HOUSTON — Parmenter Realty Partners, a Miami-based real estate investment firm, has sold the 201,720-square-foot office building situated at 2200 West Loop South in Houston. The property, which is located in close proximity to the Galleria complex, is the first to be sold of the assets from Parmenter Realty Fund IV. At the time of the sale, the building had a single listed vacant space of 25,884 square feet. Parmenter Realty Partners owns two remaining assets in Houston following the transaction.
Texas
FORT WORTH, TEXAS — Commercial real estate firm Henry S. Miller has brokered the acquisition of Fort Worth’s Town West shopping center by Custer Properties LLC. The buyer plans several improvements for the property, which totals 33,269 square feet and is located at 6700 Camp Bowie Blvd., in close proximity to the Highway 183 interchange. Shawn Loney-Rider of Henry S. Miller represented Custer Properties in the transaction, while Jason Middlebrook of SRS Real Estate Partners represented the seller, Town West Shopping Center LLC.
FLOWER MOUND, TEXAS — Lee & Associates has arranged a 70,100-square-foot industrial lease for T&L Holding Co. in Flower Mound, approximately 35 miles northeast of Fort Worth. The property is located at 500 Enterprise Drive. Reed Parker and Tom Walrich represented the tenant in the negotiations, while landlord Hillwood was internally represented by Bates Arnot.
EL PASO, TEXAS — In a $40 million sale-leaseback transaction, REIT Physicians Realty Trust (NYSE: DOC) has acquired a 77,000-square-foot hospital and 40,000-square-foot medical office building in El Paso. The facilities are occupied by Foundation Surgical Hospital, which as part of the deal signed a new 15-year, absolute net lease for the hospital and a new five-year, triple net lease for the office building. Foundation Surgical Hospital is a joint venture owned by more than 60 physicians and Foundation Surgical Hospital Affiliates LLC, which is a wholly owned subsidiary of Graymark Healthcare Inc.
HOUSTON — IDI, an Atlanta-based industrial real estate company, will expand Houston’s Greenspoint Business Center to a total of 757,250 square feet with the construction of two new buildings. The 106,700-square-foot Building C and 244,550-square-foot Building E will join the existing Buildings A, B and D, which were collectively 93 percent occupied at the time of sale. The complex, located along Interstate 45 south of the intersection with Beltway 8, is in close proximity to George Bush Intercontinental Airport.
FORTH WORTH, TEXAS — Terra Capital Partners has arranged $8.8 million in financing for the purchase of the Fort Worth Sheraton Hotel & Spa. The three-year mezzanine loan is part of a $58 million capital stack that allowed borrower Presidio Cos. to buy the property out of bankruptcy. Terra, which is based in New York, has originated more than 250 debt and equity investments since 2002. The 431-room Fort Worth Sheraton Hotel & Spa is a full-service hotel located in close proximity to the city’s convention center.
WILBURTON, OKLA. — Quantum Real Estate Advisors has brokered the sale of an 8,000-square-foot build-to-suit retail building leased to Family Dollar in Wilburton, approximately 120 miles south of Tulsa. At the time of sale, the tenant had nine years remaining on an initial 10-year, double net lease. Quantum’s Jordan Kaufman represented the seller, a private developer based in Houston, and the buyer, a private 1031 tax-deferred exchange buyer from California.
HOUSTON — The historic Texaco office building, originally built in 1915, will see new life after 25 years of vacancy. Dallas-based Provident Realty Advisors has acquired the downtown Houston property and will redevelop the building as high-rise apartments. The renovation plans are valued at $95 million, according to the Houston Business Journal, and include 8,000 square feet of ground-floor retail in addition to 309 multifamily units. Hnedak Bobo Group of Memphis will serve as project designer, while a subsidiary of Provident Realty will serve as general contractor.
PLANO AND IRVING, TEXAS — Dallas-based real estate firm American Communities has purchased three Dallas/Fort Worth metro area apartment properties totaling 462 units. Cornerstone Ranch and Laurel Ridge in Plano and Islands West in Irving will be relaunched under the new owner’s Bel Air brand. Mosaic Residential of Houston sold Cornerstone Ranch and Laurel Ridge, while a private investor in Santa Barbara, Calif. sold Islands West. American Communities has acquired seven multifamily properties in the past 18 months.
HOUSTON — NewQuest Epic Investments has acquired the 193,595-square-foot Easton Commons Shopping Center, located at the corner of Highway 6 and West Road in Houston’s Copperfield master-planned community. The property is anchored by Kroger Signature and Studio Movie Grill. The investment arm of full-service retail real estate company NewQuest Properties, NewQuest Epic Investments plans to remodel Easton Commons as part of its value-add strategy.