AMARILLO, TEXAS — Dallas-based hospitality developer NewcrestImage has opened a 94-room Tru by Hilton hotel in Amarillo, the first property of a three-hotel campus at the intersection of Interstate 40 and South Soucy Road on the city’s west side. The lobby includes bar tables and mini-hammocks, as well as a pool table and dining stations. The other two hotels in the development, a 90-room Hyatt Place and a 90-room Aloft, are slated to open in 2019.
SUGAR LAND, TEXAS — WorkSuites, a provider of coworking, virtual and executive office space throughout Houston, has leased 19,692 square feet at 77 Sugar Creek, a Class A office building located in the southwestern metro of Sugar Land. Dan Boyles and Michael Mannella of NAI Partners, along with John Pelletier and Greg Burns of ESRP Advisory, represented WorkSuites in the lease negotiations. Mat Volz and Craig McKenna of Stream Realty Partners represented the landlord, Velocis.
LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …
DALLAS, HOUSTON AND CHARLOTTE — HFF has arranged the $148 million sale of an industrial portfolio totaling 1.25 million square feet in Texas and North Carolina. The 20-building portfolio includes Cardinal Park in Dallas, as well as Bammel Business Park, Business Center at Park 10 and Legacy Park in Houston. Adam Herrin, Stephen Bailey, Rusty Tamlyn, Chris Norvell, Trent Agnew and Patrick Nally of HFF represented the seller, Adler Real Estate Partners, in the transaction. The buyer was Pennsylvania-based Exeter Property Group.
SPRING, TEXAS — Discovery Senior Living, an operator of 50-plus seniors housing communities across the country, has completed the renovation of Conservatory at Champion Forest, a seniors housing property located in Houston suburb of Spring. The Florida-based company overhauled the apartments, clubhouse amenities and dining areas. Although development costs were not officially released, Discovery described the project as a “multimillion-dollar remodel.”
FORT WORTH, TEXAS — Fort Worth-based Empire Roofing has acquired 4801 Esco, a 149,981-square-foot industrial property located in southeast Fort Worth. According to LoopNet Inc., the building is zoned for manufacturing uses. Jack Huff and Grant Huff of Transwestern represented the seller, KBW Property Ltd., in the transaction. Empire Roofing acquired the asset for an undisclosed price.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 65,814-square-foot industrial lease at 4395 Diplomacy Road in east Fort Worth. Adam Graham and Mark Graybill of Lee & Associates represented the landlord, ML Realty Partners, in the lease negotiations. Matt Carthey of Holt Lunsford Commercial represented the tenant, Factory Blue.
HOUSTON — Marcus & Millichap has brokered the sale of Garden Oaks Center, a 13,877-square-foot shopping center in Houston. Tenants at the center include Shepherd Park Draught House, Pinks Pizza and Molly’s Mutt House. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a local developer, in the transaction. Jerry Goldstein of Marcus & Millichap procured the buyer, a Houston-based investment firm.
AUSTIN, TEXAS — An affiliate of The Luzzatto Co. Inc. (TLC), a Los Angeles-based investment firm, has acquired Austin Oaks, a 445,322-square-foot office park in central Austin. Built throughout the 1970s and 1980s, the 12-building property is situated on 31.4 acres and houses 140 tenants in industries such as financial services, healthcare, legal services and technology. TLC will reposition the property to add more green space, as well as a café and fitness center. HFF represented the seller, Dallas-based Spire Realty Group LP, in the transaction and assisted TLC in securing a 10-year acquisition loan through a life insurance company.
BAYTOWN, TEXAS — A partnership between Houston-based Investment & Development Ventures LLC (IDV) and Sealy & Co. has broken ground on Thompson 10 Logistics Center, a 390,000-square-foot industrial facility in metro Houston. The project, which is being developed on a speculative basis, will be situated on 26.8 acres at the intersection of Interstate 10 and Thompson Road in Baytown, an eastern suburb. Thompson 10 Logistics Center will include a 130,074-square-foot front-load building and a 260,148 square-foot cross-dock building, each with 32-foot clear heights. Completion is slated for spring 2019. Tom Lynch and Mark Redlingshafer of CBRE represented IDV in its acquisition of the land and in securing an equity partner in Sealy. CBRE will also handle leasing of the property.