DALLAS — Cushman & Wakefield has arranged the renewal of FMI Recycling’s lease of 68,000 square feet at 2929 Glenfield Ave., approximately eight miles southwest of the heart of downtown Dallas. FMI, which specializes in metals and electronics recycling, has occupied space in the multi-tenant industrial property for five years. Mark Collins, Dean Collins and Kirk Collins of Cushman & Wakefield represented the tenant in the negotiations. Matt Elliot of NAI Robert Lynn represented the landlord, Glenfield LLC.
Texas
HOUSTON — Cascade Investment, a privately held investment company controlled by Bill Gates, has purchased the Four Seasons Hotel Houston from private real estate investment fund Maritz, Wolff & Co. Located at 1300 Lamar Street in the city’s central business district, the property offers 404 rooms, 64 rental apartments and amenities including a swimming pool and fitness facility. Toronto-based Four Seasons Hotels and Resorts will continue to manage the hotel.
VICTORIA, TEXAS — Vibra Healthcare LLC has purchased two long-term acute care hospitals, including the former Kindred Hospital Victoria approximately 110 miles southeast of San Antonio, from Kindred Healthcare for $20.7 million. The facility will now be operated by Camp Hill, Pa.-based Post Acute Medical, an affiliate of Vibra. The other hospital acquired in this transaction was located in Milwaukee. Vibra purchased 14 other Kindred Healthcare hospitals earlier this month for $168.5 million.
THE WOODLANDS, TEXAS — MIG Real Estate, a Newport Beach, Calif.-based real estate investment company, has acquired Pine Creek Ranch, a 240-unit apartment community in The Woodlands. Located at 3600 College Park Drive, the property offers one-, two- and three-bedroom layouts plus a swimming pool, fitness center, barbecue area, billiards room and more. David Oelfke of ARA Real Estate Investment Services represented the seller, the name of which was not disclosed, in the transaction. Greystar will manage Pine Creek Ranch on behalf of MIG, which represented itself in the deal and has now acquired three Texas multifamily assets since mid-2012.
DALLAS AND FARMERS BRANCH, TEXAS — Texas land developer and manager Billingsley Co. will move forward by the end of the year with a 340,000-square-foot speculative distribution center at its 225-acre master-planned Mercer Business Park. The company officially announced its intent to build the facility after receiving light industrial zoning for 80 acres of the development. This will be the first building at the park, which is located at the northwest corner of IH 635 and IH 35E and stretches from Dallas into the neighboring city of Farmers Branch. Completion of the distribution center is slated for summer 2014.
LEAGUE CITY, TEXAS — HFF has brokered the sale of League City Towne Center, a 194,736-square-foot shopping center in League City, a suburb of Houston approximately 25 miles southeast of downtown. The property was fully leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx and PetSmart. Completed in 2008, the center is located at the intersection of Interstate 45 and FM 646. Ryan West and Rusty Tamlyn led the HFF team that represented the seller, Property Commerce. Excel Trust Inc. (NYSE: EXL), a REIT primarily targeting retail assets, purchased League City Towne Center for an undisclosed amount.
GRAPEVINE, TEXAS — CBRE has closed the sale of the 392-unit Cross Creek at Grapevine Ranch, an apartment community approximately 21 miles outside downtown Dallas. The property, which was 95 percent leased at the time of sale, features amenities such as a private theater, indoor basketball court and dog park. Cross Creek offers one- and two-bedroom floor plans as well as close proximity to the Grapevine Mills Mall. Dirk Goris, Ryan Reid and Jeremy Faltys of CBRE represented the seller, an affiliate of Granite Investment Group, in the transaction. CAF Capital Partners purchased the property for an undisclosed amount.
HOUSTON — NAI Houston has brokered the sale of a 20,000-square-foot speculative warehouse building in Houston’s Saddlegate II Business Park. Located at 10110 Fairbanks North Houston Road, the freestanding property features 30-foot clear height ceilings, paved outside storage and two grade-level doors. John Ferruzzo and Chris Kugle of NAI represented the buyer, B-Mac Holdings LLC, while Mark Ward and Mike Spears of The National Realty Group Inc. represented the seller, Black Gold JV.
DALLAS — Bradford Commercial has arranged the lease renewal of 43,539 square feet of office space for Benefit Mall, a benefits and payroll services provider, at the Galleria Plaza. Located at 4851 LBJ Freeway in Dallas, the property totals 12 stories and 187,644 square feet. Sharon Friedberg and Melanie Hughes of Bradford represented the landlord, YPI Central Expressway Properties LP. Robbie Baty and Bill McClung of Cushman & Wakefield represented the tenant.
AUSTIN, TEXAS — HFF has arranged $47 million in financing for Regency Park Apartments, a 528-unit, Class A multifamily property in Austin. The garden-style community, which features amenities such as a fitness center and dog park, is located at 401 Little Texas Lane between S. Congress Ave, and Interstate 35. Since its completion in 2003, Regency Park has averaged 97 percent occupancy, and the property currently boasts 98 percent occupancy. Douglas Opalka and Robert Wooden led the HFF team that represented the borrower, Suburban Homes Inc. JP Morgan Chase Bank was the lender.