HOUSTON — KBS Realty Advisors has sold the 139,834-square-foot Atrium at Park Ten office building to Beacon Investment for an undisclosed amount. The property is located on 6 acres at 16340 Park Ten Place in Houston. In the past 8 years, the owner has invested $2 million in capital improvements into the property; the Atrium is currently 88 percent leased. Holliday Fenoglio Fowler's Susan Hill arranged fixed-rate financing for Beacon. Dan Miller and Martin Hogan of HFF brokered the sale.
Texas
LEAGUE CITY, TEXAS — Sunstone Realty Advisors has purchased the 352-unit Broadstone Walker Commons apartment complex from a bank participation led by agent bank Bank of America for an undisclosed amount. The property is located at 1751 W. Walker St. in League City on 20 acres of land and is 91 percent leased. The purchase was financed by a Freddie Mac loan, which was secured by John Brownlee and Matt Kafka of Holliday Fenoglio Fowler. HFF's Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry brokered the sale.
HOUSTON — Chatham Lodging Trust has purchased the 120-room Hampton Inn & Suites Houston – Medical Center from an undisclosed seller for $16.5 million. The purchase is part of a planned four-property portfolio, which will eventually be acquired for $61 million. The other three hotels will be purchased once due diligence is completed.
DENTON AND LEWISVILLE, TEXAS — Healthcare Trust of America has purchased a two-property medical office portfolio in Denton and Lewisville from an undisclosed party for $13.5 million. One of the properties, which spans 35,720 square feet, is located on Texas Health Presbyterian Hospital Denton's campus. The 10-year-old building is fully leased to Texas Health Resources through 2017. The Lewisville property is 18,000 square feet and is fully leased to Texas Oncology.
HOUSTON — A Texas-based partnership has sold the 68-room La Quinta Inn & Suites Houston Normandy to a private party for an undisclosed amount. The Houston property, which was built in 2008, carried a list price of $5.2 million. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap represented the seller.
HOUSTON — Cadence McShane Construction Co. will soon start work on the 110,160-square-foot Edgewood Elementary School for the Spring Branch Independent School District in Houston. The school will be located at the intersection of Hollister Road and Kempwood Drive. The school will span 38 classrooms, a science lab, a library, a cafeteria, a gym and music rooms. Construction was financed with a $597.1 million bond that has a term of 10 years. Delivery is slated for July 2011.
GRAND PRAIRIE, TEXAS — Consumer Product Services has leased 60,005 square feet of warehouse space from Cobalt Capital Partners in Grand Prairie. The property is located at 1001 Avenue R. Lee & Associates' Conrad Madsen and Greg Nelson represented the tenant. The firm's Donnie Rohde and Mark Graybill represented the landlord.
NEW BRAUNFELS, TEXAS — Cotton Crossing LLC has sold the 118-unit Cotton Crossing apartment complex to I&R Partners for an undisclosed amount. The property is located at 705 Village Way in New Braunfels. Built in 2003, Cotton Crossing contains a pool, a spa and a fitness center. Scott Weems and Will Caruth of Hendricks & Partners' San Antonio office represented the seller.
DALLAS — RCP Central Expressway Office Ltd. has invested $2.65 million in two Dallas office buildings located at 6060 and 6080 Central Expressway. The two properties total 270,499 square feet. The eight-story 6060 building is 82 percent leased, and 6080 is fully leased to Corinthian Colleges. The firm invested in the property at $68 per square foot, which is half of the replacement costs.
DALLAS — Cole Real Estate Investments has acquired the 206,040-square-foot AT&T Regional Headquarters office building from an undisclosed party. The purchase price was listed at $29.4 million. The Class A property, which is fully leased to AT&T, is located in Dallas' Pinnacle Business Park.