SPRING — NorthMarq Capital has secured the assumption of first mortgage debt for the 12,600-square-foot Meadow Edge Shopping Center, located at 20141 Interstate 45 in Spring. The retail center is leased to Mattress Giant, Sprint and Warehouse Pools. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with 5 years remaining on the original term and a 30-year amortization schedule through JPMorgan – CMBS. CIII Asset Management served as special servicer of the original loan, which was also arranged by NorthMarq.
HOUSTON — Jones Lang LaSalle has arranged the sale of two Class A office buildings, located at 4119 and 4203 Montrose in Houston, and an adjacent red brick home converted to an office property totaling 83,764 square feet. The properties are fully leased and have been for the past 4 years. Rudy Hubbard and Leah Gallagher of Jones Lang LaSalle's Houston office represented the seller, Hansen Partners, in the transaction. Equitas Commercial Real Estate Holdings, the buyer, has retained Hansen Partners to manage and lease the properties.
ARLINGTON — Irvine, Calif.-based TNP Strategic Retail Trust has acquired the 176,414-square-foot Woodland West Marketplace, a grocery-anchored retail center located in Arlington. Tom Thumb Food & Pharmacy anchors the property, which is 87 leased to tenants including Tuesday Morning, Bank of America, Goodyear, the U.S. Post Office and Hallmark.
PASADENA — Marcus & Millichap has brokered the $1.85 million sale of the 60-room Former Holiday Inn Express, a hotel located at 2601 Spencer Hwy. in Pasadena. Eric Guerrero, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a partnership, in the transaction. Guerrero, Yu, Bijlani and Tyler Bean, also of Marcus & Millichap's Houston office, represented the buyer, a private investor.
AUSTIN — HFF has arranged $33 million in acquisition financing for Prominent Pointe I and II, two office buildings totaling 261,243 square feet located at 8310 Capital of Texas in Austin. The properties are a combined 90.6 percent occupied. Doug Opalka of HFF's Austin office arranged the financing through a national life insurance company on behalf of the borrower, San Francisco-based Divco West Acquisitions. Chad Barrett and Bart Matheny of Austin-based AQUILA Commercial arranged the acquisition on behalf of the seller, Aspen Properties.
MCKINNEY — NorthMarq Capital has arranged $11.4 million in first mortgage financing for the 208-unit Parkview Legends, a multifamily property located at 1701 Park Central Dr. in McKinney. Jeff Frankel of NorthMarq's Chicago office and Charlie Robinson of the firm's Dallas office arranged the 4-year loan with a 30-year amortization schedule through a Midwest-based life insurance company.
AUSTIN — National Retail Properties has plans to begin a $6 million redevelopment of Ecotech Institute, a 42,000-square-foot educational facility located in Austin. Education Corp. of America owns the new property, which is slated to break ground this month and have a July 2012 completion.
JOSHUA — Tyler-based Brookshire Grocery Co. (BGC) has purchased a 6.33-acre tract and plans to build a 37,400-square-foot Brookshire's Food & Pharmacy store at the site, located at the intersection of State Highway 174 and Stadium Drive Boulevard in Joshua. The development will be part of the mixed-use development Joshua Station. The new store will feature a gas station, an in-store pharmacy with a drive-thru window and a full-service bakery and deli.
HOUSTON — Marcus & Millichap has brokered the sale of the 111-room Econo Lodge Webster, a hotel located at 904 E. NASA Rd. 1 in Houston. Tyler Bean, Rahul Bijlani and Michael Yu of Marcus & Millichap's Houston office represented the seller, a bank/financial institution, and secured the buyer, a private investor, in the transaction.
DALLAS — The Monit organization has hired Colliers International to manage and lease more than 1.1 million square feet of industrial, showroom and flex space in the Dallas/Fort Worth metroplex. The portfolio spans 18 buildings, including the Regal Business Center in Dallas, the Regal Industrial Center in Dallas and the DFW Air Freight in Grapevine. The Regal Business Center, located at 4639, 4747 and 4757 Irving Blvd., is a three-building, 150,566-square-foot property. The Regal Industrial Center, located at 4560, 4647, 4653 and 4656 Leston Ave., is a four-building, 380,084-square-foot warehouse property. DFW Air Freight, located at 1200, 1220 and 1240 Texan Trail, is a 113,665-square-foot air freight center. Other properties in the portfolio include properties on North Beach Street in Fort Worth, Avenue R in Grand Prairie, Dalworth Street in Arlington and Pinewood in Arlington. Phil Rosenfeld, Greg Grainger, Matt Thompson, Sparkle Turner and Mike Crain of Colliers International's Dallas office will handle the portfolio's management and leasing.