Investor activity has caused some rumbling in the Amarillo real estate market.
An Amarillo apartment complex and a strip shopping center traded hands in separate deals, and an Interstate 40 office building is being offered up.
Minneapolis-based Dominium acquired Cathy’s Pointe, a 120-unit apartment complex built in 2007 at 2701 N. Grand St. Dominium owns or manages apartment communities at 226 sites in 22 states. The company also is an apartment developer.
Dominium acquired the Amarillo property, along with four others, from Wells Fargo, an announcement from the company said. The deal brings the number of units the company owns or manages in Texas to more than 2,500.
Globest.com, a real estate news resource, offered an analysis in April promoting Amarillo and other smaller, or secondary, Texas markets as potential investing grounds for buyers interested in apartment properties.
“Texas has done well creating jobs, and this impact is being felt as much in Amarillo and Abilene … as in Austin,” the April 5 globest.com analysis said.
The appraised taxable value of the Cathy’s Pointe is $2.6 million, Potter-Randall Appraisal District records said.
A limited liability company established under the name “45th and Coulter LLC” purchased Country Club Plaza from Beaver Meadows Ltd., an Amarillo-based partnership, according to information from Amarillo brokerage firm McCartt & Associates and the appraisal district. McCartt broker Gabe Irving represented the buyer in the transaction.
The name of the new owner is derived from the plaza’s location on the northeast corner of the intersection of Southwest 45th Avenue and Coulter Street.
A certificate of formation the company filed with the Texas Secretary of State names James Schrader as manager of 45th and Coulter LLC. Beaver Meadows is managed by Beverley J. Bunn.
The property encompasses almost 21,400 square feet of retail space, all leased with the exception of around 1,700 square feet.
The appraisal district lists the appraised taxable value of the plaza at $1.7 million.
Hall Inter-Vivos Trust has put The Atrium at Coulter Ridge, a three-story office building at 6900 W. Interstate 40, on the market. Commercial real estate firm Lee & Associates is representing the property, according to Brian Flaherty of the firm’s Dallas office.
Hall Inter-Vivos is “very happy with the investment” and the market but is weighing whether to sell the building or refinance, taking advantage of lower interest rates, Flaherty said.
The Atrium is 99 percent leased with BP America Production Co., part of the BP Global group, occupying about 30 percent of the building, according to Lee & Associates information.
Appraisal district records name the Hall Revocable Trust of Huntington Beach, Calif., as owner and place the appraised taxable value of the property at $3 million.
Earlier this week, Griffin-American Healthcare Inc., a Newport Beach, Calif., real estate investment company, announced its purchase of the 85,000-square-foot building at 1901 Port Lane currently occupied by The Amarillo Heart Group. The medical practice’s lease on the building runs through May 2023 and carries an optional 10-year extension.
The appraised taxable value of the office structure is $5.86 million, appraisal district records show.
No purchase prices were disclosed in the sales of Cathy’s Pointe, Country Club Plaza or The Amarillo Heart Group offices.