Texas

Mixed-Use Project Planned for Galleria/Uptown District in Houston

by Haisten Willis April 23, 2015

HOUSTON — Tilman J. Fertitta has broken ground on The Post Oak, a mixed-use, master-planned project in Houston combining hotel, office, residential, retail and restaurant offerings in one tower. The new development will be located in the Galleria and Uptown area along West Loop South, with access from Loop 610, Holly Hurst Street and Hallmark Drive. Rising above the 10-acre mixed-use development will be a 35-story tower with an adjacent ballroom. The 650,000-square-foot tower will accommodate 240 hotel rooms, more than 120,000 square feet of boutique office space and 22 apartment units. Amenities will include a two-story spa and salon, restaurants and retail and over 1,000 parking spaces.

April 23, 2015

Texas Children’s Hospital to Expand With 19-Story Tower

by Haisten Willis April 23, 2015

HOUSTON — Texas Children’s Hospital, in collaboration with FKP Architects, will add a $506 million, 19-story patient tower to its campus as part of a $575 million capital investment. The new tower will sit on top of an existing six-story base adjacent to Texas Children’s Pavilion for Women. FKP’s Houston office will lead planning and design for the project, which is expected to be complete in 2018. Pediatric Tower E will initially offer 129 beds for pediatric and cardiovascular intensive care, along with new operating rooms. It will also be the home of the relocated Texas Children’s Heart Center, including a new outpatient clinic, cardiovascular operating rooms, dedicated cardiology beds and catheterization labs. The Heart Center will move out of the West Tower, making way for additional acute care beds. The project will be funded in part from the Texas Children’s Promise Campaign.

April 23, 2015

Industrial Texas

Transwestern Arranges Sale of Industrial Property in Fort Worth

by Haisten Willis April 23, 2015

FORT WORTH — Transwestern’s Fort Worth office has arranged the sale of Riverbend Center on behalf of Klabzuba Realty LLC. Riverbend Complex LLC purchased the industrial/flex property located at 2301 – 2435 Gravel Drive and 7401 – 7445 Pebble Drive in Fort Worth for an undisclosed price. Steve Rowland, Jeff Givens and Tracy Georges of Transwestern represented the seller, Klabzuba. The 188,355-square-foot, four-building property was 90 percent leased at the time of sale. Riverbend Center includes 5,000 square feet of excess land for potential additional parking. Todd Lambeth of Colliers International represented Riverbend Complex in the transaction.

April 23, 2015

Retail 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

Retail Texas

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

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