DALLAS — Healthcare Trust of America Inc. (HTA) has purchased Forest Park Tower, a 130,000-square-foot Class A medical office building in Dallas, for $48.7 million. Forest Park Tower was built in 2010 and is located on Forest Park Medical Center's campus. The property was fully leased to a mix of Forest Park and individual physician tenants. The acquisition was funded with proceeds raised through HTA's equity-at-the-market program.
HOUSTON — Buchanan Street Partners, in partnership with CarVal Investors, has acquired a 16-story office building, located at 2100 W. Loop South in Houston's Galleria submarket. The acquisition is Buchanan's third office acquisition in Houston, and second with CarVal Investors, in the last two years. The 165,399-square-foot property is 82 percent leased. Buchanan plans to invest new capital for leasing costs and property upgrades. The building's amenities include a seven-story parking structure, 24/7 security, after-hours card key access and an on-site deli.
HOUSTON — Marcus & Millichap has arranged the sale of Villa Monterrey, a 268-unit apartment complex located at 9445 Concourse Drive in Houston. The hotel's list price was $4 million. Jeffrey Fript of Marcus & Millichap's Houston office, along with Evan Kristol and Still Hunter III of the firm's Fort Lauderdale, Fla. office, represented the seller, a partnership, in the transaction. Fript also secured and represented the buyer, a private investor. The buyer plans to renovate the interior and exterior of the apartment complex.
SAN ANTONIO — NorthMarq Capital has arranged $7.55 million in acquisition financing for Spice Creek, a 192-unit, Class B apartment complex located in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with 24 months interest-only payments and a 25-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
AUSTIN, TEXAS — Dallas-based Peloton Commercial Realty Estate has expanded into the Austin market by creating the Peloton Austin office. Kevin Granger, Brian Liverman and Matt Frizzell of Peloton will launch the Austin office as partners. Peloton's director of marketing, Taylor Green, and senior property manager, Marty Timmerman, will join the partners in the endeavor.
DALLAS — BOKA Powell, a Dallas-based architecture and design firm, has completed the interior design work of Stream Realty's new 35,000-square-foot headquarters space in the Trammell Crow Center in downtown Dallas. Stream Realty occupies the 28th floor and portions of the 26th floor in the office building, located at 2001 Ross Ave. in Dallas' arts district. The headquarters houses approximately 150 employees. The new office space includes an open floor plan, floor-to-ceiling windows, modular work stations, a cluster of conference rooms and a large lobby.
SAN ANTONIO — Marcus & Millichap's San Antonio office has brokered the sale of a portfolio of 13 Lowe's Markets throughout Texas. Chad Knibbe and Stephen Berchelmann of Marcus & Millichap represented the seller in the transaction. The properties were net-leased to Lowe's Markets, which operate under a variety of names including Super S Foods, Super Save, Lowe's Market, Big 8 Food Stores, Shop n' Save, Lowe's Pay-N-Save, Avanza Supermarket, Family Center, Fiesta Foods, Mercado, La Feria, Food Jet and Fiero.
DALLAS — Houston-based Hartman Income REIT has purchased Parkway Plaza I & II, two office buildings totaling 136,283 square feet in Dallas. The properties are located at the intersection of Spring Valley and Dallas North Tollway. Hartman purchased the office buildings through an affiliate, Hartman Short Term Properties XX Inc., from Merit Texas Properties LLC. The office buildings' tenants include JPMorgan Chase, GHA and RTW Advisors. Tom Strohbehn and Scot Farber of Cushman & Wakefield represented the seller in the transaction. The buyer was self-represented by Dave Wheeler, Julian Kwok and Matt Blasi.
KATY, TEXAS — Houston-based Hunington Properties has arranged the sale of Fry Road Plaza, a 19,950-square-foot retail center located at the intersection of Fry Road and Misty Cove Drive in Katy. The property is 90 percent leased. Todd Carlson of Hunington Properties represented the seller, a local developer that built the shopping center in 2006. The buyer purchased the property in a 1031 exchange. Hunington Properties will serve as the new property management and leasing agent.
The Houston industrial market ended 2012 on a positive growth trajectory and will continue to be one of the healthiest markets in the U.S. into 2013. 2012 ended with a fourth quarter vacancy rate of 5.2 percent and a positive net absorption totaling more than 1.7 million square feet of combined industrial space. A lack of available industrial inventory in the market is driving new development projects (2.5 million square feet) for both traditional warehouse/distribution space as well as freestanding, crane-ready manufacturing facilities that remain at a premium citywide. The lack of available inventory is pushing development outwards and driving rental rates and sales prices upward. This trend will continue to grow into 2013, but rental rates and sale prices will taper-off midway through 2013 as the market can only bear so much increase. Land prices have also seen a sharp uptick forcing users and developers to consider sites upwards of $4 per square foot when they have historically fought to stay under $3 per square foot. Additionally, there is a strong need for rail-served land sites or facilities. As the energy sector continues its growth and the Port of Houston takes on more capacity, the need for rail served …