PASADENA, TEXAS — NAI Houston has arranged a 67,950-square-foot industrial lease for Elliott Electric Supply in the Houston suburb of Pasadena. The tenant, a distributor of electrical parts, will occupy space within the Carson Commerce Center development, which is located at 3700 Highway 225. Travis Land and Michael Keegan of NAI Houston represented Elliot Electric Supply in the lease negotiations, while Dan Zoch of The Carson Companies represented the landlord.
Texas
HOUSTON — HFF has brokered the sale of Centre at Cypress Creek, a four-structure, 465,716-square-foot office and industrial complex in Houston. The properties include three office buildings located at 20455, 20465 and 20475 State Highway 249 totaling 220,622 square feet, as well as one flex facility of 245,094 square feet located at 11777 Compaq Center Drive. At the time of the sale, 93.6 percent of the office space was leased to tenants including Gexa Energy, FoxConn, Intel Americas and Noble Energy, and the flex building is fully occupied by FoxConn. The complex is part of the larger HP Compaq Computer Campus, a 300-acre development. Rusty Tamlyn and Jeff Hollinden of HFF marketed the property on behalf of the seller, Principal Real Estate Investors. SG Cypress Real Estate Ventures, consulted by Coventry Investment Group Inc. and Coventry Realty Advisors, purchased the assets free and clear of existing debt.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 153,000-square-foot Costco in The Woodlands. The Woodlands Development Company sold a 17.5-acre site near the interchange of I-45 and State Highway 242 to the retailer for the new store. Phil Frugé of The Howard Hughes Corporation represented the seller.
AUSTIN AND GEORGETOWN, TEXAS — The LaSalle Group has broken ground on two new seniors housing properties in the Austin metro area. The $10.7 million Autumn Leaves of Northwest Austin, located at 10025 Anderson Mill Road, will specialize in memory care services. The $10.3 million Autumn Leaves of Georgetown, situated at 3600 Williams Drive, will total 26,000 square feet and include approximately 50 units. Both facilities will feature the Vigil System, a motion-sensor program, in each resident room. The LaSalle Group currently owns and operates 36 properties nationwide under its Autumn Leaves brand.
DALLAS — Henry S. Miller Brokerage has arranged the sale of a 16,000-square-foot industrial property in Dallas. The facility is located at 11551 Chairman Drive, in proximity to I-635. Henry S. Miller Brokerage represented the unnamed seller in the transaction. Nathan Denton of Lee & Associates represented the buyer, Trident Commercial Properties.
PEARLAND, TEXAS — CBRE has brokered the sale of Retreat at Shadow Creek Ranch, a 370-unit multifamily property in the Houston suburb of Pearland. Located at 2500 Business Center Drive, the community includes one- to three-bedroom apartments, as well as a fitness facility, internet café, resort-style pool and pet park. The complex was 90 percent occupied at the time of the sale, despite having opened in early 2013. The property is adjacent to master-planned community Shadow Creek Ranch and within walking distance of the Pearland Town Center. Ryan Epstein of CBRE represented the seller, McCann Realty Partners, in the transaction. Inland Real Estate Acquisitions Inc. purchased the asset.
COLLEYVILLE AND ALLEN, TEXAS — Gladstone Commercial Corp. has purchased two properties occupied by Crème de la Crème childcare in the Dallas/Fort Worth suburbs of Colleyville and Allen for $10.5 million. The Colleyville facility is located at 6805 Colleyville Blvd., in close proximity to State Highway 26. The Allen facility is located at 1207 W. McDermott Drive, near I-75 and the Sam Rayburn Tollway. Crème de la Crème will continue to operate both properties. Gladstone Commercial, which is based in McLean, Va., assumed a $6.3 million loan with Wells Fargo Commercial Mortgage as part of the transaction.
GRAPEVINE, TEXAS — Coldwell Banker Commercial Alliance DFW has brokered the sale of Grapevine I, a 38,709-square-foot office property in the Metroplex suburb of Grapevine. Located at 3500 William D. Tate Ave., the building was fully leased at the time of the sale to tenants including Academic Health Plans. Gary Walker and Renee Efimoff of Coldwell Banker Commercial Alliance DFW represented the seller, Skywalker Property Partners, which purchased both Grapevine I and the adjacent Grapevine II in August 2011 on behalf of Hangover Opportunity Fund LLC. OSK Investments LP acquired Grapevine II in August 2012. Jill Bayne of Alliance Commercial represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
ARLINGTON, TEXAS — Bradford Commercial has brokered the sale of a 35,417-square-foot warehouse in Arlington. The buyer, local developer Vaquero Ventures, will redevelop the currently vacant property as a retail facility. Located on more than four acres at 3500 S. Cooper St., the building is in proximity to The Parks at Arlington shopping mall and I-20. Nick Talley of Bradford Commercial represented both the buyer and the seller, Fort Worth-based EKIM Partners, in the transaction. The asset sold within 120 days of its initial listing.
PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Burke Self Storage, a 49,600-square-foot self storage property in the Houston suburb of Pasadena. Located at 1009 Burke Road, the facility consists of 15 separate buildings and 463 units the property offers. Originally constructed in 1975 and expanded in 1998, the property was 87 percent leased at the time of the sale. Roger Hendricks of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Alex Bouchard and Gus Lagos, also of Marcus & Millichap, secured the buyer, a family trust that was completing a 1031 tax-deferred exchange. The property sold for $26.70 per rentable square foot, representing a cap rate of 8.6 percent.