ROUND ROCK, TEXAS — A private Canadian real estate investment group has selected FirstService Residential Realty (FSRR) to manage the Landing at Round Rock, a 583-unit multifamily community approximately 19 miles north of Austin. Acquired by the Canadian group earlier this year, the property was constructed in 2001 and features townhomes with attached garages, hardwood floors, granite countertops and 10-foot ceilings. The asset, which was previously known as the Monterone at Round Rock, is located at 7711 O’Connor Drive and includes amenities such as five swimming pools, a theater and 24-hour fitness center. FSSR provides management services for a portfolio totaling more than 20,000 units nationwide.
Texas
HOUSTON — E.E. Reed Construction LP has broken ground on Park Ten Center, a 301,932-square-foot office complex in Houston’s Energy Corridor. Plans call for two Class A buildings, each standing three stories and totaling 150,996 square feet. The project, located at the northeast corner of Park Ten Boulevard and Park Row, is a joint venture between developers Lincoln Property Co. and Stonelake Capital Partners. O’Brien and Associates Inc. designed the complex, which is slated for completion in July 2014.
AUSTIN, TEXAS — The National Retail Investment Group of CBRE has brokered the sale of The Market at Parmer Lane, a 122,349-square-foot grocery-anchored retail center in Austin. HEB is the anchor tenant of the property, which is 93.3 percent occupied. Located at the southeast corner of Parmer Lane and MoPac Expressway, the center is approximately 12 miles north of downtown. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, LPC Retail, a division of Dallas-based Lincoln Property Co. The buyer is a Texas-based private real estate fund advised by Crow Holdings Capital Partners.
SAN ANTONIO — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Ridge at Bandera, a 120-unit multifamily community in northwest San Antonio. Built in 1992, the complex offers one- and two-bedroom layouts with an average unit size of 760 square feet, as well as a swimming pool and fitness center. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, an opportunity fund based in the Northeast. A family office located in Kentucky purchased the property, which is located at 10950 Biering Lane, near the intersection of Loop 1604 and Bandera Highway.
AUSTIN, TEXAS — Home2 Suites by Hilton, Hilton Worldwide’s mid-tier, all-suite brand, has opened a new location at 14022 U.S. Highway 183 in Austin. Home2 Suites by Hilton Austin/Cedar Park is a four-story hotel that includes 84 suites and amenities such as a combined laundry and fitness area, outdoor saline pool and free continental breakfast. Pure Lodging Hospitality Two LLC owns the property, while Lodgic Hospitality manages operations. This is the 23rd location in the United States of the Home2 Suites by Hilton brand.
HOUSTON — Hanover Real Estate Partners, a Greenwich, Conn.-based investment company, has sold the Marathon Oil Tower in Houston’s Galleria submarket. The 41-story, 1.2 million-square-foot office building is located at 5555 San Felipe Street and includes an attached 13-story parking garage. CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, purchased the asset, which is LEED Silver certified. Hanover assumed management and oversight duties at the tower in 2003, at which time Marathon Oil Co. leased the entire building. Marathon has since reduced its footprint to 650,000 square feet. Other tenants, including Aon Corp., Kanaly Trust Co. and Baker Hughes Oilfield Operations Inc., currently lease space vacated by Marathon.
AUSTIN, TEXAS — Investment fund Velocis has acquired a majority interest in two Class A Austin office buildings totaling 173,870 square feet. Arboretum Atrium, located at 9737 Great Hills Trail, is a 91,083-square-foot facility that was 100 percent leased at the time of the sale. Las Cimas I is an 82,787-square-foot property located in the center of the four-building Las Cimas office park, which is situated at the corner of Bee Cave Road and Loop 360 in the Southwest Austin submarket. Moore & Associates sold the interests to Velocis and will retain management and leasing duties in addition to partial ownership.
McKINNEY, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of Ashton Oaks, a 168-unit multifamily community in McKinney, a northern Dallas suburb. Built in 1988, the property features amenities such as an indoor heated pool, fitness center and multiple barbecue grills. Apartment units include fully equipped kitchens with vinyl plank flooring, 9-foot ceilings and outside storage units. Will Balthrope of IPA represented the seller, an Austin-based limited partnership. The buyer is an Illinois-based limited liability company.
PASADENA, TEXAS — WIKA Process Solutions LP, a manufacturer of industrial measuring instruments, has purchased 13 acres for a new build-to-suit facility to be developed by GSL Welcome Group. The land is located in Park 225, a business park in Pasadena, approximately 14 miles southeast of downtown Houston. The plans for the development call for a two-story, 87,900-square-foot building including 44,025 square feet of office space and a 43,875-square-foot crane-served warehouse. Ryan Wasaff of GSL Welcome Group and Wade Bradow, owner of Park 225, collaborated on the transaction. Kingham Dalton Wilson LTD will perform design build construction services.
HOUSTON — HFF has brokered the sale of 712 Main Street, a 794,186-square-foot office property in Houston’s CBD. Real estate investment firm Lionstone Group has acquired the 37-story Art Deco skyscraper, which was originally constructed in 1929 and today houses the Texas headquarters of JPMorgan Chase’s southwest banking operations, along with 42 other tenants. Brookfield Asset Management Inc. sold the building, which has been designated both a City of Houston landmark and a National Civil Engineering landmark and is listed in the National Register of Historic Places. Dan Miller and Trent Agnew of HFF marketed the property on behalf of Brookfield.