Admiral Fund, USAA Acquire Interest in 190-Room Hilton Garden Inn

HOUSTON- Admiral Capital Real Estate Fund LP, co-founded by former National Basketball Association player David Robinson has joined forces with USAA Real Estate Co. to acquire a preferred equity interest in the Hilton Garden Inn, a select service hotel in Houston’s Energy Corridor. The acquisition, the fund’s third, is the first in the hotel sector.

The hotel opened in 2008 at 12245 Katy Fwy. and will continue to be partially owned and managed by American Liberty Hospitality of Houston. “In a highly competitive market, relationship driven opportunities are where we focus our resources,” said Robinson in a press release describing the transaction. “We are honored to be partners with USAA, Hilton Hotels and American Liberty who all share our commitment to service and integrity.”

 “The Hilton Garden Inn offers upscale business-focused service near the nucleus of Houston’s energy headquarters,” added USAA chairman and CEO Pat Duncan. “We are very pleased to acquire such a quality hotel property in this fast growing job market.”

The recently launched San Antonio-based Admiral Capital Real Estate Fund, with more than $100 million of assets under management, currently owns a 120,000 square foot office building in El Segundo, CA and a 205,000 square foot office building in Austin, TX and is actively pursuing additional value add opportunities.

“This preferred equity investment is representative of our ability to bring creative solutions to a transaction,” said Daniel Bassichis, co-founder of Admiral. “We not only provided a flexible structure, but we also secured very attractive senior financing as part of an overall recapitalization.”

ACQUISITIONS/DISPOSITIONS

MCKINNEY, TX- Segars McKinney LP has purchased a 70,200 manufacturing facility on 7.59 acres at 1720 Bray Central Dr. Holmes Davis and Alexis Lambeth of Binswanger represented the buyer.  Eric Deuillet and Bob Kent of Structure Commercial represented the seller, JP Morgan-Chase.

PHOENIX-San Diego, CA residents Seth Johnson and Ryan Dunigan acquired the 16-unit Monte Vista Apartments at 1709 W. Mountain View Road in Phoenix.  CBRE’s Brian Smuckler and Jeff Seaman represented the seller, CNS Monte Vista LLC of Phoenix in negotiating the $350,000 sales transaction. The buyer was represented by Darvin Harmon of Royalty Real Estate Services in Phoenix.

PHOENIX-Justin Moore of Hermosa Beach, CA, bought Palm Lane Apartments, a 16-unit multifamily property at 2030 N. 36th St..  CBRE’s Brian Smuckler and Jeff Seaman represented the buyer in negotiating the $225,000 purchase price.  The seller, Temple Group Inc. of Tempe, AZ, was represented by Scott Trevey of Kasten Long Commercial Group in Phoenix.

PHOENIX-Cal-Pac Capital Advisors of Newport Beach, CA, bought Rosa Vista Apartments for $310,000.  The 11-unit multi-family asset is at 7537 N. 21st Ave..  CBRE’s Brian Smuckler and Jeff Seaman represented the buyer, as well as the seller, CRP Properties Inc. of Phoenix.

SCOTTSDALE, AZ-Locally based Hanson Capital Group LLC purchased Polk Terrace Apartments, an 18-unit multi-family property located at 1441 E. Polk St. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented the buyer in negotiating the $240,000 sales transaction.  The seller, Hannay Investment Properties Inc. of Phoenix, was represented by its in-house agent, Reid Bracken.

FRISCO, TX- Kenexa signed a new lease to expand at Hall Office Park by an additional 13,260 square feet at 3010 Gaylord Pkwy. This new lease brings Kenexa’s total presence at Hall Office Park to almost 50,000 square feet. The Hall Office Park leasing team including Kim Butler, Tammy Lomonaco and Brad Gibson handled negotiations on behalf of property owner Hall Financial Group. Rick Hughes and Steve Wentz of Cushman & Wakefield of Texas Inc. negotiated the lease on behalf of the tenant.

GARLAND, TX- Allstate Insurance provider Diana Wickman expanded to a 1,034 square-foot office space at the Chase Bank office building at 3200 Broadway Blvd . Beaux Riley with SCM Real Estate Services represented the landlord in this transaction.

HOUSTON- K Unlimited Wireless, Inc. dba Boost Mobile leased 1,494 square feet at Northchase Plaza, 4437 FM 1960 Road W. Landlord Unilev Management Corp, was represented George Harsh of David Mafrige Interest. Crady Newton of Colliers International represented the tenant.

HOUSTON- X-Drill leased 3,989 square feet at 712 Main Street, an 809,997 square-foot historic skyscraper located in Houston’s Central Business District. The 35-story office building is situated on Houston’s Downtown Tunnel System. CBRE’s Matt Dunn and Dave Hanusa represented the landlord, Breof BNKA 3 Main Street LP, in this transaction. The building is also professionally managed by CBRE.

PHOENIX-Genworth Financial Trust Co. completed a 19,736-square-foot lease renewal and expansion at the Great American Tower, 3200 N. Central Ave. in Phoenix. Peter Menna and Brandon Leach with Cassidy Turley BRE Commercial’s Office Group executed the transaction on behalf of the tenant.  Jerry Jacobs with Cushman and Wakefield represented the landlord, 3200 N Central Venture Inc.

SANTA FE, TX-Cadence McShane Construction Co. has been awarded a renovation assignment in the Santa Fe Independent School District, just south of Houston.  The assignment includes 45,612 square feet of reconstruction and conversion of the existing Cowan Elementary School, located at 4133 Warpath Dr.  Cadence McShane will convert the existing elementary school building into the Elizabeth Yaws Cowan Educational center with completion slated for April 2012.  Additional scope includes the construction of a new technology center and a technology training component.  Cadence MsShane’s project team will also implement energy efficient upgrades to the mechanical and electrical systems and the existing roof.    

DALLAS-Kurt Cherry has been promoted to executive vice president for PM Realty Group’s Dallas office. In this role Cherry will oversee PMRG’s Property Services group including property management, leasing and marketing initiatives and long term strategies for the entire Dallas-Fort Worth office portfolio. He will continue to be actively involved in the leasing activities within the Dallas portfolio.

PHOENIX-Voit Real Estate Services hired Michael Kasulaitis and Aric Adams, who join Voit from Cushman and Wakefield, where they have been since 2006. The team’s areas of expertise encompass various Phoenix submarkets including the airport, Central/West Phoenix and the Southwest Valley, and they specialize in the sales and leasing of industrial properties. Kasulaitis and Adams began their partnership with the Trammell Crow Co. in 2006.