PEARLAND, TEXAS — Marcus & Millichap has brokered the sale of the Southeast Regency Mixed Use Development, which consists of a 67,000-square-foot office building and a 19,384-square-foot retail facility in Pearland, approximately 15 miles south of downtown Houston. The complex, located at 1910 – 1930 Country Place Parkway, commanded a list price of $4 million. Jerry Goldstein of Marcus & Millichap represented the seller, a financial institution. Goldstein also secured the buyer, a limited liability company.
Texas
COPPELL, TEXAS — Duke Realty has arranged a lease for 263,625 square feet of industrial space for Anna’s Linens at Point West VI, a warehouse building located at 400 Dividend Drive in Coppell, about 20 miles northwest of downtown Dallas. The tenant, a retailer of sheets, curtains and other home goods, will use the location as a regional distribution center. Duke owns the facility, which totals more than 1 million square feet and is now fully leased. T. Holden Rushing and Jeff Cannon of Studley represented Anna’s Linens in the lease negotiations, while Duke was represented internally by Randy Wood.
DALLAS — Wood Partners has broken ground on Alta Maple Station, a $36.3 million, 249-unit apartment community in downtown Dallas. The property, located at 5522 Maple Ave., allows for easy access to the Dallas Area Rapid Transit system and major area employers Parkland Hospital, University of Texas Southwestern and Southwest Airlines. Amenities such as a resort-style pool, fitness center and media lounge will be included in the complex. Leasing is scheduled to begin in late 2014, and construction is slated for completion in early 2015. Wood Partners is acting as both developer and general contractor on the project. Good, Fulton & Farrell Architects is serving as the architect.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of a 15,908-square-foot office building in Pasadena, approximately 14 miles southeast of downtown Houston. The building, located at 2702-2706 Cherrybrook Lane and previously occupied by the State of Texas, had a list price of $1.3 million. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company, and also secured the buyer, a Rio Grande Valley-based limited liability company.
DALLAS — Panther FW Investments LLC has sold Arbor Vista, a 196-unit Class B multifamily property in Dallas, to an out-of-state buyer. The community, located at 9850 Whitehurst Drive, offers studio, one-, two- and three-bedroom floor plans plus amenities such as commercial-grade playgrounds, barbecue and picnic areas and a clothes care center. After purchasing the asset in 2010, Fort Worth-based Panther held the complex for approximately 30 months.
HOUSTON — NAI Houston has arranged the lease of 30,757 square feet of warehouse space in Houston’s Northwest Industrial submarket for Sunny Sky Products LLC. Located at 1234 Silber Road, the facility is in close proximity to Interstate 10/Katy Freeway. John Ferruzzo of NAI represented the tenant — which provides a number of dispensed beverage products to convenience stores, restaurants, supermarkets and other clients — in the negotiations. Edward Bane, also of NAI, represented the landlord, Quasar Silber LTD.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 45,346-square-foot property net-leased by Sonic Restaurants Inc. in Fort Worth. Situated at 8661 North Beach St., the location benefits from daily traffic counts in excess of 26,630 vehicles per day. Sonic has more than eight years remaining on the lease and multiple five-year extension options. Vincent Knipp of Marcus & Millichap’s Fort Worth office represented the seller, a partnership. Alex Bouchard and Gus Lagos, of Marcus & Millichap’s Houston office, secured the buyer, also a partnership.
DALLAS AND MESQUITE, TEXAS — Centerline Capital Group has arranged $19.3 million in refinancing for two Dallas-area Fannie Mae multifamily properties. The borrower, a Texas limited liability company managed by Gage Investments Ltd., is the same on both loans. Spanish Court Apartments, a 373-unit garden-style community in the western suburb of Mesquite, will receive a 10-year, $10.3 million in funding on a term amortized over 30 years. Spanish Village Apartments, a facility consisting of 22 residential buildings in Dallas, will receive $9 million in funding on the same terms. Centerline Capital is a subsidiary of New York-based Centerline Holding Co.
HOUSTON — NAI Houston has arranged the lease of 31,250 square feet of industrial space in Houston for Benthic USA LLC, a provider of offshore marine geotechnical investigation, analysis and design. The property, a warehouse/distribution facility, is part of Hammerly Business Park, which is located at 1805 Brittmoore Road in the northwest submarket. Chris Kugle of NAI represented Benthic in the negotiations. Charlie Christ of Clay Development represented the landlord, the name of which was not disclosed.
SCHERTZ, TEXAS — PinPoint Commercial LP and Thrive Senior Living LLC have broken ground on a new seniors housing property, The Legacy at Forest Ridge Assisted Living and Memory Care Facility, in the northeast San Antonio suburb of Schertz. The community, located near I-35 North and Schertz Parkway, will consist of up to 112 assisted living beds and 28 memory care beds and incorporate cutting-edge technologies such as remote radio-frequency identification for resident location monitoring. Construction is slated for completion in mid-2014.