SAN ANTONIO — Marcus & Millichap has arranged the sale of a 62-room Super 8 Motel located at 5336 Wurzback Rd. in San Antonio. Alan Miller of Marcus & Millichap’s Austin, Texas, office, along with Michael Yu and Rahul Bijlani of the firm’s Houston office, represented the seller, a Texas-based partnership. Miller also secured the West Texas-based buyer. The acquisition price was not disclosed.
Texas
THE WOODLANDS, TEXAS — Wachovia Bank N.A. has provided $23.53 million in construction financing for Sierra Pines, a 180,000-square-foot, speculative office building located in The Woodlands. Situated on 35.5 acres at 1601 Sawdust Rd., the Class A office building is scheduled for completion in January 2009. It is the first phase of a three-building, 540,000-square-foot office development. Holliday Fenoglio Fowler’s Matt Kafka and Adam Jackson originated the loan on behalf of Stream Realty Partners LP. The property is leasing at a rate of $18 per square foot triple-net.
SAN ANTONIO — Corporate Office Properties Trust (COPT) has acquired three office buildings for a total of $40.5 million. Two of the buildings are located in San Antonio; known as 151 Technology Center, the buildings were acquired for $17.3 million. The two-story buildings are located at 1560 Cable Ranch Rd. and total 122,975 square feet. Both are fully occupied, with prominent tenants including Sears, Air Force Federal Credit Union and AFNI. The third building in the transaction, the 124,305-square-foot Cresterra building located in Colorado Springs, Colo., was acquired for $23.2 million. COPT’s San Antonio portfolio now consists of four office buildings totaling 601,000 square feet; two office buildings currently under construction that total 91,000 square feet; and 58 acres of land that can support approximately 725,000 square feet of development.
THE WOODLANDS, TEXAS — A partnership led by Fort Worth, Texas-based Trademark Property Co. has acquired a 50 percent interest in Market Street – The Woodlands, a 560,000-square-foot mixed-use development located in The Woodlands, from Kimco Developers. Trademark is the developer of the project, as well as the owner of the other 50 percent interest in the property. The partnership that purchased the interest comprises Trademark, private investors and Institutional Mall Investors LLC, an institutional investment entity owned by California Public Employee’s Retirement System and an affiliate of Miller Capital Advisory. Market Street – The Woodlands is located within the urban core of The Woodlands master-planned development. It comprises 400,000 square feet of retail space, 100,000 square feet of Class A office space and a soon-to-be-completed AVIA boutique hotel.
HOUSTON — Marcus & Millichap has brokered the sale of Asbury Park Apartments, a 228,452-square-foot multifamily community located in Houston. Situated on 10 acres of land at 6200 W. Tidwell Rd., the property had a 90 percent occupancy rate at the time of closing. Robert Su of Marcus & Millichap’s Houston office represented the seller, a Charlotte, N.C.-based company. Asbury Park was acquired by a Phoenix-based investor.
DALLAS — Denver-based ProLogis has completed 505,000 square feet of industrial leases throughout Dallas area. SpeedFC has leased approximately 270,000 square feet of distribution space at Northgate Distribution Center, which is located near the intersection of Interstate 635 and U.S. Highway 75 in northeast Dallas. Additionally, Siemens Government Services, a wholly owned subsidiary of Siemens AG, has leased approximately 115,000 square feet in Dallas. Finally, CHEP USA has leased approximately 120,000 square feet of distribution space at Dallas Corporate Center, which is located at the intersection of interstates 635 and 35E near Dallas-Fort Worth International Airport. Terms of the leases were not disclosed.
PLANO, TEXAS — Dallas-based ASG Real Estate is close to completing the 50,000-square-foot final phase of Preston Creek in Plano. Located on Preston Road, the shopping center will total 83,000 square feet once complete later this month. Additionally, restaurant tenants MiChula’s Good Mexican, II Brothers Bar & Grill, Lenny’s Subs and L&L Hawaiian BBQ have signed leases at the center. They will join a tenant roster that includes restaurants Pei Wei, Masala Wok, Chick Pea Mediterranean Grill, and San Francisco Oven; as well as retailers The Maytag Store, Christy’s Draperies, Knockout’s and Imagique Salon Suites.
CORPUS CHRISTI, TEXAS — Corpus Christi-based NAI Cravey Real Estate Services has brokered the sale of an approximately 43,525-square-foot industrial building located in Corpus Christi. Situated on 5.28 acres at 5655 Bear Lane, the facility was previously occupied by Texas Airsonics. It is now used as the international headquarters for Magnum Oil Tools International. Matthew Cravey of NAI Cravey represented the seller, Bear Street Associates. Josh Gaines, also of NAI, represented the undisclosed seller
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Meadowcreek Center, a 23,400-square-foot, multi-tenant retail center located on East Kerney Street in Mesquite. Tommy Tucker of Marcus & Millichap’s Dallas office represented the Texas-based seller. Ron Hebert, also of the firm’s Dallas office, represented the buyer, a Texas-based limited liability company. The acquisition price was not disclosed.
AUSTIN, TEXAS — Chicago-based Beacon Realty Capital has arranged $10.98 million in construction/mini-permanent, variable-rate financing for a medical office building located in Austin. The loan includes a 3-year term with two 1-year extensions and an interest-only component. The short-term financing was arranged with an undisclosed national bank. The borrower was not disclosed.