GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of The Courtyards at Mustang, a 228-unit multifamily property in Grapevine, approximately 20 miles northeast of Fort Worth. The apartment community, which was constructed in 1973, includes amenities such as two swimming pools, four laundry facilities, a basketball court and a baseball/soccer field. Located at 2913 Mustang Drive and in close proximity to Highway 26, the asset garnered multiple offers in a marketing period lasting less than 30 days. John Barker of Marcus & Millichap represented the seller, a partnership. Barker also secured the buyer, another partnership.
Texas
HOUSTON — Cassidy Turley has arranged the lease of 225 RailPort, a 600,000-square-foot build-to-suit distribution complex soon to break ground in Houston’s Port submarket, for Frontier Logistics. Developer Avera plans to begin construction in November and expects to complete the facility, located at Beltway 8 and State Highway 225, in the third quarter of 2014. With 20,000 linear feet of rail access, the complex will serve Frontiers’ clients in the plastics industry. John Nicholson of Cassidy Turley represented the tenant in the lease negotiations.
DALLAS — Homewood Suites by Hilton, Hilton Worldwide’s brand of upscale extended-stay hotels, has opened its newest location in downtown Dallas. Lowen 1025 Elm LP owns the building, which was originally the United Fidelity Life Insurance building and underwent extensive renovation as part of Homewood Suites’ adaptive re-use program. Lowen Hospitality Management LLC will manage the new property, which totals 130 suites over 10 stories. Located at 1025 Elm St., in close proximity to the West End and the Dallas Convention Center, the hotel includes amenities such as an indoor pool, 24-hour on-site pantry, golf simulator and fitness center.
HOUSTON — Thomas Properties Group Inc. has signed Statoil Gulf Services LLC, the U.S. subsidiary of Norwegian energy company Statoil ASA, to a long-term lease for 581,000 square feet at the CityWestPlace campus in Houston’s Westchase District. Statoil, which previously occupied 225,000 square feet at CityWestPlace, will now occupy all 431,000 square feet of the complex’s Building 2 and 150,000 square feet of Building 4. The location will serve as the Statoil’s North American headquarters. Chip Colvill, Clark Thompson, Win Haggard Jr. and Michael Anderson of Colvill Office Properties represented landlord Thomas in the negotiations. Mark O’Donnell of Studley Inc. represented Statoil.
EL PASO, TEXAS — CBRE Capital Markets has brokered the sale of the Walter Jones Logistics Campus, a 497,611-square-foot office/industrial complex within Butterfield Trail Industrial Park in El Paso. Anchorage, Alaska-based Bond Commercial Properties purchased the asset, which consists of four structures: two distribution facilities with cross-dock loading, an office building and a standalone distribution facility. Penske Logistics is a key tenant at the property, which was 71 percent leased at the time of sale. Jack Fraker, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni and Anthony Mash of CBRE represented the seller, Invesco Ltd. Bond selected Mash as the exclusive listing agent for the complex going forward.
HOUSTON — HFF has brokered the sale of Old Farm, a 734-unit Class A multifamily community located at 2500 Old Farm Road in Houston’s Galleria submarket. The property features one-, two- and three-bedroom units averaging 950 square feet each. Amenities include two fitness centers, two swimming pools and a business center. At the time of the sale, Old Farm was 96.2 percent occupied. Todd Marix, Craig LaFollette, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property free and clear of debt on behalf of the CBRE Strategic Partners Value 6 Fund.
AUSTIN, TEXAS — Weingarten Realty Investors (NYSE: WRI) has acquired the 350,000-square-foot Mueller Regional Retail Center in Austin. Home Depot, Marshalls, Bed Bath & Beyond and PetSmart anchor the power center. Close proximity to Interstate 35 results in traffic counts in excess of 240,000 vehicles per day. The property is part of the larger Mueller Regional Retail District, a 700-acre master planned community that will include a total of 4 million square feet of retail space and 4,600 residential units upon completion.
HOUSTON — Radler Enterprises Inc. has broken ground on Phases III and IV of Beltway Lakes, a 46-acre master-planned office park at the intersection of Beltway 8 and Highway 249 in the Northwest Houston submarket. The new buildings are two nine-story, Class A towers totaling 540,000 square feet. Both are LEED Gold Pre-Certified and will include amenities such as a fitness facility and two on-site dining options. A climate-controlled walkway will connect an adjacent parking garage to both facilities, which were designed by architecture firm Gensler. Radler Enterprises began development of Beltway Lakes in 2008.
HOUSTON — Greystone has arranged a $20.2 million CMBS loan for the acquisition of The Place at Greenway, a multifamily property in Houston. Located at 3333 Cummins Lane, the apartment complex includes 219 units plus amenities such as a pool, clubhouse and fitness center. The loan, which was co-sponsored by Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa, features a 10-year term and a fixed interest rate. Robert Russell of Greystone originated the loan and managed the closing.
AUSTIN, TEXAS — HFF has arranged $17.25 million in financing for the acquisition of Ten Oaks Apartments in Austin on behalf of Price Realty Corp. The multifamily complex, completed this year, features 192 units that are 97 percent occupied as well as amenities such as a clubhouse, fitness center, resort-style pool, business center and cyber cafe. Ten Oaks is located at 12612 N. Lamar Blvd., about 10 miles north of downtown and in close proximity to Interstate 35 and U.S. 290. John Brownlee of HFF arranged the terms of the three-year, floating-rate loan on behalf of the borrower, Price Realty Corp.