HURST, TEXAS — Marcus & Millichap has brokered the sale of Gables of Notting Hill Apartments, a 176-unit multifamily property in the Fort Worth suburb of Hurst. Constructed in 1968, the garden-style complex is located at 601 Brown Trail, in proximity to the Bell Helicopter plant, a major area employer. The community offers one-, two- and three-bedroom residences, as well as two laundry facilities and two swimming pools. Al Silva of Marcus & Millichap represented the seller, Notting Hill Partners LP, and also secured the buyer, a Texas-based limited liability company. The property, which was 90 percent occupied at the time of the sale, attracted eight offers during a three-week marketing period.
Texas
HOUSTON — HFF has brokered the sale of Interwood Business Center I and II, two industrial facilities totaling 200,086 square feet in Houston. Constructed in 1999, the properties are located at 14430-14440 John F. Kennedy Blvd. and 14469 Heathrow Forest Parkway within the Interwood Business Park, which is immediately south of the George Bush Intercontinental Airport between I-45 and U.S. Highway 59. Tenants include International Seal, Nippon Express, Goodman Distribution and Top Notch Solutions. Rusty Tamlyn and Trent Agnew of HFF represented the seller, KTR Capital Partners LLC, in the transaction. Stockbridge Real Estate Funds acquired the assets free and clear of existing debt.
SAN ANTONIO — Investment and management firm Presidium Group LLC has acquired Towne Oaks, a 123-unit apartment property in San Antonio. The community, which is located at 8623 Starcrest Drive, includes one- and two-bedroom residences, plus amenities such as a swimming pool and clubhouse. The complex is in close proximity to the San Antonio International Airport, North East Baptist Hospital, North Star Mall and MacArthur Park, as well as the major thoroughfares of I-35, Loop 410 and U.S. Highway 281. Presidium Group plans both interior and exterior upgrades, as well as enhancements to the property’s signage. With the purchase of Towne Oaks, Presidium has now acquired three assets in San Antonio in the past six months.
AUSTIN, TEXAS — ARA has brokered the sale of The Arbor at Tallwood, a 120-unit multifamily property in Austin. Built in 1972, the garden-style community offers one-, two- and three-bedroom apartments, a swimming pool and a dog park. The complex, which was 96 percent occupied at the time of the sale, is in close proximity to retail outlets such as the Arboretum and the Domain, as well as major area employers such as IBM, Visa and Dell. Matt Pohl and Andrew Shih of ARA represented the seller, San Francisco-based Virtu Investments, in the transaction. Redwood Capital Group, based in Chicago, purchased the asset.
AUSTIN, TEXAS — Commercial real estate firm Muskin Commercial LLC has brokered the sale of South Cliff Apartments, a 60-unit multifamily complex in Austin. Located at 2001 I-35 South, the community offers one- and two-bedroom apartments, as well as a swimming pool and laundry facility. Ellen Muskin of Muskin Commercial represented the seller, an individual investor based in Santa Rosa, Calif. The buyer, a Columbus, Ohio-based entity, plans to rebrand the property as 35 Flats and renovate both building exteriors and apartment interiors. Pearsall, Texas-based Security State Bank provided acquisition financing.
HOUSTON — Clay Development has broken ground on a 120,000-square-foot industrial facility in Houston for Zimmermann & Jansen Inc., a valve manufacturer serving the steel, glass, refining and chemical industries. The property, which the tenant will use as its new headquarters, is located within Kennedy Greens Business Park in the East Aldine District. Travis Land and Michael Keegan of NAI Houston represented Zimmerman & Jansen, a subsidiary of IMI Severe Service, in the lease negotiations. The tenant will occupy the multi-crane-served, build-to-suit facility this summer.
AUSTIN, TEXAS — Regency Centers Corp. has acquired the Shops at Mira Vista, a 68,340-square-foot retail property in Austin. Located at 2785 Bee Cave Road, the shopping center is in proximity to the affluent Rollingwood and Westlake Hills neighborhoods, as well as the Austin Central Business District. The facility was 98 percent leased at the time of the sale to Trader Joe’s, Panera Bread Co., Nothing Bundt Cakes and Champions Cheer and Dance. Erik Tompkins of Regency Centers Corp. will manage leasing at the property going forward.
MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Tuscan Village Plaza, a 15,318-square-foot retail property in the Houston suburb of Magnolia, for $3.4 million. Located at 7214 FM 1488, the recently constructed strip shopping center was fully occupied at the time of the sale. Derek Hargrove and Nate Newman of Marcus & Millichap marketed the property on behalf of the seller, a group of prominent local developers. An undisclosed buyer purchased the asset in an all-cash transaction within eight days of the initial listing.
HOUSTON — Commercial real estate company Moody Rambin has arranged a 12,146-square-foot office lease in Houston for accounting firm Malone Bailey LLP. The tenant will occupy space at the Younan Place building, an 11-story, 211,125-square-foot tower located at 9801 Westheimer Road. Constructed in 1982, the property is situated in proximity to the interchange of Sam Houston Tollway and Westpark Tollway. Griff Jaggard and Derek Beck of Moody Rambin represented the building owner, YPI 9801 Westheimer LLC, in the negotiations. Andre Granello of Cresa Houston represented Malone Bailey.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of a 54-room Comfort Suites in Irving. Constructed in 1995 and renovated in 2011, the limited-service hotel offers free breakfast and wireless internet access, a business center and airport shuttle service. The property is located at 1223 Greenway Drive, near the Las Colinas Business District and the DFW International Airport. Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gomes also procured the buyer, a private investor.