Texas

HFF Brokers Sale of Power Center in Metro Houston

by Haisten Willis April 23, 2015

KATY, TEXAS — HFF has brokered the sale of Green Tree Shopping Center, a 147,658-square-foot, 99 percent leased power center in Katy. HFF arranged the sale of the property on behalf of the seller, a tenants-in-common ownership group managed by Joseph and Henry Mandelbaum of RealTax Inc. Inland American Real Estate Trust Inc. purchased the asset for an undisclosed amount. Tenants include TJ Maxx, PetSmart, Office Depot, Party City, Five Below, Ulta Salon, Famous Footwear, Mattress Firm, Bath & Body Works, GNC and Castle Dental. Target and Randall’s shadow-anchor the center. Renovated in 2004, the Green Tree Shopping Center spans 21.6 acres at 231-515 South Fry Road in Katy, a suburb west of Houston. Ryan West, Rusty Tamlyn, Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.

April 23, 2015

M&M Arranges Sale of Retail Development Land Site in Metro Houston

by Haisten Willis April 23, 2015

MAGNOLIA, TEXAS — Marcus & Millichap has arranged the sale of a five-acre development site at FM 1488 and Carriage Hills located in Magnolia. Derek Hargrove of Marcus & Millichap’s Houston office handled the acquisition on behalf of the buyer, The Marcel Group. The buyer will begin construction of a new mixed-use development during the second quarter. Based in The Woodlands, The Marcel Group has developed and sold over 1 million square feet of retail and office projects.

April 23, 2015

Office Texas

CBRE Arranges Sale Of NBCUniversal Regional Headquarters in Dallas

by Haisten Willis April 22, 2015

DALLAS — CBRE Capital Markets’ Investment Properties has arranged the sale of NBCUniversal Regional Headquarters, a 75,000-square-foot, single-story Class A office asset in Dallas. The LEED-certified building was completed in 2013. The property is fully leased to NBCUniversal Media LLC, a wholly owned subsidiary of Comcast Corp., and serves as the regional headquarters, broadcasting and multimedia news facility for NBC/KXAS-TV, Telemundo and NBCUniversal. Olympus Ventures purchased the asset from KDC for an undisclosed price. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Pete Van Amburgh of CBRE represented the seller.

April 22, 2015

Retail Texas

Trulan Brokers Sale of Berry Oaks Shopping Center in Metro San Antonio

by Haisten Willis April 22, 2015

BULVERDE, TEXAS —Trulan Property Advisors has brokered the sale of the Berry Oaks Shopping Center, a 19,000-square-foot building located at 19851 Highway 46 in Bulverde. The property was 100 percent occupied at the time of sale. Jason Middlebrook of Trulan Property Advisors represented the seller, a San Antonio-based development partnership. Jimbo Cotton of McAllister and Associates represented the buyer, a private partnership.

April 22, 2015

Retail Texas

Chestnut, Benbrooke Purchase Shopping Center in Fort Worth

by Haisten Willis April 22, 2015

FORT WORTH, TEXAS — Chestnut Development Partners, in a joint venture with Benbrooke Realty Investment Co., has purchased The Shops at Hulen in Fort Worth. This is Chestnut’s second investment in Texas and second joint venture with Benbrooke. The Shops at Hulen is a 28,382-square-foot shopping center that was constructed in 2005. Currently 59 percent leased, it is shadow-anchored by a Walmart Supercenter and located near the South Hulen retail submarket. Southwest Bank of Fort Worth provided debt financing for the acquisition. Tommy Tucker of The Shop Cos. represented the seller. Pretium Property Management will manage the property.

April 22, 2015

Hospitality Texas

Development Agreement Approved for $85M Hotel, Convention Center in Metro Dallas

by Haisten Willis April 22, 2015

ALLEN, TEXAS — The Allen City Council has approved a development agreement with TCH Altera LLC for the construction of The Convention Center at Watters Creek, an $85 million facility. The convention hotel will contain 290 guest rooms, a 64,500-square-foot convention center and a 1,000-car parking garage on seven acres at Bethany Drive and North Central Expressway. Projected to open in January 2017, the center will become the largest convention and exhibition space in the north Dallas suburbs. The multi-entity agreement provides for the city, Allen Economic Development Corp. (AEDC) and Allen Community Development Corp. to jointly contribute $12.3 million toward the capital investment in the project and to provide additional operational support over time. The AEDC also will contribute the land, which it has owned since the 1990s. TCH Altera has arranged construction financing and anticipates breaking ground by the end of this summer.

April 22, 2015

Office Texas

Passco Cos. Opens New Office in Austin

by Haisten Willis April 22, 2015

AUSTIN, TEXAS — Passco Cos. has opened a new office in Austin. Shelli Cusack will oversee the company’s Austin office, and will also be responsible for a portion of Passco’s multifamily portfolio encompassing more than 3,000 units in North Carolina, South Carolina and Georgia. Cusack has been responsible for the management of more than $1 billion in real estate assets during her career. Passco Cos.’ new Austin office is located at 7000 N. Mopac Expressway, Suite 200. Passco focuses on the acquisition, development and management of multifamily and commercial properties throughout the United States.

April 22, 2015

Mixed-Use Texas

Community Park Opens at Retail Development in Dallas

by Haisten Willis April 21, 2015

DALLAS — The Park has opened in The Shops at Park Lane. The 10,000-square-foot park includes an open green space, an interactive fountain for kids, along with seating areas, power outlets and free Wi-Fi. Tenants including Starbucks and Zoës Kitchen feature outdoor patios overlooking The Park. The area will host events and activities including yoga, movie nights, live music and more. The Shops at Park Lane is a 33.5-acre mixed-use development.

April 21, 2015

Retail Texas

Henry S. Miller Brokers Land Sale in Metro Dallas

by Haisten Willis April 21, 2015

GRAPEVINE, TEXAS — Bill Bledsoe of Henry S. Miller Brokerage’s Investments and Land Division represented Classic Chevrolet in the purchase of 11.2 acres in Grapevine. Located off State Highway 121 at Stone Myers Parkway, the land will be used for business expansion. Bledsoe represented the buyer. Bruce Harbour of Harbour Realty represented the seller, a local partnership group.

April 21, 2015

Retail Texas

SRS Arranges Sale of Retail Property in Tulsa for $8.8 million

by Haisten Willis April 21, 2015

TULSA, OKLA. — The SRS Southeast Investment Sales team has arranged the sale of a 53,210-square-foot property in Tulsa. The property, which is currently occupied by Virginia College, is located at 5124 S. Peoria Ave. The seller, OK Tulsa South Peoria LLC, sold the property to GPROP LLC for $8.8 million. Virginia College, a wholly owned subsidiary of Education Corp. of America, offers diplomas, associate’s degrees, bachelor’s degrees and master’s degrees. Kyle Stonis and Pierce Mayson in the SRS Atlanta office and Josh Burmeister with JLL represented the seller in the transaction. Chris Anderson with The Grant Group represented the buyer in the transaction.

April 21, 2015

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