GRAPEVINE, TEXAS — Owner/operator NewcrestImage has opened the first “dual-branded” hotel property in the Dallas/Fort Worth Metroplex. Located in the suburb of Grapevine, the facility includes a 181-room Courtyard by Marriott and a 120-suite TownePlace Suites by Marriott. While maintaining separate branding, the hotels share the same management, sales and housekeeping staffs, as well as an outdoor swimming pool, fitness center and 13,000 square feet of meeting space. The property is the third dual-branded hotel in the state of Texas, with others in Houston and Austin. NewcrestImage now owns and operates 17 hotel properties, with five under construction and two in various stages of development.
Texas
DALLAS — Berkshire Income Realty Inc. has purchased Pavilion Townplace, a 236-unit multifamily community in Dallas. Located at 7700 Greenway Blvd., the property offers one-, two- and three-bedroom apartments in single-floor and townhome configurations, as well as amenities including a swimming pool, fitness center and clubroom. Berkshire, which now owns interests in 20 multifamily complexes nationwide, announced the acquisition of Pavilion Townplace alongside the acquisition of an Atlanta apartment community and reported the combined purchase price at $120 million.
RICHARDSON, TEXAS — CBRE has brokered the sale of Campbell Glen II, a 205,817-square-foot office building in Richardson’s Telecom Corridor. AT&T holds the triple-net lease for the entire two-story property, which is located half a mile from U.S. Highway 75. Built in 1997, the structure recently underwent renovations including interior enhancements, mechanical upgrades and the installation of automated gates and a security fence. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE represented the undisclosed seller in the transaction. Macfarlan Capital Partners purchased the asset.
LITTLE ELM, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot net-leased retail property in the Dallas suburb of Little Elm. The building, currently occupied by Walgreens, is located at 2774 E. Eldorado Parkway, in close proximity to FM 423. The buyer, a limited liability company, purchased the property as part of a 1031 tax-deferred exchange and at a 5.8 percent cap rate, according to Marcus & Millichap. Geoff Ficke of Marcus & Millichap marketed the property on behalf of the seller, also a limited liability company, and procured the buyer as well.
JENKS, OKLA. — Wheeler Real Estate Investment Trust Inc. has purchased Jenks Plaza, a 7,800-square-foot retail property in the Tulsa suburb of Jenks for approximately $1.7 million, or $223 per leasable square foot. The strip shopping center was fully leased at the time of sale to five tenants, including Tint World, Papa Murphy’s Pizza, Envy Nails, La Mode Quality Cleaners and Maple Gardens. Reasor’s Foods shadow-anchors the asset, which has direct access to Creek Turnpike, a major thoroughfare with traffic counts of more than 32,600 vehicles per day. The Virginia Beach, Va.-based Wheeler purchased the property from one of its affiliated entities.
FORT WORTH, TEXAS — CBRE has brokered the sale of Eastchase Market, a 265,097-square-foot power retail center in Fort Worth. The property was 96.2 percent occupied at the time of the sale by national retailers such as Ross, Marshalls, Spec’s Office Depot, Dollar Tree, Burke’s Outlet and AMC Theatres. Located at 1600 Eastchase Parkway, the asset is in close proximity to Interstate 30. Chris Cozby, Chris Gerard and Kevin Holland of CBRE marketed the property on behalf of the seller. Phoenix-based Cole Real Estate Investments purchased the center.
SAN ANTONIO — Berkadia Commercial Mortgage LLC has arranged an $11.7 million loan for the acquisition of the Retreat at Hart Ranch, a 280-unit apartment property in San Antonio. Previously known as De Zavala Park, the single-building community is located on 12 acres at 6061 De Zavala Road. The property offers one- and two-bedroom units, as well as a fitness center, pool and courtyard, and was 95 percent occupied at the time of the sale. Andy Hill of Berkadia secured the seven-year, floating-rate loan on behalf of borrower Allen Harrison Co. LLC through Freddie Mac.
DALLAS — Johnson Capital has arranged a $5.4 million loan for the acquisition of Eban Village I & II, a 330-unit multifamily community in Dallas. Located on 15 acres along Grand Avenue near Malcolm X Boulevard, the complex offers affordable housing to low- to middle-income families and individuals in the Fair Park neighborhood. The property includes 19 garden-style buildings as well as separate laundry facilities, a leasing office and a community center used for day care. Jason Pumpelly of Johnson secured the loan for non-profit borrower Hope Housing Foundation through a regional bank.
SAN ANTONIO — HREC Investment Advisors has brokered the sale of Hawthorn Suites North East, a 12-suite, extended-stay hotel in San Antonio. The property is located off Highway 1604, in proximity to Randolph Air Force Base and San Antonio International Airport, as well as attractions such as SeaWorld San Antonio, Six Flags Fiesta Texas and HemisFair Park. Hank Wolpert and Geoff Davis of HREC marketed the property on behalf of the seller, Live Oak Lodging LP. Jacobs East Loop LLC, an affiliate of Jacobs Real Estate Advisors, purchased the property via the Auction.com platform.
DALLAS — HFF has brokered the sale of Preston Center Pavilion and Square, a 230,842-square-foot shopping center in the Park Cities neighborhood of Dallas. The property, which was redeveloped in 2000, is in proximity to the interchange of Northwest Highway, Preston Road and the Dallas North Tollway. Tenants include DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot and Chipotle. The HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker and Ryan Shore represented the seller, US Commercial LLC, and also procured the buyer, a real estate fund advised by Crow Holdings Capital Partners LLC. The transaction involved the assumption of the existing CMBS mortgage.