HOUSTON — MetroNational, owner, manager and developer of Memorial City, a 250-acre mixed-use property in Houston, has completed its newest building, The Treehouse. The building uses green technology and includes office and meeting space. The Treehouse is a two-story, 14,700-square-foot structure featuring a geothermal cooling and heating system, solar panels, rainwater collection, a wind turbine and rooftop garden. Located at 963 Bunker Hill Road, the building’s owners hope to receive LEED Platinum certification.
Texas
FLOWER MOUND, TEXAS — StoneCreek Real Estate Partners has begun construction on Elan Oaks, an 82-unit assisted living and memory care facility. Elan Oaks will be located at 3281 Long Prairie Road in Flower Mound, Texas and is expected to create more than 100 new jobs. The property will be owned and funded by a joint venture between StoneCreek and The Collin Fund with financing from NorthStar Bank of Texas. The building’s design includes 58 studio, one-bedroom and two-bedroom assisted living apartments along with 24 private and semi-private memory care suites. The project is expected to be completed in July 2015.
GARLAND, TEXAS — Westmount Realty Capital LLC has announced two new leases at the Logistics Pointe/Garland property located at 2600 McCree Road in Garland, Texas, near Dallas. The property is adjacent to Interstate 635 and includes 1.1 million square feet on a 66-acre, rail-serviced site. Calavo Growers Inc., a publicly traded provider of fresh foods, extended its lease of 149,000 square feet for an additional 15 years. H&M Bay, a provider of temperature-controlled freight solutions, signed a new 10-year lease for 67,800 square feet.
HOUSTON — Marcus & Millichap has announced the sale of 1515-1507 West Gray Street, a collection of retail properties totalling 16,000 square feet in Houston. Derek Gargrove and Justin Miller with Marcus & Millichap’s Houston office facilitated an assemblage of the properties to affiliates of Braun Enterprises. The properties are located just east of the River Oaks Shopping Center.
HOUSTON — John S. Beeson, John Stephen Ford Sr. and Steven A. Webster have purchased 621 acres of undeveloped land in Harris County north of I-10 and west of Grand Parkway. The land is bordered by FM 529, Katy Hockley Road, Beckendorff Road and Pitts Road. The sellers, the Beckendorff family, were represented by attorney David Frishman and Mark W. Kidd Jr. of M Kidd Properties Inc.
MCKINNEY, TEXAS — James V. DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix regional office, has arranged the $5.8 million refinancing of Stonebridge Crossing, a shopping center in McKinney, Texas.Located at 6700 Virginia Parkway, the retail center spans 35,281 square feet. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Centennial Medical Center is one of the property’s major tenants. The shopping center is shadow-anchored by Albertsons.
DALLAS — Casual Living Patio & Fireplace has acquired the 12,135-square-foot Cornerstone Plaza in an off-market transaction. The 1.9-acre retail property is located at 2801 E. Southlake Boulevard, near the Texas State Highway 114 junction. Casual Living plans to occupy 8,000 square feet of Cornerstone Plaza and lease the balance of space to a prospective tenant. The space will be renovated for three months before Casual Living opens.
DALLAS — UBS, a Switzerland-based financial services firm, has signed a 27,948-square-foot lease at Legacy Tower. UBS will relocate from its offices at the Spectrum and 5950 Sherry Lane in Dallas to the 12th floor of Legacy Tower late this year. The new location will serve as the company’s far north Dallas wealth management office. Legacy Tower is located at the southeast corner of the Dallas North Tollway and Legacy Drive. The building is pre-certified LEED Gold.Dennis Barnes, Celeste Fowden and Hunter Lee with CBRE Dallas represented the landlord, Trammell Crow Company and Principal Real Estate Investors, in the transaction. Mike Wyatt and Bill McClung with Cushman & Wakefield represented UBS.
CEDAR HILL, TEXAS — Trademark Property Co. has agreed to manage and lease Uptown Village at Cedar Hill, a 610,000-square-foot, mixed-use center in Cedar Hill, Texas. Located 20 minutes south of downtown Dallas, Uptown Village includes 350,000 square feet of retail and 35,000 square feet of office space. The center features 72 tenants including Dillard’s, Dick’s Sporting Goods and Barnes & Noble. Trademark begins management and leasing duties immediately.
THE WOODLANDS, TEXAS — Starwood Hotels & Resorts Worldwide Inc. and The Howard Hughes Corp. have announced the Westin brand will open a fifth hotel in the Houston area. The Westin, The Woodlands will open in late 2015 inside The Woodlands, a master planned community 27 miles north of downtown Houston. The hotel will have 302 rooms, more than 15,000 square feet of meeting and pre-function space, an outdoor pool, gym, restaurant, lobby bar, pool and business center. It will be located in The Woodlands’ Waterway Development Square.