ALLEN — Connecticut-based Frontier Communications Corp. has opened a 84,000-square-foot communications center, located at 805 S. Central Expy. in Allen. The center houses 500 employees and features a National Operations Center with specialized telecommunications equipment.
HOUSTON — Houston-based GSL Welcome Group has acquired a 48,710-square-foot office/warehouse property, located at 4300 Pasadena Freeway and Beltway Green Boulevard in Houston. The acquisition is GSL's 14th property in the Deer Park/Pasadena area. Hagemeyer North America is the property's sole tenant. Welcome Wilson and Danielle Gann represented the buyer in the transaction. Tyndall Yapp of Capital Commercial represented the seller, Capital Commercial Investments.
KANSAS, OKLA. — American Realty Capital Daily Net Asset Value Trust has acquired a 8,320-square-foot retail center fully leased to a wholly-owned subsidiary of Family Dollar Stores. The lease is on a 10-year term and expires in June 2021. The acquisition, and American Realty's purchase of a Family Dollar store in Gloster, Miss., total to $1.7 million.
THE WOODLANDS — BANDIER Investment Services has arranged the sale of two office buildings totaling 22,000 square feet in the Borough Office Complex in The Woodlands. Jody Czajkoski and Jason Tangen of BANDIER's Houston office represented the buyer, AVATAR Home Health Agency, in the transaction. The property will serve as AVATAR's new corporate headquarters.
HOUSTON — Hyatt North Houston, a 335-room hotel formerly known as the Crowne Plaza Houston North-Greenspoint and located at 425 N. Sam Houston Pkwy. E., has opened following a multi-million dollar renovation. Memphis, Tenn.-based Davidson Hotels & Resorts operates the hotel under a franchise agreement with Hyatt Hotels Corp. The property features a fitness facility, outdoor swimming pool, spa, business center, gift shop and Grill 425, an American-style restaurant.
DALLAS AND HOUSTON — J.P. Morgan Asset Management, on behalf of institutional investor clients, has selected Cassidy Turley to manage and lease two office properties totaling 2.5 million square feet. The properties include the 1.2 million-square-foot Fountain Place, an office tower located in Dallas' Central Business District, and the 1.3 million-square-foot Post Oak Central, an office property comprised of three 24-story buildings located at 2000 Post Oak Blvd. in Houston. Fountain Place's tenants including Hunton & Williams, LLP; Wells Fargo Bank and Tenet Healthcare Corp. Post Oak Central features tenants such as Apache Corp., Suez Energy North America, Stewart Title and Cox Radio.
SAN ANTONIO — PCCP has closed a $22.55 million senior loan to refinance a 230,000-square-foot portion of Westover Marketplace, a retail center located at 8203 State Hwy. 151 in San Antonio. The refinanced portion of the center is 71 percent leased to tenants including Ross Dress for Less, PetSmart and Office Depot. The majority of the vacancy is a result from a 48,000-square-foot retail property that once was leased by Sportsman's Warehouse. PCCP provided the loan on behalf of the owner, Coventry Real Estate Advisors.
NORTH RICHLAND HILLS — Marcus & Millichap Capital Corp. has arranged $5.45 million in acquisition financing for the purchase of a 138-unit multifamily property located in North Richland Hills. Brian Adams of Marcus & Millichap's Dallas office arranged the 10-year loan with a 30-year amortization schedule.
PASADENA — Houston-based Net Realty Advisors has brokered the sale of the 13,200-square-foot Dollar General, located at 6422 Spencer Hwy. in Pasadena. Gavin Kam and Brad Kam of Net Realty represented the undisclosed seller in the transaction. Jon Rue of Sperry Van Ness' Houston office represented the buyer, a Houston-based investor.
CINCO RANCH — Palm Beach, Fla.-based Sterling Organization and Canada-based RioCan have acquired the 97,761-square-foot The Market at Village Center, a Class A retail power center located at the northwest corner of Grand Parkway/Highway 99 and Westheimer Parkway in the 7,600-acre master-planned Cinco Ranch. Sterling purchased the center for $17 million from Houston-based Property Commerce in an off-market transaction. The property is 97 percent leased to tenants such as HomeGoods, Michaels, OfficeMax, Mattress Giant, Massage Envy, RadioShack, Supercuts, Sally Beauty Supply and Which Wich.