HOUSTON — A development venture comprising Patrinely Group, CDC Houston and USAA Real Estate Co. will develop CityPlace, formerly known as Springwoods Village Town Center, in Houston. The 60-acre mixed-use development will integrate working, shopping and living space, with more than 4 million square feet of Class A office space located above ground-floor retail, and luxury urban multifamily, as well as a full-service hotel. The initial office component phase of CityPlace development will include two Class A office buildings with a combined total of 440,000 square feet of office space for single- or multi-tenant users, shopping and dining. The first office building, a five-story structure, will offer a total of 147,000 square feet with flexible 28,000-square-foot floor plates. It is slated for completion in fourth quarter 2015. The second structure, a 10-story office building, will have nearly 295,000 square feet of leasable space and efficient floor plates that total 29,200 square feet. Designed by Gensler and built by Harvey Builders, the buildings are designed to achieve LEED Gold certification. Martin Fein Interests Ltd. will build a 268-unit multifamily apartment community within CityPlace. The property will include retail space on the ground floor. Woodbine Development Corp. is developing a full-service hotel …
Texas
HOUSTON — Houston Realty Advisors Inc. has arranged a lease for 37,100 square feet of industrial space, with a 20-ton crane, at 4208 Fidelity Rd., inside the Fidelity Road Industrial Park in Houston. Michael Farris of The Texas Development Co. represented the landlord in the lease transaction. Ed Ayres of Houston Realty Advisors Inc. represented the tenant, Caisson Fabrication Company.
SPRING, TEXAS — Rob Banzhaf and David Alexander with Newcor Commercial Real Estate represented Dr. Larry Richardson with Woodlands Pharmacy in an 8,000-square-foot single-tenant, build-to-suit lease on Rayford Rd. in Spring. The building is for a medical practice facility and the estimated completion is January 2015. Lewis Walker with RE/MAX represented the landlord, Dr. Sokhon, in the lease negotiations.
HOUSTON — Rosemont Realty has secured a lease expansion and extension for Inspectorate America Corp.’s headquarters. The company’s corporate headquarters office has been located at 12000 Aerospace Ave. in Houston since August 2004. The new lease is for 30,236 square feet, an increase of 8,387 square feet. Rosemont Realty’s Carrie Powledge represented property owner Rosemont Realty in the transaction. John Parsley and Don Schmidt with Colliers International represented Inspectorate America in the lease expansion.
PLANO, TEXAS — KBS Real Estate Investment Trust II (KBS REIT II), a public non-traded real estate investment trust based in Newport Beach, Calif., has sold Plano Business Park in Plano to an affiliate of Exeter Industrial REIT III for $23.4 million. The three-building, 283,559-square-foot Plano Business Park is located at 3801, 3901 and 4001 E. Plano Parkway on approximately 19.9 acres of land. The buildings feature front parking, rear loading, 24-foot ceiling clearance and ESFR sprinkler systems. Plano Business Park is located at the intersection of Shiloh Road and Plano Parkway. KBS REIT II originally acquired the asset for $16.75 million in March 2010.
DRIPPING SPRINGS, TEXAS — JCI Residential has begun work on Belterra Springs, a two-story, 152-unit apartment community in Dripping Springs, which is about 25 miles west of Austin. The nine-acre property will be completed in June 2015 with units ranging from 745 square feet to 1220 square feet. The community’s clubhouse will include a movie theater, 24-hour fitness center, meeting rooms, and a resort-style pool. Unit interiors will have stainless appliances, granite counters in kitchens and baths, faux wood flooring, nickel finish light fixtures and ceiling fans.
HOUSTON — AMG Guaranty Trust has sold the Cypresswood Kroger Center, a 34,730-square-foot retail center located in northwest Houston, to a private investor based in California. Garrette Matlock and James Bell of Marcus & Millichap represented the seller. At the time of the sale, the center was approximately 95 percent occupied. Major tenants include Memorial Hermann Healthcare System, Burger King, Chase Bank, Subway, Great Clips, Wingstop, Smoothie King and Willie’s Grill and Ice House. All of the leases are triple-net. The center’s 55,795-square-foot Kroger supermarket shadow-anchor was not a part of the sale. The terms of the sale were not released.
DALLAS, TEXAS — Chris Parker of Mark One Capital, a wholly owned subsidiary of Marcus & Millichap Capital Corp., has arranged $3.06 million in debt refinancing for Park Place, an 82-unit multifamily community that was built in the East Dallas submarket in 1974. The loan was structured with a seven-year term and amortizes over 25 years with a fixed interest rate of 4.85 percent. The loan structure includes a 12-month period of interest-only installments. The LTV was 75 percent. “We are seeing a significant trend in the market of increased interest-only loans by lenders and this is driving many opportunities for investors to purchase and reposition properties in the East Dallas submarket,” Parker says.
HOUSTON — Hartman Mitchelldale Business Park LLC, an affiliate of Houston-based REIT Hartman Short Term Income Properties XX Inc., has purchased Mitchelldale Business Park from AFS NW Business Park LP, an affiliate of Falcon Southwest. Mitchelldale Business Park is a 12-building, 377,752-square-foot industrial park located in the northwest industrial submarket at Highway 290 and Mitchelldale. The park is currently 92 percent occupied. Lead tenants include Craven Carpet, a locally owned, family-operated flooring installation company; A Better Trip, a Houston-based moving company; GC Services, one the industry’s leading business processing outsource providers; and LOYC Investments, an international import/export and distribution company. Rusty Tamlyn and Trent Agnew of HFF represented the seller and Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer.
AUSTIN, TEXAS — NorthMarq Capital’s Dallas office has arranged the $10.2 million refinancing of West Side Village, a 50,107-square-foot retail and office property located at 1214 W. Sixth St. in Austin. The transaction was structured with a 10-year term and 30-year amortization schedule. Paul Brighton of NorthMarq arranged financing for the borrower through NorthMarq’s relationship with a CMBS lender. Long-time Austin fashion retailer Julian Gold anchors the property.