HOUSTON — Jones Lang LaSalle's Capital Markets has arranged the sale and financing of Ashford Place, a two-building, 143,505-square-foot office portfolio in Houston's Energy Corridor. Insite Realty Partners LP purchased the property from CW Capital Asset Management LLC. The two Class B properties are located at 950 Threadneedle St. and 14800 St. Mary's Lane along Katy Freeway (Interstate 10). The properties are 86 percent leased. Rudy Hubbard, Paul House and Kevin McConn of Jones Lang LaSalle led the team in the deal.
HOUSTON — CBRE has brokered the sale of One Oak Park, a fully leased, Class A office building located in Houston's Westchase District. The 153,342-square-foot property was constructed in 2009 and is LEED Gold-certified. A four-level parking garage adjoins the six-story office building. Bernard Branca and Jared Chua of CBRE represented the sellers, The Carlyle Group via Carlyle Realty Partners V and Means-Knaus Partners. Clarion Partners, real estate investment manager, purchased One Oak Park.
SAN ANTONIO — Dallas-based Frontline Holdings, a private investment firm, has purchased the 164-unit Whispering Hills Apartments in northeast San Antonio. The Class B, garden-style community is 95 percent occupied. The property features one-, two- and three-bedroom floor plans, as well as a business center, two swimming pools and barbecue grill areas. Casey Fry of ARA's San Antonio office represented the seller, Commerce Capital, in the transaction.
CHICAGO — Ares Commercial Real Estate Corp. has originated three new loans totaling $100.5 million. The loans include a $45.3 million first mortgage acquisition loan for a 510-unit multifamily property in McKinney, a suburb of Dallas. The borrower, a sponsor group that includes Cortland Partners, will use the loan to finance property upgrades and new amenities. The second loan was a $35.5 million acquisition loan for a 301-unit multifamily property in Houston. The borrower, also a sponsor group that includes Cortland Partners, will use the loan to fund property improvements and new amenities. The third loan is for the $19.7 million refinancing of a 25,178-square-foot industrial warehouse in Springfield, Va., a suburb of Washington, D.C.
THE WOODLANDS, TEXAS — The Lionstone Group, a national real estate investment firm, has sold Waterway Plaza I and II in The Woodlands to Clarion Partners. The two Class A office buildings are located at 10003 and 10001 Woodloch Forest Drive and total 366,074 square feet. The buildings are 98 percent leased with a single-anchor tenant occupying more than 50 percent of the office space under a long-term lease. Jeff Hollinden, Robert Williamson and Trent Agnew of HFF marketed the property on behalf of Lionstone Cash Flow Real Estate Partners One, a joint venture between Lionstone and a large state pension fund. The properties sold for the highest price per square foot paid to date for suburban office property in the Houston MSA, according to HFF.
DALLAS — Miami-based Parmenter Realty Partners has acquired a 14-story, 310,771-square-foot office building in the Central Expressway submarket of Dallas. The property, located at 7557 Rambler Road, is the eighth investment in Parmenter's Fund IV. Parmenter plans to make upgrades to the facility in order to achieve LEED certification. The firm now owns more than 2 million square feet of office space in Dallas.
HOUSTON — Armando Montelongo Cos. Inc., a commercial real estate investment firm, has purchased Northchase Place, a 75,000-square-foot Class B office building in Houston. The four-story property is located at 13700 Veterans Memorial Drive. Armando Montelongo Cos. purchased the asset for approximately $26 per-square-foot.
HOUSTON AND MISSOURI CITY, TEXAS — Marcus & Millichap has arranged the sale of two shopping centers in Texas totaling 89,720 square feet. The properties include the 42,435-square-foot Missouri City Corners in Missouri City and the 47,285-square-foot Desoto Shopping Center in Houston. Jerry Goldstein of Marcus & Millichap's Houston office represented the sellers in both transactions.
CINCINNATI, OHIO — Phillips Edison-ARC Shopping Center REIT Inc. has acquired four grocery-anchored shopping centers for a total purchase price of approximately $117 million. The properties include Northcross, a 280,243-square-foot shopping center located in Austin. A 98,800-square-foot Walmart Supercenter anchors the property and is leased through March 2029. Other tenants include Walgreens, GameStop, GNC, Guitar Center, Great Clips and Weight Watchers. The other properties included in the announcement are Shiloh Square in metro Atlanta, Glenwood Crossings in metro Milwaukee and The Pavilions at San Mateo in Albuquerque, N.M. The four acquisitions bring the REIT's total portfolio to 46 properties in 18 states totaling $650.7 million.
NEW YORK CITY — Gramercy Property Trust Inc. has closed on four acquisitions in Dallas, southern New Jersey, Houston and Orlando, Fla., for approximately $82 million combined. The properties include a wholesale automotive auction facility located in Hutchins in the Dallas MSA and a cross-dock truck terminal in Houston. Gramercy purchased the auction facility for approximately $58.5 million, which includes the assumption of a $26.3 million first mortgage that is co-terminus with the lease. The property is fully leased through June 2029. Gramercy purchased the Houston terminal, which has 189 dock doors, and the Orlando terminal for a combined $12 million. The Houston terminal is leased through May 2019. Gramercy purchased the industrial freezer/cooler facility for approximately $11.8 million.