KELLER, TEXAS — Marcus & Millichap has completed the sale of Park Vista Business Park in Keller. Situated on 1.57 acres, the property contains two single-story buildings totaling 22,000 square feet. Each building contains 11 units of 1,000 square feet, with some tenants occupying multiple units. Chase Johnson and Peyman Etebari of Marcus & Millichap’s Fort Worth, Texas, office represented the private seller. Scott Gigliotti, also of the firm’s Fort Worth office, represented the private buyer. Financing for the purchase was handled by Boyd Burton and Ravi Mehta of the Fort Worth office of Marcus & Millichap Capital Corp. handled the acquisition financing.
HOUSTON — The Dallas office of The Mumford Company has brokered the sale of the Motel 6 Houston – Hobby Airport, a 124-unit hotel located in Houston. Randy Lee of Mumford represented the seller, France-based Accor Hospitality. The buyer, Jai Umiya Mata LLC, plans to renovate the hotel and re-license it to a different economy hotel brand. The acquisition price was not disclosed.
LINDALE, TEXAS — Tulsa, Okla.-based Stan Johnson Co., has arranged the sale of a 6,786-square-foot Auto Zone store in Lindale for $1.21 million. The building is situated on 1.18 acres at 720 S. Main St. Ryan Butler and Brad Moulder of Stan Johnson Co. represented the seller, a private family trust. The buyer was represented by Dave Austin of northern California-based Cornish & Carey Commercial.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $4.4 million loan for the refinancing of a 156,000-square-foot office building located at 13111 Northwest Freeway in Houston. The property totals six stories and is currently 86 percent occupied by a tenant roster that includes K. Hovnanian, Luby’s, National Marketing & Administration and Horace Mann Educators Corp. Tucker Knight and Steven Gautier of HFF negotiated the loan on behalf of Sabine Management Corp. Terms of the loan include a 6.71 percent fixed rate over a 10-year term. The lender was AIG Global Investment Group.
HOUSTON — Addison, Texas-based Behringer Harvard, on behalf of the company’s Behringer Harvard REIT I, has acquired One BriarLake Plaza, a 20-story office tower located in Houston. Situated on more than 9 acres, the property comprises more than 500,000 square feet of office space, as well as a seven-level parking garage. Amenities include a granite plaza, a lake near the building’s front entrance, a lobby with polished granite and sycamore finishes, a full-service bank branch, a deli and climate-controlled access to the park garage. The seller and the acquisition price were not disclosed.
THE WOODLANDS, TEXAS — Houston-based Bridgewood Property Co. has acquired a 2.66-acre land parcel, located at the corner of Grogan’s Mill Road and Lake Robbins Drive in The Woodlands, for the development of a senior residential community. The Village of The Woodlands will total approximately 250,000 square feet, and contain 188 independent and assisted living units. Building amenities include a dining room that overlooks The Woodlands Waterway, a living room, a library, a bridge room, a theater, a fitness center with an indoor swimming pool, a billiards room, a computer room and landscaped courtyards. Residences will come in a mix of studio, one-bedroom, one-bedroom plus study and two-bedroom units. All units will contain full kitchens, individual climate controls, and washers and dryers. Construction is slated to begin next spring, with completion expected by fall 2010.
OWASSO, OKLA. — Houston-based Live Oak Capital has arranged $8.8 million in acquisition financing for Garrett Creek Center in the Tulsa suburb of Owasso. The 104,216-square-foot property is located at 11550 N. 135th East Ave. It is anchored by Reaser’s, with additional tenants such as Subway, U.S. Cellular Corp. and Supercuts; occupancy is currently at approximately 99 percent. Greg Young of Live Oak secured the loan on behalf of Hollywood Continental Apts. LLC with Cincinnati-based Eagle Realty. Terms of the non-recourse loan include a 6.28 percent fixed interest rate, a 5-year term, a 30-year amortizations schedule and a 62 percent loan-to-value ratio. The borrower was participating in the purchase as part of a 1031 exchange.
CORPUS CHRISTI, TEXAS — Redevelopment is under way for the former Hoechst Celanese Technical Center in Corpus Christi. Situated on 112 acres along Clarkwood Road, the campus currently contains more than 50 buildings ranging in size from 1,000 to more than 175,000 square feet. Initial plans call for the campus to be redeveloped into an industrial campus. Some of the buildings will be demolished and the redevelopment process will be on an ongoing timeline, but portions of the park are currently ready for occupancy. The property was purchased earlier this year by an investment group headed by Dan Henderson, eh CEO of Houston-based Doyles. Josh Gaines of Corpus Christi-based NAI Cravey Real Estate Services has been named exclusive leasing agent.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged the sale of Bammell Business Park 6 and 7, two industrial/flex building located within Bammell Business Park in Houston. Completed in 2008, Bammell Business Park 6 and 7 each comprise 55,200 square feet, and are located at 4702 and 4802 N. Sam Houston Tollway, respectively. Rusty Tamlyn and Mike Parker of HFF represented the undisclosed seller; the two are also marketing the remaining five properties in the business park for the seller.
GRAND PRAIRIE, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the sale of an 18,068-square-foot parcel located at 1502 109th St. in Grand Prairie. The buyer, locally based Visionaire, plans to develop a new manufacturing and distribution facility on the site; the new facility will be more than 11,000 square feet larger than its current location. Jim Hazard of HSMC represented the buyer. The seller, Ollie Bell Properties Ltd., was represented by Brian Pafford of Dallas-based Bradford Cos. The acquisition price was not disclosed.