SPRING, TEXAS — The Rayford Ridge Retail Center, a 23,100-square-foot retail center in Spring, has sold. J. Beard Real Estate Co. LP represented the seller, an individual owner, in the transaction. Jim Bayne of Investar represented the buyer, a private partnership. The center is located at 440 Rayford Road and was fully occupied at the time of sale.
TOMBALL, TEXAS — Dallas-based Trammell Crow Residential has broken ground on Alexan Creekside, a 380-unit multifamily community at 8627 Hufsmith Road in Tomball. The community will sit on a 20.5-acre lot on the southwest corner of Kuykendahl and Hufsmith roads, adjacent to the Village of Creekside Park addition in The Woodlands. Trammell Crow plans to open the first group of units, ranging from 691 to 1,396 square feet, later this year. The craftsman-style community will feature a brick and stone facade, staggered rooflines and varying elevations between two and three stories. Amenities will include a fitness center, resort-style courtyard, two swimming pools, fenced-in dog park with wash station and a clubhouse with WiFi access, a demonstration kitchen and a game room.
HOUSTON — Beech Street Capital LLC has closed a $30.9 million Freddie Mac CME loan for the acquisition of The Westheimer, a 244-unit multifamily community in Houston. Brian Sikes of Beech Street's Boston office originated the 10-year loan with 10-years of interest only payments and a 30-year amortization schedule. Boston-based Intercontinental Real Estate Corp. manages the borrower, U.S Real Estate Investment Fund. The property was built in 2008 and includes a security gate, pool, barbecue plaza, fireplace plaza, storage, coffee bar, massage room, dry cleaning, room service and pool-side cabanas.
HOUSTON — Jones Lang LaSalle's Capital Markets has arranged the sale and financing of Ashford Place, a two-building, 143,505-square-foot office portfolio in Houston's Energy Corridor. Insite Realty Partners LP purchased the property from CW Capital Asset Management LLC. The two Class B properties are located at 950 Threadneedle St. and 14800 St. Mary's Lane along Katy Freeway (Interstate 10). The properties are 86 percent leased. Rudy Hubbard, Paul House and Kevin McConn of Jones Lang LaSalle led the team in the deal.
HOUSTON — CBRE has brokered the sale of One Oak Park, a fully leased, Class A office building located in Houston's Westchase District. The 153,342-square-foot property was constructed in 2009 and is LEED Gold-certified. A four-level parking garage adjoins the six-story office building. Bernard Branca and Jared Chua of CBRE represented the sellers, The Carlyle Group via Carlyle Realty Partners V and Means-Knaus Partners. Clarion Partners, real estate investment manager, purchased One Oak Park.
SAN ANTONIO — Dallas-based Frontline Holdings, a private investment firm, has purchased the 164-unit Whispering Hills Apartments in northeast San Antonio. The Class B, garden-style community is 95 percent occupied. The property features one-, two- and three-bedroom floor plans, as well as a business center, two swimming pools and barbecue grill areas. Casey Fry of ARA's San Antonio office represented the seller, Commerce Capital, in the transaction.
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.