SAN ANTONIO — Two new Marriott-branded hotels have opened at The RIM, an 800-acre master-planned community located in San Antonio. The first hotel is the 131-suite Residence Inn San Antonio Northwest, which is located at 5707 Rim Pass Dr. The hotel features studio, one- and two-bedroom suites with fully equipped kitchens. Amenities include an outdoor swimming pool, an exercise room, a social room, a restaurant and 500 square feet of meeting space. The second hotel is the 124-room Courtyard San Antonio Northwest, which is located at 5731 Rim Pass Dr. The hotel features Courtyard's newly redesigned lobby and guest rooms. Amenities include 1,200 square feet of meeting space, an outdoor swimming pool with a whirlpool, a fitness center and a business center. Both hotels are owned and operated by Raleigh, North Carolina-based Concord Hospitality Enterprises.
WACO, TEXAS — Marcus & Millichap has brokered the sale of Patriot Homes, a 295,028-square-foot industrial property located at 1001 West Loop 340 in Waco. Jacob Steele and Andy Glinski of Marcus & Millichap's Denver office, along with John Abuja of the firm's Chicago office, represented the seller, a developer. The trio also represented the buyer, a limited liability company. Assistance was provided by Tim Speck of Marcus & Millichap's Dallas office. The acquisition price was not disclosed.
DALLAS — ABT Executive Suites, a provider of flexible-lease office space, has signed a lease for approximately 27,000 square feet within Dallas' Millennium Centre. The company plans to use the space for its 11th Dallas-area office. Sonny Moyers of Ebby Halliday Realtors and The O'Dea-Moyers Group represented ABT in lease negotiations. Matthew Didyk of Transwestern represented building ownership. Terms of the lease were not disclosed.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of the Lenox Court multifamily community in Houston. The property contains 266 units and is situated at 10534 Beechnut St. The transaction involved the sale of the promissory note secured by the property, which was subsequently foreclosed on by the buyer, Dallas-based Villa Adora. Greg Austin, Chip Nash and Jim Hearn of H&P's Houston office, along with Tom Burns and Jay Gun of the firm's Dallas office, represented the buyer. The seller was Los Angeles-based SunAmerica Life Insurance Co. The buyer plans to complete renovations to the property this year.
HOUSTON — NAI Houston has arranged the lease of a 29,032-square-foot industrial building located at 117 N. Palmer St. in Houston. Travis Land and Michael Keegan of NAI Houston represented the tenant, Massey Industries, in lease negotiations. Barrett Gibson of Gibson & Granello Realty Partners represented the landlord, 117 Palmer, Ltd. Terms of the lease were not disclosed.
THE WOODLANDS, TEXAS — Groundbreaking has occurred for The Village at The Woodlands Waterway, a senior housing project located in The Woodlands. The project is situated at the corner of Grogan's Mill Road and Lake Robbins Drive on The Woodlands Waterway. It features 207 rental units in a mix of studio, one-bedroom and two-bedroom residences, as well as approximately 250,000 square feet of space. The community features extensive common areas, including a dining room that overlooks the Waterway. Other amenities include a living room, a library, bridge and billiard rooms, a theater, a computer room, and a fitness center with a pool. Cultural guild programs will be offered and the exterior of the project will feature landscaped courtyards. Houston-based Bridgewood Property Co. is developing the project, with Construction Supervisors serving as general contractor. The architect of record is Ambrose & House Architects and the design architect is Munoz + Albin Architects.
HOUSTON — CB Richard Ellis (CBRE) has brokered two Houston industrial leases totaling 88,229 square feet. In the first transaction, Ram Tool & Supply Co. has signed a lease for 61,229 square feet of warehouse and distribution space at Southport Business Park, which is located on South Loop. CBRE's John Simons represented Ram. John Kruse of Holt Lunsford represented the undisclosed landlord. In the second transaction, Terrapin Tire has renewed its lease for 27,000 square feet of warehouse space at Interpark Rankin Business Park, which is located at 1922 Rankin Rd. CBRE's Patrick Rollings represented the tenant. Tommy Brummett of Brummett & CO. represented the landlord, 1029 Interpark Rankin Associates, Ltd.
HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $5.31 million for the acquisition of The Lenox Apartments, a 164-unit multifamily community located in Houston. The non-recourse loan includes a 10-year term with a 5.86 percent interest rate. Brandon Brown of LMI secured the loan on behalf of the borrower, Axiom Equity Investments II. The lender was one of LMI's Fannie Mae DUS lending sources.
HOUSTON — Broadstone Real Estate has acquired a medical office building located in Houston in a sale-leaseback transaction. The seller is EyeCare Laser Center; the terms of the lease include a 15-year term with annual rent escalations. The property traded for $2 million. Broadstone made the purchase on behalf of Broadstone Net Lease, a private REIT formed by the company in 2007.
FORT WORTH, TEXAS — A partnership led by Fort Worth-based Atlas Properties has acquired Fort Worth's Historic Electric Building. The 18-story, 173,000-square-foot tower is located within the city's central business district. Constructed in 1929 as the home of the Texas Electric Service Co. as well as the Hollywood Theater, the property was converted into a multifamily property in 1996. It contains 106 apartment units and three retail spaces, and it is currently on the National Register of Historic Places. Occupancy was 88 percent at the time of closing. Atlas purchased the property as a principal in a partnership that also includes Dallas-based Silverado Investments and local investors. Atlas will manage the property and is planning a multi-phase renovation.