EL PASO, TEXAS — Hendricks & Partners (H&P) has brokered the sale of two El Paso apartment communities. The first is Ryan’s Mill, a 248-unit property located at 601 South Mesa Hills. The second is Spring Park Apartments, a 180-unit property located at 9535 Acer. Centennial, Colo.-based Ryan’s Mill LLP sold Ryan’s Mill, and Centennial-based Spring Park LLP sold Spring Park. Both properties were acquired by San Francisco-based Hamilton Zanze & Co. The transaction was negotiated by Winston Black of H&P’s Colorado Springs, Colo., office; the listing broker was William Doogan of Interurban Cos.
RICHARDSON, TEXAS — Grubb & Ellis Realty Investors and CB Richard Ellis (CBRE) have completed the sale of a two-story office building on behalf of tenant-in-common investors. Located at 1410 E. Renner Rd. in the Dallas suburb of Richardson, the approximately 7-acre property features a 117,000-square-foot building and 516 parking spaces. Peter Danna of CBRE represented the tenant-in-common buyer, LBA Realty LLC, with Grubb & Ellis providing advisory services. Russell Ingram and Eric Mackey, also of CBRE, represented the undisclosed seller. The acquisition price was undisclosed.
AUSTIN, TEXAS — Merrillville, Ind.-based White Lodging has broken ground for the construction of a 145-room Courtyard by Marriott in Austin. Individual rooms will include flat-screen televisions; the hotel will also contain kiosk reception stations and an interactive go-board that displays local traffic, weather and other information. Completion is scheduled to open in late 2009. White Lodging is Austin’s largest hotel owner/operator with a local portfolio of 16 hotels.
CORPUS CHRISTI, TEXAS — Fort Worth, Texas-based Trademark Property has acquired the approximately 1 million-square-foot Padre Staples Mall located in Corpus Christi, and will undertake a $50 million renovation of the property. The name of the mall will be changed to La Palmera. Renovations include a transformation of the main entrance into an outdoor lifestyle court with lush palm seating areas and new entrances to the stores. Indoor landscaping will be installed, and the food court will be given an aquatic theme, which includes a large aquarium. A children’s play area also will be built. The project will be applying for LEED certification from the U.S. Green Building Council. Trademark’s joint venture partner in the mall renovation is Institutional Mall Investors, an institutional investment entity jointly owned by the California Public Employee’s Retirement System and an affiliate of Skokie, Ill.-based Miller Capital Advisory. Completion is scheduled for fall 2009.
DALLAS — Construction is advancing for The Tower Residences at The Ritz-Carlton in Dallas. The 23-story tower will contain 96 residences in a mix of one- to three-bedroom units and penthouses. Prices range from $700,000 to $8 million. In addition to access to The Ritz-Carlton’s hotel amenities, The Tower Residences will feature a private swimming pool and fitness center, as well as a private elevated walkway that joins the tower with the adjacent hotel building. The project was designed by New York City-based Robert A.M. Stern Architects. The building is anticipated to top out in September, with completion scheduled for mid-2009.
NORMAN, OKLA. — Springfield, Mo.-based John Q. Hammons Hotels & Resorts is advancing construction for the 283-room Embassy Suites Norman Hotel & Conference Center located at 2501 Conference Dr. in Norman. The 10-story building will be part of the new University North Park mixed-use development, which is located two miles away from the University of Oklahoma. In addition to the suites, the hotel will feature 75,000 square feet of flexible meeting space. The new hotel will mark John Q. Hammons’ fifth hotel in Oklahoma. The grand opening is scheduled for late October.
EULESS, TEXAS — Arlington, Texas-based SCM Real Estate Services has brokered the tenant-in-common purchase of a 75,057-square-foot office building located at 150 Westpark Way in Euless. SCM represented the tenant-in-common buyer group in the transaction; the seller was undisclosed. SCM has also been brought on to manage the property. A capital improvement plan will be implemented that will include a new HVAC system, roof and interior aesthetics, as well as parking lot improvements. Darrel Higginbotham of SCM will serve as exclusive marketing agent for the property’s remaining space.
SAN ANTONIO — Fiesta Warehousing & Distribution Co. has signed a lease to occupy 315,000 square feet within Phase I of East Kelly Railport, a multi-modal industrial facility located in San Antonio. Fiesta will use the new facility, located at 302 Tayman, to expand its current operations. Terry Warth of CB Richard Ellis’s San Antonio office represented Fiesta in lease negotiations. Ron Mills with Santa Barbara Development Services represented the industrial park’s developer and owner, RREEF Real Estate. Phase I of East Kelly Railport, which was completed in March, comprises 360,000 square feet of industrial space. Phase II, which broke ground in May, will include 275,000 square feet of rail-served industrial space. Completion is expected in January 2009.
HOUSTON — NAI Houston has arranged the sale of a newly constructed, 13,300-square-foot warehouse/office building located at 4923 Cranswick In Houston. The speculative facility was sold by BRG Cornerstone Development & Construction LP, which was represented by Travis Land and John Ferruzzo of NAI Houston. Bo Petit and Conrad Bernard of Boyd Commercial represented the buyer, MHDH Properties. The acquisition price was undisclosed.
VICTORIA, BROWNWOOD AND COLLEGE STATION, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has completed the sales of three Texas multifamily communities. In Victoria, ARA brokered the sale of Towne Park Apartments, a 168-unit property located at 2107 N. Ben Jordan St. The community was 97 percent occupied at the time of closing. Property amenities include a swimming pool, a clubhouse, two tennis courts, laundry facilities and barbecue grills. Jeff Patterson and Jon Boone of ARA’s Austin, Texas, office represented the buyer, a private, Houston-based investor. The seller, a group of California-based investors, was represented by Ron Mazzola of San Diego-based Ron Mazzola Realty. In Brownwood, Patterson and Boone represented a locally based investor in the sale of Wayside Apartments, an 80-unit community located at 2001 Brady Ave. Fully occupied at the time of closing, the community includes a swimming pool, covered parking, 48 self-storage units, three laundry facilities and 24-hour maintenance. The property was acquired by a Mansfield, Texas-based investment group, which provided in-house representation in the transaction. Finally, in College Station, Patterson and Kelly Witherspoon of ARA’s Austin office represented a California-based seller in the disposition of Cedar Creek Condominiums, a 67-unit property located at 1000 University East near …