HOUSTON — HFF has brokered the sale of 2400 Augusta Place, a 124,543-square-foot office building located in the West Loop/Galleria area of Houston. The four-story property was 85 percent leased at the time of sale to tenants in the engineering, legal, healthcare and communications industries. Marty Hogan of HFF represented the seller, Houston-based investment firm Interra Capital Group, in the sale. The buyer and sales price were not disclosed.
HOUSTON — Colliers International has negotiated a 28,219 SF industrial lease within Northway Park II in Houston on behalf of Campbell Fittings Inc., a manufacturer of fittings and sleeves for industrial hoses. Walter Menuet and Judd Harrison of Colliers International represented the tenant in the lease negotiations. Kelly Landwermeyer of Holt Lunsford Commercial represented the landlord, CenterPoint Houston UCET LLC.
PASADENA, TEXAS — NAI Partners has secured a 22,000-square-foot industrial lease at 2915 Pasadena Boulevard in the southeastern Houston metro of Pasadena. The property, which is situated on 1.5 acres, was built on a speculative basis. Clay Pritchett of NAI Partners represented the landlord, Houston Industrial Development One LP, in the lease negotiations. Sarah Hoffman, also of NAI Partners, represented the tenant, machinery manufacturer Stacey Supply Corp.
PLANO, TEXAS — Henry S. Miller Brokerage Co. (HSM) has arranged two office leases totaling 4,560 square feet at Hunters’ Glen Office Complex, a 21,250-square-foot office property located at 5509 Pleasant Valley Drive in Plano. The Sentry Marketing Group LLC leased 2,160 square feet and dental practice Hossain Dezham & Associates leased 2,400 square feet. Jim Breitenfeld and Jim Turano of HSM represented the landlord, First Avanti Partners LLC, in the lease negotiations.
As the real estate world addresses the uncertain future of brick-and-mortar shopping, the market for retail investment in San Antonio remains strong. The recent bankruptcies of physical merchandisers such as Toy “R” Us, Radio Shack, Rue 21 and Payless Shoes — to name but a few — have proven that retailers must adapt their strategies to an ever-changing environment. In San Antonio, however, a historically low volume of new retail development and decreasing vacancy rates, combined with strong fundamentals, have attracted and secured more retail investors than ever before. San Antonio’s thriving economy is supported by steady job growth — 25,000 jobs have thus far been added in 2017, according to the City Employment Statistics survey. The Bureau of Labor Statistics put San Antonio’s unemployment rate at 3.7 percent as of August 2017, versus the national average of 4.5 percent. Often referred to as Military City, USA, San Antonio is home to Joint Base San Antonio, which includes Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base. These military installations alone employ roughly 90,000 people and have an estimated $27 billion impact on the local economy. These statistics, coupled with the market’s steady job and population growth, …
FLOWER MOUND, TEXAS — Direct Development, the Dallas-based company at which former Dallas Cowboys quarterback Troy Aikman is a principal, is moving forward with the development of The Point, a 35-acre mixed-use project in Flower Mound. Located at the intersection of FM 2499 and Silveron Boulevard, the project will deliver 215,000 square feet of Class A office space, 585 multifamily units, a 100-room Tru by Hilton hotel and the capacity for ground-floor retail and restaurant space within the office and multifamily buildings. The project also includes development of 5.5 acres of public space, including pedestrian walkways, a trailhead and green spaces. The groundbreaking is slated for fall 2018.
PASADENA, TEXAS — Duke Realty Corp. has acquired Bayport Distribution Center II, a two-building, 772,500-square-foot industrial property located near Port Houston in Pasadena. The Class A property was built in 2008 and consists of one 600,000-square-foot building and one 172,500-square-foot building that are fully leased to three tenants. The property features clear heights ranging from 24 to 30 feet and a total of 157 dock-high doors and eight drive-in ramps. Trent Agnew, Rusty Hamlyn and Dane Petersen of HFF represented the seller, a partnership between Mountain West Industrial Properties and an undisclosed institutional investor, in the sale.
GRANBURY AND WEATHERFORD, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property seniors housing portfolio totaling 186 units in the southwestern Fort Worth suburbs of Granbury and Weatherford. An undisclosed buyer purchased the 110-unit Gardens of DeCordova in Granbury and the 76-unit Gardens of Weatherford in Weatherford. Both properties are 55-plus facilities. Will Balthrope, Drew Kile, Joey Tumminello and Max Helgeson of IPA brokered the sale.
AZLE, TEXAS — Greysteel has arranged the sale of Azlewood, an 81-unit apartment complex located at 1021 Timberoaks Drive in Azle, about 20 miles northwest of Fort Worth. Built in 1982, the property offers a pool and on-site laundry facilities. Boyan Radic, Doug Banerjee, Andrew Mueller and Andrew Hanson of Greysteel represented the seller in the transaction. Other terms of sale were not disclosed.
MCKINNEY, TEXAS — The Retail Connection (TRC) has secured a 19,941-square-foot retail lease at Craig Crossing, a shopping center located at the corner of U.S. Highway 75 and Eldorado Boulevard in McKinney. Jamie Streeter and Wyatt Russo of TRC represented the landlord, Centcom/Vantage McKinney LLC, in the lease negotiations. Katherine Wildman and Bunny McLeod of Wulfe & Co. represented the tenant, Chair King Backyard Store, a provider of outdoor and patio furniture.
