HOUSTON — Levey Group and TriStar Glass Products have executed an earnest money contract for a design-build facility on more than five acres of land inside IAH Business Park. The development will include a 66,000-square-foot facility featuring a 4,000 amp electrical service, drive-through site plan configuration and additional land for future expansion. The property is adjacent to Bush Intercontinental Airport along Aldine Westfield Road. Nick Peterson and John Ferruzzo of NAI Houston represented Levey Group in the transaction. Blake Anderson and David Eseke of Cassidy Turley’s Dallas office represented TriStar.
Texas
LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of La Porte Office Warehouse, an 18,000-square-foot industrial property in La Porte. Alex Bouchard of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. La Porte Office Warehouse is located at 930 S. 14th St. in La Porte.
HOUSTON — JLM Commercial Advisors Inc. has arranged the sale of a 140,110-square-foot office/warehouse building on 25 acres at 5750 Brittmoore Road in Houston. Lane Guinn of JLM represented the seller, Goya Foods Inc. The buyer was CHI Tanner LP. Goya Foods formerly used the property as a plant and distribution facility. Plans for future use of the building were not released.
DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co., plans to build a new 20-story, 271-unit residential tower at 3230 McKinney Ave. in uptown Dallas. A 5,500-square-foot Café Express currently occupies the site. The new building will feature 13,000 square feet of ground floor retail space. A new Café Express will anchor the property, which will also include residential units. The site is located across Bowen Street from the McKinney Avenue Transit Authority trolley barn and headquarters.
HOUSTON — Rice Management Co. and Trademark Property Co. have acquired a three-building, 193,000-square-foot retail property portfolio in Rice Village, collectively named the Village Arcade. Trademark and Rice plan to revitalize the properties by upgrading the merchandising mix, facades and site amenities. The Rice Village district dates to the 1930s. Rice Management Co. has responsibility for the Rice University endowment to oversee asset and property management, leasing and repositioning of the Village Arcade properties. The buildings currently feature 50 stores and restaurants including Ann Taylor, Athleta, Banana Republica, Chico’s and Gap.
SOUTHLAKE, TEXAS — Marcus & Millichap has arranged the sale of Kirby’s Steakhouse, a 7,900-square-foot net-leased property in Southlake. The property is located at 3305 E. State Highway 114 in Southlake, just south of East Southlake Boulevard. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Vitorino also procured the buyer, a local private investor. The transaction resulted in the investor leasing the property back to the seller and a new 20-year net lease was executed at the close of escrow.
BEE CAVE, TEXAS — UCR has been awarded project leasing and management of retail for Hill Country Galleria, a 1.3 million-square-foot mixed-use development in Bee Cave. Peloton Commercial Real Estate handles the office leasing assignments. The property is located at the intersection of Highway 71 and Bee Cave Road just west of Austin with tenants including Dillard’s, Whole Foods Market and Dick’s Sporting Goods. Hill Country Galleria also includes a 14-screen Cinemark Theatre and an open amphitheater. The 257,000 square feet of Class A office space is home to the corporate headquarters of American Campus Communities, Summit Hotel Corp., Wilson Art International and True Car. The Avanti Hills apartment complex is also located on the property. Jack Breard and J. Michael Nagy of UCR Urban will lease the center’s retail space. Scott Weaver and Lori Weisenborn of UCR Asset Services will lead management of the retail assets.
RICHARDSON, TEXAS — Spear Street Capital has acquired the Galatyn Park Office Portfolio, an 800,000-square-foot, four-building office campus located in the Galatyn Park mixed-use development in Richardson. The development currently includes 600,000 square feet of available office space. Galatyn Park is an 80-acre, mixed-use development located in central Richardson. Construction on the Galatyn Park office portfolio began in 1997 and now includes a 336-room Renaissance Hotel, a performance arts center, nature preserve, 285-unit apartment complex and the 1 million-square-foot Blue Cross Blue Shield headquarters. Galatyn Park is served by a DART light rail station and is adjacent to the 186-acre CityLine mixed-use development.
DALLAS — NXT Capital has provided a $23 million first mortgage to finance the acquisition of a 495-unit, Class B apartment complex in Dallas. The property includes studio, one- and two-bedroom apartments with balconies or patios as well as a clubhouse and pool, cyber café, gym and business center.
MANSFIELD, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Matlock Center, a 40,027-square-foot shopping center shadow-anchored by a Walmart Neighborhood Market in Mansfield. The property is 40 miles southwest of downtown Dallas at the intersection of Matlock Road and Debbie Lane. At the time of closing, Matlock Center was 90 percent leased to tenants including Subway, Pizza Hut, Great Clips, Liberty Tax Service, Advance America and No Frills Grill. Tommy Tucker of SHOP Cos. Investment Sales represented the seller, a Dallas-based limited liability company. The buyer was an Arlington-based limited liability company.