IRVING, TEXAS — The firm of Lee & Associates has brokered the sale of a 30,000-square-foot flex building in Irving. Located at 8201 Tristar Drive, the facility is in close proximity to Interstate 635 and John W. Carpenter Freeway (Texas State Highway 114). The property features two dock-high doors and 22-foot ceiling clear heights. Lee & Associates marketed the building on behalf of Denkmann Associates LLC. Michelle Hudson with Hudson Peters Commercial represented the buyer, Manara Academy Inc., in the transaction.
Texas
HOUSTON — Coldwell Banker Commercial United Realtors has brokered the sale of a 20,050-square-foot showroom/warehouse building in Houston. The property is located at 10640 S. Sam Houston Parkway W., providing for easy access to U.S. Highway 59. Features include 18-foot clear height ceilings, a dock-high loading door and three grade-level doors. Vince Elder and Robert Capps of Coldwell Banker Commercial United Realtors represented the seller, B.O.C. LLP. Payton Indermuehle of Indermuehle & Co. represented the buyer, Shah Holdings LLC.
HOUSTON — Hines is underway on 609 Main at Texas, a 47-story, 1 million-square-foot office tower in downtown Houston. The construction schedule started this week with site preparation, including the demolition of the existing abandoned structure. New Haven, Conn.-based architecture firm Pickard Chilton designed the building, and the sustainability-focused Hines CalPERS Green fund is developing the building. 609 Main at Texas, which will stand at the corner of Main and Texas streets, is pre-registered LEED and expected to attain Gold or Platinum certification upon completion. A fitness center, conference center, café and internal parking garage are among the planned amenities. Hines expects excavation and foundation construction in March 2014 and occupancy by early 2017.
CARROLLTON, TEXAS — Myers Commercial has brokered the sale of a 54,494-square-foot industrial building in Carrollton, approximately 10 miles from DFW International Airport. Located at 1840 Hutton Drive, the facility is in close proximity to Interstate 35 and the Bush Turnpike. Colormark fully occupies the space, which features bay depths of 70 and 80 feet, grade-level rear doors and 20-foot clear height ceilings. Bob Myers of Myers Commercial represented the buyer, while seller First Industrial Property Trust was internally represented by Royal Pratt III.
COPPELL, TEXAS — Marcus & Millichap has arranged the sale of a net-leased Chase Bank location in Coppell, a suburb located approximately 20 miles northwest of downtown Dallas. At the time of sale, 15 years remained on the tenant’s 20-year ground lease, which includes 5 percent rent increases every five years. The property totals 30,778 square feet at 134 N. MacArthur Blvd., adjacent to CVS and Kroger. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor, and also secured the buyer, a New York City-based limited liability company.
LEWISVILLE, TEXAS — Starplex Cinemas will open a new location at the Castle Hills Marketplace development of Cencor Realty Services in Lewisville, a northern suburb of the Dallas/Fort Worth Metroplex. The new theater, due for completion in the fall of 2014, will co-anchor the community center with a 123,000-square-foot Kroger Marketplace. Features will include 100 percent digital projection, 3D technology, reclining seats and a café and bar. Castle Hills Marketplace is planned for the southwest corner of SH-121 and Josey Lane.
HOUSTON — NAI Houston has arranged the lease of a 99,965-square-foot industrial building in northwest Houston. The warehouse facility, part of Silber Road Business Center II, is located at 1246 Silber Road. Office furniture company Jimenez Contract Services LLC will use the space as a distribution center. Jon Michael and Ed Bane of NAI represented the landlord in the negotiations. Bob Berry and Jeff Venghaus of Jones Lang LaSalle represented the tenant.
During the past several years, Laredo’s retail sector has experienced tremendous growth. With the continued development of the Bob Bullock Loop (Loop 20) that connects I-35 to South Laredo, retail stores and restaurants are finding this major roadway to be an attractive alternative to the existing I-35 corridor. Up to this point, the major retail corridor in Laredo has been I-35, which serves the Mexican shoppers as they visit Laredo from Nuevo Laredo and Monterrey. However, since the development of Loop 20, a shift in retail clusters along the loop has brought in local shoppers and growing number of Mexican shoppers. • Weingarten Real Estate Investment Trust now owns and operates three shopping centers in Laredo, all anchored by HEB. Its third and most recent acquisition, Independence Plaza, was purchased from San Isidro Ranch. The property, designed by Madeline Slay Architecture, has the only HEB plus! in Laredo as well as Ross Dress for Less and other junior anchor retailers. • The City of Laredo recently sold 79 acres across from Laredo International Airport off Loop 20 to Laredo Town Center LP. The property will be developed into a shopping center. • To help revitalize downtown, a public-private partnership between …
KATY AND CORPUS CHRISTI, TEXAS — The Dallas office of Berkadia has arranged a total of $32.1 million in construction financing for two separate apartment projects in Texas, one in the Houston suburb of Katy and one in Corpus Christi. Steve Mentesana and Tim Nunan of Berkadia worked on behalf of borrower JLC Gaston LLC to originate a $19.2 million loan for Grand Fountain Apartments, a 198-unit, Class A property coming to Katy. Mentesana and Nunan also originated $12.9 million on behalf of borrower Encore MF Corpus II LP for the second phase of Encore Crossing Apartments, a 155-unit, Class A property under construction in Corpus Christi. Both loans were secured through the HUD 221(d)(4) and include a 40-year term.
PLANO, TEXAS — CBRE has brokered the sale of Plano Office Commons, a two-building asset totaling 190,000 square feet in the Telecom Corridor of Plano. The one-story buildings are each fully occupied by long-term tenants. Located at 601 Shiloh Road, the complex is just a quarter-mile north of the Bush Turnpike and three miles east of the interchange of SH-190 and North Central Expressway. Galatyn Park Urban Village, Collin Creek Mall, Charles W. Eisemann Center for the Performing Arts and the Renaissance Hotel are all in close proximity. Eric Mackey, Gary Carr and John Alvarado of CBRE arranged the acquisition on behalf of an investor represented by Peloton Commercial Real Estate.