GARLAND — Dallas-based Westmount Realty Capital has purchased the 1.13 million-square-foot Garland Business Park, a dry storage and freezer/cooler distribution center located at 2600 McCree Road in Garland. Westmount plans to rebrand the center as Garland Logistics Park and will budget as much as $12 million during the next three years for renovations and upgrades. The distribution center is currently 70 percent leased.
THE WOODLANDS — Stream Data Centers has started construction on a 73,320-square-foot data center, located in The Woodlands. The data center is being designed to meet LEED Gold standards, and is slated for an April 2013 completion.
OKLAHOMA CITY — A $5.5 million renovation of the 236-room Embassy Suites Oklahoma City — Will Rogers World Airport, located at 1815 S. Meridian Ave. in Oklahoma City, is now complete. The hotel features 12,000 square feet of renovated meeting space including a 5,940-square-foot ballroom, the Atrium Restaurant, The Landing Bar and Grill, a fitness center, an indoor swimming pool and a 24-hour business center.
MARBLE FALLS — The Weitzman Group has arranged the sale of the 7,852-square-foot Highland Quarry Shopping Center, located at 1304 N. Highway 281 in Marble Falls. The center features tenants such as Anytime Fitness, a tanning salon and a nail salon. Brad Bailey and Logan Reichle of The Weitzman Group represented the seller, an Austin-based investment group, in the transaction. The buyer was an Austin-based partnership.
AUSTIN AND HOUSTON — Johnson Capital has secured two loans totaling $11.5 million for a pair of Texas apartment communities. Jason Pumpelly of Johnson Capital's Dallas office arranged a $6.5 million acquisition/renovation loan for the 248-unit Research Pointe complex in Austin through a regional bank. The owner, a private investor, has rebranded the community as The Park at Crestview. Pumpelly also arranged a $5 million acquisition/renovation loan for the 200-unit Northwoods Apartments in Houston through a regional bank. The community will be rebranded as Cypress Parc.
HOUSTON — Younan Properties, along with joint venture partner Passco Cos., has sold its 272,113-square-foot Younan West Loop South, a Class A high-rise office tower attached to the Marriott Hotel in Houston's West Loop district. The buyer was Salt Lake City-based ROC Bridge Partners. Darrell Betts of Avison Young represented Younan in the transaction.
FORT WORTH — Dick's Sporting Goods is slated to open a 50,000-square-foot store that will anchor the 140,000-square-foot Phase II of Alliance Town Center, located on Interstate 35 West at Heritage Trace Parkway in North Fort Worth. Alliance Town Center currently spans 800,000 square feet and includes tenants such as Belk, JC Penney, Best Buy, Jos. A. Bank, Kroger Marketplace, PetSmart, Ulta, Olive Garden and Chick-fil-A, among other retailers and restaurants. The shopping destination is owned by a joint venture between Hillwood and Trademark Property Co. Construction of the Dick's Sporting Goods store is slated to begin in July and is scheduled to open in the summer of 2014.
HOUSTON — HFF has secured $85 million in refinancing for The Houstonian Hotel, Club & Spa, an 18.34-acre urban resort located in Houston's Galleria submarket. Matt Kafka and Corby Chaffin of HFF arranged the loan through AXA Equitable Life Insurance Co. and its advisor Quadrant Real Estate Advisors on behalf of the borrower, Houston-based The Redstone Companies.
LEAGUE CITY — Marcus & Millichap has arranged the $5.25 million sale of The Lakes Professional Center, a 24,240-square-foot office property located at 6455-6465 S. Shore Blvd., Suite 400 in League City. Tanner McGraw of Marcus & Millichap's Houston office represented the buyer, a private investor, in the transaction.
HOUSTON — ARA has brokered the sale of the 256-unit Briar Meadows Apartments, located at 1414 S. Dairy Ashford St. in Houston's West Memorial/Briar Forest submarket. The complex is 94 percent occupied and features a swimming pool, heated outdoor spa, indoor sauna, tennis courts and a business center. David Mitchell of ARA's Houston office represented the seller, Austin-based Falcon Southwest, in the transaction. The buyer was San Francisco-based Stockbridge.