DALLAS — Crow Holdings Capital Partners LLC has broken ground on Mountain Creek, a new industrial park situated along Interstate 20 & Grady Niblo Road in Dallas. The 87-acre development will include two buildings totaling 1.3 million square feet of distribution and warehouse space. Phase I of the project will include one building totaling 630,000 square feet. McFadden & Miller is the contractor and Azimuth Architecture is the architect.
Texas
LUBBOCK, TEXAS — CBRE has brokered the sale of Northpark Village in Lubbock. Cincinnati, Ohio-based Phillips Edison & Co. bought the grocery-anchored center for an undisclosed price. Lubbock-based United Supermarkets anchors the 70,479-square-foot Northpark Village at the intersection of 4th Street and Slide Road. Texas Tech University is two miles from the center. The complex is 96.8 percent occupied. Other tenants include Starbucks and GNC. Chris Cozby, Chris Gerard and Kevin Holland with CBRE represented the unnamed seller in an off-market sale.
MCKINNEY, TEXAS — Encore Wire Corp. has announced plans for an expansion of its McKinney headquarters. The company is in its 25th year in business and will invest more than $30 million to expand its manufacturing facilities and provide more than 125 new jobs in McKinney. The company has more than 1,180 employees and is the largest taxpayer in McKinney. The expansion of its existing aluminum wire plant will add 128 new jobs and increase the size of the plant from 200,000 square feet to 450,000 square feet. The expansion is expected to be complete in December.
EL PASO — Hackman Capital Partners LLC has purchased two facilities formerly owned by a Hoover Inc. affiliate. The acquisition includes a plastic injection molding and CNC (computer numerically controlled) tool making facility in El Paso and a manufacturing building in Juarez, Mexico. The firm partnered with Industrial Assets Inc. and Maynards Industries to purchase the assets in a bulk transaction. The El Paso building contains 423,435 square feet while the Juarez building spans 274,295 square feet.
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.
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.