HOUSTON — Reytec Construction Resources Inc. has purchased approximately 14 acres of land at the corner of Bingle and Tidwell roads in northwest Houston for the development of Reytec’s new, 32,000-square-foot office headquarters. Trey Erwin and Walker Barnett of Colliers International represented Reytec and investment partner RES Bingle Partners LP in the transaction. Thomas Monaghan and Jeff Lindenberger of Avison Young represented the seller.
PAMPA, TEXAS — TREK Investment Group has brokered the sale of a retail property located at 854 S. Hobart St. in Pampa, a city in northwest Texas. Parker Carroll of TREK represented the undisclosed buyer in the sale of the property, which was built in 2015 and is triple-net leased to Family Dollar. Other terms of sale were not released.
CORPUS CHRISTI, TEXAS — Gulf Coast Growth Ventures, a joint venture between ExxonMobil Corp. and Saudi Arabia Basic Industries Corp. has proposed plans to build a $10 billion, plastics manufacturing complex along the Gulf Coast in south Texas. The 1,300-acre plant, which would be the world’s largest ethylene production center and could come on line as early as 2020, will be located in San Patricio County. Construction of the plant is expected to create 6,000 jobs. Upon completion, the plant is projected to create an additional 3,500 jobs.
HOUSTON — Three developers will deliver new elementary schools for the 2017-2018 school year to Fort Bend County in the greater Houston area. Cadence McShane is general contractor for James Patterson Elementary School at 18702 Beechnut St. in Houston; Drymalla Construction Co. Inc. is building James C. Neill Elementary School at 3820 Harvest Corner Drive in Richmond; and Satterfield & Pontikes is constructing Donald Leonetti Elementary School at 1757 Waters Lake Blvd. in Missouri City. The Fort Bend Independent School District will partially finance the $30.5 million construction cost of each school with $52 million in tax-exempt bond issued by municipal finance firm Siebert Cisneros Shank & Co. LLC.
MCKINNEY, TEXAS — Aimbridge Hospitality, a Texas-based hotel investment and management firm, has released plans for the Craig Ranch Resort and Conference Center, a hospitality development that will be situated on eight acres at the corner of Collin McKinney Parkway and Weiskopf Avenue in McKinney. The property, which will feature 285 rooms and 33,000 square feet of meeting space, will be part of the 2,200-acre, master-planned Craig Ranch development.
CYPRESS, TEXAS — An affiliate of Finial Group LLC has acquired Lakes of Riata, a 31,113-square-foot, multi-tenant retail property in Cypress, a northeastern suburb of Houston. Located at 10750 Barker Cypress Road near State Highway 290, the center is currently leased to tenants such as Subway and Shipley Do-nuts.
BEDFORD, TEXAS — Marcus & Millichap has brokered the sale of a 70,960-square-foot, newly constructed retail property located at 1 Texas Harley Way in the Dallas-Fort Worth metro of Bedford. The property is currently leased to Harley-Davidson, which operates a dealership on-site. Philip Levy of Marcus & Millichap represented the buyer and seller, both of whom were private investors, in the transaction.
HOUSTON AND DALLAS — Whitestone REIT (NYSE: WSR) has entered into separate purchase agreements to acquire BLVD Place in Houston and Eldorado Plaza in Dallas for a combined $204.6 million. The sellers were undisclosed. The Houston-based REIT expects to close the acquisitions in May, subject to customary closing conditions. Upon closing, BLVD Place will be Whitestone’s 28th property in the Houston region and Eldorado Plaza will be the company’s seventh property in the Dallas area. Situated at 1800 Post Oak Blvd. in Uptown Houston, the 216,944-square-foot BLVD Place was 99 percent leased at the time of sale to tenants such as Whole Foods Market, Elaine Turner, North, Peska, Pinkberry, True Food Kitchen, New Balance and Verizon Wireless. The brewpub within Whole Foods was the first brewery located inside a grocery store in the United States. BLVD Place also features office space, including the regional headquarters for Frost Bank. Houston-based Wulfe & Co. developed the first two phases of BLVD Place. The acquisition of BLVD Place includes 1.4 acres of land that Whitestone REIT will use to develop a $45 million, six-story mixed-use building. The future project will feature 46,000 square feet of retail space on the first two floors and …
HURST, TEXAS — Marcus & Millichap has brokered the sale of a 41,839-square-foot retail property located at 740-760 W. Pipeline Road in the Dallas-Fort Worth metro of Hurst. Built in 2015, the property is fully leased to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jamie Medress and Mark Ruble, also with Marcus & Millichap, represented the buyer, a private investor who purchased the store at a 4.5 percent capitalization rate.
HOUSTON — Austin-based investment firm The PPA Group, in a partnership with a private Israeli investment company, has acquired Citation North Apartment Homes, a 236-unit multifamily property in north Houston. Situated on eight acres at 411 Highland Cross Drive, the Class C property will be rebranded as Highland Cross Apartments. Grandbridge Real Estate Capital brokered the transaction.