DALLAS — Dallas/Fort Worth-based Realty Capital Partners (RCP) recently invested $1.3 million (through its recently formed RCP Northwest Crossing, Ltd.) in the acquisition of four Class B flex office buildings in Dallas. Located at the intersection of Northwest Highway and Loop 12, the buildings total 127,037 square feet. Felder Property Group, which approached RCP about the equity investment opportunity in May, will manage and lease the buildings.
SAN ANTONIO — Los Angeles-based Investment Real Estate Associates (IREA) has closed the sale of a Family Dollar store in San Antonio. Built in 2009, the 9,180-square-foot building is located at 1826 Rigsby Ave. William Everitt and Clark Everitt with IREA represented both the buyer, a private individual, and the seller, TI Rigsby, LP, in the transaction.
ARLINGTON, TEXAS — Chuy’s, an Austin, Texas-based Tex-Mex concept, has opened its new location in Arlington. The restaurant is located at The Retail Connection’s Arlington Highlands development, a 1.5-million-square-foot power center at the northeast corner of Interstate 20 and Matlock Road. Dallas-based Foremark handled the acquisition, entitlement and project management of the site. Parkway Construction & Associates managed the building’s design and construction. This marks Chuy’s third location in the Dallas/Fort Worth market.
HOUSTON — Midway Cos. has opened Domain at CITYCENTRE. The 370-unit multifamily complex offers amenities that include three courtyards, a swimming pool, a fitness center and a clubroom. CITYCENTRE is a mixed-use, $500 million development that covers 1.8 million square feet of retail, restaurants, offices, and residential living in downtown Houston.
HOUSTON — Randy Williams has sold the former Tuscany at Garden Oaks, a 33,250-square-foot retail building located at 835 W. 34th St. in Houston to an undisclosed buyer. Bill Burge and Mark Lehman of Grubb & Ellis represented the seller in the transaction.Additionally, 7321 Harrisburg LLC has purchased a 24,251-square-foot Family Dollar building located at 7321 Harrisburg in Houston from 73rd Street @ Harrisburg LP. Gus Lagos of Grubb & Ellis represented the buyer in the transaction.
VICTORIA, TEXAS — Moody Rambin Interests has brokered the sale of a 27,665-square-foot NNN Incredible Pizza, located at 3706 Navarro St. in Victoria. Chris Dray and Derek Hargrove of Moody Rambin Investment Services represented the seller, Victoria Incredible Pizza Group. The buyer was Fuldner Enterprises.
THE WOODLANDS, TEXAS — Raymond Management Co. has acquired a land parcel located in the Woodlands for the construction of a new hotel. The parcel is situated on College Park Drive across from College Park Shopping Center. The developer plans to begin construction later this year for an approximately 135-room Spring Hill Suites by Marriott. The hotel will feature complimentary wireless Internet access, a lobby bar, a swimming pool, a fitness center and a convenience store. Raymond also plans to construct a freestanding restaurant on site. Barry Perkel provided in-house representation for Raymond Management Co. in the land transaction. Greg Jordan of The Woodlands Development Company provided in-house representation for the seller.
HOUSTON — Seven projects are currently under way at Interwood, Wolf Companies’ 440-acre master-planned business park located at the entry to Houston’s George Bush Intercontinental Airport, at the intersection of Beltway 8 and John F. Kennedy Boulevard. Three of the projects will be completed this summer. The first is Denver-based The Urban Group’s 62,000-square-foot, Class A office building, located at 15109 Heathrow Forest Pkwy. In addition, Austin-based Live Oak-Gottesman is wrapping up a 35,000-square-foot office building, located at the intersection of Interwood South and Heathrow Forest parkways, for the U.S. Customs & Border Control Protection Services. Finally, BRG Cornerstone Development will soon complete the first building for Weller Truck Parts. Construction of a second building for the company will begin this fall. Upon full completion, Weller will occupy approximately 42,000 square feet on its 4-acre site. The other four transactions have just started or will soon commence. First, Dallas-based Western International has broken ground for a 131-room Fairfield Inn & Suites hotel, which is scheduled for a fall completion. The company recently completed a 134-room TownePlace Suites hotel, also within Interwood. Boston-based Cabot Properties has purchased 23 acres of land, located at JFK Boulevard and Interwood South Parkway, for the …
HOUSTON — Houston-based Transwestern has brokered the sale of Steeplechase Shopping Center, a 194,000-square-foot community retail center located in Houston. Situated at the intersection of Jones Road and FM 1960 West in the city’s Northwest submarket, the shopping center is occupied by a tenant roster that includes Palais Royal, 99¢ Only, Anna’s Linens and Capital One Bank. The buyer, Schreer Partnership Interests, plans to redevelop the property and add several national tenants. Rudy Hubbard and Leah Gallagher of Transwestern represented the seller, Weingarten Realty Investors. Leasing of the center will be handled by WPW Management.
HOUSTON, SAN ANTONIO AND PARIS, TEXAS — National Health Investors, Inc. (NHI) has purchased four skilled nursing facilities for $55.5 million in a sale/leaseback transaction with affiliates of Legend Healthcare. The portfolio consists of 595 beds. Two of the properties are located in Houston, and the other properties are located in San Antonio and Paris. NHI purchased three of the four nursing facilities in June for $39.7 million, and will purchase the final one no later than August for $15.8 million. The four facilities are being leased to Legend for 15 years at an initial lease rate of 10 percent plus annual increases. Legend has the option after 7 years to re-purchase them.