STILLWATER, OKLA. — Marcus & Millichap has brokered the sale of Squires Landing Apartments and Wicklow Apartment Community, two multifamily assets totaling 287 units in Stillwater, home of Oklahoma State University. Derek Wilson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private partnership. Both parties requested anonymity. The properties sold at a sub-6 percent cap rate.
LUBBOCK, TEXAS — Richardson-based Hill & Wilkinson General Contractors will build a $91 million expansion project for the Health Sciences Center of Texas Tech University in Lubbock. The project involves adding 185,000 square feet of space, including a 100,000-square-foot extension of the current building that will feature research labs and a gross anatomy lab. In addition, the project will deliver a 14,500-square-foot conference center and a 58,142-square-foot building that will house classrooms, offices and collaborative spaces. Perkins + Will is providing architectural services for the project, which is slated for a 2019 completion.
DALLAS — Seritage Growth Properties and KDC will develop a 1 million-square-foot office property within Dallas Midtown, a 430-acre mixed-use project that is being constructed at the site of the former Valley View Mall in Dallas. The office development will feature two Class A towers with anchor retail and entertainment spaces. Seritage is also considering adding a hotel as part of its 23-acre project within the larger development. A timetable for completion has not yet been established.
DALLAS — Marcus & Millichap has brokered the sale of Tschannen Estates, a 372-unit multifamily community located at 8039 Chariot Drive in east Dallas. Built in 1969, the property consists of 216 one-bedroom units and 156 two-bedroom units ranging in size from 563 to 1,018 square feet. Amenities include four pools, on-site laundry facilities, an outdoor picnic area with grills and a playground. Al Silva, Daniel Burton, Trey McGhin and Peter Flis of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. Dallas-based investment firm Cross Equities purchased the property for an undisclosed price.
SAGINAW, TEXAS — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired a 44-acre industrial lot in the northern Fort Worth metro of Saginaw. Located at 1353 Jarvis Road near Alliance Business Park, the property features 1,700 spaces for trucks, trailers, containers and chassis, making it the largest managed truck and trailer parking lot in the country, according to IOV. The company will invest in capital improvements to the property’s lighting, security measures and equipment tracking systems, and rebrand it as “Park My Truck.” Norco Trucking Corp. sold the property to IOV for an undisclosed price.
DALLAS — Lee & Associated has arranged the sale of a 34,101-square-foot auto dealership space located at 13615 N. Central Expressway in Dallas. Nathan Denton of Lee & Associates represented the buyer, Sonic Development, a division of automotive retailer Sonic Automotive. Ryan Johnson of SRS Realty represented the seller, Algonquin Realty LP. Sonic Automotive is a Fortune 500 company that also offers vehicle maintenance, collision repair, insurance and financing services.
PASADENA, TEXAS — A joint venture between Valero Energy Corp. and Magellan Midstream Partners has started construction of Phase I of an $820 million marine storage facility located along the Houston Ship Channel in Pasadena. The facility will handle petroleum products including multiple grades of gasoline, diesel and jet fuel, as well as renewable fuels. Phase I of the development will include 1 million barrels of storage and a new marine dock capable of handling Panamax-sized ships or barges with up to a 40-foot draft. Phase II of the development will expand the property to include 4 million barrels of storage, a three-bay truck rack and a second marine dock capable of handling Aframax-sized vessels with up to a 45-foot draft. If warranted by additional demand, the property offers a third expansion option to include an incremental 5 million barrels of storage, another three docks and expanded truck-loading capacity for a maximum footprint of up to 10 million barrels of total storage and up to five docks. At completion, the facility will be connected via pipeline to Valero refineries in Houston and Texas City. The property will also link to the Colonial and Explorer pipelines, as well as Magellan’s Galena Park terminal facility. A limited liability …
HOUSTON — HFF has arranged the sale of Houston Center, a 4.2 million-square-foot mixed-use property located near Toyota Center and Minute Maid Park in downtown Houston. The four-building property consists of three high-rise office towers and one 16-story office building situated atop of 196,000 square feet of retail space. The asset spans 9.2 acres and was 72 percent leased at the time of sale. Houston Center offers tenants several casual and fine-dining restaurants, a fitness club and a healthcare facility. Jeff Hollinden, Scott Galloway, Mark Gibson and Trent Agnew of HFF represented the seller, a group of institutional investors advised by J.P. Morgan Asset Management, in the transaction. Bermuda-based Brookfield Property Partners purchased the asset for an undisclosed price. Transwestern has been retained to handle leasing of the property.
SAN ANTONIO — Houston-based multifamily developer Falcon Group will develop a 312-unit apartment community that will be situated within the master-planned community of Briggs Ranch in San Antonio. Designed by Meeks + Partners, the property will consist of 14 three-story buildings with one-, two- and three-bedroom units ranging in size from 736 to 1,411 square feet. Amenities will include a pool, pet park, fitness center, business center, chef kitchen with cooking classes, a media room with a theater and a resident lounge with workspaces. The groundbreaking is slated for the first quarter of 2018 with a targeted completion date of summer 2019.
SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.
