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.
CORPUS CHRISTI, TEXAS — Fort Worth-based Trademark Property Co. will bring a 61,233-square-foot Dick's Sporting Goods anchor store and a 4,166-square-foot Corner Bakery Cafe to The Shops at La Palmera in Corpus Christi. Construction is set to begin soon on the Dick's Sporting Goods, which is anticipated to open this fall. Corner Bakery Cafe is scheduled to open in May. The Shops at Palmera is a 200,000-square-foot retail development located across from the La Palmera mall. The retail development underwent a two-year, $50 million renovation after Trademark and Institutional Mall Investors LLC purchased the property in 2008.
SAN ANTONIO — Transwestern's San Antonio office has arranged the sale of Brookhollow Park, a 102,466-square-foot, Class A office building located at 911 Central Parkway N. in the North Central submarket of San Antonio. The multi-tenant office building is fully leased. Alan Grilliette, Hale Umstattd and Leah Gallagher of Transwestern represented the seller, Grosvenor International, in the transaction.
HOUSTON — NorthMarq Capital has arranged first mortgage refinancing for Wynhaven Town West, a 396-unit multifamily community located at 14906 Westpark Drive in Houston. Kerry French of NorthMarq's Houston office arranged the 10-year loan through Freddie Mac to amortize over 30 years on behalf of the borrower, a national apartment development and investment group.
LEAGUE CITY, TEXAS — McCarthy Building Cos. has been awarded The University of Texas Medical Branch Victory Lakes Specialty Care Center expansion project in League City. The $52.3 million, design-build project includes the addition of 142,000 square feet to the existing outpatient center. The expansion includes additional operating rooms, an emergency department, observation units and associated support space. The project is scheduled for a spring 2015 completion.