GARLAND, TEXAS — Brokerage firm Lee & Associates has arranged the lease of 26,926 square feet of industrial space in Garland, a northeast suburb of Dallas, for Allied Insulation & Supply Inc. The warehouse facility is located at 2729 Market St., which allows for easy access to Interstate 635. Property features include 18-foot clear height ceilings and five dock-high loading doors. Brett Lewis and Adam Graham of Lee & Associates represented the tenant in the negotiations. Stephen Cooper of NAI Robert Lynn represented the landlord, DCT Industrial.
Texas
DALLAS — Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on Trammell Crow Penn Distribution Center, a speculative industrial building totaling 823,379 square feet in southern Dallas County. The facility, to be located on 47 acres along I-20, will include 36-foot clear height ceilings and is designed for LEED certification. Construction is slated for completion in May 2014.
AUSTIN, TEXAS — Spire Realty Group LP has purchased Austin Oaks, a 445,322-square-foot office property in the Northwest Austin submarket. The 12-building, Class A complex is located at the southwest corner of Mopac Expressway and Spicewood Springs Road, in close proximity to U.S. 183 and Loop 360, as well as the Arboretum and Domain mixed-use developments. Spire was represented internally by Jon Ruff, senior vice president. Todd Mills and Casey Knust of CBRE represented the undisclosed seller.
HOUSTON — Marcus & Millichap has brokered the sale of Woodforest Shopping Center, a 113,831-square-foot retail property in Houston. The facility, located at 421-469 & 438-474 Uvalde Road, houses tenants including Palais Royal, dd’s Discounts and Advance Auto Parts. James Bell of Marcus & Millichap represented the seller, a REIT traded on the NYSE. Bell also secured the buyer, a partnership.
ROUND ROCK, TEXAS — A private Canadian real estate investment group has selected FirstService Residential Realty (FSRR) to manage the Landing at Round Rock, a 583-unit multifamily community approximately 19 miles north of Austin. Acquired by the Canadian group earlier this year, the property was constructed in 2001 and features townhomes with attached garages, hardwood floors, granite countertops and 10-foot ceilings. The asset, which was previously known as the Monterone at Round Rock, is located at 7711 O’Connor Drive and includes amenities such as five swimming pools, a theater and 24-hour fitness center. FSSR provides management services for a portfolio totaling more than 20,000 units nationwide.
HOUSTON — E.E. Reed Construction LP has broken ground on Park Ten Center, a 301,932-square-foot office complex in Houston’s Energy Corridor. Plans call for two Class A buildings, each standing three stories and totaling 150,996 square feet. The project, located at the northeast corner of Park Ten Boulevard and Park Row, is a joint venture between developers Lincoln Property Co. and Stonelake Capital Partners. O’Brien and Associates Inc. designed the complex, which is slated for completion in July 2014.
AUSTIN, TEXAS — The National Retail Investment Group of CBRE has brokered the sale of The Market at Parmer Lane, a 122,349-square-foot grocery-anchored retail center in Austin. HEB is the anchor tenant of the property, which is 93.3 percent occupied. Located at the southeast corner of Parmer Lane and MoPac Expressway, the center is approximately 12 miles north of downtown. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, LPC Retail, a division of Dallas-based Lincoln Property Co. The buyer is a Texas-based private real estate fund advised by Crow Holdings Capital Partners.
SAN ANTONIO — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Ridge at Bandera, a 120-unit multifamily community in northwest San Antonio. Built in 1992, the complex offers one- and two-bedroom layouts with an average unit size of 760 square feet, as well as a swimming pool and fitness center. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, an opportunity fund based in the Northeast. A family office located in Kentucky purchased the property, which is located at 10950 Biering Lane, near the intersection of Loop 1604 and Bandera Highway.
AUSTIN, TEXAS — Home2 Suites by Hilton, Hilton Worldwide’s mid-tier, all-suite brand, has opened a new location at 14022 U.S. Highway 183 in Austin. Home2 Suites by Hilton Austin/Cedar Park is a four-story hotel that includes 84 suites and amenities such as a combined laundry and fitness area, outdoor saline pool and free continental breakfast. Pure Lodging Hospitality Two LLC owns the property, while Lodgic Hospitality manages operations. This is the 23rd location in the United States of the Home2 Suites by Hilton brand.
HOUSTON — Hanover Real Estate Partners, a Greenwich, Conn.-based investment company, has sold the Marathon Oil Tower in Houston’s Galleria submarket. The 41-story, 1.2 million-square-foot office building is located at 5555 San Felipe Street and includes an attached 13-story parking garage. CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, purchased the asset, which is LEED Silver certified. Hanover assumed management and oversight duties at the tower in 2003, at which time Marathon Oil Co. leased the entire building. Marathon has since reduced its footprint to 650,000 square feet. Other tenants, including Aon Corp., Kanaly Trust Co. and Baker Hughes Oilfield Operations Inc., currently lease space vacated by Marathon.