PECOS — Marcus & Millichap has arranged the sale of a 97-room Quality Inn, located at 4002 S. Cedar St. in Pecos. Allan Miller of Marcus & Millichap's Austin office, along with Chris Gomes of the firm's Dallas office, represented the seller, a California-based private investor, in the transaction. Gomes procured the buyer, a Dallas-based private investment fund.
HOUSTON — Brookfield Office Properties has leased 163,950 square feet of office space to Chevron U.S.A. at 1600 Smith Street, a 1.23 million-square-foot office building located in Houston. Tim Relyea of Cushman & Wakefield of Texas represented the tenant in the lease transaction. Brookfield Office Properties was self-represented by Margaret Sigur and Paul Frazier.
ALLEN — Bright Realty has secured a new lease and expansion of 1,411 square feet of retail space for Fred's Downtown Philly, located in the Shops of Bethany at Greenville Avenue and Bethany Drive in Allen. Kerry Assa and Britton Lankford of Bright Realty represented the landlord in the lease transaction. Fred's Downtown Philly was self-represented.
TEXAS — National Health Investors (NHI) has exercised an option to purchase and lease a new 125-bed skilled nursing facility in Texas for $13.4 million. The property is operated by affiliates of Legend Healthcare LLC. The acquisition will be funded from available cash and NHI's revolving credit facility.
DALLAS —The Plano Independent School District has selected Cadence McShane to renovate and expand the 95,632-square-foot Mitchell Elementary School, located at 4223 Briargrove Road in Dallas. The redevelopment program includes an addition of 34,376 square feet, which will feature 42 classrooms, a gymnasium, cafeteria, kitchen and library. SHW Group is providing architectural services for the school, which is slated for completion in August 2013.
WYLIE — Colliers International has arranged the purchase of a 41,700-square-foot industrial property, located at 940 Hensley Lane in Wylie. The property consists of three properties — an 8,500-square-foot office building, a 30,000-square-foot warehouse and a 3,200-square-foot storage building. Allen Gump of Colliers International, along with Hugh Resnick of Pizel & Associates Commercial Real Estate, represented the buyer, Barthalow Rentals Co., in the transaction. Jeff White and Mike McCartan of Mark V Commercial represented the seller.
DALLAS — UC Funding has secured an $8.1 million bridge loan for the 250-unit Ridgecrest Apartments, located at 5330 Preakness Lane in Dallas. The firm arranged the 12-month, interest-only loan, and is expecting to provide a permanent loan solution within the next 6 to 9 months, most likely through HUD.
GREENVILLE — Bright Realty has brokered the sale of a 1-acre parcel, located on Joe Ramsey Boulevard in Greenville, for a 5,000-square-foot free-standing Anytime Fitness. Britton Lankford of Bright Realty represented the buyer, a franchisee, in the transaction. Ray Howell of Ray Howell & Associates represented the seller.
HOUSTON — ALDI has plans to enter the Houston market with 30 new stores and $100 million of capital expenditures in the next 3 years. ALDI is anticipating adding 400 new jobs for these new locations. The grocery chain currently has more than 1,200 stores in 32 states and 37 stores in Texas. The company opened 75 stores in 2011 and expects 80 new stores in 2012. The first ALDI stores in Houston will open in spring 2013, with more than 10 new locations.
LAPORTE — A joint venture between National Property Holdings and ML Realty Partners has broken ground on a 261,630-square-foot industrial property, located in the Port Crossing Commerce Center at S. 16th St. in LaPorte. The new property will feature 47 exterior docks, significant trailer storage and 16 rail-served doors. The property serves the Port of Houston and is located between the Barbours Cut and Bayport Container terminals.
