GRAND PRAIRIE, TEXAS — Marcus & Millichap Real Estate Services has arranged the sale of Windridge, a 720-unit apartment complex in Grand Prairie, to Milwaukee-based MLG Capital. Built in 1987 at 2301 East Avenue H, the property includes amenities such as three swimming pools, two spas, an executive business center and lighted mailboxes. William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office represented the buyer as well as the seller, an out-of-state property owner.
Texas
HOUSTON — Cadence McShane Construction has completed a 181,067-square-foot build-to-suit for GAC Energy & Marine Services LLC at Central Green Business Park. The facility was built to meet LEED-CS (core and shell) certification and includes 31,309 square feet of office space and three acres of outdoor storage in addition to warehouse and distribution space. This was the fourth project built at Central Green Business Park by Cadence McShane on behalf of property owner Liberty Property Trust.
SOUTHLAKE, TEXAS — A holding company and development subsidiary of billionaire brothers Farris and Dan Wilks has purchased an undeveloped property in the Solana Business Park of Southlake, north of Fort Worth. The 122-acre lot was part of a larger 900-acre development that Wells Fargo & Co. foreclosed on in November 2011. Redus Texas Land, a subsidiary of Wells Fargo & Co., sold the land to the brothers, who made their fortunes of $1.4 billion each through hydraulic fracturing and oil field services, according to Forbes magazine.
AUSTIN — Construction of the new Forest Park Medical Center, a $90 million, 145,000-square-foot facility, is underway in Austin. Neal Richards Group is the project developer, Adolfson & Peterson Construction is the general contractor and Page Southerland Page is the architect. Some 66 Austin-area physicians will own the facility, which is slated for completion in the fourth quarter of 2014. Similar centers, all known by the same name, are currently operating in Dallas, Frisco and Southlake and under development in San Antonio and Fort Worth.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Sutter’s Mill, a 128-unit multifamily community in San Antonio. The property includes 16 two-story buildings located at 11955 Parliament Drive. Moses Siller, Scott Lamontagne and Will Balthrope of Marcus & Millichap’s San Antonio, Austin and Dallas offices represented the seller, an individual/personal trust. Siller, Lamontagne and Balthrope also secured the buyer.
BRYAN, TEXAS — CBRE Hotels has arranged the sale of the historic LaSalle Hotel in downtown Bryan on behalf of Bryan Commerce and Development Inc., a local government corporation. Paul Clark Hospitality Group paid $2.6 million, according to local newspaper The Bryan Eagle. The 55-unit property, originally constructed in 1928, underwent an extensive renovation in 2000, prior to which it was vacant for more than 20 years. Bert Stevens, first vice president of CBRE Hotels in Dallas, represented the seller.
HOUSTON — In a deal arranged by CBRE, Braun Enterprises has purchased two historic downtown Houston buildings, totaling 107,879 square feet, from Spire Realty Group. The Great Jones Building, located at 708 Main Street, is a 10-story, 78,843-square-foot mixed-use property originally built in 1908 and renovated in 2002 and 2012. The McCroy Building entails 29,036 square feet of office and retail space and was known as the Isis Theater from its construction in 1912 until 1929. Mike Hassler and Todd Casper of CBRE’s Houston office represented the seller. Houston-based Braun Enterprises expands its portfolio to 2.2 million square feet with this transaction.
LUBBOCK, TEXAS — Real estate investment and development company NetCo Investments Inc. has acquired the 259,000-square-foot Caprock Shopping Center in Lubbock. The property, located on 19 acres at 50th Street and Boston Avenue, currently houses tenants Ross Dress for Less, Beall’s and Dollar Tree, among others. NetCo plans to renovate the center, which was built in 1959.
MANSFIELD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Dolce Living at Mansfield, a 334-unit multifamily community south of Fort Worth. The property, located at 370 North State Highway 360 and adjacent to Mansfield National Golf Club, was built in 2012. IPA executive director Will Balthrope and IPA associate director Drew Kile advised seller DLC Residential. The buyer was real estate investment company Advenir.
HOUSTON — CDC Houston Inc., a subsidiary of Coventry Development Corp., has announced plans for phase one of Springwoods Village Town Center, a mixed-use development within the $10-billion, 1,800-acre Springwoods Village community north of Houston. Town Center will include a full-service hotel, approximately 250 luxury apartments and up to 100,000 square feet of office and retail space as well as Town Lake and a tree-lined plaza. CDC Houston and development partners Fein, Woodbine Development Corporation and the Patrinely Group LLC will break ground in early 2014.