DEER PARK — Marcus & Millichap has arranged the approximately $2.38 million sale of the 56-room Best Western Deer Park Inn & Suites, located at 1401 Center St. in Deer Park. Rahul Bijlani, Michael Yu and Eric Guerrero of Marcus & Millichap's Houston office represented the seller, a private investor, in the transaction. Bijlani, Yu and Guerrero also represented the out-of-state buyer.
DALLAS — Panther Transaction Group has sold the 158-unit Casa Linda, a multifamily community located at 2808 St. Augustine Drive in southeast Dallas. The property is currently 90 percent occupied. Transwestern's Dallas Multifamily Group represented the California-based buyer and the seller in the transaction.
HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has arranged $11.9 million in first mortgage refinancing for a 12-story Wells Fargo office building, located along the Southwest Freeway in Houston. Travis Fite of Q10's Houston office arranged the 10-year loan with a 30-year amortization schedule through Prudential Mortgage Capital.
KINGWOOD — NorthMarq Capital has secured first mortgage refinancing for the 48,835-square-foot Kings Crossing Town Center, located at the intersection of Lake Houston Parkway and Kingwood Drive in Kingwood. Tenants of the retail center include Cornerstone Mortgage, Chachi's Mexican and First American. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with a 30-year amortization schedule through one of its long-time CMBS lending relationships on behalf of the borrower, KCTC.
AUSTIN — Austin-based American Campus Communities has closed the previously announced $627 million acquisition of Campus Acquisitions' 15 student housing properties totaling 6,579 beds. The purchase consists of approximately $231.1 million of outstanding mortgage debt, the issuance of 325,098 operating partnership units valued at $46.14 per unit and approximately $380.9 million in cash. The properties include the 121-bed Vintage West Campus, the 190-bed Texan West Campus and the 623-bed The Castilian, all serving students at the University of Texas-Austin. Other Texas properties include the 315-bed Bishops Square serving students at Texas State University and the 120-bed Union serving students at Baylor University. The remaining communities serve students at the University of Illinois, Purdue University, Arizona State University, University of Southern California, University of Michigan, Iowa State University, University of Georgia and the University of South Carolina. Bank of America Merrill Lynch acted as financial adviser to ACC and UBS Investment Bank acted as financial adviser to Campus Acquisitions. Locke Lord LLP served as legal counsel to ACC.
HOUSTON — Satterfield & Pontikes Construction has finished building the 88,000-square-foot Neff-White Relief Elementary School, located in southwest Houston. The $12.2 million school will serve 750 students in grades 2-5. PDG Architects designed the school to achieve LEED certification through the increased use of natural light, low-consumption plumbing fixtures and energy-efficient systems and controls. Rice & Gardner provided mechanical, electrical and plumbing engineering services for the project.
COTULLA — The Sperry Van Ness National GSA Team has arranged the $4.3 million sale of a three-building, 23,485-square-foot U.S. Border Patrol property, located at 1550 Double C Drive on the Interstate 35 access road in Cotulla. THe property includes a high-security administration/detention building, vehicle maintenance and kennel facilities. Mark Phillips and Tim Strange of Sperry Van Ness represented the seller, DLI Cotulla, in the transaction. Bruce Marshall of Sperry Van Ness' Dallas office represented the buyer, UIRC-GSA Cotulla TX.
LANCASTER — Grapevine-based SQN Realty Finance has acquired a 16,789-square-foot medical office building, located in Lancaster. The property is currently 36 percent leased to DaVita Dialysis. The property had been lender-owned since May 2011. Dallas-based Dominus Commercial will manage the center, as well as handle leasing.
DALLAS — Dallas-based Community Beer Co. has leased 21,600 square feet of space at 1530 Inspiration Drive in Dallas, located adjacent to the city's Design District. The space will be used for the company to brew craft beer. Cribb Altman of Cushman & Wakefield of Texas represented the tenant in the transaction. John Hoctor of Hoctor Commercial Properties represented the landlord, Grossman & Frank.
HOUSTON — Brookhollow Central I, a 200,812-square-foot office property located at 2800 North Loop W. in Houston, has plans to undergo an $11 million renovation. Ziegler Cooper Architects will design the project to LEED Gold standards and Turner Construction will serve as the general contractor. The renovation will include expanding a two-story lobby and adding new entrances from Loop 610 and the parking garage. Construction is slated for a late 2012 completion. Parmenter Realty Partners is the owner of the 12-story, Class A office building, and Chip Colvill, Michael Anderson and Win Haggard Jr. of Colvill Office Properties will continue to handle the property's leasing.
