COLLEGE STATION — New York City-based investment firm Vesper Holdings has entered the College Station market with the purchase of two off-campus student housing communities. Campus View and Campus View East are located within one mile of Texas A&M University. The properties feature a total of 62 two-story buildings containing 867 beds in a mix of 478 one- through four-bedroom units. Amenities for both communities include multiple swimming pools; a fitness center; volleyball, basketball and tennis courts; a business center; game rooms; and picnic and grilling areas. Occupancy was 98 percent at the time of closing. The seller's name was not released in the off-market deal. KeyBank assisted Vesper in arranging acquisition financing through Fannie Mae. In the near-term, Vesper plans to complete a $1.5 million capital improvements plan that will include units and clubhouse renovations, exterior property improvements and technology upgrades.
Texas
HOUSTON — NorthMarq has arranged first mortgage financing of $12.5 million for Corporate Centre Shepherd, a 235,579-square-foot Class A flex industrial project located at 707-767 N. Shepherd in Houston. Major tenants include Harris County, Time Warner Telecom, Tommie Vaughn Motors and Discover Gymnastics. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for Warehouse Associates Corporate Centre Shepherd, Ltd., through NorthMarq's correspondent relationship with Aetna.
HOUSTON — Westheimer at Wilcrest shopping center, located on the northeast corner of Westheimer and Wilcrest roads in Houston, has been sold to Westheimer Square, L.P. Philip Mullett and Sandy Aron of Hunington Properties, a full-service commercial brokerage company, represented the unlisted seller of the 21,459-square-foot retail property.
HOUSTON AND CHANNELVIEW — InterContinental Hotels Group (IHG) has opened two Holiday Inns on the east and west side of Houston. The hotels reflect the completion of the $1 billion Holiday Inn global brand relaunch, which included a renewed focus on quality, improved arrival and welcome features, enhanced bedding and showers, and a new service culture. The 130-room, five-story Holiday Inn Westchase, located at 10609 Westpark Dr. in Houston, features 22 guest suites and 2,700 square feet of meeting space, including one ballroom that accommodates 285 people, and two smaller meeting rooms. Meanwhile, the 111-room Holiday Inn Houston East, located at 16311 East Fwy. in Channelview, features eight guest suites and offers banquet facilities and meeting space totaling more than 2,300 square feet, which accommodates 240 people. Holiday Inn Westchase is owned by Versatile Hotels LLC and managed by Pika Management, while Holiday Inn Houston East is owned by Amir Khan and managed by Ashland Hospitality.
DESOTO — Denver-based Baceline Investments, a private equity real estate investment management company, has purchased Fountain Village Shopping Center, a 37,000-square-foot neighborhood retail center in DeSoto. Baceline acquired the property from a loan special servicer for $1.2 million. Built in 1986, the property is only 25 percent occupied. Baceline intends to convert the property into convenient, low-cost medical office space. Fountain Village is the fourth distressed property acquired by Baceline in the past year as part of its distressed property initiative.
HOUSTON — BreitBurn Energy, an independent oil and gas limited partnership, has renewed its office lease at 600 Travis St., also known as Chase Tower, in Houston. Doubling its size, BreitBurn Energy signed a new lease extension for 42,136 square feet at the 75-story, 1.6 million-square-foot Class A tower in Houston's downtown business district. Allison Knight and Chrissy Wilson represented the building's owner, Hines Interest, while Harry Holmes II of Newmark Knight Frank represented BreitBurn Energy.
DALLAS AND RICHMOND — Texas Retina Associates has leased a 2,850-square-foot medical office suite within McShane Development's 92,000-square-foot 10740 Medical Office Building in Dallas. It's the 14th office throughout Texas for Texas Retina Associates, which is the state's largest ophthalmology practice focused on specifically on the diagnosis, treatment and surgery of the retina and vitreous. In addition, McShane Development has launched a fully equipped 1,400-square-foot timeshare suite with the company's OakBend Doctors Center — Southwest Freeway medical office building, located on the new hospital campus of the OakBend Medical Center in Richmond. The timeshare suite allows physicians the flexibility of providing patient care in areas where the doctor does not need to maintain a full-time presence. Physician and practice groups have the option of leasing the suite in full-day increments, which accommodates varying patients demand levels. The suite offers a waiting area, treatment rooms, physician offices, a kitchen/break room and a secure area for the storage of patient records and personal items.
DALLAS — Warrior Group, a Dallas/Fort Worth-based general contractor, will provide construction management services for renovations of the FretzPark Recreation Center, located at 6950 Beltline Rd. in Dallas. The project entails interior and exterior improvements to the existing 13,600-square-foot recreation center that serves the North Dallas community. The work will include mechanical and electrical system upgrades, lighting replacement, architectural finishes and site work. Construction is set to begin in May, with an estimated completion date of January 2012. GGO Architects, Dallas, is the architect of record, while Dallas-based Pegasus/URS is the program manager for the project.
IRVING — The Connor Group, a Centerville, Ohio-based real estate investment firm, has acquired Knightsbridge Apartments, a 308-unit multifamily community, for $27.5 million in the Las Colinas and Irving area close to the Dallas-Fort Worth Airport and the Four Seasons Hotel and Resort. Knightsbridge Apartments is located at 5342 Bond St. in Irving.
NORTH RICHLAND HILLS — Fort Worth Community Credit Union has purchased a 4,000-square-foot building located on Davis Boulevard in North Richland Hills. Previously occupied Washington Mutual Bank, the building is situated west of a Target-anchored shopping center with tenants including Starbucks, Radio Shack and Game Stop. Fort Worth Community Credit Union is expected to open this fall. Christopher Gibbons of Venture Commercial represented Fort Worth Community Credit Union in the transaction, while David Levinson of The Retail Connection represented the seller, Inland Western North Richland Hills.