HOUSTON – Mediterra at Westchase, a 312-unit, 250,014-square-foot multifamily property located at 3131 Hayes Rd., between Westheimer Road and Richmond Avenue, in Houston has changed hands. Miami-based Alterra Capital Group sold the property to Houston-based Mosaic Residential for an undisclosed amount. Matthew Kesterson of Marcus & Millichap’s Vero Beach, Fla., office and Jeffrey Fript of the firm’s Houston office represented the seller. Marcus & Millichap also represented the buyer. Mediterra at Westchase is comprised of 21 two-story buildings built in 1980 on approximately 10.5 acres. It features one-, two- and three-bedroom units.
Texas
DENTON – The Shops at Colorado, a 70,310-square-foot retail property in Denton has sold. A California-based development company sold it to an unlisted investment fund based in the Southeast. The Shops at Colorado was a former Target building that was renovated in 2007 and was 94.5 occupied at close of escrow with three tenants – Staples, Conn’s and Party City. Two separately platted pad sites were included in the sale. Tommy Tucker of Marcus & Millichap’s Dallas office represented the seller and procured the buyer as well.
SAN ANTONIO – The 64,500-square-foot Interceramic Tile & Stone Gallery has traded for $4.4 million. Located at 12054 Starcrest Dr. in San Antonio, the single-tenant, net-leased building was marketed by Alvin Mansour and Phil Sambazis, investment specialist with Marcus & Millichap’s San Diego office, on behalf of the seller, an unlisted partnership.
HOUSTON – Hardin Construction Co. has topped out the Vintage Medical Office Building at St. Luke’s Hospital in Houston. The medical office building, owned by Brookfield, Wisc.-based HC Vintage MOB I, LLC, a partnership between Hammes Co. and St. Luke’s Partnership, is a three-story, 39,749-square-foot project with a 176-space parking lot. It will be completed in April.
DALLAS AND HOUSTON – St. Louis-based Cassidy Turley has welcomed CAPSTAR Commercial Real Estate Services to its company with offices in Dallas and Houston. Founded in 2000, CAPSTAR oversees a management and leasing portfolio comprised of 14.5 million square feet of primarily Class A office space. CAPSTAR is led by its principals, Bret Bunnett, Johnny Johnson, John Patterson, Trey Smith and Chris Taylor, and brings more than 100 employees to Cassidy Turley.
STAFFORD – Staybridge Suites Houston Stafford-Sugar Land has opened at 11101 Fountain Lake Dr. in Stafford, close to the Southwest Freeway – U.S. Highway 59 – and 15 miles southwest of downtown Houston. The four-story, 90-room Staybridge Suites is the first of its brand to be designed in cooperation with interior design students from the Savannah College of Art and Design (SCAD). The hotel features the Vista scheme, which focuses on fresh color, organic patterns and subtle textures. Staybridge Suites Houston Stafford-Sugar Land is owned by Clifton Hospitality LP and operated by Alpha Hotel Management LLC under a license agreement with an InterContinental Hotels Group (NYSE: IHG) company.
HOUSTON – Steve Mellon of Grubb & Ellis’ Self Storage Group has represented Access Self Storage in its sale of two Class A self storage properties to Extra Space Storage (NYSE: EXR), a national REIT specializing in self storage properties. The acquisition enables Extra Space Storage to enter two new submarkets in the greater Houston area. The two properties are located in Houston and La Porte, and total 131,525 square feet and 1,061 units.
DALLAS AND IRVING – The Dallas and Chicago office of Holliday Fenoglio Fowler have arranged $22.8 million in acquisition financing on behalf of a partnership between Deerfield, Ill.-based Legacy Real Estate Development and Tarson Investments for Tiburon Apartments in Dallas and Creekwood Apartments in Irving. Located at 15411 Preston Rd. in Dallas, Tiburon Apartments is 97 percent leased and has 362 one- and two-bedroom units. Amenities include three swimming pools, a hot tub and a clubhouse, and it is situated close to Interstate 635, Dallas North Tollway and President George Bush Turnpike in the North Dallas/Addison submarket. Creekwood Apartments is located at 4208 W. Pioneer Dr. in Irving and has 232 one- and two-bedroom units. Its amenities include a clubhouse, a fitness center, two swimming pools, two laundry facilities and covered parking. It is 95.7 percent leased.
PEARLAND – Houston-based Arch-Con Construction has completed a 48,000-square-foot Holiday Inn Express Hotel and Suites located at 13931 S. Freeway (Highway 288) in Pearland. Holiday Inn Express is a four-story hotel that features 86 rooms, a meeting room, a fitness room, a swimming pool and a breakfast bar.
CONROE – An investment partnership sponsored by Houston-based Vista Equities Group has acquired a 39,000-square-foot office building located at 333 N. Rivershire Dr. in Conroe. The property was 50 percent occupied at the time of acquisition. Vista Equities Group plans expansive renovations and Robert Graham of The Marion Franke Team in Conroe will serve as the building’s leasing agent. Woody Mann of Vista Equities Group negotiated the property acquisition, while James Coleman of First National Bank handled the financing.