OKLAHOMA CITY AND AUSTIN, TEXAS — Steadfast Income REIT has acquired two apartment communities in separate transactions totaling $61 million. The communities include Deep Deuce at Bricktown in Oklahoma City and Vantage at Buda Ranch in Austin. Deep Deuce at Bricktown is a 294-unit property built in 2001. The community is 99 percent occupied and is located in downtown Oklahoma City's Bricktown neighborhood. The apartment community sold for approximately $38.22 million. Vantage at Buda Ranch is a 264-unit apartment community that Vantage Communities built in 2009. The property is 96 percent occupied and sold for approximately $23 million. Vantage at Buda Ranch is Steadfast's fourth apartment community in Austin.
KINGWOOD, TEXAS — Arch-Con Construction has commenced construction on a 123,000-square-foot Kroger Marketplace at the 24-acre Northpark Retail Center III in Kingwood. Northpark Retail Center III includes approximately 25,000 square feet of retail space in addition to the grocery anchor, as well as five outparcels. The development is located at Northpark Drive and Highway 59. The property will be the fourth Kroger Marketplace in the greater Houston area. The project team includes site development architect CDA Architects, site development engineer LJA Engineering and Kroger's architect Robertson Loia Roof. The Kroger Marketplace is slated to open in the fall.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 20-unit apartment complex in Arlington. The community is located at 704 Lynda Lane within a half-mile of The University of Texas at Arlington. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Denninger also procured the buyer, a Canadian limited liability company.
THE WOODLANDS, TEXAS — Houston-based Archway Properties plans to develop the 127,794-square-foot Wildwood Corporate Center, located at 460 Wildwood Forest at Interstate 45 in The Woodlands. The three-story, two-building office complex is 50 percent pre-leased. The new office property will feature an attached parking garage. The project team includes architect Kirksey Architecture and general contractor EE Reed. Terri Torregrossa and Griff Jaggard of Houston-based Moody Rambin Interests are handling the property’s leasing duties. Moody Rambin will also handle managing the property. Construction will begin in early April and wrap up in January 2014.
EL PASO, TEXAS — CBRE El Paso has brokered the lease renewal of 353,611 square feet of industrial space, located at 48 Walter Jones in El Paso. Anthony Mash of CBRE El Paso represented the landlord, Butterfield Trail Corp. – Invesco, in the lease renewal. Penske Logistics LLC is the tenant.
TEXARKANA, TEXAS — Marcus & Millichap has arranged the sale of the 74-room Rodeway Inn, a two-story hotel located at 5105 N. Stateline Ave. in Texarkana. The hotel originally operated as a Comfort Inn until it was rebranded in 2007. Allan Miller, Chris Gomes and Jake Gaddy of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, in the transaction. Gomes also procured the buyer, a private investor.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged a 20,000-square-foot industrial sublease, located at 7603 Prairie Oak Drive, Suite 150M in Houston. Patrick Buckhoff of Coldwell Banker represented the landlord, Display Work LLC, in the transaction. Jackson & Cooksey represented the tenant, qHub Logistics Corp.
KATY, TEXAS — Sprouts Farmers Market has opened a 25,300-square-foot store at the southwest corner of Cinco Ranch Boulevard and Peek Road in Katy. The store is Sprouts' first location in the Houston area. Ed Page and Chris Pitts of UCR's Houston office represented both the landlord, Scottsdale, Ariz.-based AVB Development Partners, and Sprouts in the lease transaction. Page is Sprouts' southeast Texas representative for all site acquisitions. Sprouts operates more than 150 stores throughout the Western U.S.
STAFFORD, TEXAS — Dallas-based Main Event Entertainment has plans to open a new location at the Fountain on the Lake shopping center in Stafford. The new venue is located off U.S. Highway 59 and South Kirkwood Road and is expected to employ approximately 150 people. The new Main Event Entertainment location will feature a bowling alley, a GRAVITY indoor ropes course, laser tag, game room with 100 video games and meeting space.
CROSBY, TEXAS — Hunington Properties Inc. has arranged the sale of Crosby Plaza, a 8,133-square-foot retail property located on FM 2100 in Crosby. The center is fully leased to UPS Store, Little Caesar's Pizza and Cricket Wireless. Todd Carlson of Hunington Properties represented the seller, an out-of-state investor who purchased the property in 2006. The buyer is an investor based in Southern California. The buyer secured acquisition financing through Wilshire State Bank. Hunington will continue to operate the property.