KATY, TEXAS — NewQuest Properties will develop a 66,000-square-foot expansion project at Grand Morton Town Center, located in the western Houston metro of Katy. Several retailers, including HomeGoods, Michaels, Petco and Hallmark have already preleased space at the property. NewQuest plans to break ground in the coming months, with the first stores opening in early summer 2019.
MESQUITE, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Pioneer Plaza, a 51,390-square-foot retail center in Mesquite, an eastern suburb of Dallas. The property was 85 percent occupied at the time of sale to mix of national, regional and local tenants. The seller was a group of investors based in California and Canada, and the buyer was a Texas-based investor.
GARLAND, TEXAS — TIG Real Estate Services Inc. has negotiated the sale of a 15,000-square-foot industrial building located at 3640 Marquis Drive in Garland, a northeastern suburb of Dallas. The Class B property was built in 1972 and includes eight drive-in doors. Matt Spellman of TIG represented the buyer in the transaction. Other terms of sale were not disclosed.
CUERO, TEXAS — Colliers International has arranged the sale of a 336,000-square-foot industrial complex in Cuero, located about 90 miles east of San Antonio. The property formerly served as a cotton weaving facility but will now function as the main Texas distribution center for the buyer, OHS Resources Corp., a Houston-based supplier of oil and gas drilling products. Jason Scholtz of Colliers represented the seller, MV Cuero Partners LLC, in the transaction.
HUTTO, TEXAS — Paradigm Metals, a provider of precision machining and sheet metal fabrication, will relocate its headquarters from Pflugerville to Hutto, a northern suburb of Austin. Paradigm Metals expects to invest about $10 million to acquire and develop a new facility within Innovation Business Park, a 72-acre development that broke ground in 2017. Construction of the new facility, which will initially house 250 employees, is slated to begin later this year. Paradigm Metals plans to begin relocating to the new facility in 2019.
CIUDAD JUAREZ, MEXICO — CBRE has negotiated a lease renewal for 277,424 square feet of warehouse and distribution space within Finsa Industrial Park in Ciudad Juarez, the sister city of El Paso. Anthony Mash of CBRE represented the tenant, Intermatic, a producer of energy control devices, in the lease negotiations. The landlord, Finsa – Cibanvo SA Institucion DE Banca, was self-represented. The new lease term is seven years.
HOUSTON — Florida-based Driftwood Hospitality has sold Hyatt House Houston Energy Corridor, a 116-room hotel located at 15405 Katy Freeway in Houston. The buyer was Houston-based Energy Corridor Hotels LLC, which acquired the asset for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE, in conjunction with Ten-X Commercial through a managed bid process, represented the seller and buyer in the transaction.
MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of Powerhouse Business Complex, a 49,883-square-foot industrial building located in the northern Dallas suburb of McKinney. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
GARLAND, TEXAS — Digital Realty, a San Francisco-based data center REIT, will embark on a $400 million expansion of its data center campus in Garland, a northeastern suburb of Dallas. The project will add 16 acres to the original site at the intersection of Campbell Road and the George Bush Turnpike. The company’s Garland campus is being developed over a 20-year period in five phases, each of which will add about 280,000 square feet of space and operate at 32 megawatts of critical IT load. The first phase is expected to be operational by late 2021.
PLANO, TEXAS — CAVA Group Inc., a privately held restaurant group specializing in Mediterranean cuisine, will acquire Zoës Kitchen for approximately $300 million. The Plano-based fast casual chain has about 260 restaurant locations throughout the country. Under the terms of the agreement, shareholders of Zoës Kitchen will receive $12.75 in cash for each share of common stock, a premium of approximately 33 percent over the closing share price on August 16, 2018 (the stock price opened at $13.30 per share on Tuesday, August 21). The transaction is expected to close during the fourth quarter.