HUMBLE, TEXAS — A joint venture between Vestar and a fund advised by UBS Global Asset Management has purchased Deerbrook Marketplace, a 350,000-square-foot retail center located in Humble. The all-cash transaction was Vestar's first purchase in Texas. The retail center's tenant roster includes Sports Authority, Best Buy, Bed Bath & Beyond, Marshalls, OfficeMax, PetSmart and Old Navy. George Cushing and Wendy Vandeventer of Jones Lang LaSalle represented the seller, Investcorp, in the transaction. Vestar was self-represented.
LOVELADY, TEXAS — Quantum Real Estate Advisors Inc. has arranged the sale of an 8,000-square-foot Family Dollar store, located in Lovelady. The store is a build-to-suit for Family Dollar and has a full 10 years remaining on its initial lease. Jordan Kaufman of Quantum represented the seller, a private developer based in Houston, in the transaction. The buyer, a New York-based REIT, purchased the store for $956,925.
FORT WORTH, TEXAS — CBRE has arranged the sale of a 106-unit garden-style apartment complex, located at 6327 Woodway Drive in Fort Worth. Chris Deuillet of CBRE represented the seller, G8 Opportunity Fund LLC, in the transaction. JDL Ventures LLC was the buyer.
HOUSTON — Houston-based Midway, a real estate investment and development firm, has revealed the new name for the former Houston Pavilions mixed-use development: GreenStreet. The 568,294-square-foot property, located at 1201 Fannin St., will also undergo construction to add a linear urban park that spans three blocks. The development will feature a central courtyard between Fannin and San Jacinto streets, outdoor patios, water features, new signage and scaled lighting. Construction is slated to begin in mid April and last approximately six to nine months. The project will remain open and operational during construction. The Class A development features a House of Blues, the 11-story regional headquarters for NRG Energy Inc., Forever 21, III Forks, McCormick & Schmick's and Lucky Strike.
HOUSTON AND INDIANAPOLIS — Austin-based World Class Capital Group LLC has acquired a five-property self storage portfolio in Houston and Indianapolis totaling 2,500 units. The approximately 330,000-square-foot portfolio includes four properties in Houston and one in Indianapolis. The firm purchased the portfolio from a publicly traded self storage REIT. World Class will invest in capital improvements for the properties, as well as rebrand them under its Great Value Storage brand.
HOUSTON — Formerly a Renaissance, the 20-story, 388-room DoubleTree by Hilton Houston Greenway Plaza has opened. The hotel is located in Houston's Greenway Plaza, just outside the Galleria area, and will undergo a $15 million renovation for its public space and guest rooms in the summer. Garrison Investment Group owns the hotel and Aimbridge Hospitality manages the property, which features the Bistro 59 restaurant, 26,000 square feet of event space, an outdoor heated pool, a 24-hour fitness center, business center and a breakfast buffet.
ARLINGTON, GALVESTON AND CONROE, TEXAS — Venture West Funding Inc. (VWF), a mortgage company headquartered in El Segundo, Calif., has arranged three loans totaling $16 million for the refinance of three apartment buildings. The buildings total 405 units and are located in Arlington, Galveston and Conroe. Houston-based Centra Partners manages the three properties. Matt Douglas of VWF arranged the Freddie Mac loans through Berkadia Commercial Mortgage LLC. The loans are secured at a 10-year fixed rate with rates as low as 3.82 percent.
HOUSTON — Houston-based Read King Commercial Real Estate has begun to develop a 40,443-square-foot Whole Foods Market. The store, which will be located at Louetta and Cutten roads in north Houston, will be the area's first Whole Foods store. The grocery chain will anchor the first phase of Vintage Marketplace, an 18-acre development within The Vintage, a 630-acre mixed-use development. Gensler Architects will design the new store, in addition to its 31,000 square feet of small shop space, and Arch-Con Corp. will serve as the project's general contractor. Read King was self-represented by Tony Patronella and Christie Amezquita in the land transaction. Read King worked directly with the seller, LCSE Limited Partnership. Amezquita also represented the landlord in the lease transaction with Whole Foods. Jeff Hayes and Tal McIver of New Quest Properties represented Whole Foods.
DALLAS — Digital Realty Trust Inc. has purchased a 61,750-square-foot data center in Dallas for $8.5 million. The facility is leased on a long-term basis. The data center is located about 3.5 miles from Digital Realty's Digital Dallas Datacenter Campus.
FORT WORTH, TEXAS — The Marquette Cos., based in Naperville, Ill., has purchased the 314-unit Verandas at Cityview, a multifamily community located at 7301 Oakmont Blvd. in Fort Worth. The gated community features a swimming pool, fitness center, business center and TV lounge. Marquette plans to add a dog park, update the main entry, add new equipment for the coffee bar and renovate the office and clubhouse. The property is Marquette's fourth Texas property and second in the Dallas/Fort Worth area.