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Belle Vintage Park Lands New Property Manager5 Oct 2015, 2:04 pm
By Anca Gagiuc, Associate Editor
Stream Realty Partners was selected to manage Belle Vintage Park community located at 15455 Canterbury Forest Drive in Tomball, Texas. Belle Vintage Park is a fully leased active adult apartment community with 120 units.
Belle Vintage Park sits on 5.45 acres and offers one- and two-bedroom luxury units. Amenities include walking trail, lush landscaping, pet park with pet washing station, resort-style pool with shaded entertainment areas, barbecue grills, library, business center, clubhouse, social activity calendar, and personal training group sessions. Condo amenities feature walk-in closets, pantry closet, walk-in shower, and covered balconies.
The active adult living team is composed of experienced professionals led by Jeff Patterson, senior vice president at Stream. The company is currently developing four similar properties in Texas—in northwest Houston, Cinco Ranch, San Antonio, and Cedar Park.
“We are serving the increasing number of baby boomers throughout the greater Houston area who desire a community of like-minded peers, where residents have less to maintain and more to do,” said Colleen Grahn, vice president, Stream Realty Partners.
Image courtesy of Belle Vintage Park
The Boulder Group Keeps Busy in Texas, Illinois28 Sep 2015, 1:51 pm
By Ioana Neamt, Associate Editor
A Northbrook, Ill.-based brokerage firm landed two retail and hospitality deals in the states of Illinois and Texas.
The Boulder Group recently arranged the sale of a 4,700-square-foot Hooters property in Rockford, Ill., as well as the sale of a 6,800-square-foot O’Reilly Auto Parts store in Spring, Texas, through a team composed of Randy Blankstein and Jimmy Goodman.
The single-tenant, net leased Hooters property at 6904 Argus Drive in Rockford sold for $1,943,960 to a private high net worth investor. There are more than five years remaining on the corporately guaranteed Hooters lease—a lease that features no landlord responsibilities and ten percent rental escalations every five years. The property is located in a retail destination that also includes Home Depot, Target, Walmart, Kohl’s, and Best Buy, and offers easy access to the I-90.
“Properties priced below $2 million with corporate guarantees continue to garner significant interest among private investors,” Randy Blankstein, president of The Boulder Group, said. “As there is a limited amount of long term core assets on the market, some net lease investors are seeking assets with shorter term leases in strong retail corridors for higher yields.,” added Boulder Group Partner Jimmy Goodman.
Blankstein and Goodman also secured the $1,383,964 sale of an O’Reilly Auto Parts store located at 5618 Treaschwig Road in Spring, Texas—a suburb of Houston. The newly built, single-tenant net leased store is situated roughly five miles north of the George Bush Intercontinental Airport, and right across the street from a Kroger grocery anchored center. The asset was acquired by a high net worth Midwest-based family partnership in a 1031 Exchange. O’Reilly Auto Parts has a 20-year lease at the site, featuring a six percent rent escalation in year eleven and year sixteen.
Images courtesy of The Boulder Group
Three Times Lucky: Houston Retail Asset Obtains Third Financing22 Sep 2015, 6:33 pm
By Liviu Oltean, Associate Editor
A Texas-based commercial mortgage banking company announced that it has arranged a $44 million financing for the Centre at Bunker Hill, a 430,820-square-foot Class A retail property in Houston.
“We’re very fortunate to have placed the financing for this premier property three separate times since its initial development. Our initial financing was placed on behalf of the original developer, next we financed a portion of the property when the current owner Smithco Development acquired Centre at Bunker Hill and now with the consolidation of debt on the property,” Matt Franke, Q10 KDH vice president, said in a prepared statement.
The Centre at Bunker Hill is a multi-anchor retail property that is currently fully leased. Located at 9654 Katy Freeway, the asset is considered one of the best performing mixed-use projects in the area, as it continues to have a good tenant roster—Best Buy, Costco, Lowe’s, Michaels’— as well as an optimal location along IH-10.
Image courtesy of Q10 KDH
Berkadia Paves Way for Equus to Snap Up Southwest Houston Office Building17 Sep 2015, 8:35 pm
By Anca Gagiuc, Associate Editor
Berkadia has arranged $21.9 million in financing for One Sugar Creek Center, the Comerica Bank Building.
Senior directors Corby Chaffin and Steve Comly of the Houston and Philadelphia offices, respectively, secured the fixed-rate loan through a relationship with a life insurance company. Jared Chua and Bernard Branca of CBRE’s Investment Properties – Institutional Group in Houston represented the seller.
Berkadia originated the financing for Equus Investment Partnership IX LP, a discretionary fund managed by Equus Capital Partners Ltd. At the time of the closing, the property was 89 percent occupied.
Built in 1983, the 193,988-square-foot, 11-story building sits on 4.5 acres at 1 Sugar Creek Center Blvd., along the north side of US-59 at the intersection with South Dairy Ashford Road. The property has easy access across the greater Houston Metro area due to its location just one-half mile south of US Highway 90A, two miles from State Highway 6, and four miles from Beltway 8.
Property amenities include surface parking and an attached four-level parking garage. The on-site conveniences include a deli and a full-service banking facility.
“This transaction provides the opportunity to acquire a best-in-class suburban office asset in a location with an expanding array of amenities, along with excellent access to the vast and desirable Houston employment base,” said Kyle Turner, director of investments for Equus Capital Partners, who along with senior vice president Roy Perry oversaw the acquisition. “With our plans for significant capital upgrades and an added amenity package, we are confident that the Comerica Bank Building will be an even more highly sought after location.”
Planned upgrades include the addition of a tenant lounge, conference center, and a common area with Wi-Fi and a concierge. Further capital improvements and renovations will target the lobby, restrooms and common areas.
HFF Facilitates Sale of Galleria Place16 Sep 2015, 5:41 pm
By Anca Gagiuc, Associate Editor
Galleria Place, the two Class A office buildings totaling 401,000 square feet and the stand-alone retail site across from the Galleria Mall, has changed owners.
Senior managing director Dan Miller and director Martin Hogan led the HFF investment team.
HFF marketed the property on behalf of the seller, The Carlyle Group and Songy Highroads LLC, and is also engaged to arrange financing for the buyer, Lincoln Property Company. The financial details of the transaction remain undisclosed.
Galleria Place consists of the 11-story, 217,006-square-foot office building Galleria Place I (5251 Westheimer); the 10-story, 178,468-square-foot office building Galleria Place II (5333 Westheimer); the 5,707-square-foot retail building Sage Plaza—which is fully leased to a local high-end salon and tailor; the single-story bank branch Regions Bank and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is currently 53 percent leased to tenants including Just Energy and HIS. The asset sits on six acres nestled between Sage and Westheimer Road and West Alabama Street.
“Galleria is one of the best office markets in the city, and we positioned Galleria Place to take full advantage of this demand,” Todd Nocerini, COO of Songy Highroads, said in a prepared statement. “With new hotel and retail under development within walking distance, the strength of this property will continue to increase.”