HOUSTON — The Richland Companies has acquired the 104,091-square-foot Bay Plaza Office Complex, located at 711 W. Bay Area Blvd. in Houston. The six-story office property consists of glass-backed elevators, balconies on each floor, a conference facility, card-key access and manicured landscaping. The Richland Companies will assume the property's on-site management. The property is 89 percent to tenants such as British Petroleum (BP), San Jacinto College, Blue Moon Detective Agency, Hometrust Mortgage, Broadpoint, Texan Bank, Evergreen Tank Solution, MeCor and Select Medical.
Texas
SELMA — HFF has arranged a $58.7 million loan for a 510,092-square-foot portion of The Forum at Olympia Parkway, a 1.2 million-square-foot power retail center located at the intersection of Interstate 35 and Loop 1604 in Selma. Tenants of the property include Bed Bath & Beyond, Ross Dress for Less, Best Buy, PetSmart, Office Max, Old Navy, T.J. Maxx and Toys “R” Us. Greg LaBine, Andy Scott and Campbell Roche of HFF arranged the loan through Northwestern Mutual on behalf of the borrower, AVR Realty Co.
HOUSTON — Marcus & Millichap has arranged the sale of Buffalo Terrace, an apartment complex located near Montrose Boulevard and Allen Parkway in Houston. Sheri Carey of Marcus & Millichap's Houston office represented both the seller and buyer, both limited liability companies, in the transaction.
IRVING — Transwestern has brokered the sale of the 130-unit Tanner Place, an apartment community located at 3327 Willow Creek Drive in Irving. The complex includes eight two-story garden-style buildings. Mark Freeman, Taylor Snoddy and Philip Wiegand of Transwestern's Dallas office represented the seller, a special servicer client, in the transaction. HDC Agave Hill Country Equities was the buyer.
DALLAS — Stream Realty Partners has arranged Hudson Advisors/Lone Star's 110,652-square-foot lease renewal at The Tower at Cityplace, a 1.22 million-square-foot office complex located at 2711 N. Haskell Ave. in Dallas. Jeff Schweitzer, Sarah Erickson and Tommy Nelson of Stream Realty Partners represented the landlord, Barrow Street Capital, in the lease transaction. Dan Paterson of Swearingen Realty Group represented the tenant. The Tower at Cityplace is currently 85.7 percent leased and features a conference center, Larry North Fitness, food court, cafeteria and DART rail access.
CYPRESS — The Kroger Company has purchased 18 acres in the Towne Lake master-planned community, owned by Caldwell Cos., in Cypress to build a 120,000-square-foot store. Kroger will break ground in the fall at the southwest corner of Tuckerton Road and Barker Cypress. Besides the new Kroger, Towne Lake will also have a new mixed-use development known as The Boardwalk at Towne Lake, which will feature waterfront restaurants, shops and office space. The Boardwalk will break ground later this year and will include waterside parking for resident's boats.
WYLIE — B&B Theatres has begun construction of a 12-screen movie theater, located along FM 544 and Country Club Road in Wylie. Lewisville-based Parkway Construction Co. is the general contractor for the theater, which is slated to open in April 2013. The all-digital projection theater will feature stadium seating, leather high-back rocker-style seats and wall-to-wall curved screens.
FORT WORTH — The Admiral Capital Real Estate Fund, a partnership between Admiral Capital Group and USAA Real Estate Co., along with its joint venture partner Franklin Croft, has acquired the 132-room Holiday Inn Express, located at 1111 W. Lancaster Ave. in downtown Fort Worth. Dallas-based Aimbridge Hospitality will manage the hotel, which will have an additional 31 rooms open this year. The hotel is The Admiral Fund's third hotel and sixth property altogether.
EL PASO — Best Buy has signed a lease to open a 37,740-square-foot store at The Fountains at Farah, a 600,000-square-foot power lifestyle center located at the northeast corner of Interstate 10 and Hawkins Boulevard in El Paso. The center is under construction and will open in the fall of 2013. Susan Ridley of Venture Commercial represented Best Buy in the lease transaction, and West Miller of Centergy Retail represented the landlord.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million CMBS loan for a 47,511-square-foot retail space in Houston. Peter Dunn of MMCC's Houston office arranged the 10-year loan with a 30-year amortization schedule and a 4.9 percent interest rate.