HOUSTON — Boyd Commercial has brokered the sale of a 30,675-square-foot industrial property in Houston. The building, located on 1.8 acres at 4321 Directors Row, is in close proximity to the interchange of I-610 and State Highway 290. David Munson of Boyd Commercial represented the buyer, 7100 North Loop East Inc., in the transaction. Lucian Bukowski and Wyatt McCulloch of CBRE represented the seller, Max 5 Holdings LLC.
Texas
DALLAS — Henry S. Miller Brokerage has arranged the sale of a 10,000-square-foot industrial building in Dallas. Located at 11464 Harry Hines Blvd. and in close proximity to the interchange of I-35 and I-635, the property will be used as a wholesale outlet by purchaser OM Imports, a jewelry and fashion accessory company. Turano represented the seller, Neal Mehta LP, in the transaction.
RICHARDSON, TEXAS — KDC Real Estate Development & Investments will develop a fourth building for State Farm’s Richardson campus, located within KDC’s CityLine mixed-use project. The 500,000-square-foot addition will bring State Farm’s total leased space in the development to 2 million square feet. The new building, to be located at the northeast corner of State Street and Plano Road, will include 12 stories of office space above five stories of structured parking and 30,000 square feet of ground-floor retail space. KDC is currently constructing the first three State Farm buildings and will break ground on the fourth this summer. Completion is slated for mid-2016.
HOUSTON — Developer Peloton Commercial Real Estate will break ground in the fourth quarter on Westcreek Centre, a 368,000-square-foot office tower in Houston’s Galleria area. The 21-story structure, to be located on 3.6 acres between West Loop 610 and Westcreek Lane, will be divided into rectangular floor plates of 26,500 square feet each. Architect BOKA Powell designed the project for LEED Silver certification. Griff Jaggard and Derek Beck of Moody Rambin will lease the property, and Peloton will provide management services. Westcreek Centre will be the first new office building in the Galleria/Post Oak submarket inside of West Loop 610 to be built in 34 years.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 79,487-square-foot retail property in Arlington net-leased by Academy Sports + Outdoors. Located at 1101 W. Arbrook Blvd., near The Parks at Arlington Mall development, the property received multiple offers within its first week of listing. At the time of the sale, the tenant had 13 years left on its initial 20-year term. Jason Vitorino of Marcus & Millichap represented the seller in the transaction, a local developer, and also secured the buyer, a Texas-based limited liability company.
AUSTIN, TEXAS — Equitable Commercial Real Estate (ECR) has brokered the sale of a 19,000-square-foot office building in Austin. The property, located at 2301 W. Anderson Lane, is in proximity to the Mopac Expressway and I-35, as well as Northcross Mall. Patrick Ley and Boyd Harris of ECR represented the unnamed seller in the transaction. Jason Steinberg, also of ECR, represented the unnamed buyer.
Looking back five years ago to the outset of 2009, new construction was the hot topic in the San Antonio office market. In 2008, 12 new office buildings were completed, adding approximately 1.5 million square feet to the market. That equated to a 6 percent increase in existing office inventory, with the new product concentrated in the key Northwest and North Central office submarkets.Of course, new development slowed considerably as the recession set in and wore on. Fast-forward to 2013, and as of press time the San Antonio office market only added 166,630 square feet of new product. The good news, though, is that San Antonio metro employment suffered much shorter and shallower losses than other metro areas as a result of the Great Recession. What’s more, the recovery from these losses has been sharp, with nearly 58,000 jobs added since local employment hit its lowest point in 2009, or approximately three new jobs for every one lost in the local downturn.One-third of these new jobs (or about 19,000) were created in office-using sectors such as finance, insurance and engineering. As a result, the office market is recovering, led by Class A space. The rapid decline in Class A vacancy …
THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary The Woodlands Development Company will break ground this quarter on a new 303-room full-service luxury hotel in The Woodlands. Located on Waterway Square, a one-acre plaza with water feature, the as-of-yet unnamed project will overlook the Woodlands Waterway district, which connects The Cynthia Woods Mitchell Pavilion and The Woodlands Mall. The hotel will feature a fine dining restaurant, pool deck with connected bar and 24,000 square feet of meeting space. Completion of the property is slated for mid-2015.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of Meadowcreek Shopping Center, a 22,812-square-foot retail property in the Dallas suburb of Mesquite. Constructed in 1986 on 2.82 acres at 1515 E. Kearney St., the center was 73 percent occupied at the time of the sale, with 65 percent of the leasable area under triple-net leases. Tenants include Convenient Food Mart, Curves, Centerstage Dance, Ebenezer Home Health and L. Karen Wilde DDS. Philip Levy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Lisa Estrada, also of Marcus & Millichap, secured and represented the buyer, another private investor.
HOUSTON — NAI Houston has arranged a 38,070-square-foot warehouse lease in southwest Houston for Tool Mart Inc., a distributor of mechanical, plumbing and electrical tools for contractors. The facility, located at 13721 S. Gessner Road, is within the Beltway Crossing Business Park. John Ferruzzo and Chris Kugle of NAI Houston represented the tenant in the negotiations. Justin Robinson of Stream Realty represented the undisclosed landlord.