HOUSTON — California-based investment firm BH Properties has opened a new office at 15721 Park Row in West Houston to help manage its growing portfolio of commercial properties in Texas. Brady Wilkins, a 30-year industry veteran, will lead the new office as senior asset manager. BH Properties’ recent Texas acquisitions include a 127,955-square-foot office building in the western Houston suburb of Katy and an 86,640-square-foot industrial building in the Rio Grande Valley city of Harlingen. All told, about 40 percent of the properties that comprise the firm’s 10 million-square-foot commercial portfolio are located in Texas.
SAN ANTONIO — Miami-based direct lender 3650 REIT has provided a $38 million loan for the refinancing of Thompson San Antonio — RiverWalk, a 162-room luxury hotel and residential building near the city’s downtown area. Thompson, which is part of the Hyatt family of brands, opened the hotel in February 2021. The property includes 59 for-sale residences, all but one of which have been sold. Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing through 3650 REIT on behalf of the developer and borrower, Houston-based DC Partners. Michael Fleischer, Joel Thompson and Noah Moghavem led the transaction for 3650 REIT. The loan carries a term of 30 months and two six-month extension options.
HOUSTON — Locally based investment firm Wu Properties has acquired Willowchase Center, a 231,126-square-foot shopping center that sits on a 19.5-acre site in northwest Houston. At the time of sale, Willowchase Center was 97 percent leased, with Hispanic grocer Fiesta serving as the anchor. Other tenants include dd’s DISCOUNTS, Jo-Ann Fabrics, Goodwill, Northern Tool + Equipment, Mattress Firm, Family Dollar, America’s Best, Jamboree Dentistry and Metro PCS. Ryan West, Chris Gerard, John Indelli, Katherine Miller, Bailey Black and Grant Rexrode of JLL represented the seller, Houston-based Fidelis Realty Partners, in the transaction. Wu Properties has tapped NAI Partners to lease the center moving forward.
DALLAS — Hospitality brokerage firm HREC Investment Advisors has arranged the sale of the 295-room Sonesta Suites Dallas Park Central, located in the city’s central business district. The property offers a pool, fitness center, business center and a bar/lounge. Mark Rome and Monty Levy of HREC represented the seller, hospitality REIT Service Properties Trust, in the transaction. Omni Vision Dallas LLC acquired the asset for an undisclosed price with plans to reposition it as a multifamily property.
SAN ANTONIO — Houston-based development and investment firm Welcome Group has purchased 7.6 acres in San Antonio for the construction of a industrial flex project that could span as much as 135,00 square feet. The site is located within the 350-acre Connection Industrial Park master-planned development, in between distribution centers occupied by Amazon and Dollar General. Michael Kent of Stream Realty Partners represented the seller in the land deal. A construction timeline was not disclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the 126-room Holiday Inn Fort Worth North Fossil Creek. The property offers a pool, business center and a cocktail lounge. Allan Miller, Chris Gomes and Matt Omansky of Marcus & Millichap represented the seller, a bank/financial institution, in the transaction. The buyer was an individual/personal trust.
DALLAS — Regent Properties has acquired Trammell Crow Center, a 50-story, 1.2 million-square-foot office tower located at 2001 Ross Ave. in downtown Dallas. The property is among the tallest buildings in the city. Regent purchased the skyscraper from a group of institutional investors advised by J.P. Morgan Global Alternatives. While terms of the transaction were not released, The Dallas Morning News reports that the Class A tower, along with a retail building and parking garage across the street, sold for more than $600 million. The property recently underwent $180 million in renovations, which included the development of a 2,000-space parking garage, 10,000-square-foot athletic club, 10,000-square-foot conference center, tenant lounge, outdoor gathering areas and 32,000 square feet of retail space. The acquisition also includes the adjacent full city block situated at 2000 Ross Ave., which can accommodate a new residential or office tower. The site is also home to a JW Marriott slated to open in 2023, which was not included in the sale. “Last year we set an objective to invest more than $2 billion in high-quality office real estate across Texas and the Sun Belt regions,” says Eric Fleiss, CEO of Regent Properties. “The purchase of this iconic asset during a …
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of B’s Stor All, a 286-unit self-storage facility in the northeastern San Antonio suburb of New Braunfels. The property consists of 32,320 net rentable square feet of non-climate-controlled space across 237 units, along with 49 outdoor parking spaces. Jon Danklefs of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also undisclosed.
HUTTO, TEXAS — Titan Development has broken ground on a 110,000-square-foot manufacturing facility for water purification and wastewater treatment firm Ovivo Inc. in the northern Austin suburb of Hutto. The facility will be located within Titan’s Innovation Business Park, which is in its second phase of development following the delivery of a five-building, 68-acre first phase. Construction is slated for a fourth-quarter completion. Titan is developing Innovation Business Park in partnership with Hutto’s economic development department.
PEARLAND, TEXAS — Locally based investment firm Welcome Group has acquired a 44,800-square-foot, single-tenant building in the southern Houston suburb of Pearland that consists of 31,400 square feet of warehousing space and 12,800 square feet of office space. The sale also included a five-acre parcel that can support 80,000 square feet of new development. John Ferruzzo of Transwestern represented the undisclosed seller in the transaction. Ryan Wasaff and John Wilson represented Welcome Group on an internal basis.