DALLAS — HFF has brokered the sale of Preston Center Pavilion and Square, a 230,842-square-foot shopping center in the Park Cities neighborhood of Dallas. The property, which was redeveloped in 2000, is in proximity to the interchange of Northwest Highway, Preston Road and the Dallas North Tollway. Tenants include DSW Shoe Warehouse, Marshalls, Gold's Gym, CVS Pharmacy, Office Depot and Chipotle. The HFF team of Barry Brown, Jim Batjer, Doug Hazelbaker and Ryan Shore represented the seller, US Commercial LLC, and also procured the buyer, a real estate fund advised by Crow Holdings Capital Partners LLC. The transaction involved the assumption of the existing CMBS mortgage.
Texas
HOUSTON — The Morgan Group Inc. will break ground in the first quarter of 2014 on Pearl Woodlake, a 376-unit multifamily community in Houston's Westchase District. The complex will offer studio and one- to three-bedroom floor plans ranging from approximately 600 to 1700 square feet, as well as amenities including a swimming pool, outdoor kitchen, dog park, club room and fitness center. To be located at 2033 S. Gessner Road, the property is scheduled to open in the summer of 2015. Regions Bank is providing construction financing for the project.
RICHARDSON, TEXAS — Developer The Henry S. Miller Equity Partners, along with Humphrey & Partners Architects, has opened the new Parkside Towns multifamily property in the Dallas/Fort Worth suburb of Richardson. The townhome community offers two- and three-bedroom units with garages, patios, plank flooring and granite countertops, as well as amenities including a lounge, fitness center and swimming pool. Located at the northeast corner of the intersection of Campbell and Colt roads, the property offers proximity to the Richardson Telecom Corridor. Leasing and move-in is underway.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of two self storage facilities totaling 48,912 square feet of rentable space in Fort Worth. The two properties are A-Thrifti Self Storage, which is located at 2115 8th Ave. and totals 19,082 square feet and 222 units; and A-1 Self Storage, which is located at 2620 W. Pafford St. and totals 29,830 square feet and 260 units. Both facilities feature new roofs installed in 2011, video surveillance, alarm monitoring, garage-style roll-up doors, perimeter fencing and lighting and concrete foundations. Brandon Karr of Marcus & Millichap marketed the properties on behalf of the seller, a private investor. Karr also secured the buyer within one day of the properties being placed on the market.
HOUSTON — Berkeley Point Capital has arranged $63 million in acquisition financing for three multifamily communities in the Houston metro area. Irvine, Calif.-based Steadfast Income REIT purchased the properties, which include Carrington Place, Carrington at Champion Forest and Carrington Park at Huffmeister. Each of the 10-year, adjustable rate loans was secured through the Fannie Mae DUS program. Charlie Haggard and Kevin Mignogna of Berkeley Point originated the loans.
THE WOODLANDS, TEXAS — ExxonMobil Corp. has leased 478,000 square feet of office space at Hughes Landing, the mixed-use development of The Howard Hughes Corporation and The Woodlands Development Company. The lease includes one entire 300,000-square-foot Class A building and a portion of another. The property features an adjacent 13-story, 800,000-square-foot parking garage. Houston-based Kirksey Architects designed the buildings to achieve LEED certification, and Harvey Builders is serving as general contractor. Developers expect ExxonMobil to occupy the space by summer 2016.
HOUSTON — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of Emerald Plaza, a 20,165-square-foot retail property in Houston. Located at 11509 Veterans Memorial Parkway, the community center was constructed in 2002. Mark McGinley of CBCUR represented the undisclosed seller in the transaction. James Lee of Gulf South Investment LLC represented the buyer, Whole Win LLC.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Green Oaks Village, a 16,490-square foot retail property in Arlington. Constructed in 2003, the strip shopping center was 94 percent occupied at the time of the sale. The property, located at 3851 Southwest Green Oaks Blvd., offers close proximity to Park Springs Boulevard. Ron Hebert and Blake Burnett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and also procured the buyer, an out-of-state individual investor.
HOUSTON — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a 130,000-square-foot retail property in Houston. Located at 9929 Homestead Road, the strip shopping center is in close proximity to U.S. Highway 59. Mark McGinley of CBCUR represented the seller, a local partnership. John Paul Hilton represented the buyer, AK Capital 6.
AUSTIN, TEXAS — The firm of Bellomy & Co. has brokered the sale of Michener Self Storage, a 964-unit self storage property in Austin. The Class A facility offers 107,565 net rentable square feet and both climate-controlled and non-climate-controlled options. Bill Bellomy, Michael Johnson and John Owens of Bellomy & Co. represented the Austin-based seller and also secured the buyer, San Diego-based Lockaway Self Storage.