PRINCETON, TEXAS — NOVUS Realty Advisors’ Tom Grunnah has completed the sale 11 acres for client and former property owner Wells Fargo Bank NA. The land is located at the southwest corner of the US Highway 380 and Cypress Bend intersection, just east of downtown McKinney in Princeton. The buyer, F&L LLP, plans to divide the property and sell commercial pad sites to end users.
HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.
HOUSTON — Marcus & Millichap has arranged the sale of a corner land parcel located in Houston. Justin Miller and Derek Hargrove of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a family trust. A local investor bought the property and plans to redevelop it. The property is located at 2105 Yale St. in the Houston Heights area of Houston.
ROWLETT, TEXAS — Armstrong Development Properties, in partnership with Briarwood Capital Corp., has completed construction of a 28,000-square-foot Sprouts Farmers Market with 7,500 square feet of adjacent restaurant and retail space in Rowlett. Construction commenced January 2015 and was completed in November. The grand opening date for the New Sprouts Farmers Market was Dec. 30. Phase II of the project consists of 10 acres, including five pad sites and up to 50,000 square feet of additional anchor or junior anchor space.
PLANO, TEXAS — Berkadia has arranged $18.4 million in financing for H Mart Town Center, a grocery-anchored retail property in Plano. Joseph Hevey Jr. of Berkadia’s Dallas office secured the refinancing through Morgan Stanley Bank, N.A. The loan features a 4.8 percent fixed interest rate with three years of interest-only payments, followed by a 30-year amortization schedule for the remaining seven years. The borrower, RPI H Mart Town Center, will use the loan to refinance existing debt on the location. Located at 3420 K Ave., the property was 94 percent leased at the time of sale to tenants including H Mart, Fresenius and Prime Overstock. The 211,718-square-foot property sits on 17.5 acres less than two miles north of downtown Plano.
AUSTIN, TEXAS — CBRE has negotiated a 10,534-square-foot lease expansion for GateHouse Media, one of the largest publishers of newspapers in the country. The company’s Center for News & Design will expand its existing 18,444-square-foot office at Northview Business Center, which is located at 9001 N. Interstate Highway 35 in Austin. Opened since May 2014, the center offers a range of content services to GateHouse Media newspapers and commercial clients, including centralized copy editing and page design, web development and training. Today, the print editions of more than 200 GateHouse Media newspapers are designed and edited at the center, alongside product development for their companion web and mobile sites. More than 225 people work at the center. W. Gaines Bagby with CBRE’s Austin office represented GateHouse Media in the lease transaction. Luke Wheeler with Transwestern represented the landlord.
BEDFORD, TEXAS — Marcus & Millichap has arranged the sale of Shops at Cheek Sparger, a 27,413-square-foot, multi-tenant retail property located in Bedford. Bill Jordan of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Jordan also secured the buyer, a private investor. Shops at Cheek Sparger is located at 3700 Cheek Sparger Road. The project was developed in three phases and is 94 percent occupied.
BEAUMONT, TEXAS — NAI Wheeler has changed its name to Wheeler Commercial. This change represents a DBA (Doing Business As) change only. KenWheel Inc. remains unchanged. The president of the company, Lee Wheeler, has been serving southeast Texas for more than 16 years and has been in the commercial real estate business for more than 18 years. The structure and personnel of the company has not changed. Wheeler Commercial specializes in commercial real estate and brokerage services including sales, leasing, consulting and property management.
HOUSTON — Miller Road Realty has purchased 80.4 acres on Beaumont Highway in Houston. Trey Erwin of Colliers International represented the buyer in the transaction. Frank Blackwood of Capital Real Estate Commercial represented the seller, Williams Brothers Construction Co.
DALLAS — Steve Jarvie has joined E Smith Realty Partners as president. Jarvie will lead the growth initiative for Dallas tenant representation services and will serve on the company’s executive committee, assisting with strategic direction for the company. Prior to joining E Smith Realty, Jarvie served as executive vice president at Jones Lang LaSalle (JLL) and The Staubach Co., focusing on the development of new business and management of client transactions. Jarvie has accounted for more than 10 million square feet of leases during his career. Jarvie earned his Bachelor of Arts degree from Baylor University in Waco.
