NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of a 128-room Rodeway Inn located at 1209 N. Interstate 35 in new Braunfels. Allan Miller of Marcus & Millichap's Austin office represented the seller and procured the buyer, both of which were undisclosed limited liability companies. The acquisition price was not disclosed.
CARROLLTON, TEXAS — Monmouth Real Estate Investment Corp. has acquired a 184,317-square-foot industrial property located within Valwood Industrial Park in Carrollton for approximately $17.9 million. The building is situated at 2000 Luna Road and is occupied by Carrier Enterprises through 2019. It was constructed in 2009. Darren Sides of Porthaven Partners represented Monmouth in the transaction. The seller's name was not disclosed.
SUGAR LAND, TEXAS — Sugar Land-based Curtice Commercial Real Estate is nearing completion for Mody Plaza, a three-story, 25,000-square-foot commercial project located within Sugar Land's Lake Pointe Development. Initial plans for the building call for retail space on the ground floor, with restaurants or professional office space on the second and third floors. The building will also feature an attached two-story parking garage. Johnson Atala & Associates is serving as project architect.
TULSA, OKLA., AND NORTH RICHLAND HILLS, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged two loans totaling $22.63 million for two multifamily communities. The first property, Lakeside Place, is a 210-unit apartment complex located in Tulsa. The second property, The Venue at Hometown, is a multi-use property located in North Richland Hills that consists of 189 apartments and 46,000 square feet of ground-floor retail space. The Lakeside Place loan carries a 5.63 percent interest rate. The Venue at Hometown loan carries a 5.75 percent interest rate. Both loans feature fixed interest rates, 10-year terms and 30-year amortization schedules. The lender for both transactions was Alliant Capital, which utilized the Fannie Mae DUS program. MCA's Todd McNeill secured the Lakeside Place loan, and Hook Harmeling, also of MCA, secured the Hometown loan.
AUSTIN, TEXAS — Spire Realty Group has purchased Chase Tower, a 21-story, Class A office tower located at 221 W. Sixth St. in Austin's central business district. The building contains 389,502 rentable square feet and was 96 percent leased at the time of closing. Spire plans to complete capital improvements to the building in the near-term. Andrew Levy and Todd Savage of Holliday Fenoglio Fowler represented the sellers: ERG Chase Tower LP, Chase Tower REO LP, NNN OF8 Chase Tower REO LP and NNN VF Chase Tower REO LP. Spire provided in-house representation.
AUSTIN, TEXAS — Phoenix-based Cole Real Estate Investments has acquired Mueller Regional Retail Center, a 351,462-square-foot retail property located in Austin. The center is anchored by The Home Depot, Best Buy, Marshalls, PetSmart, Staples and Bed, Bath & Beyond. The seller as well as the acquisition price were not disclosed.
DALLAS — Preston Bend, a 255-unit multifamily community located in Dallas, has sold. The Class B property is situated on 9 acres at 18790 Lloyd Drive. It contains a mix of one- and two-bedroom units averaging 726 square feet each. Amenities include a tennis court, a sports court, a fitness center, a car care center, a playground and a swimming pool. Bill Miller and Roberto Casas of Holliday Fenoglio Fowler's Dallas office represented the seller, Equity Residential. Richard Hoffmann of Anterra Realty Corp. represented the buyer, a California-based private investor. The acquisition price was not disclosed.
ROSENBERG, TEXAS — Stan Johnson Co. has brokered the sale of a recently built, 69,175-square-foot industrial building located in Rosenberg. Situated at 3800 Block Reese Road, the building is fully occupied by National Oilwell DHT. Jim Gibson of Stan Johnson Co. represented the seller, a Colorado-based retail developer. The buyer is a private investor. The acquisition price was not disclosed, but the property listed for $12.7 million.
HOUSTON — Tootsies has announced that it will relocate its Houston store to the 34,000-square-foot anchor space at West Ave, a seven-story multi-use residential project located at the intersection of Westheimer and Kirby in Houston. Build-out for the space will begin in the summer, and Gensler will serve as the architect of record. Tootsies will join Zaika, Eddie V's, Cru and Rome in the 190,000-square-foot retail and restaurant component of the project. Above the two levels of retail space, West Ave will also contain 389 luxury apartment units. Approximately 40 percent of the retail space is lease and 70 percent of the residential space, which opened last February, is leased. The project's first retail openings will begin in May. The owners of West Ave are Gables Residential and Northwestern Mutual.
KILGORE, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy located in Kilgore for $4.98 million. The building is located at 701 N. Highway 250. Walgreens has 73 years remaining on its absolute net lease of the building. Alvin Mansour and Phil Sambazis of Marcus & Millichap's San Diego office, along with Will Jarnagin of the firm's Dallas office, represented the seller, a Texas developer. Tim Speck of Marcus & Millichap assisted in the transaction. The buyer was not disclosed.