CHICAGO — Ares Commercial Real Estate Corp. has originated three new loans totaling $100.5 million. The loans include a $45.3 million first mortgage acquisition loan for a 510-unit multifamily property in McKinney, a suburb of Dallas. The borrower, a sponsor group that includes Cortland Partners, will use the loan to finance property upgrades and new amenities. The second loan was a $35.5 million acquisition loan for a 301-unit multifamily property in Houston. The borrower, also a sponsor group that includes Cortland Partners, will use the loan to fund property improvements and new amenities. The third loan is for the $19.7 million refinancing of a 25,178-square-foot industrial warehouse in Springfield, Va., a suburb of Washington, D.C.
THE WOODLANDS, TEXAS — The Lionstone Group, a national real estate investment firm, has sold Waterway Plaza I and II in The Woodlands to Clarion Partners. The two Class A office buildings are located at 10003 and 10001 Woodloch Forest Drive and total 366,074 square feet. The buildings are 98 percent leased with a single-anchor tenant occupying more than 50 percent of the office space under a long-term lease. Jeff Hollinden, Robert Williamson and Trent Agnew of HFF marketed the property on behalf of Lionstone Cash Flow Real Estate Partners One, a joint venture between Lionstone and a large state pension fund. The properties sold for the highest price per square foot paid to date for suburban office property in the Houston MSA, according to HFF.
DALLAS — Miami-based Parmenter Realty Partners has acquired a 14-story, 310,771-square-foot office building in the Central Expressway submarket of Dallas. The property, located at 7557 Rambler Road, is the eighth investment in Parmenter's Fund IV. Parmenter plans to make upgrades to the facility in order to achieve LEED certification. The firm now owns more than 2 million square feet of office space in Dallas.
HOUSTON — Armando Montelongo Cos. Inc., a commercial real estate investment firm, has purchased Northchase Place, a 75,000-square-foot Class B office building in Houston. The four-story property is located at 13700 Veterans Memorial Drive. Armando Montelongo Cos. purchased the asset for approximately $26 per-square-foot.
HOUSTON AND MISSOURI CITY, TEXAS — Marcus & Millichap has arranged the sale of two shopping centers in Texas totaling 89,720 square feet. The properties include the 42,435-square-foot Missouri City Corners in Missouri City and the 47,285-square-foot Desoto Shopping Center in Houston. Jerry Goldstein of Marcus & Millichap's Houston office represented the sellers in both transactions.
CINCINNATI, OHIO — Phillips Edison-ARC Shopping Center REIT Inc. has acquired four grocery-anchored shopping centers for a total purchase price of approximately $117 million. The properties include Northcross, a 280,243-square-foot shopping center located in Austin. A 98,800-square-foot Walmart Supercenter anchors the property and is leased through March 2029. Other tenants include Walgreens, GameStop, GNC, Guitar Center, Great Clips and Weight Watchers. The other properties included in the announcement are Shiloh Square in metro Atlanta, Glenwood Crossings in metro Milwaukee and The Pavilions at San Mateo in Albuquerque, N.M. The four acquisitions bring the REIT's total portfolio to 46 properties in 18 states totaling $650.7 million.
NEW YORK CITY — Gramercy Property Trust Inc. has closed on four acquisitions in Dallas, southern New Jersey, Houston and Orlando, Fla., for approximately $82 million combined. The properties include a wholesale automotive auction facility located in Hutchins in the Dallas MSA and a cross-dock truck terminal in Houston. Gramercy purchased the auction facility for approximately $58.5 million, which includes the assumption of a $26.3 million first mortgage that is co-terminus with the lease. The property is fully leased through June 2029. Gramercy purchased the Houston terminal, which has 189 dock doors, and the Orlando terminal for a combined $12 million. The Houston terminal is leased through May 2019. Gramercy purchased the industrial freezer/cooler facility for approximately $11.8 million.
AUSTIN, TEXAS — Omni Hotels & Resorts has purchased and reflagged the Omni Barton Creek Resort & Spa in Austin from KSL Capital Partners LLC, a private equity firm. The property is heralded as the No. 1 golf resort in Texas with four championship level courses and Texas' only Callaway Performance Center. The property also features 318 guest rooms, full-service spa, meeting/wedding facilities and several dining options. The seller recently upgraded the property's guest rooms and meeting spaces.
EL PASO, TEXAS — Kite Realty Group Trust has executed a 31,541-square-foot lease with Sprouts Farmers Market at Sunland Towne Centre in El Paso. The shopping center includes tenants such as Bed Bath & Beyond, Ross Dress for Less, PetSmart and Party City. Sprouts will occupy the former Roomstore space.
PHOENIX — Phoenix-based Cole Corporate Income Trust Inc. (CCIT) has acquired three Class A office buildings in Texas and Massachusetts for $160.8 million. Cole Corporate Income Advisors LLC, a subsidiary of Cole Real Estate Investments, served as the external advisor to CCIT in the transaction. The properties include an office campus leased to Allstate Insurance Co. in Plano totaling 458,338 square feet. Allstate will occupy the campus under a 12-year lease through a sale-leaseback transaction. CCIT also acquired a 206,362-square-foot office building in Houston's Westchase District. The property serves as the corporate headquarters of The Men's Wearhouse, which has more than 14 years remaining on its lease. The last property is a 49,250-square-foot medical office building in Concord, Mass. The property is leased for 17 years to Harvard Vanguard Medical Associates, a 630-physician medical group. Boyd Messmann of Cole Real Estate Investments represented CCIT in both Texas transactions, and Robert Corry of Cole represented CCIT in the Massachusetts transaction.