HOUSTON — Hyatt North Houston, a 335-room hotel formerly known as the Crowne Plaza Houston North-Greenspoint and located at 425 N. Sam Houston Pkwy. E., has opened following a multi-million dollar renovation. Memphis, Tenn.-based Davidson Hotels & Resorts operates the hotel under a franchise agreement with Hyatt Hotels Corp. The property features a fitness facility, outdoor swimming pool, spa, business center, gift shop and Grill 425, an American-style restaurant.
DALLAS AND HOUSTON — J.P. Morgan Asset Management, on behalf of institutional investor clients, has selected Cassidy Turley to manage and lease two office properties totaling 2.5 million square feet. The properties include the 1.2 million-square-foot Fountain Place, an office tower located in Dallas' Central Business District, and the 1.3 million-square-foot Post Oak Central, an office property comprised of three 24-story buildings located at 2000 Post Oak Blvd. in Houston. Fountain Place's tenants including Hunton & Williams, LLP; Wells Fargo Bank and Tenet Healthcare Corp. Post Oak Central features tenants such as Apache Corp., Suez Energy North America, Stewart Title and Cox Radio.
SAN ANTONIO — PCCP has closed a $22.55 million senior loan to refinance a 230,000-square-foot portion of Westover Marketplace, a retail center located at 8203 State Hwy. 151 in San Antonio. The refinanced portion of the center is 71 percent leased to tenants including Ross Dress for Less, PetSmart and Office Depot. The majority of the vacancy is a result from a 48,000-square-foot retail property that once was leased by Sportsman's Warehouse. PCCP provided the loan on behalf of the owner, Coventry Real Estate Advisors.
NORTH RICHLAND HILLS — Marcus & Millichap Capital Corp. has arranged $5.45 million in acquisition financing for the purchase of a 138-unit multifamily property located in North Richland Hills. Brian Adams of Marcus & Millichap's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
PASADENA — Houston-based Net Realty Advisors has brokered the sale of the 13,200-square-foot Dollar General, located at 6422 Spencer Hwy. in Pasadena. Gavin Kam and Brad Kam of Net Realty represented the undisclosed seller in the transaction. Jon Rue of Sperry Van Ness' Houston office represented the buyer, a Houston-based investor.
CINCO RANCH — Palm Beach, Fla.-based Sterling Organization and Canada-based RioCan have acquired the 97,761-square-foot The Market at Village Center, a Class A retail power center located at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway in the 7,600-acre master-planned Cinco Ranch. Sterling purchased the center for $17 million from Houston-based Property Commerce in an off-market transaction. The property is 97 percent leased to tenants such as HomeGoods, Michaels, OfficeMax, Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.
NORMAN, OKLA. — Memphis, Tenn.-based EdR has purchased the 612-bed The Reserve on Stinson, a student housing community located near the University of Oklahoma at 730 Stinson Dr. in Norman. EdR purchased its joint venture partner's 90 percent interest based on the total property value of $22.9 million. The community is 97.5 percent occupied and features a pool, a fitness center, covered parking and shuttle services to campus.
HOUSTON — LMI Capital has arranged $18 million in refinancing for an office building and two apartment properties, all located in Houston. Jamie Mullin of LMI Capital's The Woodlands office arranged $5 million for the office building in a 9-year loan with a 25-year amortization through a life insurance company. Mullin also arranged $10 million for an apartment complex on Westheimer Road in a 10-year loan with a 30-year amortization schedule. Additionally, Mullin secured $3 million for another apartment complex in a 10-year loan with a 30-year amortization schedule.
PLANO — Columbus, Ohio-based Red Mortgage Capital has provided $14.97 million in acquisition financing and refinancing for the 286-unit The Park at Fox Trails, an apartment community located at 6300 Roundrock Trail in Plano. Aventura, Fla.-based Trade Street Property Fund is sponsoring the borrower and the loan was through Fannie Mae Dus' ARM 7-6 program.
SAN ANTONIO — NorthMarq Capital has arranged a $13 million first mortgage loan for the 114,433-square-foot The Oaks at University Park, an office park located in San Antonio. The property features tenants such as Allstate and Community First Health. William Luedemann of NorthMarq's Houston office arranged the 15-year loan with a 25-year amortization schedule through John Hancock Life Insurance Co. on behalf of the borrower, Building One Oaks.
