AUSTIN — Moody National REIT I Inc. is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum for $29.3 million. The purchase price excludes acquisition costs and is subject to adjustments and prorations. The hotel is located north of downtown Austin just off Highway 183 near the Arboretum at Great Hills, the University of Texas, Sixth Street and Lake Travis. The 138-room hotel opened in 2002. Amenities include an indoor swimming pool and 1,400 square feet of meeting space.
Texas
BAYTOWN, TEXAS — Coldwell Banker Commercial United Realtors has arranged the sale of an 118,000-square-foot retail center located at 1801 N. Pruett St. in Baytown, just east of Houston. Donna Winfrey-Varner of Coldwell Banker represented the unnamed seller. A national investment group represented the buyer.
FORT WORTH — Streamline Packaging Solutions LP has renewed its lease of a a 92,098-square-foot building in the SCG River Park Business Center in the Upper Great Southwest Industrial District. The 500,728-square-foot business center is 95 percent leased. Streamline has been a tenant for five years in Building B, which is fully leased. Blake Anderson and David Eseke of Cassidy Turley represented the tenant.
CORPUS CHRISTI, TEXAS — MCR Development LLC has completed the renovation of the 105-room Courtyard Corpus Christi located at 5133 Flynn Parkway in Corpus Christi. The renovation included a redesign of the hotel’s guest rooms, lobby, bistro and public areas. The renovations are part of MCR’s strategy to drive RevPAR growth. The hotel is located near the Texas Route 358 traffic corridor and the Corpus Christi International Airport.
COLLEGE STATION, TEXAS — Walker & Dunlop has provided an acquisition loan for The Cottages of College Station, a student housing community near Texas A&M University. Columbus Pacific Properties, a California-based real estate investment company, purchased the property. Will Baker of Walker & Dunlop worked with Tim Bradley of TSB Capital to originate and structure the loan. The loan has a 10-year term with two years of interest-only payments. The property is an off-campus community featuring houses ranging in size from one to five bedrooms. Amenities include free Wi-Fi, study rooms, a business center and the largest pool in College Station.
HOUSTON — Levey Group and TriStar Glass Products have executed an earnest money contract for a design-build facility on more than five acres of land inside IAH Business Park. The development will include a 66,000-square-foot facility featuring a 4,000 amp electrical service, drive-through site plan configuration and additional land for future expansion. The property is adjacent to Bush Intercontinental Airport along Aldine Westfield Road. Nick Peterson and John Ferruzzo of NAI Houston represented Levey Group in the transaction. Blake Anderson and David Eseke of Cassidy Turley’s Dallas office represented TriStar.
LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of La Porte Office Warehouse, an 18,000-square-foot industrial property in La Porte. Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. La Porte Office Warehouse is located at 930 S. 14th St. in La Porte.
HOUSTON — JLM Commercial Advisors Inc. has arranged the sale of a 140,110-square-foot office/warehouse building on 25 acres at 5750 Brittmoore Road in Houston. Lane Guinn of JLM represented the seller, Goya Foods Inc. The buyer was CHI Tanner LP. Goya Foods formerly used the property as a plant and distribution facility. Plans for future use of the building were not released.
DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co., plans to build a new 20-story, 271-unit residential tower at 3230 McKinney Ave. in uptown Dallas. A 5,500-square-foot Café Express currently occupies the site. The new building will feature 13,000 square feet of ground floor retail space. A new Café Express will anchor the property, which will also include residential units. The site is located across Bowen Street from the McKinney Avenue Transit Authority trolley barn and headquarters.
HOUSTON — Rice Management Co. and Trademark Property Co. have acquired a three-building, 193,000-square-foot retail property portfolio in Rice Village, collectively named the Village Arcade. Trademark and Rice plan to revitalize the properties by upgrading the merchandising mix, facades and site amenities. The Rice Village district dates to the 1930s. Rice Management Co. has responsibility for the Rice University endowment to oversee asset and property management, leasing and repositioning of the Village Arcade properties. The buildings currently feature 50 stores and restaurants including Ann Taylor, Athleta, Banana Republica, Chico’s and Gap.