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.
Texas
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.
HOUSTON — NAI Houston has arranged a 46,250-square-foot industrial lease in Houston for KT Recovery & Storage LLC. The tilt-wall property, located at 1414 Sakowitz St., features 16-foot clear heights, four dock-high overhead doors and 4,500 square feet of office space. John Ferruzzo and Chris Kugle of NAI Houston represented the unnamed landlord in the negotiations. Greg Barra of Boyd Commercial represented the tenant.
FORT WORTH, TEXAS — Trademark Property Co. has leased a total of 45,568 square feet of retail space to seven new tenants at Alliance Town Center in north Fort Worth. Carter’s (4,030 square feet), OshKosh (2,506 square feet), Five Below (8,000 square feet), Men’s Wearhouse (5,500 square feet), Shepler’s Western Wear (18,000 square feet) and Sleep Experts (4,500 square feet) each signed 10-year leases and will open by September of this year. America’s Best Contacts and Eyeglasses (3,122 square feet) signed a five-year lease and plans to open in early 2015. A joint venture of Trademark Property Co. and Hillwood Development, Alliance Town Center already houses tenants such as Belk, JC Penney, Dick’s Sporting Goods, Best Buy, Cinemark Theaters and Kroger Marketplace. The development is located on I-35 at Heritage Trace Parkway and is part of the 17,000-acre AllianceTexas master-planned community.
HOUSTON — Vista Equities Group has leased 3,886 square feet of restaurant space at the LaCenterra at Cinco Ranch development in Houston to Torchy’s Tacos, a Texas-based chain. The new eatery, set to open this summer, will be the fourth Torchy’s location in Houston and will serve breakfast, lunch and dinner. Vista Equities Group was represented internally by Donna Keith. Jamie Weaver of Baker Katz represented Torchy’s Tacos in the negotiations.