TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of a 12-property NAPA Auto Parts portfolio. The properties are located Florida, Georgia, Illinois, Minnesota, Mississippi, Texas, Virginia and Washington. David Clary of Stan Johnson Co. represented the seller, a private investor. The buyer, a New York-based investor participating in three separate 1031 exchanges, was represented by Eric Dochter of Uniondale, N.Y.-based Excel Realty Advisors. The acquisition price was not disclosed, but the portfolio listed for $19.2 million.
BEAUMONT, TEXAS — The Houston office of Marcus & Millichap has brokered the sale of College Eye & Medical Center, a 22,750-square-foot medical property located in Beaumont, for $2.57 million. Built in 1984, the property is situated at 3129 College St. Marcus & Millichap’s Jason Ridenbaugh and Joshua Lass-Sughrue represented the seller, a locally based partnership. College Eye & Medical Center was acquired by a Clinton, Wash.-based private investor.
IRVING, TEXAS — An affiliate of Research in Motion has acquired Riverside Commons, a six-building, 460,297-square-foot office campus located in the Las Colinas submarket of Irving. Constructed in 1986, the campus comprises 13 acres in a park-like setting. It recently underwent a $5.7 million renovation and repositioning campaign. Occupancy was 86 percent at the time of closing. The largest tenant presently at Riverside Commons is Sprint Nextel Corp., which occupies 211,315 square feet. Research in Motion had previously occupied 134,177 square feet at the property, which it was using as its company headquarters. Research in Motion was represented by Pat O’Keefe of CB Richard Ellis’ Dallas office; Gary Carr and Eric Mackey, also of the firm’s Dallas office, represented the seller, Dallas-based Westmount Realty Capital. The acquisition price was not disclosed. Research in Motion is most known as the maker of the Blackberry mobile device.
COPPELL, TEXAS — Duke Realty Corp. has leased all of Point West I, a 182,700-square-foot office building located at 1525 South Beltline in Coppell, to American Home Mortgage Servicing, Inc. (AHMSI). Point West I is a three-story structure that was developed on spec by Duke in 2008. AHMSI will be relocating its headquarters to the building from its previous location in Irving, Texas. AHMSI was represented in lease negotiations by Bo Bond and Forshey Hoobler of the Dallas office of Jones Lang LaSalle. Duke was represented in-house by Ben Appleby of the company’s Dallas office, along with Dale Ray and Joel Pustmueller of Peloton Realty Advisors. Terms of the lease were not disclosed.
ROCKWALL, TEXAS — Colleyville, Texas-based Realty Capital Corp. has disposed of a 3,650-square-foot office building located within The Offices of Horizon Ridge office park in Rockwall. It is the last building in the park to be sold. It was purchased by TK Development, which also owns the second building within the four-building, approximately 23,600-square-foot park. Construction of the park was completed in November 2008; it is located just west of the new Presbyterian Hospital.
AUSTIN, TEXAS — The Austin office of CB Richard Ellis (CBRE) has brokered two Austin office sales. In the first transaction, CBRE completed the sale of the Chase Bank Building, a 29,934-square-foot property located at 2711 W. Anderson Lane. The multi-tenant property was fully occupied at the time of closing. Walter Saad and Cathy Nabours of CBRE’s Private Client Group negotiated the transaction between the buyer, Newstreet Properties, and the seller, Brookfield Real Estate Opportunity Fund, which is operated by Brookfield Asset Management. Additionally, CBRE completed the sale of Arbor Square I and II, a 50,836-square-foot, multi-tenant property located at 12885 Research Blvd. The property was 98 percent occupied at the time of closing. The transaction also was negotiated by Saad and Nabours, along with Casey Ford of CBRE’s Austin Office Brokerage division. The buyer was California-based Asset Management Consultants. The seller, Arbor Square LP, has completed approximately $800,000 in renovations to the property since acquiring it in 2005. The acquisition prices in both transactions were undisclosed.
MESQUITE, TEXAS — Lee & Associates has completed the sale of a 70,567-square-foot retail building located at 2133 N. Belt Line Rd. in Mesquite. Situated on approximately 6 acres, the freestanding structure formerly housed a Rainbow Foods. Mark Graybill and Trey Fricke of Lee & Associates’ Dallas/Fort Worth office represented the seller, Eflow Investment Trust I & II. The buyer was the Mesquite Independent School District. The acquisition price was undisclosed.
DALLAS — NorthMarq Capital has arranged $3 million in first-mortgage financing for the Unitron Building, a 40,000-square-foot, owner-occupied industrial property located in Dallas. The loan carries a 5-year term and a 20-year amortization schedule. Paul Brighton of NorthMarq’s Dallas regional office originated the loan on behalf of the undisclosed borrower through a local bank.
DALLAS — The United States General Services Administration (GSA) has signed a lease for 8,000 square feet at the Sherry Lane Place building in Dallas for the offices of President George W. Bush. The lease is for a 10-year term at an annual rate of $38.95 per square foot. Tenancy will begin this summer. In the meantime, the GSA has leased 5,328 square feet at The Berkshire at Preston Center, also located in Dallas, for Bush’s temporary offices. The short-term lease began this week; it was leased at an annual rate of $34.71 per square foot. In both offices, the GSA will be leasing additional office space for the United States Secret Service, the cost of which will be reimbursed by the Department of Homeland Security.
HOUSTON — Capmark Finance has arranged a $27.5 million loan for the refinancing of Westcreek at River Oaks, a 574-unit multifamily property located at 2049 Westcreek St. in Houston. The property is situated on 14.5 acres and was 96 percent occupied at the time of closing. Matt Greer of Capmark’s Austin, Texas, office originated the financing, which includes a variable interest rate, a 75-percent loan-to-value ratio and a 7-year term with a 30-year amortization schedule. The borrower is Houston-Westcreek Partners LP, an affiliate of Cypress Real Estate Investors. The lender was Freddie Mac. In addition, the Dallas office of Capmark arranged $6.5 million in floating-rate, interim financing for a 7.73-acre land parcel located in Irving. The parcel is situated adjacent to the Four Seasons Resort & Club Dallas at Las Colinas. The loan, which carries interest-only payments for a 3-year term, was originated by Capmark’s Ashley Harkness on behalf of Bentley Forbes, Ltd. The lender was Legacy Texas Bank.