Archive for ‘Trades’

May 30, 2012

Multi-Family Wire

HOUSTON – The Cranbrook Portfolio, a 1,038-unit portfolio including the Polo Club Apartments, Monticello Apartments and Timbers Apartments.  Transwestern’s Ed Cummins and Clint Duncan represented the seller in the transaction. Located on Ella Boulevard in Houston, the three properties span across 33 acres and were 87.7 percent occupied at the time of sale. The largest of the complexes is the Polo Club Apartments with 520 units, followed by Timbers Apartments with 274 units and Monticello Apartments with 244 units. The transaction was a distressed asset sale on behalf of the lender, and the portfolio was purchased for an undisclosed amount by a California investor.

ALBUQUERQUE, NM — The 232-unitLa Ventana  located at 12200 Academy Road NE in Albuquerque has been sold to MPLA Ventana Apartments LLC of Los Angeles, Calif. La Ventana was built in 1995. The transaction was negotiated by Bill Fox (Albuquerque), Art Wadlund (Tucson), Mark Forrester (Phoenix), and Ric Holway (Phoenix) of Hendricks & Partners on behalf of the seller, GFPG 12200 Academy Road ABQ II, LLC of Lakewood, Colo.
WILLISTON, N.D. — A new property in the Bakken Shale,  the Williston Garden Apartments is 100 percent pre-leased. When completed, this development will provide 90 furnished units and 55 unfurnished units. Currently, two of the four buildings are open and the remaining two are scheduled to open this summer.  Investors Real Estate Trust (IRET) owns a majority interest in the project.

HOUSTON – Wood Partners will begin construction in May on Alta Heights, a 256-unit project at 145 Heights Blvd., near Washington Ave.

 FOR MORE APARTMENT NEWS  click here.

May 29, 2012

Weingarten Leaves the Warehouse Business, Selling 52 Properties for $382 Million

HOUSTON -Weingarten Realty Investors, a Houston-based REIT, has sold 52 industrial properties for $382.4 million, enabling Weingarten to focus solely on shopping centers.

“The completion of this portfolio sale is a significant step in our previously outlined capital recycling initiative and effectively positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry, strong growth potential and strong demographics,” said Drew Alexander, President and Chief Executive Officer.

The portfolio is comprised of 52 industrial properties, aggregating approximately 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia.

The buyer of the portfolio was DRA Growth and Income Fund VII. David Luski is President and CEO of DRA Advisors LLC. J.P. Morgan Securities LLC served as financial advisor to Weingarten on the sale.

May 23, 2012

Historic St. Anthony Hotel of San Antonio Sold

SAN ANTONIO – The St. Anthony Hotel, a 352-room, historic hotel in San Antonio, has been purchased by San Antonio-based BC Lynd, which will spend $24 million to renovate the 103-year-old property. The St. Anthony Hotel is located at 300 East Travis Street at the intersection of Navarro Street in downtown San Antonio.  The 10-story property offers 22 meeting rooms totaling more than 33,000 square feet. It has been a Wyndham, but it will be rebranded with as a Starwood Luxury Collection property.

The HFF team representing the seller was led by senior managing director Bill Stadler and managing director John Bourret.

BC Lynd integrates The Lynd Companies’ management infrastructure and proprietary technology systems with the extensive hospitality experience of BC Commercial Partners.

 

May 22, 2012

Centennial Buys Retail in North Texas

NORTH RICHLAND HILLS, Texas  – Centennial Real Estate bought The Crossing, a 247,720-square-foot community center located in North Richland Hills, Texas. The Crossing is anchored by Kohl’s and shadow anchored by a Kroger Signature store. It is positioned at the northwest corner of the intersection of Grapevine Highway and the newly-widened Precinct Line Road, and lies within the civic core of North Richland Hills. Centennial also recently purchased two phases of the Village Park center in Colleyville, Texas. Steven Levin is president of Centennial, which has more than 2 million sf of retail space.

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