PEARLAND, TEXAS — CBRE has brokered the sale of Retreat at Shadow Creek Ranch, a 370-unit multifamily property in the Houston suburb of Pearland. Located at 2500 Business Center Drive, the community includes one- to three-bedroom apartments, as well as a fitness facility, internet café, resort-style pool and pet park. The complex was 90 percent occupied at the time of the sale, despite having opened in early 2013. The property is adjacent to master-planned community Shadow Creek Ranch and within walking distance of the Pearland Town Center. Ryan Epstein of CBRE represented the seller, McCann Realty Partners, in the transaction. Inland Real Estate Acquisitions Inc. purchased the asset.
Texas
COLLEYVILLE AND ALLEN, TEXAS — Gladstone Commercial Corp. has purchased two properties occupied by Crème de la Crème childcare in the Dallas/Fort Worth suburbs of Colleyville and Allen for $10.5 million. The Colleyville facility is located at 6805 Colleyville Blvd., in close proximity to State Highway 26. The Allen facility is located at 1207 W. McDermott Drive, near I-75 and the Sam Rayburn Tollway. Crème de la Crème will continue to operate both properties. Gladstone Commercial, which is based in McLean, Va., assumed a $6.3 million loan with Wells Fargo Commercial Mortgage as part of the transaction.
GRAPEVINE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of Grapevine I, a 38,709-square-foot office property in the Metroplex suburb of Grapevine. Located at 3500 William D. Tate Ave., the building was fully leased at the time of the sale to tenants including Academic Health Plans. Gary Walker and Renee Efimoff of Coldwell Banker Commercial Alliance DFW represented the seller, Skywalker Property Partners, which purchased both Grapevine I and the adjacent Grapevine II in August 2011 on behalf of Hangover Opportunity Fund LLC. OSK Investments LP acquired Grapevine II in August 2012. Jill Bayne of Alliance Commercial represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 35,417-square-foot warehouse in Arlington. The buyer, local developer Vaquero Ventures, will redevelop the currently vacant property as a retail facility. Located on more than four acres at 3500 S. Cooper St., the building is in proximity to The Parks at Arlington shopping mall and I-20. Nick Talley of Bradford Commercial represented both the buyer and the seller, Fort Worth-based EKIM Partners, in the transaction. The asset sold within 120 days of its initial listing.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Burke Self Storage, a 49,600-square-foot self storage property in the Houston suburb of Pasadena. Located at 1009 Burke Road, the facility consists of 15 separate buildings and 463 units the property offers. Originally constructed in 1975 and expanded in 1998, the property was 87 percent leased at the time of the sale. Roger Hendricks of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Alex Bouchard and Gus Lagos, also of Marcus & Millichap, secured the buyer, a family trust that was completing a 1031 tax-deferred exchange. The property sold for $26.70 per rentable square foot, representing a cap rate of 8.6 percent.
UVALDE, TEXAS — Stan Johnson Co. has brokered the sale of a 41,000-square-foot retail property in Uvalde, a city situated approximately 80 miles west of San Antonio. The multi-tenant property houses Tractor Supply Company and Dollar General and is close to other retailers including HEB, Bank of America and AutoZone. Todd Moore and Jim Gibson of Stan Johnson Co. represented the seller, a private investor, as well as the buyer, a New York-based developer.
HOUSTON — NAI Houston has arranged a 102,000-square-foot industrial lease in Houston for Niavo Gulf Industries Inc., a manufacturer of cryogenic tanks used in the oil and gas industries. The tenant will occupy the property located at 12300 Amelia Drive, which is situated in the southern suburbs near State Highway 288. Clay Pritchett of NAI Houston represented the landlord, National Property Holdings LP, in the negotiations. LeDon Wissner and Carolyn Fincher of Smith Raines Co. represented Niavo Gulf Industries.
LEWISVILLE, TEXAS — The Weitzman Group has arranged a 25,631-square-foot retail lease in Lewisville for Half of Half Name Brand Clothing. The tenant will occupy space within Lakepointe Crossing, a shopping center located at 2416 S. Stemmons Freeway, in proximity to Vista Ridge Mall and the interchange of I-35 and the Sam Rayburn Tollway. Half of Half joins a tenant roster that includes Academy Sports + Outdoors, Conn’s, Garden Ridge, Toys “R” Us, David’s Bridal and Pier 1 Imports. Blake Shipp and Ian Laskowski of The Weitzman Group represented the landlord in the negotiations. Jenco Realty inc. represented Half of Half.
AUSTIN, TEXAS — Westmount Realty Capital LLC has acquired a 13-building, 546,984-square-foot portfolio in Austin. Originally developed in the mid-1980s for light industrial use, the structures are now primarily finished out as office space. Institutionally managed and maintained, the assets were 88 percent occupied at the time of the sale. The portfolio is located within the Braker Center business park, which is situated between I-35 and the MoPac Expressway in the North Central submarket. NorthMarq Capital secured the acquisition financing on behalf of the buyer. Westmount, which is based in Dallas, is planning to invest approximately $1.5 million in an architectural facelift and will rebrand the complex as The Offices at Braker Center. Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni of CBRE represented the sellers, Dallas-based Granite Properties and Austin-based Endeavor Real Estate Group.
HOUSTON — HFF has brokered the sale of 2900 Weslayan, a 136,698-square-foot office building in Houston. The asset also features a motor bank (drive-thru tellers) with 20 lanes. Bounded by Alabama, Weslayan and Essex streets in the Greenway Plaza/Galleria submarket, the property is in proximity to residential development 2929 Weslayan; retail centers Highland Village and Central Market; and major thoroughfares U.S. Highway 59, the Westpark Tollway and Loop 610. The asset was 73 percent leased to tenants including JPMorgan Chase at the time of the sale. H. Dan Miller and Trent Agnew of HFF marketed the property on behalf of the unnamed seller. PM Realty Group purchased the asset free and clear of debt and plans to invest in capital improvements to the property.