HOUSTON — Marcus & Millichap has arranged the sale of Houston Heights Retail Redevelopment, a 12,050-square-foot retail property in Houston. Gus Lagos and Evan Altemus of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. Altemus and Lagos also procured the unnamed buyer. Houston Heights Retail Redevelopment is located at 1803 Ella Blvd.
DALLAS — CBRE Global Investors will launch a $19 million capital improvement program for the Galleria Office Towers in Dallas. The three Class A office buildings are located on the corner of the Dallas North Tollway and LBJ Freeway and are directly connected to the Westin Galleria Hotel, as well as the Galleria mall. The assets were built between 1982 and 1991 and total 1.4 million square feet. Renovations will include a new parking system that will be the first of its kind at an office building in North America. The system includes license plate recognition technology that provides in and out access, electronic signs that display the number of spaces available on each level and overhead LED lights to alert drivers of open spots on each row. Other improvements include new tenant lounges at each building, multiple conference centers, an expanded fitness center and renovations to the lobbies, common corridors, restrooms and elevator cabs. CBRE Global Investors owns the buildings, which include tenants such as MetLife, Merrill Lynch and Ryan Cos. Celeste Fowden, Shannon Brown and Kenzie Killgore of CBRE’s Dallas office are the leasing agents for the Galleria Office Towers. The properties are managed by CBRE under the direction of …
BURLESON, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Reserve at Village Creek, a 191-unit apartment community in Burleson. Will Balthrope, Drew Kile and Rowan Burch of IPA represented the seller and procured the buyer in the transaction. Built in 2012, the property is located at 444 E. Renfro St., with visibility and frontage on I-35. Texas Health Hughley Hospital is located three miles from the property and Alcon Laboratories, a manufacturer of eye care products, is six miles away. Apartments at The Reserve at Village Creek feature black appliances, island-style kitchens with granite countertops and washers and dryers. Community amenities include a fitness center and a swimming pool.
ROWLETT, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $4.4 million, 25-year refinancing of Lone Star Self-Storage, an 86,249-square-foot self-storage facility located in Rowlett. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Carriage Point Mango has purchased a 27,000-square-foot industrial facility located at 20221 Carriage Point Drive in Houston. Patrick Wolford and Ryan Searle of Lee & Associates Houston represented the seller, 1705163 USA Inc., in the transaction. Mike Whitsell of Mike Whitsell & Associates LLC represented the buyer.
DALLAS — CBRE | UCR has brokered the sale of 94 acres at the northwest corner of Lancaster Road and I-20 in southern Dallas. Centurion American, based in Farmers Branch, purchased the tract from Sun NLF for an undisclosed price. The parcel will be added to an assemblage of land, currently spanning 294 acres, for a proposed mixed-use development called University Hills. The development will include townhomes, multifamily units, entertainment and retail. Lots should be available beginning in summer 2017. Thurston Witt of CBRE | UCR represented the seller in the transaction. Robert Maxey of MetroCom Properties represented the buyer.
ARLINGTON, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Southwest Plaza, a 104,766-square-foot neighborhood retail center located in Arlington. PRA represented the seller, Bo Avery SWP Enterprises, in the transaction. Manuel Ramon of Green Earth Realty, who will also lease and manage the center, represented the buyer, Ravi Randal Investment Group. The asset is shadow-anchored by Albertsons with a mix of national, regional and local tenants. The property sits on a hill and is visible from I-20. Southwest Plaza was 98 percent leased at the time of sale to tenants such as Office Depot, Sears Outlet, Ace Hardware, H&R Block, Cato Fashions and CiCi’s Pizza. The entire team at Pierson Retail Advisors in Dallas handled the sale.
AUSTIN, TEXAS — Lionstone–Hermes Real Estate Venture, a joint partnership, has purchased University Park, a Class A office building located in central Austin near the University of Texas. The eight-story, 206,657-square-foot building was 94 percent leased at the time of sale to tenants such as Google, WeWork, ESPN and Evernote. Launched in 2014, the primary objective of the Lionstone–Hermes Investment Management joint venture is to invest in office properties in high-growth U.S. markets such as Austin. HFF brokered the sale. Aquila Commercial Properties will continue to manage leasing, and Transwestern will provide property management.
HOUSTON — Communications Test Design Inc. has leased a 114,467-square-foot industrial facility located at 6215 West by Northwest Blvd. in Houston. Mike Spears of Lee & Associates’ Houston office represented the tenant in the lease transaction. Ed Frantz from CBRE represented the landlord, DCT West by Northwest LP.
DALLAS — Stream Realty Partners, a real estate investment, development and services company, has hired Victoria Knudson as executive vice president and leader of the company’s national industrial property management division. Knudson will be responsible for expanding and leading the direction and operations of Stream’s industrial property management platform. Prior to joining Stream, Knudson served as senior managing director and national property management leader at Cushman & Wakefield. Prior to her time at Cushman & Wakefield, Knudson was with AMB Property Corp. and Trammell Crow Co. Knudson will be based in Stream Realty Partners’ Dallas office.
