HOUSTON — NewcrestImage, a Dallas-based hospitality development firm, has completed the 195-room AC Hotel by Marriott Houston Downtown. The 10-story hotel represents an adaptive reuse of the historic, former Gulf Oil headquarters building that was originally constructed in 1914. The hotel houses a restaurant, bar and lounge, as well as a fitness center, business center, a media salon, Starbucks Coffee and a 3,600-square-foot event space. Mitchell Carlson Stone served as the project architect, and Arch-Con served as the general contractor.
HUMBLE, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated a 55,826-square-foot industrial lease at 8575 Volta Drive in Humble, a northern suburb of Houston. According to LoopNet Inc., the property was built in 2016 and totals 168,400 square feet. John Hornbuckle of Cypressbrook represented the landlord, Nuveen Real Estate, in the transaction. Jim Stark of CBRE represented the tenant, Neutron Holdings Inc., the company behind Lime electric scooters.
AUSTIN, TEXAS — SWBC Real Estate, a Dallas-based multifamily development and investment firm, has purchased Falconhead Apartments, a 248-unit community in Austin. Built in 2003, the property is located near Lake Travis and was 94 percent occupied at the time of sale. Floor plans consist of one-, two- and three-bedroom apartments, and amenities include a pool, fitness center, clubhouse, outdoor pavilion, playground and a dog park. Kelly Witherspoon, Ryan Epstein and Justin Cole of Berkadia represented the seller, Connell Real Estate & Development Co., which invested roughly $4 million in capital improvements to the property over the last several years.
DALLAS — Harwood International, a locally based investment and development firm, has acquired Citymark on the Katy Trail, a 226,344-square-foot office building located at 3100 McKinnon St. in Uptown Dallas. According to LoopNet Inc., the Class A property was built in 1987 and features a food court and a fitness center. Creighton Stark and Chris Boyd of Colliers, along with internal representatives Morgan Staub and Rob Steinwedell represented Harwood in the transaction. The seller was Bradford Cos. The building is situated just off the Katy Trail, a jogging and biking path that runs through the Uptown and Oak Lawn areas.
OKLAHOMA CITY — Marcus & Millichap has arranged the sale of Chelsea Manor, a 187-unit apartment community in Oklahoma City. The sales price was approximately $8.7 million. Built on 7.2 acres in 1971, the property offers several different floor plans and amenities such as a pool, clubhouse and onsite laundry facilities. Derek Wilson of Marcus & Millichap represented the seller, a partnership that recently implemented a $500,000 renovation program, in the transaction. Wilson also procured the buyer, a limited liability company.
HOUSTON — Newmark Knight Frank (NKF) has negotiated the sale of a 118,905- square-foot office building located at 12700 Northborough Drive in Houston. According to LoopNet Inc., the property was built in 1981. Eva Horton, Greg Marconi and Albert Spiers of NKF represented the seller, Veritex Community Bank, in the transaction. The buyer was Cepideh Investments LLC.
PEARLAND, TEXAS — TIG Real Estate Services has sold Sunrise Lake, a 74,612-square-foot retail and medical office property located in the southern Houston suburb of Pearland. Sunrise Lake offers roughly 50,000 square feet of office/medical office space and approximately 24,500 square feet of retail space, which was a combined 86 percent leased at the time of sale. Dan Miller, John Indelli and Bryan Strode of JLL represented TIG in the transaction and procured the undisclosed buyer.
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Welltower Shakes Up Portfolio, Commits to Nearly $2.75B in Transactions
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has expanded its senior living portfolio to the tune of 15 properties worth $949 million across the country. Simultaneously, the healthcare REIT giant exited its partnership with seniors housing operator Benchmark Senior Living, selling its 48-property portfolio to an undisclosed buyer for $1.8 billion. The 48 properties that Benchmark operates total 4,137 units and are located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As part of the recapitalization, Benchmark will invest in improvements at the properties. Benchmark will continue to manage the portfolio under a new management agreement with the new capital partner. Ted Flagg of the JLL Capital Markets team represented Welltower in the Benchmark transaction. With the new acquisitions, Welltower expanded its footprint by entering into or expanding partner agreements with senior living operators Balfour Senior Living, Sunrise Senior Living and Discovery Senior Living. The three partnerships yielded 14 properties in Maryland, Colorado, California and Texas. Welltower acquired six properties from Balfour, including Balfour’s flagship Balfour at Riverfront in Denver and the recently opened Lavender Farms, for $308 million. The other four properties are situated in the Denver and Boulder metro areas. Additionally, Welltower has the option to …
PLANO, TEXAS — 3650 REIT, a Miami-based balance-sheet lender, has provided a $90 million, 10-year loan for the refinancing of Renaissance Dallas at Plano Legacy West, a 304-room hotel in Plano. Completed in 2017 by borrower and developer Sam Moon Group, the property offers 26,000 square feet of conference and meeting space, as well as a pool deck and bar, spa and a fitness center. Specific loan terms were not disclosed.
FRIENDSWOOD, TEXAS — Locally based developer Virgata Property Co. will build Virgata Commons, a 14-acre retail and office project in Friendswood, located south of Houston. Phase I will deliver 20,000 square feet of retail space that is currently 85 percent preleased to tenants such as Orangetheory Fitness, MOD Pizza, Chipotle Mexican Grill and Chick-fil-A. Construction of Phase II is scheduled to begin in early 2020 and will feature an additional 30,000 square feet of retail and office space.