PASADENA, TEXAS — Hunington Properties has arranged a 42,310-square-foot retail lease in the Houston suburb of Pasadena for Hispanic grocer Bravo Ranch Supermercado. The new store will open at Fairmount Junction Shopping Center, in space formerly occupied by Kroger, in September. Located at the intersection of Fairmount Parkway and South Shaver Street, the 117,013-square-foot property houses other tenants including Family Dollar, Eyecare Masters and One Stop Tax Service. Rafael Melara of Hunington Properties represented both the tenant and the unnamed landlord in the negotiations. The location will be the brand’s second in the Houston metro area.
Texas
DALLAS — Port Logistics Realty will develop Southport Logistics Park, a 531-acre distribution center complex in south Dallas designed to accommodate up to 9 million square feet of warehouse facilities. The first phase of construction, which will include two buildings totaling 1.5 million square feet, as well as infrastructure for the entire park, will begin in the third quarter. The project is located near the intersection of Fulghum Road and I-45, in proximity to the Union Pacific Intermodal Terminal. Kacy Jones, John Hendricks and Wilson Brown of CBRE will handle leasing at the property.
McALLEN, TEXAS — Marcus & Millichap has brokered the sale of Paradise Village, an 82-unit multifamily property in the south Texas city of McAllen. Located at 4210 N. Main St., the community offers 30 one-bedroom and 52 two-bedroom apartments, as well as a swimming pool. Zar Haro and Mike Moffitt of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Haro and Moffitt also secured the buyer, another limited liability company.
HOUSTON — Hicks Ventures has acquired 16900 Park Row, a 76,054-square-foot office building in Houston. Constructed in 1980, the two-story structure was fully occupied at the time of the sale by Wood Group Mustang Inc., a provider of engineering, project management and construction services for the oil and gas, energy and manufacturing industries. Hicks Ventures plans more than $1 million in renovations to the property, including improvements to exteriors, interiors, restrooms, elevators and common areas. Wood Group Mustang will be vacating the building in the third quarter. Trent Agnew of HFF represented the seller in the transaction, West Coast-based Romel Mustang LP.
HOUSTON — Real estate investment trust Hartman Short Term Income Properties XIX has signed Fitness Connection to a 46,133-square-foot lease at Fondren Road Plaza in Houston. The health club will join current tenants at the shopping center including Pizza Hut and H&R Block. The property is located at the intersection of Fondren Road and Bissonnett Street, in proximity to U.S. Route 59. Sherman Hinkleman of The Retail Connection represented the tenant in the negotiations for the 10-year lease. Locally based Hartman was represented internally by Jennifer Rabon. Fitness Connection operates more than 25 locations in Texas, Nevada and North Carolina.
While growth and development have been evident in most Texas areas during the last few years, Lubbock shines bright among cities in the Lone Star State. As Marci Russell, former chief economist with CNBC, said, “Lubbock’s got oil and gas, a strong agricultural presence, a great university and a health care system that is the envy of other communities.” The year 2013 brought amazing growth, and the positive economic trends look to continue in 2014. Building permits climbed to a surprising 987 last year, up 143 percent, and retail sales and payroll employment are still growing. Employment increased by 4 percent in 2013, ranking Lubbock fourth in Texas in terms of growth in that metric. The unemployment rate declined sharply to 4.3 percent, the lowest since 2008, and Lubbock’s consumer price index was up 2.1 percent year-over-year in January. Another sign of improvement in Lubbock is how the transportation system in the city has been enhanced with the completion of the Marsha Sharp Freeway and the Northwest Passage. Additionally, the Milwaukee Corridor continues to expand with development in retail, office, and small business on the West side. Sector-by-Sector Several large users of office and industrial space relocated and/or expanded to …
DALLAS — First Industrial Realty Trust has begun construction of First Pinnacle Industrial Center, a two-building, 598,000-square-foot industrial complex in Dallas. The Class A distribution facilities — one of 376,424 square feet and the other of 221,714 square feet — will each feature 32-foot clear heights and dock-high loading doors. Located on 49 acres at 1241 N. Cockrell Hill Road, the project is in proximity to I-20, I-35 and Loop 12. The facilities are expected to be ready for occupancy as early as the fourth quarter of this year. Terry Darrow and Nathan Orbin of JLL are leasing the property.
HOUSTON — The Morgan Group Inc. has broken ground on two new multifamily properties near Houston’s Energy Corridor submarket. The projects, Pearl CityCentre and Pearl Residences at CityCentre, are located on a 4.6-acre site in proximity to the CityCentre mixed-use development. Pearl CityCentre will stand seven stories and offer 312 units ranging from 650 to 1,500 square feet, while Pearl Residences at CityCentre will stand eight stories and offer 148 units ranging from 750 to 2,500 square feet. Wallace Garcia Wilson Architects is designing both buildings, and Wells Fargo is providing construction financing. Both properties are scheduled to open in the fall of 2015.
WACO, TEXAS — Asset Campus Housing (ACH) will develop The Domain at Waco, a 564-bed, off-campus student housing community serving Baylor University students. The 186 units will offer a mix of one-, two- and four-bedroom residences, each fully furnished and featuring granite countertops, stainless steel appliances and washer and dryer. Amenities at the property will include a clubhouse, swimming pool, internet café, sand volleyball court, fitness facility and outdoor fire pit. Construction will begin this quarter and is expected to conclude in time for the 2015-16 school year. ACH will manage the facility upon completion.
SAN BENITO, TEXAS — Dougherty Mortgage LLC has arranged a $10.2 million loan for the refinancing of Villages at Paso Real, a 180-unit multifamily property in the south Texas city of San Benito. Completed in 2013, the community offers one- to three-bedroom apartments, as well as a swimming pool, fitness center and clubhouse with media center. The complex is located at 349 S. Helen Moore Road, in proximity to I-69. The Fannie Mae loan includes a term of 12 years.