UVALDE, TEXAS — Stan Johnson Co. has brokered the sale of a 41,000-square-foot retail property in Uvalde, a city situated approximately 80 miles west of San Antonio. The multi-tenant property houses Tractor Supply Company and Dollar General and is close to other retailers including HEB, Bank of America and AutoZone. Todd Moore and Jim Gibson of Stan Johnson Co. represented the seller, a private investor, as well as the buyer, a New York-based developer.
Texas
HOUSTON — NAI Houston has arranged a 102,000-square-foot industrial lease in Houston for Niavo Gulf Industries Inc., a manufacturer of cryogenic tanks used in the oil and gas industries. The tenant will occupy the property located at 12300 Amelia Drive, which is situated in the southern suburbs near State Highway 288. Clay Pritchett of NAI Houston represented the landlord, National Property Holdings LP, in the negotiations. LeDon Wissner and Carolyn Fincher of Smith Raines Co. represented Niavo Gulf Industries.
LEWISVILLE, TEXAS — The Weitzman Group has arranged a 25,631-square-foot retail lease in Lewisville for Half of Half Name Brand Clothing. The tenant will occupy space within Lakepointe Crossing, a shopping center located at 2416 S. Stemmons Freeway, in proximity to Vista Ridge Mall and the interchange of I-35 and the Sam Rayburn Tollway. Half of Half joins a tenant roster that includes Academy Sports + Outdoors, Conn’s, Garden Ridge, Toys “R” Us, David’s Bridal and Pier 1 Imports. Blake Shipp and Ian Laskowski of The Weitzman Group represented the landlord in the negotiations. Jenco Realty inc. represented Half of Half.
AUSTIN, TEXAS — Westmount Realty Capital LLC has acquired a 13-building, 546,984-square-foot portfolio in Austin. Originally developed in the mid-1980s for light industrial use, the structures are now primarily finished out as office space. Institutionally managed and maintained, the assets were 88 percent occupied at the time of the sale. The portfolio is located within the Braker Center business park, which is situated between I-35 and the MoPac Expressway in the North Central submarket. NorthMarq Capital secured the acquisition financing on behalf of the buyer. Westmount, which is based in Dallas, is planning to invest approximately $1.5 million in an architectural facelift and will rebrand the complex as The Offices at Braker Center. Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni of CBRE represented the sellers, Dallas-based Granite Properties and Austin-based Endeavor Real Estate Group.
HOUSTON — HFF has brokered the sale of 2900 Weslayan, a 136,698-square-foot office building in Houston. The asset also features a motor bank (drive-thru tellers) with 20 lanes. Bounded by Alabama, Weslayan and Essex streets in the Greenway Plaza/Galleria submarket, the property is in proximity to residential development 2929 Weslayan; retail centers Highland Village and Central Market; and major thoroughfares U.S. Highway 59, the Westpark Tollway and Loop 610. The asset was 73 percent leased to tenants including JPMorgan Chase at the time of the sale. H. Dan Miller and Trent Agnew of HFF marketed the property on behalf of the unnamed seller. PM Realty Group purchased the asset free and clear of debt and plans to invest in capital improvements to the property.
SAN ANGELO, TEXAS — Economy extended-stay hotel brand Value Place and Pure Strike Development LP are partnering to develop the first Value Place in San Angelo. Once completed, the four-story, 124-room property will be the 38th Value Place location in Texas. The hotel will feature laundry facilities and modified kitchens. Ron Burgett, executive vice president of franchise development at Value Place, cited San Angelo’s economic growth, especially in the oil and gas industries, as a key motivator for expansion into the city.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Sunrise Suites, a 53-unit multifamily property in the Metroplex suburb of Irving. The community offers studio, one- and two-bedroom apartments, as well as two laundry facilities and an on-site rental office. Located at 1411 W. Shady Grove Road, the complex is in proximity to major thoroughfares including the Airport Freeway and President George Bush Turnpike. John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor, and also secured the buyer, another private investor. The transaction closed within 60 days at 99 percent of the asking price.
Whether your business is in the exploration of space, firmly grounded in oil and gas exploration or focused on residential and commercial development, Midland — center of the country’s fastest-growing and richest economy — is clearly the place to be in 2014. Continued growth in all sectors of the economy, strong public-private partnerships and a development plan that welcomes diversity are driving a continued resurgence of demand for locations in our downtown district. Current real estate development in the downtown area includes both renovation and new construction and ranges from office space to new retail stores and eateries, as well as hotels and lofts for downtown living. These new locations are supported with improvements in public transportation and multi-story parking garages, enhancing the rapidly expanding clientele and customer base. In line with Midland’s long-standing “Tall City” nickname, the hottest topic in town is the proposed Energy Tower at City Center. The tower is a 58 story mixed-use development, with 53 floors above ground and five subterranean floors provide parking for the Tower and surrounding developments. The property features 99,000 square feet of retail space, a four-star hotel, residential and office space and is topped by a sky restaurant/bar. And just …
RICHARDSON, TEXAS — Developer KDC will break ground this summer on a three-building, 489,000-square-foot office complex in the Metroplex suburb of Richardson for Raytheon, a technology company serving the defense, security and civil industries. The property will be located on the southwest corner of President George Bush Freeway and Wyndham Lane, within KDC’s CityLine mixed-use development. HKS is serving as architect and Kimley-Horn and Associates is working as civil engineer on the Raytheon’s facilities, which are slated for completion in 2015. Brad Selner, Stephen Holley, Michael Condon and Brendan O’Shaughnessy of JLL represented Raytheon in the negotiations.
SAN ANTONIO — Presidium Group LLC has acquired and will rebrand Villages of Cinnamon Creek, a 348-unit multifamily property in northwest San Antonio. The community offers studio and one- to three-bedroom residences, as well as communal amenities such as a swimming pool, tennis court, basketball court, volleyball court, picnic area, fitness center and business center. Located at 8722 Cinnamon Creek Drive, the complex is in proximity to the University of Texas at San Antonio, the University of Texas Health Science Center and the headquarters of major employer USAA. Presidium Group, which has acquired four properties in San Antonio, is planning $3 million in capital improvements, including upgrades to the units’ plumbing, lighting fixtures and appliances.