MISSOURI CITY, TEXAS — ICO Commercial has broken ground on Beltway Exchange at Colony Crossing, a 90,000-square-foot flex building in the Houston suburb of Missouri City. Located on Sam Houston Parkway near Beltway 8, Houston’s outer loop, the project is suited for one or multiple tenants. The tilt-wall facility will feature a rear-load truck court, 28-foot ceiling clear heights and numerous loading doors and ramps. Delivery is slated for August.
Texas
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Amberwood Apartments, a 60-unit multifamily property in Fort Worth. Constructed in 1969, the garden-style complex is located at 800 Hamsted St., in proximity to I-20, I-35 and the Fort Worth central business district. The community offers studio and one- to three-bedroom floor plans, as well as a swimming pool and laundry facility. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Mason Green, also of Marcus & Millichap, secured the buyer in the all-cash transaction.
GRAPEVINE, TEXAS — A new 25,000-square-foot location of retailer Bealls has opened at Grapevine Towne Center in the Dallas/Fort Worth suburb of Grapevine. The apparel, accessory, cosmetic and footwear store relocated from a site along Northwest Highway. Grapevine Towne Center, located at the intersection of SH 114 and William D. Tate Avenue, also houses Target, World Market, Office Depot, Ross Dress for Less, eatZi’s Market & Bakery, Big Lots and Sprint. The Weitzman Group arranged Bealls’ lease, and Cencor Realty Services manages the property.
HOUSTON — Copeland Commercial LLC, in a joint venture with Hillwood Investment Properties, will break ground next month on the 414,106-square-foot first phase of Interstate Commerce Center, a planned 717,706-square-foot office and industrial park in Houston. The first phase of the development, slated for completion in the fourth quarter of this year, will include a 284,170-square-foot cross-dock building with 32-foot ceiling clear heights, as well as a 129,936-square-foot front-load building. Interstate Commerce Center will be located south of FM 1960, in proximity to I-45 and the George Bush Intercontinental Airport. Stream Realty Partners will manage and lease the complex.
AUSTIN, TEXAS — Clarion Partners LLC has acquired a two-building, 171,872-square-foot office portfolio, as well as a 59,546-square-foot retail building, in Austin. The office portfolio, which includes the Mira Vista and The Overlook properties in southwest Austin, was 98.2 percent leased at the time of the sale to a variety of professional service providers. The retail property, located within The Domain mixed-use project, was fully leased by Whole Foods. HFF represented the seller in both transactions.
HOUSTON — Development firm Midway has commenced site preparations for Avenue Grove, a 270-unit multifamily property at the Kirby Grove mixed-use development in Houston. The eight-story building will offer studio, one- and two-bedroom apartments, as well as a swimming pool and fitness center. Architecture firm munoz albin designed the property, and its affiliate HOUSE + partners is the architect of record. Institutional investors advised by J.P. Morgan Asset Management are providing equity, and Cadence Bank is providing construction financing. Avenue Grove is slated for completion in the fall of 2015. The Kirby Grove development is being built in conjunction with the Upper Kirby Redevelopment Authority’s revitalization of Levy Park.
HOUSTON — Marcus & Millichap has brokered the sale of Greenbriar North Center, an 84,465-square-foot shopping center in Houston. Constructed in 1981, the property is located at 17503 Imperial Valley Drive and houses tenants including Family Dollar, Citi Trends, Cricket, Cash America and Food World. Derek Hargrove and Justin Miller of Marcus & Millichap marketed the asset on behalf of the seller, Marcel Group, a developer based in The Woodlands. Hargrove and Miller also secured the buyer, a San Antonio-based private partnership completing a 1031 tax-deferred exchange. The property was listed with a price of $7.5 million.
MANSFIELD, TEXAS — Venture Commercial Real Estate has brokered the sale of a 59,297-square-foot retail building in the Dallas/Fort Worth suburb of Mansfield. Located at 989 N. Walnut Creek Drive, the property is within the larger Walnut Creek Village shopping center. Previously owned and occupied by Albertsons, the facility is now fully leased to Big Lots and Urban Air Trampoline Park. John Zikos and Chris Booras of Venture Commercial represented the seller, Dallas Retail Associates, in this transaction, as well as the past sales of four other former Albertsons stores in North Texas. Dallas Retail Associates is a partnership between Centennial Real Estate Co. and The Praedium Group, Randall Stepp of Lincoln Property Co. and Nick Ibarra of Clear Fork Properties represented the buyer, Walnut Creek Plaza LLC, in the Walnut Creek transaction.
DALLAS — Marcus & Millichap has brokered the sale of Community Cliff Apartments, a 46-unit multifamily property in Dallas. Constructed in 1986, the garden-style complex is located at 3810 Bonnie View Road, in proximity to I-45. The community includes one- and two-bedroom units with an average of 623 square feet, as well as a laundry facility and courtyard. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Allen and Barker also secured the buyer, a limited liability company.
KATY, TEXAS — Hunington Properties Inc. has brokered the sale of the Shops at Fry, a 20,000-square-foot shopping center in the Houston suburb of Katy. Located at the intersection of Fry Road and West Little York Road, the property was 88 percent leased at the time of the sale. Sandy Aron and Todd Carlson of Hunington Properties marketed the asset on behalf of the seller, a local private developer. A Hawaii-based investor purchased the center as part of a 1031 tax-deferred exchange.