KATY, TEXAS — HFF has brokered the sale of The Solana at Cinco Ranch seniors housing property in the Houston suburb of Katy for $71.3 million. American Realty Capital purchased the 184-unit facility, which offers independent living, assisted living and memory care options and is located at 24001 Cinco Village Center Blvd. Completed in 2009 and expanded in 2013, the property was 98 percent occupied at the time of the sale and features amenities such as a restaurant, sports bar, salon, theater, fitness center, saltwater pool and bocce ball court. Ryan Maconachy and Chad Lavender of HFF represented the seller, Formation Development Group LLC and affiliates of The Carlyle Group Inc. The Arbor Company will continue to operate the facility.
Texas
BRYAN, TEXAS — Marcus & Millichap has brokered the sale of a 100-room Best Western Premier hotel in Bryan. Located at 1920 Austin’s Colony Parkway in the heart of the Brazos Valley, the property offers proximity to State Highway 6, FM 158 and Texas A&M University. Marty Cohan and Douglas Cole of Marcus & Millichap represented the buyer, an Hermosa Beach, Calif.-based private investment firm completing a 1031 tax-deferred exchange. David Greenberg, Alan Miller and Chris Gomes of Marcus & Millichap represented the seller, a Texas-based private investment company. Anita Paryani Rice and Jake Roberts of Marcus & Millichap Capital Corp. arranged the acquisition financing.
DALLAS — Mesa West Capital has provided a total of $59.7 million in first mortgage loans for two Dallas office asset acquisitions. In one transaction, CapRidge Partners received $30.9 million in financing for the purchase of Gramercy Center, a 255,000-square-foot property in the Upper Tollway submarket, from a partnership between Stockbridge Real Estate and Billingsley Co. Constructed in 1999 and renovated in 2012, the two-building complex was 79 percent occupied at the time of the sale. Andy Scott and Jim Curtin of HFF arranged the loan, which was originated by Jason Bressler of Los Angeles-based Mesa West. In a separate transaction, Brookwood Financial Partners LLC received $28.8 million in financing for the purchase of Heritage Square, a 359,758-square-foot property in the Far North Dallas submarket, from Silver Tree Partners. Built in 1978 and 1980, the two buildings of the complex were 56 percent occupied at the time of the transaction. Charles Foschini, Christian Lee and Chris Apone of CBRE arranged the loan, which was also originated by Bressler of Mesa West. The borrowers in both transactions plan to use a portion of their respective loans for capital improvements.
HOUSTON — McCarthy Building Cos. has broken ground on the new 325-room Hyatt Regency Hotel in Houston’s Galleria submarket. Located at the corner of Sage Road and West Alabama Street, the property will stand 14 stories totaling more than 260,000 square feet. Amenities will include a fitness center, swimming pool and 15,000 square feet of meeting space. Construction, which is slated for completion in summer 2015, entails the partial demolition of pre-existing retail space. A partnership between Songy HighRoads and Carlyle Group is developing the hotel, and Gensler provided design services.
PEARLAND, TEXAS — MAPP Construction will break ground this month on the 40,000-square-foot build-out of the Chamberlain College of Nursing in the Houston suburb of Pearland. The project, consisting of interior and exterior renovations to accommodate specialty lab spaces, offices and classrooms, is scheduled for completion in May of this year. Other members of the build-out team include Newmark Grubb Knight Frank, Interior Architects and Environmental Systems Design. Baton Rouge-based MAPP previously worked on another project for Chamberlain College of Nursing, which is a wholly owned subsidiary of DeVry Inc.
DALLAS — NAI Robert Lynn has arranged a 30,724-square-foot lease of flex space for Dave & Buster’s Inc. in Dallas. The property, located at 10796 N. Stemmons Freeway, is in close proximity to the merging of Interstate 35 and Highway 12, as well as Dallas Love Field airport. Jim Svidron of NAI Robert Lynn represented the tenant in the negotiations, while Stream Realty represented the undisclosed landlord. Dallas-based Dave & Buster’s Inc. has not yet announced whether this property will be renovated into a new store location or used for corporate purposes.
Looking back five years ago to the outset of 2009, new construction was the hot topic in the San Antonio office market. In 2008, 12 new office buildings were completed, adding approximately 1.5 million square feet to the market. That equated to a 6 percent increase in existing office inventory, with the new product concentrated in the key Northwest and North Central office submarkets. Of course, new development slowed considerably as the recession set in and wore on. Fast-forward to 2013, and as of press time the San Antonio office market only added 166,630 square feet of new product. The good news, though, is that San Antonio metro employment suffered much shorter and shallower losses than other metro areas as a result of the Great Recession. What’s more, the recovery from these losses has been sharp, with nearly 58,000 jobs added since local employment hit its lowest point in 2009, or approximately three new jobs for every one lost in the local downturn. One-third of these new jobs (or about 19,000) were created in office-using sectors such as finance, insurance and engineering. As a result, the office market is recovering, led by Class A space. The rapid decline in Class …
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Ambassador, a 62-unit multifamily building in Fort Worth. Originally constructed in 1962 and recently renovated, the property is located at 511 Tierney Road, in proximity to Highway 180. Apartment options include one- and two-bedroom layouts ranging from 640 to 960 square feet. Stephen Crittenden of the Ware Jarnagin team of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Crittenden also secured the buyer, another private investor.
LEWISVILLE, TEXAS — The firm of Henry S. Miller has brokered the sale of a 24,275-square-foot flex property in the Dallas/Fort Worth suburb of Lewisville. Located on 1.5 acres at 1210 Metro Park Blvd., the facility offers both warehouse and office space, as well as easy access to Highway 121 and Interstate 35. Dan Spika of Henry S. Miller represented the seller, Britestar Group, in the transaction. Mark Graybill of Lee & Associates represented the buyer, Team Taylor Investments LLC.
TOMBALL, TEXAS — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a two-building, 10,200-square-foot industrial property in Tomball, a northwest suburb of Houston. Built in 1985, the structures feature 14-foot clear heights, three bay doors each and a showroom space. Located at 14695 Brown Road, the complex offers close proximity to State Highway 249. Patrick Buckhoff of CBCUR represented the seller, Action Window Covering Inc., while Tom Carter of greater Houston Commercial Properties represented the buyer, Joe Laughlin.