GRAND PRAIRIE, TEXAS — The Mumford Company has completed the sale of a Motel 6 located at 406 E. Palace Pkwy. in Grand Prairie. Accor Hospitality sold the property to a private, regional operator of extended-stay hotels in Texas for an undisclosed price. The hotel is scheduled for a renovation and re-branding as a Studio 6 hotel upon completion. Randy Lee of The Mumford Company represented the seller in the transaction.
Texas
HOUSTON — GE Real Estate has provided $71.35 million in financing Newport, Calif.-based Chase Merritt for the acquisition and renovation of Four Corners, a Class B office park located at the southeast intersection of Westheimer and Sage roads in Houston. The mixed-use office property is located adjacent to the Galleria shopping center, and includes 395,473 square feet of office space, 29,920 square feet of retail and two parking structures. This marks the second transaction between GE Real Estate and Chase Merritt in Houston’s Galleria West Loop submarket in the past 6 months.
DENTON, TEXAS — Marcus & Millichap Real Estate Investment Services has completed the sale of Denton Square, a 125,225-square-foot shopping center situated on 10 acres in Denton. 717 Stemmons Partners LP purchased the property, which is located at 717 Stemmons Fwy,, from Commercial Property Services LLC for an undisclosed amount. The center is anchored by Brookshire’s, Powerhouse Gym and Applebee’s, and also includes Blockbuster Entertainment, Subway, Little Caesar’s, Pro Cuts, Golden China and Nail Attraction among its tenants. Tim Speck of Marcus & Millichap’s Dallas office and Alvin Mansour and Philip Sambazis of Marcus & Millichap’s San Diego office represented the seller in the transaction. The company also represented the buyer.
DALLAS — Equastone has brokered a lease for 98,894 square feet at Stemmons Place, an office tower located at 2777 N. Stemmons Fwy. in Dallas. Children’s Medical Center Dallas is the 20-story building’s newest tenant, signing a 10-year lease at the 634,381-square-foot office tower for an undisclosed amount. The Class A property is now more than 80 percent leased as a result of the transaction. Josh White, Carl Ewert and Brad Selner of Staubach represented the tenant in the transaction, and Reid Caldwell, Kim Butler and Linda Simpson of Transwestern represented the landlord.
HOUSTON — New York-based Hudson Realty Capital has completed the purchase of Broadway Square Apartments, a multifamily property located at 8601 Broadway Blvd. in Houston. The complex, which was purchased for $13.2 million, contains 2,469 apartments in 193 two- and three-story buildings located on 69.84 acres. Amenities include 11 in-ground pools, 28 laundry facilities and gated access to all parking and residential areas. The property was purchased in conjunction with Los Angeles-based Post Investment Group LLC from an undisclosed seller. Pinnacle Realty will manage the apartment complex.
DALLAS — Post Properties is developing a mixed-use project located at the southeast corner of Campbell Street and Central Expressway in Dallas. The property will include 80,000 square feet of retail, approximately 200,000 square feet of office space, 435 residential units, a 1-acre park and an amphitheater all near the DART rail line. The complex, which broke ground in November 2006, will house four, four-story buildings. Amenities included at Post Eastside include two swimming pools, an outdoor cabana, a club room, free Wi-Fi in common areas, a fitness center and an Internet Caf. Retailers at the development will include Panera Bread, Boudreaux’s Cajun Kitchen, Dr. Goad Dentistry and Frost Bank. The first building in the residential portion of the property is scheduled for completion on May 1.
SAN ANTONIO — Fort Worth, Texas-based Commercial Mortgage Connection has arranged an acquisition loan to finance the purchase of an ambulatory surgical center located at Louis Pasteur Drive in the University of Texas Southwest Medical Center in San Antonio. A private, Hawaii-based investor purchased the property with a $2.5 million fixed-rate, 10-year loan from an undisclosed seller. Bill Jackson of Monticello Properties represented the buyer in the transaction, and Pete Tassos of Sullivan Commercial represented the seller.
AUSTIN, TEXAS — Grubb & Ellis Realty Investors has finalized the purchase of a Walgreens building located at 5011 W. Slaughter Ln. in Austin. The buyer, a private investor involved in the Grubb & Ellis Wealth Management Program, purchased the 15,000-square-foot property from Maddaro Ltd. for an undisclosed amount. The property, which is built on approximately 2.5 acres of land and includes 74 parking spaces and a drive-thru pharmacy window, is 100 percent leased to Walgreens Co. Grubb & Ellis Realty Investors represented the buyer in the transaction, and Hunington Properties represented the seller.
SAN ANTONIO — USAA Real Estate Co. will develop The Town Center at La Cantera, a mixed-use project located at the intersection of Interstate 10 and Loop 1604 in San Antonio. The development, which is being built on 178 acres adjacent to The Shops at La Cantera, will include approximately 1 million square feet of office space, retail, a hotel and spa and 500 residential units. The new center will extend out from The Shops at La Cantera, which has a new boulevard attaching La Cantera and its future development sites directly to Interstate 10.
SAN ANTONIO — KBS Realty Advisors has completed the sale of the 156,657-square-foot Cypress Tower located at 1222 N. Main Ave. in San Antonio. H-E-B Grocery Co. purchased the office property from KBS Realty Advisors for an undisclosed amount. San Antonio-based H-E-B Grocery Co. is the major tenant in the building, which was 54 percent leased at the time of sale. Bill Rogalla of KBS Realty Advisors represented the company in the transaction, and Chuck King of Travis Commercial represented the buyer.