SAN MARCOS, TEXAS — CBRE has brokered the sale of four buildings previously owned by Hays County totaling 66,066 square feet in San Marcos. The assets, vacated when the new Hays County Government Center opened in February 2013, will be redeveloped for a variety of uses. Austin-based Primus Real Estate Services purchased the majority of the portfolio, including the former Courthouse Annex, Records Building and Justice Center. An undisclosed buyer acquired the fourth structure, a 3,229-square-foot building located at 302 W. San Antonio St. Walter Saad and Cathy Nabours of CBRE represented Hays County in the disposition.
Texas
HOUSTON — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a 57,719-square-foot industrial building in Houston. The single-story warehouse is located at 6501 Goforth St., in proximity to the interchange of I-610 and State Highway 288. Robert Bain of CBCUR represented the seller, the Stevens family, in the transaction.
SAN ANTONIO — Henry S. Miller Brokerage has arranged the sale of a 10,000-square-foot flex building in San Antonio. Located on approximately 2.3 acres at 1711 Columbia Square, the former restaurant property is in proximity to Southwest Loop 410. Jim Turano and Keith Coelho of Henry S. Miller Brokerage represented the buyer, Columbia Square LLC, which will repurpose the building as the third metro-area location of San Antonio Dialysis outpatient services. Joe Caroll of Cavender & Hill Real Estate represented the seller, Brisend Investments LP, in the transaction.
FRISCO, TEXAS — Developer Warrior Creek Realty LLC has broken ground on the a new 190,540-square-foot headquarters in Frisco for Cornerstone Automation Systems LLC (CASI). Located at 10601 Clarence Drive, the property will include office and warehouse space for CASI, a manufacturer of distribution and pharmacy automation systems, as well as an additional 21,000 square feet of office space available for lease to another tenant through Hudson Peters Commercial. The chief tenant will relocate from an 86,000-square-foot space at 10351 Home Road, which is less than a mile away from the new facility.
PEARLAND, TEXAS — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a 124,000-square-foot warehouse in the Houston suburb of Pearland. Located at 3702 Knapp Road, the property features 24-foot clear heights and 6,000 square feet of finished office space. David Hummel and Vince Elder of CBCUR represented the seller, GP Assets Inc., in the transaction. Kenneth Li of Century 21 Southwest represented the buyer, Houston Z & L Holding Inc.
LEAGUE CITY, TEXAS — General contractor Weis Builders Inc. has completed Orchard Park at Victory Lakes, a 126-bed senior living community in the southeast Houston suburb of League City. Constructed in 14 months, the property features 60 assisted living units and 40 memory care units, as well as amenities including a fitness center, recreation area, therapy room and landscaped courtyard. Move-in began immediately upon completion of the HUD project.
DALLAS — Bilingsley Co. has broken ground on a 31,450-square-foot build-to-suit office property at Cypress Waters, a master-planned development in Dallas. The single-story structure will serve as the new corporate headquarters of Cheddar’s Casual Café, a chain of restaurants with more than 150 locations in 28 states nationwide. Slated for completion in May, the project will be the first office building at Cypress Waters, which totals 1,000 acres along I-635 and stretches into the adjacent city of Irving. The new Cheddar’s facility will feature a test kitchen and training wing in addition to traditional workspaces.
The Corpus Christi regional economy has been pushed into overdrive with the South Texas oil boom, which is resulting mainly from the Eagle Ford Shale play. The main area of Eagle Ford is located about 90 miles to the north, but the impact to the Corpus Christi economy is tremendous. The Port of Corpus Christi is at the center of this growth, with billions of dollars foreign and domestic being spent on projects throughout the Port and the area. China-based Tianjin Pipe Corporation (TPCO) is under construction on their $1.3 billion plan that will manufacture oil and gas pipes. Switzerland-based Trafigura AG is spending around $500 million to build crude oil and natural gas storage docks, and Cheniere Energy is planning a $10 billion plant that liquefies natural gas to sell it abroad. All of the above and several other projects are bringing workers and money into our economy. The refineries (Valero, Citgo, Lyondell and more) are operating at capacity with continual upgrade projects on their board. Of course, with the industrial growth, you can expect retail growth, and 2013 was indeed been a strong year for Corpus Christi. To list just a few of the national and regional tenants …
FORT WORTH, TEXAS — Colliers has brokered the sale of Western Place I and II, a pair of office towers totaling 427,000 square feet in southwest Fort Worth. The Class B assets, which are located at 6000 and 6100 Western Place along I-30, are leased to institutional tenants such as Lockheed Martin and BAE Systems. Western Place I stands 11 stories, while Western Place II stands 10 stories. Creighton Stark, Mark McEwen and Ben Lurie of Colliers represented both the seller, Sovereign Capital, and the buyer, TLC Urban, in the transaction. The acquisition required the assumption of an existing CMBS loan.
AUSTIN, TEXAS — HFF has brokered the sale of the Aspen Lake, Tower of the Hills and Tower Point office buildings, which total 380,000 square feet in northwest Austin. Fortis Group of New York acquired the properties in the transaction. Andrew Levy and Todd Savage of HFF represented the sellers, Crimson Real Estate Fund (CREF) and its co-investment partners Admiral Capital Group and USAA Real Estate Co. CREF originally purchased the assets in 2011.