THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary The Woodlands Development Company will break ground this quarter on a new 303-room full-service luxury hotel in The Woodlands. Located on Waterway Square, a one-acre plaza with water feature, the as-of-yet unnamed project will overlook the Woodlands Waterway district, which connects The Cynthia Woods Mitchell Pavilion and The Woodlands Mall. The hotel will feature a fine dining restaurant, pool deck with connected bar and 24,000 square feet of meeting space. Completion of the property is slated for mid-2015.
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MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Meadowcreek Shopping Center, a 22,812-square-foot retail property in the Dallas suburb of Mesquite. Constructed in 1986 on 2.82 acres at 1515 E. Kearney St., the center was 73 percent occupied at the time of the sale, with 65 percent of the leasable area under triple-net leases. Tenants include Convenient Food Mart, Curves, Centerstage Dance, Ebenezer Home Health and L. Karen Wilde DDS. Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Lisa Estrada, also of Marcus & Millichap, secured and represented the buyer, another private investor.
HOUSTON — NAI Houston has arranged a 38,070-square-foot warehouse lease in southwest Houston for Tool Mart Inc., a distributor of mechanical, plumbing and electrical tools for contractors. The facility, located at 13721 S. Gessner Road, is within the Beltway Crossing Business Park. John Ferruzzo and Chris Kugle of NAI Houston represented the tenant in the negotiations. Justin Robinson of Stream Realty represented the undisclosed landlord.
HOUSTON — Full-service commercial real estate company Levey Group has leased 18,300 square feet of warehouse space in Houston to RIEX Co. LP, a manufacturer of fasteners, sealing products and construction supplies. Located at 8850 N. Sam Houston Parkway West, the facility is part of the Sam Houston Business Park, which includes three tiltwall facilities. Joseph Smith of CBRE represented the Levey Group in the negotiations, while Nick Peterson of NAI Houston represented tenant.
LOS ANGELES — CIM Group has purchased a seven-property portfolio that includes Two California Plazain Downtown Los Angeles and the Montclair Plaza shopping mall in Montclair, Calif., for a reported $170 million. The portfolio also includes the Class A Stadium Towers Plaza in Orange County, Calif.; the 126-room Comfort Suites-San Diego/Mission Valley in San Diego; the 262-room DoubleTree by Hilton Hotel-Bakersfieldin Bakersfield, Calif.; the 125,000-square-foot Montvale Center office building in Gaithersburg, Md.; and a non-performing loan secured by a 440,000-square-foot office campus at 270 Technology Park in Frederick, Md. The portfolio’s marquee asset is Two California Plaza, a 52-story, Class A office building in Downtown Los Angeles’ Bunker Hill neighborhood. It contains 1.28 million square feet of office space and 44,000 square feet of retail space. It is part of a two-tower office complex that shares a retail and restaurant pavilion featuring a 1.5-acre water court and performance plaza. The other top asset in this portfolio is Montclair Plaza, a two-story enclosed regional shopping mall about 30 miles east of Los Angeles. The acquisition included 868,000 square feet of the 1.3 million-square-foot mall. Notable anchors include Macy’s, Nordstrom, Sears, JC Penney and Target. This portfolio was acquired as part of …
SAN DIEGO – Trigild has put its Coldwater/Silvercreek portfolio, which consists of 36 retail strip centers and two office properties throughout the nation, on the market. The San Diego-based firm was appointed the portfolio’s liquidating trustee this past October. It has enlisted Houston-based Allied Advisors to serve as the listing agent. The portfolio has an estimated value of $50 million. The firm is entertaining offers for individual strip centers and groups of properties, as well as the entire portfolio. The properties included in the portfolio are located in 33 cities and 17 states throughout the Southeast, West and Midwest, including Colorado, Utah, Iowa, Michigan, Illinois, Michigan, Louisiana, Wisconsin, Texas and Indiana. They were all built by a sole developer. The portfolio is currently 74 percent leased. Since its involvement, Trigild has renewed or extended leases on nearly 112,000 square feet of space within the portfolio. Properties included range in space from 9,000 square feet to 37,000 square feet. They contain between two and seven tenants. Most are shadow anchored by a Wal-Mart Super Store, and many feature national tenants as well, such as Dollar Tree, Game Stop and Radio Shack.
DENVER – The 189-room Hotel Monaco Denver has received a $41-million balance sheet loan. The hotel is located at 1717 Champa Street in the city’s Lower Downtown region. It includes more than 4,000 square feet of meeting space, Panzano restaurant, a fitness center and a full-service spa. The floating-rate loan was arranged by Mathew Comfort, Mike Huth and Keith Largay of Jones Lang LaSalle’s (JLL) Hotels & Hospitality Group. The team worked on behalf of Inland American Lodging Advisor, Inc. The company also received a $27.5-million, floating-rate, balance sheet loan for its Hotel Monaco Chicago. Inland America purchased both hotels this past November.
ONTARIO, CALIF. — Sedgwick Claims Management, a technology-enabled claims and productivity management solutions provider, has renewed and expanded at Empire Towers in Ontario. The company has leased more than 29,700 square feet at the property, which is located at 3633 Inland Empire Blvd. Sedgwick Claims was represented by Vindar Batoosingh of CBRE's Ontario office. The landlord is CIP Real Estate. It owns the towers in partnership with a fund sponsored by Guggenheim Real Estate.
SANTA MONICA, CALIF. – The 14-unit Idaho Apartments in Santa Monica has sold to a private investor for $3 million. The community is located at 858 Lincoln Blvd. Tony Azzi of Marcus & Millichap’s West Los Angeles office represented both the buyer and the seller, a partnership, in this transaction.
ATLANTA — Origin Capital, a Chicago-based real estate investment manager, has acquired its fourth asset in Atlanta: Centrum at Glenridge. The 186,360 square foot office building is located at 780 Johnson Ferry Road and is LEED Gold certified. Centrum at Glenridge will be part of Origin Capital's second value-add fund — Origin Capital Fund II LLC. Michael McDonald and Kennedy Hicks of Eastdil Secured brokered the transaction. The seller was Atlanta-based Ackerman & Co. and Northwestern Mutual. Located in Atlanta's Central Perimeter submarket, Centrum at Glenridge is currently 84 percent occupied, with the bulk of occupancy leased on a long term basis to Haverty Furniture Cos. Inc. and Cumulus Media. Origin plans to undertake several capital improvement projects, including the modernization of the building’s elevators, parking garage repairs, the creation of a tenant lounge and upgrades to the multi-tenant floor bathrooms. Origin has selected the Atlanta office of Stream Realty Partners to provide property management and leasing services for the asset. Amenities at Centrum at Glenridge include a tenant conference room, an on-site café and an exercise facility.