LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of an 83-room hotel in Longview. Located at 112 S. Access Road, the two-story, limited-service property includes exterior corridors, complimentary breakfast, a business center, outdoor swimming pool and fitness center. Allan Miller, Skyler Cooper and Chris Gomes of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Gomes procured the buyer, another limited liability company. As the time of the sale, the Hampton Inn franchise was terminated, and the property will soon be converted into a Days Inn.
Texas
HUMBLE, TEXAS — Stan Johnson Co. has brokered the sale of a 4,307-square-foot retail property occupied by Chase Bank in the Houston suburb of Humble. Fifteen years remain on the tenant’s 20-year ground lease, which operates as a triple-net lease and includes four renewal options of five years and 10 percent rent increase each. Jim Gibson and Todd Moore of Stan Johnson Co. represented the seller, a Houston-based developer. An Oklahoma investor purchased the asset at a 5 percent cap rate.
THE WOODLANDS, TEXAS — HFF has brokered the sale of Wood Ridge Plaza, a 211,673-square-foot retail property in The Woodlands. Located on 19.5 acres along I-45 North across from The Woodlands Mall, the power center was 87 percent leased at the time of the sale to tenants including Pier 1 Imports, Kirkland’s Office Depot, Mattress Firm, Pappas Bar-B-Q, Dailyspa and Chair King. Rusty Tamlyn, Ryan West and Matt Berry led the HFF team in marketing the asset on behalf of the seller, CSHV Woodlands LP, an institutional pension fund advisor. A private real estate fund advised by Crow Holdings Capital Partners LLC purchased the property free and clear of existing debt. Weiss Realty LLC will manage the center, which was last renovated in 1997.
SAN ANTONIO — Canyon Capital Realty Advisors (Canyon Realty) has provided a $55.2 million senior construction loan for the 253,606-square-foot fifth phase of the RIM, a power center property in San Antonio. The phase, located at the interchange of I-10 and Loop 1604, is 91 percent pre-leased to tenants including Hobby Lobby, PetSmart, Total Wine & More, Toby Keith’s I Love This Bar & Grill and Bowl & Barrel. RIM V, as it is known, is located in the center of the other four phases, which are fully occupied and house such retailers as Target, Bass Pro Shops, Dick’s Sporting Goods, Best Buy, T.J. Maxx, Lowe’s and Michael’s. Canyon realty arranged the financing on behalf of an affiliate of Thomas Land and Development LLC.
DALLAS — NorthMarq Capital has arranged a $13.4 million refinance loan for Galleria Plaza, a 189,104-square-foot office tower in Dallas. Located at 4851 LBJ Freeway, the Class A property features recently renovated common areas and exterior landscaping. Paul Brighton of NorthMarq arranged the refinancing on behalf of the borrower, Younan Properties Inc. Business Partners LLC is the lender.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Trinity Oaks, a 206-unit multifamily complex in Arlington. Constructed in 1981, the Class B property is located at 811 Northeast Green Oaks Blvd. and offers studio, one- and two-bedroom apartments in six different layouts. Michael Ware and William Jarnagin of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer in the transaction was not disclosed.
PEARLAND, TEXAS — HFF has arranged joint venture equity and construction financing for the Center at Pearland Parkway, a 165,000-square-foot retail development in the Houston suburb of Pearland. The property, a power center, will be located on a 27-acre site at the intersection of FM 518 and Pearland Parkway, in close proximity to a 146,000-square-foot Lowe’s and a new HEB grocery store set to open this spring. TJ Maxx and Ross Dress for Less have pre-leased space at the project, which is slated for completion in the fourth quarter of this year. Matt Kafka, Colby Mueck and Will Crawley of HFF worked on behalf of the developer, Stream Realty Partners, to both arrange a joint venture with Dallas-based Thackeray Partners and secure a construction loan through Bank of the Ozarks.
HOUSTON — NAI Houston has brokered the sale of a 72,000-square-foot industrial property in Houston’s North Inner Loop Industrial submarket. Located at 3919 Eastex Freeway, the warehouse property features 2,000 square feet of office space, clear heights ranging from 18 to 25 feet and a fenced outside storage area. Michael Keegan and Darren O’Conor of NAI Houston represented the seller, MKK Investment Properties LLC, in the transaction. Beto Tentori of CitiQuest Properties represented the buyer, Reforma Properties LTD.
DEL VALLE, TEXAS — Marcusw & Millichap has brokered the sale of A-Mini Storage, a 47,050-square-foot self storage facility in the Austin suburb of Del Valle, for $1.3 million. Located at 2381 Highway 71 East, the property is in proximity to the Austin-Bergstrom International Airport and State Highway 130. David Knobler and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, a Houston-based partnership. Roger Hendricks, also of Marcus & Millichap, secured the buyer, an individual/personal trust.
HOUSTON — Full-service commercial real estate firm Finial Group has arranged a 13,000-square-foot industrial lease in Houston for Core Refractory Systems, a provider of refractory products and services. Located at 4555 Homestead Road, the property is in close proximity to I-610. Reed Vestal and Ross Thomas of Finial Group represented the tenant in the lease negotiations. Lee Paris internally represented the landlord, Warehouse Associates.