HOUSTON — Progressive Real Estate Partners has brokered the sale of a 24,000-square-foot former PetSmart building for $5 million. The freestanding building is located at 10500 Katy Freeway in Houston. Built in 1992, the 1.8-acre property is shadow-anchored by Home Depot, Hobby Lobby and Sam’s Club. The site is near Interstate 10 and Beltway 8 in Houston’s Memorial City District.
Texas
MIDLOTHIAN, TEXAS — Encore Land LLC has completed land development for its first single-family residential project, Jordan Run Estates Phase II, in Midlothian. The company also has developments underway in Coppell, Las Colinas, Fort Worth, Mansfield and Waxahachie. J. Houston Homes is the builder for the Jordan Run Estates community, with new homes available this fall. Completion of the Coppell, Mansfield and Waxahachie developments is slated for early 2015. New projects totaling 3,100 lots across the Dallas-Forth Worth Metroplex are in Encore Land’s pipeline.
HOUSTON — NorthMarq Capital’s Houston office secured acquisition financing for Lakewood Town Square, a 32,000-square-foot retail property in northwest Houston. The bridge loan was secured with a 10-year term fully amortizing and was arranged for the borrower, a local private buyer, through NorthMarq’s relationship with, Symetra, a life insurance company. The interest rate was 4 percent. Warren Hitchcock, vice president of NorthMarq’s Houston office, secured acquisition financing in the transaction.
EL CAMPO, TEXAS — Marcus & Millichap has arranged the sale of El Campo Town Center, a 25,100-square-foot retail property located in El Campo. The asset had a list price of $3.6 million. Watt Harrison and James Bell with Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a developer. The buyer, a limited liability company, was represented by Ahmed Kabani with Marcus & Millichap’s Miami office.
ROUND ROCK, TEXAS — CBRE has arranged the sale of Boardwalk Shopping Center in Round Rock on behalf of Greenwood Village, a Colorado-based capital management firm. A private real estate fund advised by Crow Holdings Capital Real Estate of Dallas purchased the center for an undisclosed price. The 184,598-square-foot center, built in 1996, is 98.6 percent occupied with tenants including Ross Dress for Less, PetSmart, OfficeMax, Party City, Walmart and The Home Depot. The center is located near the intersection of Interstate 35 and State Highway 45. Chris Cozby, Chris Gerard and Kevin Holland with CBRE listed the asset on behalf of the seller.
HOUSTON — KBS Real Estate Investment Trust II has sold Two Westlake Park in Houston. The buyer and sale price were not disclosed. Two Westlake Park was built in 1982 as part of the 58-acre Westlake Park. The 67,334-square-foot property was converted from condominium space to offices in 2012. The property is 100 percent leased, with ConocoPhillips as the anchor tenant. Other tenants include Merrill Lynch and BP. Two Westlake Park is located at 580 Westlake Park Blvd in Houston.
FORT WORTH, TEXAS — CBRE Hotels has brokered the sale of The Ashton Hotel in downtown Fort Worth. Ashton Hotel Partners sold the property to a Dallas-based hotel REIT, which plans to renovate and operate the property. The Ashton Hotel first opened in 1890 and expanded from two stories to six in 1915. The hotel was renovated in 2001 and again in 2008. It features 39 guestrooms and is home to the Six 10 Grille restaurant. The property also includes event space for weddings, social gatherings and corporate functions. Bert Stevens, with CBRE Hotels in Dallas, represented the seller in the transaction.
ABILENE, TEXAS — Taylor Consulting Inc. (TAYO) has acquired a multi-unit storage facility in west Texas. The company says the area around the Permian Basin is undergoing a population explosion thanks to the oil industry, which is why it is investing in the west Texas area.
DALLAS — CBRE has brokered the sale of Two Hickory Centre at 1750 Valley View Lane in the Farmers Branch submarket of Dallas. Austin, Texas-based Capital Commercial Investments Inc. bought the asset from Los Angeles-based Cathay Bank for an undisclosed price. The 97,117-square-foot office building was built in 1999 and is 40 percent occupied. Lead tenants include Beazer Homes, Bartlett Cocke and Border Foods. Shannon Brown, Michael Dudley and Ben Davis with CBRE represented the seller in the transaction. The three have also been named the exclusive leasing agents for the new owner.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 15,120-square-foot Walgreens in Odessa, Texas. Terms of the sale were not released. Jason Vitorino, Jared Aubrey and Adam Gottschalk with Marcus & Millichap’s Dallas office represented the buyer, a private investor from Texas. The all-cash transaction included a due diligence period of seven days. Walgreens is located at 2161 E. 42nd St., between Loop 338 and Andrews Highway. The property is less than two miles from the University of Texas of the Permian Basin.