ARLINGTON, TEXAS — Bianco Properties has purchased the 75,000-square-foot Village by the Parks II shopping center from The Uhlmann Offices of Sherman Oaks, Calif. The Arlington property is located across the street from Village by the Parks I, which Bianco purchased in 2007. Both centers sit near the front entrance to the 1.5-million-square-foot The Parks at Arlington mall. Venture Commercial's Amy Pjetrovic and John Zikos assisted in the transaction. The buyer financed the purchase by assuming a CMBS mortgage.
Texas
PORT ARTHUR, TEXAS — A private Texas-based partnership has sold a 72-room Hampton Inn & Suites to a Maryland-based buyer for an undisclosed amount. The property, which was built in 2007 on 1.61 acres of land, is located at 7660 Memorial Blvd. in Port Arthur. Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office brokered the sale.
HOUSTON — 2941 Spencer LLC has purchased a 9,100-square-foot retail building from Winslow Revocable Trust for an undisclosed amount. The property is located at 2941 Spencer St. in Houston. Grubb & Ellis' Gus Lagos represented the buyer. Wulfe & Co.'s Kristen Barker represented the seller.
WEBSTER, TEXAS — Twin Peaks Restaurant has leased 86,893 square feet from NewQuest Properties in Webster Town Center. The shopping center is located at the interchange of Interstate 45 South and Nasa Bypass in Webster. Mark Sondock served as in-house representation for NewQuest. Paige Partners' Nick Hernandez represented Twin Peaks Restaurant in the transaction.
HOUSTON — Auction Management Corp. has brokered the sale of the former Landmark Chevrolet building in Houston at auction for nearly $3 million. Located at 9111 North Freeway, the property, which closed 2 years ago, was purchased by an undisclosed party. According to Dan Hays, a U.S. Bankruptcy Trustee, the asset had been listed for sale through traditional means, but had not received an acceptable offer.
FORT WORTH, TEXAS — Jeanne Cronin of Q10|New York Realty Advisors has arranged a $4.5 million loan for the 135,000-square-foot Westcliff Shopping Center. The property is located on West Biddison Street in Fort Worth. Westcliff is currently 90 percent occupied. A Texas-based bank provided financing for the 5-year, non-recourse loan, which carries a 6.65 percent interest rate. Stuart Berg of Kurzman Eisenberg Corbin & Lever represented the borrower.
HOUSTON — Parkway Properties has sold the 163,000-square-foot One Park Ten office building to an undisclosed party for $15.7 million. The 28-year-old Houston property is 93.7 percent occupied. Parkway will recognize an $8.6 million gain on the sale during the second quarter. The sale is part of the company's program aimed at recycling older assets and investing in newer, larger properties.
SAN MARCOS, TEXAS — 1180 Thorpe Ltd. has purchased a 103,504-square-foot building from Target for an undisclosed price. The former Target store is located adjacent to Springtown Mall at 1180 Thorpe Lane in San Marcos. Target relocated its store to East McCarthy Lane last September. Epic Real Estate Ventures' Daniel Jay Holland represented the buyer. Mark Reeder and Todd Wallace of SRS Real Estate Partners represented Target.
FLOWER MOUND, TEXAS — Construction of the 41-bed Continuum Rehabilitation Hospital will officially begin April 24 at 3100 Peters Colony in Flower Mound. The property will include 41 private rooms, a spa, a gym, cold and hot immersion baths, and a restaurant. The development was created under the city's revised Economic Development Incentive policy and is expected to create 110 jobs.
GRAND PRAIRIE — JRDC Partners has acquired a 22,000-square-foot office building from G.I.T.F. for an undisclosed amount. The two-story property, located at 3340 Roy Orr Blvd. in Grand Prairie, was built in 2000 on 10.53 acres. Pete and Drew Richardson of Henry S. Miller Brokerage represented the buyer. Steve Johnson Commercial Realty's Carolyn Albert represented the seller.