BAYTOWN, TEXAS — An affiliate of First Market Properties LLC has purchased Forest View Apartments, a 158-unit, Class B multifamily complex in Baytown, approximately 25 miles east of Houston. The property, which is located at 301 Tri City Beach Road, was 93 percent occupied at the time of the sale. First Market Properties, a fully integrated real estate investment firm with offices in Miami and New York, plans to upgrade the asset.
Texas
KILLEEN, TEXAS — Marcus & Millichap has brokered the sale of a 46,335-square-foot self storage facility in Killeen, approximately 65 miles north of Austin. The facility, operated as Rancier Mini Storage, is situated at 1003 N. 38th St. Built in 1985, the property features video surveillance, computerized gated entry, climate-controlled units and garage-style, roll-up doors. Brandon Karr of Marcus & Millichap represented the seller, a private investor, in the transaction. Karr also secured the buyer, a partnership based in California.
AUSTIN, TEXAS — The investment sales division of Austin-based brokerage Retail Solutions has closed the sale of Corporate Center III, a 33,626-square-foot retail asset in Austin. Located at 8868 Research Boulevard, the property is in close proximity to the major thoroughfares of I-35 and Mopac Expressway. Tenants of the fully occupied facility include Uptown Dance and Gracie Barra Brazilian Jiu Jitsu. Alan Rust of Retail Solutions represented the seller, Park Corporate Center LTD, in the transaction. Jung Yu of E-Executive Realty represented the buyer, ATC Center LLC.
HOUSTON — Hunington Residential Inc. will break ground on Vargos on the Lake, a multifamily rental property in Houston, on Oct. 30. The complex, set to include 276 total units in various one-, two- and three-bedroom configurations, will be constructed on land that was formerly home to Vargos, a high-end steakhouse. Among the planned amenities are two dog parks, three outdoor kitchens, a swimming pool and yoga studio. The property will also incorporate several green living features, including electric vehicle charging spaces, solar panels and energy-efficient water heating. Completion is slated for summer 2014.
GARLAND, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 26,926 square feet of industrial space in Garland, a northeast suburb of Dallas, for Allied Insulation & Supply Inc. The warehouse facility is located at 2729 Market St., which allows for easy access to Interstate 635. Property features include 18-foot clear height ceilings and five dock-high loading doors. Brett Lewis and Adam Graham of Lee & Associates represented the tenant in the negotiations. Stephen Cooper of NAI Robert Lynn represented the landlord, DCT Industrial.
DALLAS — Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on Trammell Crow Penn Distribution Center, a speculative industrial building totaling 823,379 square feet in southern Dallas County. The facility, to be located on 47 acres along I-20, will include 36-foot clear height ceilings and is designed for LEED certification. Construction is slated for completion in May 2014.
AUSTIN, TEXAS — Spire Realty Group LP has purchased Austin Oaks, a 445,322-square-foot office property in the Northwest Austin submarket. The 12-building, Class A complex is located at the southwest corner of Mopac Expressway and Spicewood Springs Road, in close proximity to U.S. 183 and Loop 360, as well as the Arboretum and Domain mixed-use developments. Spire was represented internally by Jon Ruff, senior vice president. Todd Mills and Casey Knust of CBRE represented the undisclosed seller.
HOUSTON — Marcus & Millichap has brokered the sale of Woodforest Shopping Center, a 113,831-square-foot retail property in Houston. The facility, located at 421-469 & 438-474 Uvalde Road, houses tenants including Palais Royal, dd’s Discounts and Advance Auto Parts. James Bell of Marcus & Millichap represented the seller, a REIT traded on the NYSE. Bell also secured the buyer, a partnership.
ROUND ROCK, TEXAS — A private Canadian real estate investment group has selected FirstService Residential Realty (FSRR) to manage the Landing at Round Rock, a 583-unit multifamily community approximately 19 miles north of Austin. Acquired by the Canadian group earlier this year, the property was constructed in 2001 and features townhomes with attached garages, hardwood floors, granite countertops and 10-foot ceilings. The asset, which was previously known as the Monterone at Round Rock, is located at 7711 O’Connor Drive and includes amenities such as five swimming pools, a theater and 24-hour fitness center. FSSR provides management services for a portfolio totaling more than 20,000 units nationwide.
HOUSTON — E.E. Reed Construction LP has broken ground on Park Ten Center, a 301,932-square-foot office complex in Houston’s Energy Corridor. Plans call for two Class A buildings, each standing three stories and totaling 150,996 square feet. The project, located at the northeast corner of Park Ten Boulevard and Park Row, is a joint venture between developers Lincoln Property Co. and Stonelake Capital Partners. O’Brien and Associates Inc. designed the complex, which is slated for completion in July 2014.