HOUSTON — A joint venture between two Houston-based firms, Belvoir Real Estate Group and Mission Cos., has acquired 15810 Park Ten Place, an 85,050-square-foot Class B office property located in Houston’s Energy Corridor. Kevin McConn, Rudy Hubbard and Rick Goings of JLL led the sales efforts on behalf of the seller, a joint venture between Dallas-based Chief Partners and the Houston office of Stream Realty Partners. Other terms of sale were not disclosed.
TEMPLE, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Midtown Apartments, a 128-unit multifamily asset located in the central Texas city of Temple. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling area and a resident clubhouse. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.
AUSTIN, TEXAS — National development firm Cypress Real Estate Advisors and Austin-based Greenbelt Commercial LLC will develop Eastlake at Tillery, a 162,000-square-foot office project in East Austin. The property will consist of two buildings and an above-ground parking garage. Delineate Studios is handling design of the project and AQUILA Commercial is handling leasing. The groundbreaking is slated for fall 2019 and completion is scheduled for 2020.
FRISCO, TEXAS — New York City-based investment firm Admiral Capital Group has acquired Duke Bridges III, a 161,131-square-foot office building located in the northern Dallas suburb of Frisco. The property was built in 2007 and was 94 percent leased at the time of sale to tenants in the technology, government and business services sectors. Admiral Capital also acquired with Parkwood Place, a 98,750-square-foot office complex in Plano that was sold by California-based KBS.
NEW YORK — Blueprint Healthcare Real Estate Advisors has brokered the sale of eight skilled nursing facilities located throughout Texas. Chicago-based Mozart Healthcare acquired seven of the facilities and negotiated leases with two Texas-based operators to run the portfolio. Regional operator Trinity Healthcare acquired the eighth facility. Christopher Hyldahl and Gideon Orion of Blueprint represented the seller, a national owner based in New York. The prices and names of the facilities were not disclosed.
FRISCO, TEXAS — Coworking firm Venture X will open a 30,000-square-foot office space at Stonebrook Business Park in Frisco. Chris Doggett and Ashley Curry of JLL represented the landlord, Goveia Commercial Real Estate, in the lease negotiations. Ryan Hoopes and Tom Sutherland with Cushman & Wakefield represented Venture X, which has five open locations in the DFW area and several more in the pipeline. The Stonebrook space is expected to open during the second quarter.
HUMBLE, TEXAS — Marcus & Millichap has arranged the $6.8 million sale of McKay Medical Plaza, a 23,886-square-foot medical office building in the northern Houston metro of Humble. David Luther and Morgan Hansen of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
Entertainment concepts have long since adopted an “everything under one roof” approach that packages some combination of food, drink, movies, bowling, arcades and other games into a single destination. But competition in the space is growing, and owner-operators are facing mounting pressure to offer an ideal mix of activities that keeps people onsite longer and boosts return visits. What that combination is varies from market to market and even site to site. But without question, the breadth of games and activities offered at entertainment centers in Texas is expanding and evolving. What’s Hot, What’s Not Virtual reality (VR) shooting games and driving simulators, axe-throwing arenas and elevated food and beverage (F&B) components are among the key features that are driving traffic to entertainment centers and the retail properties that house them. Movie theaters and bowling alleys are evolving as well. According to Jeff Benson, CEO of Dallas-based Cinergy Entertainment Group, it’s very unlikely that new theaters in large and mid-sized markets will ever be built without certain features. “The movie business has changed a lot in 20 years, and I doubt you’ll ever see another theater built without a bar, recliner seats and dine-in options,” says Benson, who founded dine-in …
HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has broken ground on Park Place Tower, a 210,000-square-foot office building located at 4200 Westheimer Road in Houston. The 15-story property, which will include ground-floor retail space, represents the third phase of the Park Place | River Oaks development. The building is expected to be available for occupancy in spring 2020. Beck Architecture handled design for the project and Harvey Builders served as general contractor. Texas Capital Bank provided construction financing, and Colvill Office Properties is handling leasing of the office space.
CLEAR LAKE CITY, TEXAS — Houston-based Keener Investments has acquired Terrace Villas, a 150-unit multifamily property in Clear Lake City, about 25 miles southeast of Houston. The garden-style property features one-, two- and three-bedroom units averaging 831 square feet per residence. Amenities include a pool, business center, playground, clubhouse and a coffee bar. Keener will upgrade the property’s unit interiors and amenity spaces. The seller was not disclosed. Warren Hitchcock of NorthMarq Capital arranged a bridge loan of an unspecified amount for the acquisition through a life company on behalf of Keener Investments.