HOUSTON — Moody Rambin has arranged a 10,016-square-foot office lease at the 363 N. Sam Houston Parkway building of Houston. Construction and engineering firm Day & Zimmerman Group Inc. will occupy the space. The larger property, a tower totaling nearly 400,000 square feet, is in proximity to the interchange of Sam Houston Parkway and Interstate 45. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, 363 Northbelt LP, in the negotiations. Jon Lee of CBRE represented the tenant.
Texas
GRAND PRAIRIE, TEXAS — McRoberts & Co. has brokered the sale of a 75,127-square-foot tract in the Dallas suburb of Grand Prairie. The buyer, QuikTrip Corp., will construct a 5,900-square-foot store at the site, which is located at the northeast corner of Interstate 30 and Beltline Road. David Tarrant of McRoberts & Co. represented the seller, 1111 Beltline. QuikTrip Corp. was internally represented.
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 — CBRE has arranged an $11 million loan for the acquisition of Ridge Rock Plaza, a 114,495-square-foot power center in Fort Worth. Thackeray Partners purchased the property, which is located on Overton Ridge Boulevard in close proximity to Hulen Mall. The center was fully occupied at the time of the loan closing with a tenant roster including Bed Bath & Beyond, Michaels, Pier 1 Imports, Sun & Ski Sports and Sleep Experts. The eight-year loan includes a fixed rate for the first five years and a floating rate based on LIBOR for the remainder of the term.
SAN ANTONIO — Stream Realty Partners has acquired an 80,000-square-foot medical office building in San Antonio. The four-story, Class A property is located at 5109 Medical Drive on the Christus Santa Rosa Medical Center campus within the South Texas Medical Center. Constructed in 2008, the building is available for single-tenant occupancy or can be divided into 20,000-square-foot spaces for multiple users. Carolyn Hinchey Shaw and Jason Schnittger of Stream Realty will lead leasing efforts going forward, and the company will also manage the property.
DALLAS — Developer Billingsley Co. has leased 25,087 square feet of warehouse space in northern Dallas to Ultravision International, which manufactures, installs, finances and maintains LED displays. The property, located at 4542 McEwen Road, is within Billingsley’s Metropolitan Distribution District industrial development, which totals 684,451 square feet north of Interstate 635 and east of the Dallas North Tollway. Richmond Collinsworth of TIG represented the tenant, which will occupy the space by the end of this March.
DALLAS — Developer Greystar and design firm Meeks + Partners have completed Elan City Centre, a 330-unit multifamily community in the Galleria area of Dallas. The property offers one- and two-bedroom residences in both flat and townhome layouts, as well as amenities including a saltwater swimming pool, fitness facility, conference room and coffee bar. Unit interiors feature granite countertops, brushed nickel appliances, tile backsplash, oversized garden tubs and stand-up showers. Located on Galleria Drive, the complex is in proximity to the Dallas North Tollway and LBJ Freeway.
HOUSTON — HFF has brokered the sale of the Woodbranch Building, a 109,471-square-foot office building in Houston’s Energy Corridor submarket. Located at 12012 Wickchester Lane, the property was fully leased at the time of the sale. Dan Miller and Marty Hogan of HFF represented the seller, an affiliate of Parkway Properties Inc. CapRidge Partners LLC, an investment and management company based in Austin, purchased the asset free and clear of debt.
McKINNEY, KELLER AND TROPHY CLUB, TEXAS — Marcus & Millichap has brokered the sale of three properties net-leased to Merryhill Schools totaling 27,600 square feet in the northern suburbs of the Dallas/Fort Worth Metroplex. The tenant, a branch of Nobel Learning Communities Inc., operates a private preschool in each of the facilities. The assets include a 7,800-square-foot building located at 6050 Eldorado Parkway in McKinney, which is shadow-anchored by Market Street grocery store; a 7,800-square-foot building located at 1750 Rufe Snow Drive in Keller, in proximity to Walmart Neighborhood Market; and a 12,000-square-foot building located at 50 Village Trail in Trophy Club, in proximity to Tom Thumb. More than nine years remain on each of the leases, which include three, five-year renewal options and scheduled rent bumps. Chris Gainey and Philip Levy of Marcus & Millichap marketed the properties on behalf of the seller, a fund manager. The two also secured the buyer, a private investor.
LITTLE ELM, TEXAS — Churchill Capital Co. has arranged a $7.5 million permanent first mortgage for Lake Shore Crossing, a 42,530-square-foot retail property in the Dallas suburb of Little Elm. Constructed in two phases in 2002 and 2011, the strip center is located along Eldorado Parkway. The fixed-rate, 10-year CMBS loan, which includes one year of interest-only payments and an amortization schedule of 30 years, allowed the undisclosed Dallas-based borrower to exit existing SBA and USDA loans. Brad Donnell arranged the financing through Jamie Ruggiero of MC Five Mile.