BRIDGEPORT AND MESQUITE, TEXAS — Marcus & Millichap has brokered two Texas hotel sales. The first property is a 53-unit La Quinta Inn & Suites located in Bridgeport. The limited-service hotel was recently constructed and opened in April. Ravi Mehta and Sanjeev Lad of the Fort Worth office of Marcus & Millichap represented the buyer, Mijar Kang, as well as the undisclosed seller. The acquisition price was not disclosed, but the property traded for 92 percent of the listing price. Mehta and Lad also brokered the sale of a 118-room Super 8 Motel located in Mesquite. The pair represented both undisclosed parties in the transaction. The acquisition price was not disclosed, but the property traded for 96 percent of the listing price.
NASSAU BAY, TEXAS — Houston-based PM Realty Group has arranged the lease of 59,797 square feet located at 2100 Space Park Dr. across from NASA’s Johnson Space Center in Nassau Bay. Lockheed Martin Corp. will occupy two floors of the building, effective this month. The contractor is expanding its presence in the Bay Area of metropolitan Houston as it begins work for NASA on the Orion Crew Exploration Vehicle. Doug Little, Wade Bowlin and Erik Haugen of PMRG represented the building’s landlord, Fund II & Fund III Associates; Derrell Curry of Studley represented Lockheed Martin.
AUSTIN, TEXAS — Dallas-based KDC and Birmingham, Ala.-based Harbert Management Corp. have started construction for Northpointe Trade Center, a three-building industrial park located at 2251 Piccadilly Dr. in Austin. The three buildings will total 448,550 square feet, and each will include 24- to 28-foot clear ceiling heights and ESFR sprinkler systems. The project will apply for LEED certification from the U.S. Green Building Council. Construction of the building shells is scheduled for completion in March 2009. Spring Valley Construction will provide construction services, with Azimuth Architecture serving as project architect. Brian Liverman, Scott Flack and Doug Thomas of Live Oak Gottesman will be handling leasing for the project.
DALLAS, HOUSTON AND AUSTIN, TEXAS — Miami-based Gencom Group, in partnership with Lehman Brothers Real Estate Partners, has sold a six-property hotel portfolio to RLJ Real Estate Fund III, an affiliate of RLJ Development. The six hotels are all of the Hyatt Summerfield Suites brand: three hotels are located in the Dallas area, one is located in Houston, one is located in Austin and the last one is located in Colorado Springs, Colo. Each of the properties had recently undergone a conversion to the Hyatt Summerfield Suites Brand. RLJ has selected Aimbridge Hospitality to manage the three Dallas hotels, and White Lodging Services to manage the other three. The acquisition price was not disclosed.
AUSTIN, TEXAS — The Austin office of Hendricks & Partners (H&P) has brokered the sale of Cooper’s Hill Apartments, a 255-unit multifamily community located at 739 W. William Cannon Dr. in Austin. The property contains two-story walk-up buildings situated on 8.78 acres. Community amenities include a swimming pool with a hot tub, a clubhouse and barbecue pits. Ellen Muskin and George Deuillet III of H&P represented the seller, Santa Rosa, Calif.-based Coopers Hill Apartment Associates of Austin. The property was acquired by Scottsdale, Ariz.-based Coopers Hill Apartments LLC for an undisclosed amount.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Extra Space Storage, a 624-unit storage facility located at 2220 East Riverside in Austin. The property is situated on approximately 4.67 acres. Mark Villanueva of Marcus & Millichap’s Austin office represented the undisclosed seller and procured the buyer, Equity Based Services. The acquisition price was not disclosed.
FORT WORTH, TEXAS — Speed Fab-Crete, in its role as general contractor, has commenced construction of the $5.27 million Dale Keeling Field House for the Everman Independent School district in Fort Worth. The 24,100-square-foot building will be located at Everman Senior High School. It will house facilities for the school’s football teams, including player weight rooms, locker rooms, showers, an equipment room, a film room, a laundry room, and offices for the athletic director and his assistants. Completion is scheduled for spring 2009. Design services are being provided by locally based Callahan & Freeman Architects.
HOUSTON — CB Richard Ellis (CBRE), along with Trammell Crow Co., have arranged the leasing of 18,884 square feet of industrial space at East Belt Business Park, located at 1475 E. Sam Houston Pkwy. in Houston. The property was leased by Northern Safety Co., a national distributor of safety and industrial supplies. Patrick Rollins of CBRE and Jeremy Garner of Trammell Crow represented the landlord, East Belt BP Phase II LLC. LeDon Wissner of Smith Raines Co. represented the tenant. Terms of the lease were not disclosed.
DALLAS — Prime Income Asset Management, a Dallas-based advisory and management company, has acquired Stanford Corporate Centre and the adjoining Telos Fitness Center building, located in the Far North submarket of Dallas. Also known as the Clear Channel Buildings, Stanford Corporate centre is a 13-story, 274,684-square-foot office building. It is anchored by Clear Channel and EnCana Oil & Gas, which combined occupy more than half of the building’s rentable space. Additional tenants in the 98 percent-leased tower include CRC Insurance Services, and Premier Business Centers. The office property also contains a four-level parking garage with 1,005 spaces. The Telos Fitness Center building totals 63,000 square feet. Prime purchased the property from Morgan Stanley Real Estate. Locally based NexBank syndicated a $26 million acquisition loan to fund the purchase. Regis Property Management, an affiliate of Prime, will manage daily operation of the office building.
FORT WORTH, TEXAS — Hendricks & Partners has brokered the sale of Crescent Oaks, a 220-unit multifamily community located at 3001 W. Normandale St. in Fort Worth. Peter Harnett of Hendricks & Partners’ Dallas office represented the seller, Miami-based FUCMT 2001-C3 W. Normandale LLC. The buyer, Harleysville, Pa.-based Prattco Crescent Oaks LP, acquired the property for an undisclosed amount.