AUSTIN, TEXAS — Summit Hotel Properties, a REIT, has closed on the acquisition of three hotels in Utah, New York and Florida for a combined total of $71.8 million. The hotels include: the 178-room Residence Inn by Marriott in Salt Lake City, Utah, for $20 million; the 122-room Hyatt Place in Long Island, N.Y., for $31 million; the 138-room Hampton Inn & Suites in Tampa, Fla. for $20.8 million. Summit expects to spend a total of $8.8 million on renovations of these hotels. Summit acquired the Hyatt Place hotel and Hampton Inn & Suites from OTO Development, which is based in Spartanburg, S.C. Additionally, Summit has consolidated its executive office to Austin.
MARIETTA, OKLA. — Dollar Tree, Inc. has plans to expand its 603,000-square-foot distribution center in Marietta by an additional 400,000 square feet. The $25 million expansion is anticipated to bring more than 100 full-time positions to the firm. Dollar Tree will finance the expansion using available cash. The Marietta facility currently supplies products to stores in 11 states. Construction on the expansion is scheduled to begin in February and will wrap up in the fall of 2013.
HOUSTON — A co-investment partnership between Crimson Real Estate Fund (CREF) and USAA Real Estate Co. has acquired eight acres of land in west Houston to build a new three-story office building and an adjoining parking lot. The 97,500-square-foot building will serve as the new headquarters for TGS-Nopec Geophysical Co. Patrinely Group will develop the building and Crimson Services will provide on-site property management. Both Patrinely and Crimson Services are affiliates of CREF. The project will be leased entirely to TGS-Nopec. Jon Silberman of NAI Houston represented TGS-Nopec in its lease transaction. Dennis Tarro of Crimson Services represented the landlord.
HOUSTON AND ARLINGTON, TEXAS — Hunington Properties has arranged the sale of two 13,905-square-foot Walgreens stores, located at the intersection of Highway 6 and Bissonnet in Houston and the intersection of New York Avenue and Green Oaks Boulevard in Arlington. Todd Carlson and Sandy Aron of Hunington Properties represented the seller, a private investor, in the transaction. The seller purchased the properties from Hunington more than 10 years ago.
AUSTIN, TEXAS — Austin-based Yellowstone Investments has purchased the 115,000-square-foot LockTite Storage and the 55,000-square-foot 620 Mini Storage in Austin. LockTite is a Class A self-storage facility located in the Dripping Springs suburb, and 620 Mini is a Class C facility located adjacent to Lakeline Mall. 620 Mini Storage will be renovated to Class B standards, equipped with a new office structure and climate-controlled units. Both LockTite and 620 Mini were purchased as long-term holdings. Don Rochelle of Commercial Property Consultants represented the seller in the LockTite sale. Jimbo Cotton of McAllister Associates represented the seller in the 620 Mini sale.
AUSTIN, TEXAS — Ohio-based The Connor Group has purchased the 169-unit Crescent, a five-story multifamily property located at 127 E. Riverside Drive in Austin, for $33.5 million. The seller was Crescent Apartments, a Texas-based limited liability company. The Crescent is The Connor Group's third apartment community in Austin. The Crescent features skyline views of Austin, a saltwater pool, media room, rooftop terrace and a parking garage.
AUSTIN, TEXAS — Steadfast Income REIT has purchased the 268-unit Montecito, an apartment complex located five miles from downtown Austin, for $19 million. The multifamily property recently underwent a $1.78 million renovation and is 96 percent occupied.
SAN ANTONIO — Laurus Corp., a private real estate investment and development firm, has acquired the 384-room Hilton San Antonio Airport Hotel, located at 611 NW Loop 410, less than two miles away from the San Antonio International Airport. The 14-story hotel features 16,000 square feet of meeting space, a sports bar, restaurant and an amenity package. The acquisition is the second investment for Laurus Corp.'s opportunistic Ethika Fund. The company plans to invest approximately $9 million in renovations.
SAN ANTONIO — CapLease has closed on its $18.1 million acquisition of a 96,000-square-foot, Class A office building, located in San Antonio. The property is leased to two tenants: United Healthcare Services and Becton, Dickinson and Co. CapLease acquired more than $185 million in commercial properties in 2012, including this purchase.
LA PORTE, TEXAS — Meritex has sold two industrial facilities, located at 9701 and 9705 State Highway 225 in La Porte, totaling 312,964 square feet. DCT Industrial Operating purchased the facilities, as well as development rights to an adjacent land parcel. Neither party was represented by a brokerage firm in the transaction.