THE WOODLANDS, TEXAS — Marcus & Millichap has brokered the sale of 3000 Research Forest, a 28,487-square-foot mixed-use building in The Woodlands. Situated on 2.7 acres just west of the Hughes Landing development, the property houses retail, office and healthcare tenants including Starbucks, Liberty Mutual, Texas American Title, Abundant Life Chiropractic and Preferred Bank. Justin Miller and Derek Hargrove of Marcus & Millichap marketed the property on behalf of the seller, the Marcel Group, which is a developer based in The Woodlands. Miller and Hargrove also secured the buyer, a private investor.
Texas
NORTH RICHLAND HILLS, TEXAS — Realty Capital Management LLC has sold a 16,514-square-foot retail property in the Fort Worth suburb of North Richland Hills. Located at 9101 Boulevard 26, within Realty Capital Management’s The Venue at Hometown mixed-use development, the strip shopping center houses tenants including Roots Coffeehouse, Mama’s Pizza, Chapps Hamburger Café, Venue Spa & Nails and the U.S. Armed Forces Career Center. Realty Capital Management was internally represented by Mark Boone in the transaction. Carey Cox Co. represented the buyer, a local investor.
AUSTIN, TEXAS — Full-service real estate firm DivcoWest has acquired The Avallon, a 318,000-square-foot office complex in Austin. The five-building, Class A development was 88 percent leased to 19 different tenants, most of which were technology companies, at the time of the sale. Highbrook Investment Management sold the asset. DivcoWest, which now holds an Austin portfolio totaling more than 1 million square feet, plans to rebrand the property and upgrade the indoor common areas of the buildings.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (Q10 | KDH) has arranged a $17.7 million loan for the construction of Apache Industrial Services’ new Houston facilities. The complex will consist of several structures totaling more than 300,000 square feet on a 123-acre site. The project, the first phase of which commenced this quarter, will include the construction of a training center, administrative offices and multiple production buildings. Portions of the complex are slated for completion as early as this summer. Matt Franke and Larry Peters of Q10 | KDH originated the loan on behalf of the borrower through the Mutual Bank of Omaha.
STAFFORD, TEXAS — Marcus & Millichap has brokered the sale of a 30,000-square-foot industrial property in the southwest Houston suburb of Stafford. Located at 12910 and 12914 Mula Lane, the two-building facility is in proximity to the interchange of the Sam Houston Tollway and I-69. Gus Lagos and Nik Kapetanakis of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company.
PASADENA, TEXAS — NAI Houston has arranged a 67,950-square-foot industrial lease for Elliott Electric Supply in the Houston suburb of Pasadena. The tenant, a distributor of electrical parts, will occupy space within the Carson Commerce Center development, which is located at 3700 Highway 225. Travis Land and Michael Keegan of NAI Houston represented Elliot Electric Supply in the lease negotiations, while Dan Zoch of The Carson Companies represented the landlord.
HOUSTON — HFF has brokered the sale of Centre at Cypress Creek, a four-structure, 465,716-square-foot office and industrial complex in Houston. The properties include three office buildings located at 20455, 20465 and 20475 State Highway 249 totaling 220,622 square feet, as well as one flex facility of 245,094 square feet located at 11777 Compaq Center Drive. At the time of the sale, 93.6 percent of the office space was leased to tenants including Gexa Energy, FoxConn, Intel Americas and Noble Energy, and the flex building is fully occupied by FoxConn. The complex is part of the larger HP Compaq Computer Campus, a 300-acre development. Rusty Tamlyn and Jeff Hollinden of HFF marketed the property on behalf of the seller, Principal Real Estate Investors. SG Cypress Real Estate Ventures, consulted by Coventry Investment Group Inc. and Coventry Realty Advisors, purchased the assets free and clear of existing debt.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary, The Woodlands Development Company, will develop a new 153,000-square-foot Costco in The Woodlands. The Woodlands Development Company sold a 17.5-acre site near the interchange of I-45 and State Highway 242 to the retailer for the new store. Phil Frugé of The Howard Hughes Corporation represented the seller.
AUSTIN AND GEORGETOWN, TEXAS — The LaSalle Group has broken ground on two new seniors housing properties in the Austin metro area. The $10.7 million Autumn Leaves of Northwest Austin, located at 10025 Anderson Mill Road, will specialize in memory care services. The $10.3 million Autumn Leaves of Georgetown, situated at 3600 Williams Drive, will total 26,000 square feet and include approximately 50 units. Both facilities will feature the Vigil System, a motion-sensor program, in each resident room. The LaSalle Group currently owns and operates 36 properties nationwide under its Autumn Leaves brand.
DALLAS — Henry S. Miller Brokerage has arranged the sale of a 16,000-square-foot industrial property in Dallas. The facility is located at 11551 Chairman Drive, in proximity to I-635. Henry S. Miller Brokerage represented the unnamed seller in the transaction. Nathan Denton of Lee & Associates represented the buyer, Trident Commercial Properties.