THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 95,000-square-foot office building within the Research Forest complex. Kiewit Energy Group Inc., a provider of engineering, procurement and construction services to the oil and gas industries, has pre-leased 70,561 square feet of space in the four-story structure, which will be located on 11 acres at 3831 Technology Forest Drive. Houston-based EE Reed will serve as general contractor on the project, and PGAL is the architect. Louie Crapitto of JLL represented Kiewit in the lease negotiations, while Robert Parsley and Norman Munoz of Colliers International represented The Woodlands Development Company.
Texas
FLOWER MOUND, TEXAS — Marcus & Millichap has brokered the sale of an 8,491-square-foot property net-leased to Phoenix Children’s Academy in the Dallas/Fort Worth suburb of Flower Mound. Constructed in 2002, the facility is located on nearly two acres at 5601 Timber Creek Road. More than 14 years remain on the original term of the lease, which features annual rent escalations and one option for renewal of five years. Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, another private investor.
HOUSTON — AmREIT has leased a 7,000-square-foot outparcel at the Woodlake Square shopping center in Houston to Tex-Mex restaurant El Tiempo Cantina. A joint venture between AmREIT and AEW Capital Management acquired Woodlake Square in 2010 and completed redevelopment of the property, which is anchored by Randalls Lifestyle, in 2012. AmREIT purchased the shopping center from the joint venture in September 2013. With El Tiempo Cantina’s lease, the property is now 97.3 percent leased.
There is no doubt that Walmart is the dominant force driving growth in the San Antonio area right now. San Antonio-area shoppers gained four new Walmart Supercenters in 2013, five more are nearing completion and scheduled to open in the next few months, and two or three more are expected to break ground later this year. At the same time, two new Sam’s Club stores will be opening in the first quarter, and Walmart’s new Neighborhood Market concept stores are slated to debut in the area this year with three locations already announced and more expected. Meanwhile, speculative development has remained very limited, but two new projects — both located in the Northwest sector — were delivered in the final quarter of 2013. Although not huge projects, these two new centers mark the delivery of San Antonio’s first sizeable speculative retail properties in over a year. One of these developments was Helotes Town Centre, which serves as an example of growth stimulated by the adjacent Walmart that opened earlier in the year. Pre-leasing activity in the 50,000-square-foot Helotes center includes Great Clips, Cash Store and Marco’s Pizza. Elsewhere, Dominion Ridge is a two-story retail project located along the I-10 corridor …
MESQUITE, TEXAS — Cushman & Wakefield has brokered the sale of Mesquite Town Centre Plaza, a 209,766-square-foot retail property in the Metroplex suburb of Mesquite. Located at 1330 N. Town East Blvd., directly across from Town East Mall, the shopping center was 80 percent leased at the time of the sale to tenants including anchors Burlington Coat Factory and Ashley Furniture. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield represented the seller, Kimco Realty, in the transaction. Trisha Connoly, also of Cushman & Wakefield, represented the buyer, QEH Mesquite LLC, in arranging the acquisition financing.
FORT WORTH, TEXAS — Mercer Co. has brokered the sale of a 20,000-square-foot industrial property in Fort Worth. Bargreen Ellingson, a multi-service restaurant supply, design and fabrication company, purchased and will occupy the building. The company will relocate from a smaller Fort Worth location to the new facility, which features 22-foot clear heights and is located at 2450 Handley Ederville Road. Matt Spellman of Mercer Co. represented Bargreen Ellingson in the transaction. Transwestern represented the seller, GPS DFW Holdings LLC.
WOODWAY, TEXAS — Marcus & Millichap has brokered the sale of Woodway Village, a 14,181-square-foot retail property in the Waco suburb of Woodway. Located at 824 Hewitt Drive, the strip shopping center was 68 percent leased at the time of the sale to tenants including Jimmy John’s, Great Clips, Escape Nail Salon, MetroPCS and Rosati’s Pizza. Constructed in 2005, the structure is shadow-anchored by Walmart and in close proximity to Chase Bank, Advance AutoParts, Starbucks Coffee, H-E-B, Subway and many other retailers. Philip Levy marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, a limited liability company.
SUGAR LAND, TEXAS — Boyd Commercial/CORFAC International has arranged a 11,565-square-foot industrial lease in the Houston suburb of Sugar Land for Integrity Measurement & Control Inc., an equipment manufacturer serving the oil and gas industries. The tenant will occupy space within a multi-tenant facility located at 525 Julie Rivers Drive. Bo Pettit of Boyd Commercial/CORFAC International represented the tenant in the negotiations. Jon Michael and Ed Bane of NAI Houston represented the landlord, Reed Road AB Mayfield LLC.
SUGAR LAND, TEXAS — Stockdale Capital Partners has acquired Sugar Creek I and II, a 409,168-square-foot office complex in the Houston suburb of Sugar Land. The property was 96.1 percent leased at the time of the sale by tenants including Noble Drilling Corp. and United Healthcare. On-site amenities include a fitness center, deli and conference rooms. Rusty Tamblyn and Trent Agnew of HFF represented the sellers, Granite Properties and MetLife. Jeremy Womack of HFF arranged acquisition financing.
BEDFORD, TEXAS — Boxer Resorts has acquired the DFW Airport West Holiday Inn, a 245-room hotel in the Metroplex suburb of Bedford. Located in close proximity to the Dallas/Fort Worth International Airport, the property offers a fitness center, swimming pool, conference facilities and complimentary shuttle service to the airport. This is the fourth acquisition for Boxer Resorts, a sister company of Houston-based investment and management company Boxer Property. Hank Wolpert of HREC represented the unnamed seller in the transaction.