FORT WORTH, TEXAS — Chestnut Development Partners, in a joint venture with Benbrooke Realty Investment Co., has purchased The Shops at Hulen in Fort Worth. This is Chestnut’s second investment in Texas and second joint venture with Benbrooke. The Shops at Hulen is a 28,382-square-foot shopping center that was constructed in 2005. Currently 59 percent leased, it is shadow-anchored by a Walmart Supercenter and located near the South Hulen retail submarket. Southwest Bank of Fort Worth provided debt financing for the acquisition. Tommy Tucker of The Shop Cos. represented the seller. Pretium Property Management will manage the property.
ALLEN, TEXAS — The Allen City Council has approved a development agreement with TCH Altera LLC for the construction of The Convention Center at Watters Creek, an $85 million facility. The convention hotel will contain 290 guest rooms, a 64,500-square-foot convention center and a 1,000-car parking garage on seven acres at Bethany Drive and North Central Expressway. Projected to open in January 2017, the center will become the largest convention and exhibition space in the north Dallas suburbs. The multi-entity agreement provides for the city, Allen Economic Development Corp. (AEDC) and Allen Community Development Corp. to jointly contribute $12.3 million toward the capital investment in the project and to provide additional operational support over time. The AEDC also will contribute the land, which it has owned since the 1990s. TCH Altera has arranged construction financing and anticipates breaking ground by the end of this summer.
AUSTIN, TEXAS — Passco Cos. has opened a new office in Austin. Shelli Cusack will oversee the company’s Austin office, and will also be responsible for a portion of Passco’s multifamily portfolio encompassing more than 3,000 units in North Carolina, South Carolina and Georgia. Cusack has been responsible for the management of more than $1 billion in real estate assets during her career. Passco Cos.’ new Austin office is located at 7000 N. Mopac Expressway, Suite 200. Passco focuses on the acquisition, development and management of multifamily and commercial properties throughout the United States.
DALLAS — The Park has opened in The Shops at Park Lane. The 10,000-square-foot park includes an open green space, an interactive fountain for kids, along with seating areas, power outlets and free Wi-Fi. Tenants including Starbucks and Zoës Kitchen feature outdoor patios overlooking The Park. The area will host events and activities including yoga, movie nights, live music and more. The Shops at Park Lane is a 33.5-acre mixed-use development.
GRAPEVINE, TEXAS — Bill Bledsoe of Henry S. Miller Brokerage’s Investments and Land Division represented Classic Chevrolet in the purchase of 11.2 acres in Grapevine. Located off State Highway 121 at Stone Myers Parkway, the land will be used for business expansion. Bledsoe represented the buyer. Bruce Harbour of Harbour Realty represented the seller, a local partnership group.
TULSA, OKLA. — The SRS Southeast Investment Sales team has arranged the sale of a 53,210-square-foot property in Tulsa. The property, which is currently occupied by Virginia College, is located at 5124 S. Peoria Ave. The seller, OK Tulsa South Peoria LLC, sold the property to GPROP LLC for $8.8 million. Virginia College, a wholly owned subsidiary of Education Corp. of America, offers diplomas, associate’s degrees, bachelor’s degrees and master’s degrees. Kyle Stonis and Pierce Mayson in the SRS Atlanta office and Josh Burmeister with JLL represented the seller in the transaction. Chris Anderson with The Grant Group represented the buyer in the transaction.
CONROE, TEXAS — Allied Orion Group has broken ground on Harper’s Retreat, a new 216-unit apartment home community located in Conroe. Targeted to open in late 2015, Harper’s Retreat is the first multifamily luxury property being built in the Harper’s Preserve master-planned community. Allied Orion Group is the developer. Meeks + Partners designed the project. Harper’s Retreat is located at 17011 Harpers Way. With access to I-45 and Highway 242, the apartment community is near The Woodlands, area parks, Lake Conroe and downtown Houston. The property will include one- and two-bedroom units that will feature granite countertops, stainless steel appliances, wood flooring and ceramic tile. Amenities will include a swimming pool, cabanas, grilling stations, state-of-the-art wellness/fitness center, dog park, clubhouse and cyber café with Wi-Fi access.
HOUSTON — Big Daddy’s Antiques Inc. has leased a 3,990-square-foot freestanding corner building located at 3502 W. Alabama St. in Houston. Ashley Williams of Fidelis Realty Partners represented the tenant. Mark Kidd Sr. of M. Kidd Properties represented the landlord, St. Luke’s Methodist Church Foundation Inc. Big Daddy’s Antiques is a retailer of antiques and reproductions from European, Asian and North American markets.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Morningstar of Pasadena, an 88,011-squrae-foot self-storage facility located in Pasadena. Chico LeClaire and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Knobler and LeClaire also secured and represented the buyer, a limited liability company. Morningstar of Pasadena is located at 6321 Spencer Highway in Pasadena.
AUSTIN, TEXAS — Ashford Hospitality Trust Inc. has secured $25.1 million in property level debt financing for the previously-closed acquisition of the 168-room Lakeway Resort & Spa in Austin. The financing has a two-year term and three, one-year extension options, subject to the satisfaction of certain conditions. The interest-only loan provides for a floating interest rate 5.1 percent. Ashford Hospitality Trust is a real estate investment trust focused on investing in the hospitality industry across all segments.