HOUSTON — CBRE has arranged the sale of Skyview at Palm Center, a 360-unit garden-style apartment community located in southeast Houston. Ryan Epstein of CBRE's Houston office represented the seller in the transaction. The 417,178-square-foot community is located near the Southeast Metro Light-Rail line that will open in October. Apartment units in the development average 1,162 square feet.
IRVING, TEXAS — Jones Lang LaSalle has arranged Lehigh Hanson Inc.'s corporate headquarters consolidation at The Point at Las Colinas, a Class A office building located at 300 E. John Carpenter Freeway in the Las Colinas submarket of Irving. Lehigh Hanson, a construction materials firm, leased 211,121 square feet of office space in the building, where it previously leased 156,897 square feet. The 18-story office building is LEED certified and features a full-service deli, on-site fitness facility, 24-hour security and concierge service. Steve Thelen, Jeff Staubach, Russell Cosby, Vice Burt and Torrey Littlejohn of Jones Lang LaSalle represented the tenant in the lease transaction. John Fancher of CBRE represented the landlord, CBRE Global Investors – Strategic Partners.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a Comerica Bank ground lease, located along Camp Bowie Boulevard in Fort Worth. The asset's list price was $3.75 million. Alvin Mansour of Marcus & Millichap's Mansour Group, based in San Diego, represented the seller, a developer, in the transaction. The property sold to a private buyer.
HOUSTON — NorthMarq Capital has arranged first mortgage refinancing for the 92-room Med Center Extended State Limited Service Hotel, located at 3134 Old Spanish Trail in Houston. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with a 25-year amortization schedule through a CMBS lender on behalf of the borrower, Med Center Hospitality LLC. The hotel has an occupancy above 75 percent.
HOUSTON — Marcus & Millichap has arranged the sale of the 72-room Holiday Inn Express & Suites Houston Kingwood and the sale of the 62-room Holiday Inn Express & Suites Houston Brookhollow. The Kingwood hotel is located at 22675 Highway 59 N. in Houston's Kingwood suburb, and the Brookhollow hotel is located at 12439 NW Freeway in Houston. The combined list price of the two hotels was above $7.2 million. Rahul Bijlani, Michael Yu and Eric Guerrero of Marcus & Millichap's Houston office represented the sellers, private investors, in the transaction. A Houston-based private investor purchased the Kingwood hotel, while a California-based private investor purchased the Brookhollow hotel.
HOUSTON — CBRE has brokered the sale of the 224-unit Broadstone Gramercy, a 252,404-square-foot multifamily community located at 2601 Gramercy St. in Houston's Texas Medical Center neighborhood. Ryan Epstein of CBRE's Houston Multi-Housing Group represented the seller, Alliance Residential Fund I, in the transaction. The mid-rise, podium-built community is 95 percent occupied.
HOUSTON — Duke Realty Corp.'s Houston office has signed Forum Energy Technologies Inc. to a 108,639-square-foot lease in Duke's Sam Houston Crossing Two, a 159,056-square-foot office building in Houston. Sam Houston Crossing is scheduled for a May 2013 completion. Forum has preleased more than 68 percent of the property and will occupy the second and third floors beginning in July. Duke Realty was self-represented by Cory Driskill in the lease transaction. Steve Hesse and Jeff Cairns of CBRE represented Forum.
THE WOODLANDS, TEXAS — Kroger has purchased a 1.79-acre site at the corner of Bay Branch Drive and Kuykendahl Road in The Woodlands to develop a Kroger Fuel Center with a walk-in kiosk. Construction of the gas station is slated to begin in April with completion expected in July. The gas station will feature 16 pump dispensers and an 800-square-foot walk-in kiosk. Kroger was self-represented by Russell Cowart in the land purchase. Todd Edmonds of Colliers International represented the seller, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp.
FAIR OAKS RANCH, TEXAS — Steadfast Income REIT has purchased the 288-unit Vantage at Fair Oaks, a garden-style apartment community located in the Fair Oaks Ranch suburb of San Antonio, for $34.56 million. Vantage Communities built the multifamily property in 2012. The 93 percent occupied property will be rebranded as Fairmac Apartments. The resident amenity package includes a resort-style pool, 24-hour fitness center, dog park, clubhouse and a cafe that serves complimentary Starbucks coffee to residents. This purchase is Steadfast's fourth Texas acquisition.
PASADENA, TEXAS — The Carson Cos. has begun the development of Carson Commerce Center, a three-building Class A industrial development located at the southwest corner of Beltway 8 and Highway 225 in Pasadena. The multi-tenant industrial property will total 365,462 square feet and be 20-ton crane ready. Cadence McShane is the general contractor and Powers Brown Architecture is designing the project, which is slated for a third quarter 2013 completion.
