MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of the 58-room Regency Inn McKinney, located at 951 S. Central Expressway in McKinney. The hotel's list price was $1.9 million. Michael Yu and Rahul Bijlani of Marcus & Millichap's National Hospitality Group, along with Tyler Bean of the firm's Fort Worth office, marketed the property on behalf of the seller, a partnership. Andrew Frosch of Marcus & Millichap's Houston office, along with Yu and Bijlani, secured and represented the buyer, a private investor.
WEST LAKE HILLS, TEXAS — CBRE has secured the sale of 13 acres of land, located on Bee Cave Road in West Lake Hills, to Houston-based Belmont Village Senior Living. Colin Armstrong of CBRE Austin represented the seller in the transaction. Belmont Village broke ground at the site for a community called Belmont Village West Lake Hills with 141 private apartments. The facility is slated for a summer 2014 opening.
SAN ANTONIO — Stream Realty Partners has arranged a 10,504-square-foot office lease at One Castle Hills, a 157,521-square-foot office property located in San Antonio's North Central submarket. Following this lease, One Castle Hills is 79 percent leased. Ryan Harrison of Stream Realty represented the landlord in the lease transaction. Ben Crawford of Jones Lang LaSalle represented the tenant, Webster University. Webster is a Tier 1, private, nonprofit university with more than 100 campuses across the country. Stream Realty also provides on-site property management for the facility.
IRVING, TEXAS — UCR Investment Sales has brokered the sale of the 106,647-square-foot Central Park Shopping Center, a grocery-anchored development located at 1706 W. Irving Blvd. in Irving. Terry's Supermarket anchors the shopping center, which includes other tenants such as Auto Zone, Rent-A-Center, Family Dollar, H&R Block, Super Wash & Dry and Metro PCS. The shopping center is 86.5 percent leased. Tommy Tucker of UCR Investment Sales represented the out-of-state seller and procured the buyer, an investment group formed by Steve Gregory, Derek Ferem and the J. Evans Family Partnership.
HOUSTON — Houston-based Gordon Partners has purchased the 190,000-square-foot Northwest Village Shopping Center, located at the corner of Highway 290 and Jones Road in Houston. The property is 87 percent leased to 35 tenants, including Spec's Wines, Liquor and Finer Foods, Harbor Freight Tools, Exclusive Furniture, T-Mobile and Subway. Gordon Partners plans to remodel the center and create junior anchor space opportunities. The shopping center is Gordon Partners' first Houston acquisition. The seller in the transaction was Baceline Value Fund I.
CEDAR HILL, TEXAS — Marcus & Millichap has arranged the sale of the 60,630-square-foot Storage King – Cedar Hill, a self-storage facility located at 1090 S. US-67 North in Cedar Hill. The facility features 166 non-climate controlled units, 104 climate-controlled units and 69 boat/RV parking units. Brandon Karr of Marcus & Millichap's Fort Worth office represented the seller, a private investor, in the transaction. Karr also sourced the buyer, a limited liability company.
HOUSTON — Los Angeles-based Thorofare Capital has funded a $3.15 million acquisition loan for the 208-unit Chelsea Lane Apartments in Houston. The borrower, a multifamily investor, plans to purchase, renovate and re-tenant the apartment community. The renovation is expected to cost $1 million and will include roof repairs, an updated HVAC system, updated project gates, parking lot repairs, plumbing upgrades, floor and window renovations and updated cabinetry. The property was built in 1974 and is currently 41.8 percent occupied. Thorofare funded 67 percent of the total project costs, including transaction fees, renovation budget and closing costs.
AUSTIN, TEXAS — Birmingham, Ala.-based The Sanders Trust has purchased Kyle Medical Plaza in Austin for $13 million. The 42,000-square-foot facility includes the Hays Surgery Center, MRI testing space, physical therapy and physician practices. The Hays Surgery Center features five operating rooms and is the first outpatient surgery center in the area.
ARLINGTON, TEXAS — ARA has brokered the sale of the 264-unit Springfield at Ballpark Way, located in northern Arlington near the city's entertainment district. Brian O'Boyle, Sr., Brian O'Boyle, Jr., Brian Murphy and Richard Furr of ARA's Dallas office represented the seller, Timberland Partners, in the transaction. The Class B multifamily community is 95 percent leased.
IRVING, TEXAS — South MacArthur Church of Christ Inc. has acquired a 73,076-square-foot, four-building complex at 1700 E. Airport Freeway in Irving. The church purchased the complex and will begin renovations once current tenant Goodson Acura vacates the space. Renovations will include repurposing the space for a chapel and upgrading the exterior of the property. The church is planning on holding services at the new location in three months. Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the buyer in the transaction. Bob Ginsburg of CBRE represented the seller.