STILLWATER, OKLA. — Stillwater Plaza, a 122-room hotel located at 600 E. McElroy Rd. in Stillwater, has sold for $1.7 million. Jonathan Ruprai, a hospitality investment specialist with Marcus & Millichap's Tampa, Fla., office and David Bohanon with the firm's Oklahoma City, Okla., office marketed the hotel property on behalf of the seller, an unlisted bank and financial institution. Stillwater Plaza was built in 1982.
HOUSTON — Precision Flamecutting & Steel, Inc., has purchased 13.19 acres at Satsuma Station Industrial Park, located off U.S. Highway 290 and Highway 6 in northwest Houston. The new 105-acre, master-planned business park is a development of PinPoint Commercial LP and is currently home to FedEx Freight's 153,853-square-foot facility. Bill Rudolf and Gray Gilbert of CB Richard Ellis (CBRE) represented Precision Flamecutting & Steel, Inc., in the transaction.
ROWLETT — Expo Retail Center, a 28,511-square-foot retail property located on Lakeview Parkway near Rowlett Road in Rowlett has sold. Rowlett Lakeview Investments, L.P., sold it to Lakeview Expo, Ltd., and Tommy Crowell and Stacy Standridge of Standridge Cos. The property is 61 percent occupied with tenants including Fuzzy's Taco Shop, Fresenius Medical Care and Amelia's Mexican Restaurant. Sean Byrne of Byrne Co. and Jason Byrne of Venture Commercial represented Rowlett Lakeview Investments, L.P. Doug Archer of POB Montgomery served as the receiver and special servicer for Midland Loan Services for a year and a half before the property changed hands.
AUSTIN AND SAN ANTONIO — CoreNet Global, a corporate real estate association, is launching a Central Texas chapter, which will serve all of Central Texas including Austin and San Antonio. John Scoblick of Tovero Capital Group in Austin will become president of the new chapter and Scott Syamken of USAA in San Antonio will become president elect. The Central Texas chapter board will consist of five additional members and will hold its initial program in April. The additional members include R.G. Jerry Converse of Fulbright & Jaworski LLP, Christopher Harman of HCP Realty Advisors, Pat Orman of AT&T, Steve Ramseur of Jones Lang LaSalle and Shannon Schiermann of Symantec Corp.
DALLAS AND LEWISVILLE — Dallas-based SRS Real Estate Partners has represented Archon Group in its sale of a 4.8-acre tract of land to Centric Capital Partners. The site sits across from Prestonwood Town Center on the northwest corner of Monfort Road and Town Center Boulevard in Dallas. Centric Capital Partners intends to develop the land into four pad sites that will be put up for sale or lease. Mark Newman and Mark Reeder of SRS Real Estate Partners' Dallas-Fort Worth office represented Archon Group. In addition, Asbury Automotive Group has sold the former Saturn of Lewisville, located at 1515 S. Stemmons Fwy. in Lewisville, to Baum Auto Sales. The 4.05-acre lot includes a 19,400-square-foot building and the purchaser intends to operate an automotive sales facility. Newman and Ryan Johnson of SRS Real Estate Partners represented Asbury Automotive Group.
DALLAS — Dallas-based Mill Creek Residential Trust and Rockwood Capital have formed a joint venture partnership to invest in multifamily real estate development, construction and acquisitions throughout the United States. The partnership includes an investment of $200 million by Rockwood Capital and Crow Holdings in Mill Creek Residential Trust, which has an average of 28 years of industry experience among its senior management team that is entirely comprised of former Trammell Crow Residential veterans. The team includes Charles Brindell, Jr. as chief executive officer; Michael Collins as executive managing director, west; William MacDonald as executive managing director, east; Mark Dempsey as chief financial officer; and Michael Melaugh as executive managing director, national capital markets.
HURST — Texas Appliance Supply, a local residential appliance dealer serving both retailers and builders, has purchased a 71,000-square-foot retail building located at 840 Airport Fwy. in Hurst from Syms Corp. The appliance dealer will occupy 26,500 square feet of the property with 45,000 square feet still available for lease. Doug Jennings of the William C. Jennings Co. represented Texas Appliance Supply, while Richard Polishuk and Christopher Walker of the commercial retail division with The Weitzman Group represented Syms Corp.
SAN ANTONIO — Phoenix-based Cole Real Estate Investments has acquired the Medtronic office building, located within The Rim mixed-use development in San Antonio, from Transwestern. The office property is a 142,000-square-foot Class A property that was constructed in 2008. Medtronic, Inc., a manufacturer of medical devices, occupies the property with a remaining lease term of approximately 10 years with two 5-year renewal options. Boyd Messman represented Cole in house, while Ty Puckett represented Transwestern in house.
PLANO — Plano Independent School District (ISD) has selected Cadence McShane Construction Co. to construct the new single-story, 77,000-square-foot Memorial Elementary School that will be located at 2600 Avenue R in Plano. Cadence McShane will also renovate Weatherford Elementary School, located at 2941 Mollimar Dr. in Plano, on behalf of Plano ISD. It will enhance 64,969 square feet of the existing school facility in addition to the construction of 3,396 square feet of new space. PBK is providing the architectural services for Memorial Elementary School that is scheduled for an August 2012 completion. Perkins + Will is serving as the project architect for Weatherford Elementary School, slated for completion in September 2012.
DALLAS — Holliday Fenoglio Fowler (HFF) has arranged $17.7 million financing for a five-property industrial portfolio totaling 667,702 square feet in northern Dallas. HFF worked on behalf of Crow Holdings to secure the fixed-rate loan through MetLife Real Estate Investments. The portfolio consists of multi-tenant office/warehouse and distribution facilities that are 92 percent leased to tenants including Xerox Corp., Freed's Furniture, Bunzl Distribution, Tohatsu America Corp. and All American Flooring. The properties included in the portfolio are 2005 Valley View Ln., 4650-4654 Nall Rd., 4700 Nall Rd., 4720 Simonton Rd. and 4990 Alpha Rd. in Dallas.