HOUSTON — Vigavi Realty has acquired a 63,550-square-foot flex property, located at 5050 Westway Park Blvd. in the Beltway 8 Corporate Center in Houston. Mark Nicholas and Richard Quarles of Jones Lang LaSalle's Houston office represented the buyer in the transaction. Houston-based Central Management Inc. is now managing the property, which is 100 percent leased to national credit tenants.
HOUSTON — NorthMarq Capital has arranged $7.55 million in financing for the 70,642-square-foot Gulfgare Square Shopping Center, located at 6800 Gulf Freeway in Houston. David Mott of the NorthMarq's Dallas office arranged the financing through the Wells Fargo CMBS Platform.
ALVIN — Phoenix-based Cole Capital has purchased a 21,000-square-foot retail building that is fully leased to Office Depot, located at the corner of Highway 6 and Highway 35 Loop in Alvin, for $2.8 million. Hunter Jaggard of Stan Johnson Co.'s Houston office represented the seller, Houston-based Property Commerce, in the transaction. Cole Capital was self-represented by Carol Romney.
BEDFORD — Addison-based Legacy Alliance Holdings has acquired the 59,909-square-foot Bedford Meadows, a retail center located in Bedford. The property was 40 percent occupied at the time of the sale. Before the sale, the property's former owner, VFC Partners 7, foreclosed on a $3.85 million loan. Legacy was self-represented by Brad DeYoung in the transaction, and Nelson Somerville of Southlake-based Vaughn Commercial Realty represented the undisclosed seller.
SAN ANTONIO — Arizona-based MC Cos. has purchased the 250-unit Shadow Valley Apartments, a Class B garden-style community located at 5650 Grissom Rd. in San Antonio. MC Residential will manage the community after capital improvements are completed. The property will be renamed The Place at Shadow Valley. Financing for the acquisition was provided by a Fannie Mae loan through Wells Fargo.
DALLAS — NorthMarq Capital has arranged $14 million in first mortgage financing for the 224,662-square-foot The Arbors Shopping Center, located at 18150-18410 Preston Rd. in Dallas. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan with a 30-year amortization schedule through State Farm Life Insurance Co. on behalf of the borrower, Preston Road Associates.
ALEDO — Marcus & Millichap has brokered the sale of 118 Marble and 106 Bear Cat, two industrial facilities located in Aledo. The Marble property is a 10,000-square-foot facility that was 88 percent leased at the the time of the sale. The Bear Cat facility is a 14,323-square-foot property and was fully occupied at the time of the sale. Philip Levy of Marcus & Millichap's Fort Worth office represented the seller, a private investor, in the transactions and procured the buyer, a limited liability company.
HOUSTON — MetLife has completed the sale of a 50 percent interest in the 1.7 million-square-foot Wells Fargo Plaza, a 71-story office building located at 1000 Louisiana St. in Houston's CBD, to New York State Common Retirement Fund. MetLife will retain asset management responsibilities and the remaining 50 percent interest. The property is 96 percent leased to 37 tenants. Robert Williamson and Scott Galloway HFF's Houston office and Mark Gibson of the firm's Dallas office represented MetLife in the transaction, and Clarion Partners represented New York State Common Retirement Fund.
SAN ANTONIO — Embrey Construction has broken ground on Pearl Brewery's 300-unit Can Plant Apartments, a multifamily community located at 503 Avenue A in San Antonio. The development will include a resort-style swimming pool, parking garage, health club and social lounge. An affiliate of San Antonio-based Silver Ventures is developing the property, which is designed to achieve the 2008 National Green Building standard. The property is slated for a third quarter 2012 delivery.
EL PASO — Cypress Equities has arranged $57.3 million loan for the 591,000-square-foot Bassett Place, an enclosed mall located at 6101 Gateway W. in El Paso. The mall is 93 percent leased to tenants such as Kohl's, Target and Premiere Cinema 18. Cypress arranged a $49.3 million senior loan through CIBC on behalf of the borrower, Bassett Place Real Estate Co. Cypress also arranged $8 million in mezzanine financing through RCG Longview. Part of the funding will go toward capital improvements associated with two new leases with Dollar Tree and Shoe Carnival in one of the mall's outparcel buildings.