HOUSTON — HFF has brokered the sale of Centre at Cypress Creek, a four-structure, 465,716-square-foot office and industrial complex in Houston. The properties include three office buildings located at 20455, 20465 and 20475 State Highway 249 totaling 220,622 square feet, as well as one flex facility of 245,094 square feet located at 11777 Compaq Center Drive. At the time of the sale, 93.6 percent of the office space was leased to tenants including Gexa Energy, FoxConn, Intel Americas and Noble Energy, and the flex building is fully occupied by FoxConn. The complex is part of the larger HP Compaq Computer Campus, a 300-acre development. Rusty Tamlyn and Jeff Hollinden of HFF marketed the property on behalf of the seller, Principal Real Estate Investors. SG Cypress Real Estate Ventures, consulted by Coventry Investment Group Inc. and Coventry Realty Advisors, purchased the assets free and clear of existing debt.
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THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 153,000-square-foot Costco in The Woodlands. The Woodlands Development Company sold a 17.5-acre site near the interchange of I-45 and State Highway 242 to the retailer for the new store. Phil Frugé of The Howard Hughes Corporation represented the seller.
AUSTIN AND GEORGETOWN, TEXAS — The LaSalle Group has broken ground on two new seniors housing properties in the Austin metro area. The $10.7 million Autumn Leaves of Northwest Austin, located at 10025 Anderson Mill Road, will specialize in memory care services. The $10.3 million Autumn Leaves of Georgetown, situated at 3600 Williams Drive, will total 26,000 square feet and include approximately 50 units. Both facilities will feature the Vigil System, a motion-sensor program, in each resident room. The LaSalle Group currently owns and operates 36 properties nationwide under its Autumn Leaves brand.
DALLAS — Henry S. Miller Brokerage has arranged the sale of a 16,000-square-foot industrial property in Dallas. The facility is located at 11551 Chairman Drive, in proximity to I-635. Henry S. Miller Brokerage represented the unnamed seller in the transaction. Nathan Denton of Lee & Associates represented the buyer, Trident Commercial Properties.
SEATTLE – The 366-unit Lake Washington Apartments in Seattle will undergo a $50-million redevelopment. The 66-year-old complex is located at 9062 Seward Park Ave. South. It is one of Washington’s largest non-government agency operated affordable housing properties. The redevelopment will include improvements to the units’ interiors and exteriors, as well as the installation of energy-efficient appliances. The complex will also receive new community spaces and 13 new units. Construction will begin next month. It is scheduled for completion in the later part of next year. The developer is Bayside Communities and its non-profit partner, SouthEast Effective Development (SEED). Development and financing partners include Citibank, the City of Seattle and the State of Washington. The tax credit equity is provided by R4 Capital. The redevelopment will be undertaken without any new direct taxpayer funding.
CLAREMONT, CALIF. – An institutional investor has purchased Park View, a 42-acre land site in Claremont, for $48 million. The site was entitled for 400 residential units and 100,000 square feet of commercial building areabefore an affiliate of Allied Retail Partners LLC purchased the land for $12 million in June 2011. The land is currently in raw condition. The sellers were LBG Real Estate Companies and Allied.
WAIKIKI, HAWAII — H & M, Hennes & Mauritz AB (H&M) has opened its first store in Hawaii. The 31,000-square-foot flagship store is located at Waikiki Business Plaza. The new store celebrates the islands’ roots, with unique artwork from local surf photographers Mike Coots, Sarah Lee and Zak Noyle. H&M operates 311 stores in the U.S., and about 3,100 stores nationwide.
LONE TREE, COLO. — Kaiser Permanente has opened a new multi-specialty center in Lone Tree. The 275,000-square-foot facility is located at 10240 Park Meadows Drive. The 20-acre integrated campussits adjacent to Denver’s commuter rail system off Interstate 25. The center broke ground in 2012 and was developed in phases. It began accepting patients last month. Some of the specialties and services the new facility offers include infusion services, laboratory, oncology, obstetrics, gynecology, ambulatory and general surgery, allergy care, gastroenterology, orthopedics, clinical palliative care, physical/occupational therapy, optometry and hearing services. It also has a café and a pharmacy. The new facility was built by Adolfson & Peterson Construction and designed by Davis Partnership Architects and Bennett Wagner & Grody Architects PC. Healthcare consulting firm Hammes Company also worked on this project. Kaiser maintains additional facilities in Denver and Lafayette.
ALPHARETTA, GA. — The Connor Group has sold Addison Place, an apartment community in Alpharetta, an affluent suburb of Atlanta. The Connor Group sold the asset to Resource Real Estate for $70.5 million, making it the largest sale in The Connor Group’s history. The Ohio-based investor purchased the apartment community in 2008 for $60 million.
MIAMI BEACH, FLA. — ARA has arranged the sale of a 1.1-acre waterfront development site at 6800 Indian Creek Drive in Miami Beach for approximately $11.3 million. The site has previously been approved for an 80-unit, 14-story residential building with 18 proposed boat slips. ARA represented the seller, Windsor Capital, in the transaction. A private real estate investment group purchased the site.