IRVING, TEXAS — Hines has selected CBRE to be the marketing advisor for Two MacArthur Ridge, a six-story, 250,869-square-foot office building in Irving's Las Colinas submarket. The office building, located at 909 Hidden Ridge Drive, includes a four-story parking garage and is currently 99.5 percent leased. The office building houses the corporate headquarters of La Quinta Inns Inc. and MedSynergies Inc. Additionally, the office building recently added a new tenant-shared conference facility and an upscale fitness center. Gary Carr, John Alvarado and Eric Mackey of CBRE will represent Hines in its marketing campaign.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has secured the sale of The Reserve at Saratoga, a 274-unit apartment complex located at 5701 Saratoga Blvd. in Corpus Christi. The community's amenities include an indoor basketball and sport court, outdoor recreational areas, a business center with coffee bar, fitness center, swimming pool, courtyards, gate access, attached and detached garages and covered parking. Will Balthrope, Drew Kile and Scott Lamontagne of IPA advised the seller, a private company based in Baton Rouge, La. The buyer is a joint venture between a California-based equity provider and a Memphis, Tenn.-based operational partner. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services.
PLANO, TEXAS — HFF has arranged an $11.85 million financing for the 194-unit Wellington at Willow Bend, a garden-style multifamily community located in Plano. The apartment complex is located at 3200 Parkwood Blvd. and is 96.4 percent occupied. The complex features a clubhouse, fitness center, swimming pools and a playground. Matthew Schoenfeldt, Adam Herrin and Jason Bond of HFF arranged the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, an affiliate of Banner Apartments LLC. Proceeds from the loan were used to acquire the property.
DALLAS — CBRE has arranged the 178,200-square-foot lease of industrial space at 4445 Rock Quarry in Dallas. Travis Sapaugh, Seth Kelly, Ryan Keiser and Nathan Lawrence of CBRE Dallas, along with Mark Collins and Kathy Rinna of CBRE Detroit, represented the tenant, Cequent Performance Products Inc., in the lease transaction. John Leinbaugh of IDI Dallas represented the landlord, Teachers Insurance and Annuity Association of America. The lease transaction is a relocation and expansion for Cequent's existing distribution operation.
EULESS, TEXAS — Beech Street Capital has closed a $9 million Fannie Mae conventional loan for the purchase of a 384-unit apartment complex in Euless. Larry Sneathern of Beech Street's Dallas office originated the loan. The fixed-rate loan has a 10-year term with a 30-year amortization schedule.
GALVESTON, TEXAS — An 88-room, three-story TownePlace Suites by Marriott hotel has opened along Seawall Boulevard in Galveston. The 67,125-square-foot hotel is the first of two Marriott-branded hotels that will be located at the site. The second hotel is an 85-room Courtyard by Marriott, scheduled to open in two weeks. The adjacent hotels will share outdoor amenities, which include a resort-style swimming pool, restrooms and a bar. Dallas-based Mayse & Associates provided architectural services, San Antonio-based Segment Construction Group is managing the construction process and Cameron-based EBCO General Contractor LTD built the hotels. The construction team worked to open the first hotel in time for spring break.
SAN ANTONIO — South Bay Partners and joint venture partner Integrated Real Estate Group, both based in Dallas, will break ground on two seniors housing projects in San Antonio worth $60 million. The projects include Watercrest at Alamo Ranch, a 192-apartment, 26-villa independent living community, and Isle at Watercrest at Alamo Ranch, a 105-unit, 122-bed assisted living facility. The joint venture plans to break ground on the projects in the spring. The joint venture's investment partner for the projects is Chicago-based Walton Street Capital.
AUSTIN, TEXAS — Austin-based World Class Capital Group has acquired the 100,000-square-foot Galleria Oaks, a retail center located in northwest Austin on Research Boulevard. World Class purchased the property from a Los Angeles-based investment firm. World Class currently owns and operates retail properties in 10 states and 21 markets.
DALLAS — Lockton Cos. has signed a 99,000-square-foot lease with Cousins Properties Inc. at 2100 Ross in Dallas' art district. Kansas City, Mo.-based Lockton, a global insurance and risk management firm, will move to space in the 11th through 14th floors of the property. 2100 Ross is a 33-story, 844,000-square-foot office building near the new Klyde Warren Park that links uptown Dallas to the arts district. The Class A office building is 78 percent leased, up from 67 percent leased when Cousins purchased the property last year. Tenants of 2100 Ross include CBRE, Prudential Mortgage Capital and Bank of America Merrill Lynch.
EL PASO, TEXAS — CBRE El Paso has brokered a 72,000-square-foot lease renewal at 1450 Pullman Drive in El Paso. Anthony Mash of CBRE El Paso represented the tenant, Robert Bosch LLC, in the transaction. William Caparis, also of CBRE El Paso, represented the landlord, IndCor Properties.