. and Peter Dienna will break ground in February on SkyHouse River Oaks, a 352-unit high-rise multifamily community in the River Oaks neighborhood of Houston. The 25-story property will offer one- and two-bedroom apartments, as well as amenities such as two swimming pools, a club room, fitness center and outdoor kitchen. Completion for the building, designed for Energy Star certification, is slated for the first quarter of 2015. Simpson Housing, Novare and Batson-Cook are partnering in development; Simpson Housing is serving as owner and operator; Batson-Cook is acting as general contractor; and Peter Dienna is working as project manager. JP Morgan is providing construction financing, and Smallwood, Reynolds, Stewart, Stewart is serving as architect.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a 123-room Hampton Inn in Austin. Constructed in 1997 and renovated in 2012, the six-story hotel is located at 4141 Governors Row, in proximity to the interchange of State Highway 71 and Interstate 35. Amenities include a 430-square-foot meeting room, business center and outdoor swimming pool. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a joint venture between a California family trust and a Texas-based private investor, in the transaction. David Greenberg, also of Marcus & Millichap, represented the buyer, Moody National REIT I Inc.
PLANO, TEXAS — Investment advisory firm ARA has brokered the sale of Sheridan Park at Spring Creek, a 300-unit multifamily community in Plano. Constructed in 1999, the complex offers one-, two- and three-bedroom apartments averaging 983 square feet plus amenities including two swimming pools, a fitness center, dog park and playground. The Class A complex, which was 93.3 percent occupied at the time of the sale, is in proximity to Interstate 75 and State Highway 190, as well as major employers such as the State Farm headquarters. Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. of Atlanta-based ARA marketed the property on behalf of the undisclosed seller. Waterton Associates LLC, based in Chicago, purchased the asset.
SACHSE, TEXAS — CBRE has brokered the sale of Oak Grove Plaza, a 120,491-square-foot retail center in the northeast Dallas suburb of Sachse. Anchored by Kroger Signature since 2003, the property is located at the intersection of State Highway 78 and Bunker Hill Road. Approximately 75 percent of the asset’s leasable area is under contract into 2018. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, Invesco Advisers Inc., in the transaction. LaSalle Investment Management purchased the center.
HARLINGEN, TEXAS — The Woodmont Company has brokered the sale of Creekside Plaza, a 45,902-square-foot retail center in Harlingen. Located along South Sunshine Strip and adjacent to HEB Grocery, the property was 67 percent occupied at the time of the sale by tenants including anchors Family Dollar and Sherwin Williams. Brad Cruickshank of Woodmont represented the seller, Torchlight Investors, in the transaction. The buyer, an undisclosed private investment firm, represented itself.
SAN ANTONIO — Retail Solutions has arranged a 25,000-square-foot lease in San Antonio for Blast Fitness. The gym will occupy space at Westpark Plaza, located at 6703-6759 N.W. Loop 410 and in proximity to Ingram Park Mall. Tim McBrearty of Retail Solutions represented the tenant in the negotiations, while Transwestern represented the undisclosed landlord.