HOUSTON — The Boulder Group has brokered the sale of a single-tenant net-leased retail property occupied by Walgreens at 9350 Highway 6 South in Houston for approximately $5.2 million. Completed in 2001, the building totals 15,020 square feet and is situated in close proximity to Home Depot and LA Fitness. More than 17 years remain on Walgreens’ lease of the space. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest investor, in the transaction. A high-net worth individual based in Texas purchased the property.
Texas
RICHARDSON, TEXAS — Dallas-based Fobare Commercial and architect Parmadesign have broken ground on Collins Center, a 153,000-square-foot speculative office building in Richardson, approximately 13 miles north of Dallas. Located adjacent to the Arapho Station of Dallas Area Rapid Transit at 1225 Alma Road, the building is slated for completion in January 2014 and will be the first speculative office development in Richardson in the past decade. Collins Center’s ground-level floorplate totals 128,000 square feet, while the mezzanine on the north end of the building totals 25,000 square feet. Rick Currey and Chris Doggett of Fobare will oversee leasing, targeting both call centers and corporate tenants.
IRVING, TEXAS — Taylor-Deal Aviation will relocate its headquarters approximately seven miles south of its current Northwest Dallas home to 911 Maryland Drive in Irving. The new facility totals 68,500 square feet of office and manufacturing space and has been unoccupied since it was vacated by Project Services Group in 2011. Paul Blight of Glacier Commercial represented Taylor-Deal in the lease negotiations. Blight will also market the facility previously occupied by Taylor-Deal.
HOUSTON — Trammell Crow Co. and Principal Real Estate Investors have completed the renovations of Noble Energy Center One, a 497,000-square-foot office building in Houston’s Northwest office submarket. The joint venture has also broken ground on Noble Energy Center Two, an adjacent 470,000-square-foot build-to-suit office building. The campus, located at the corner of State Highway 249 and Louetta Road, serves as the global headquarters for Noble Energy, an oil and gas exploration and production company. Noble Energy Center One has obtained LEED Gold certification, and Noble Energy Center Two is pre-certified LEED Gold. The development team consists of Aaron Thielhorn, Brandon Houston and Brain Altway of Trammell Crow, while Austin Commercial serves as general contractor and Kirksey serves as project architect. JP Morgan and US Bank provided construction financing.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Normandy Village, a 180-unit multifamily property in Corpus Christi. Located at 4848 South Alameda St., the complex offers apartments in efficiency, one-, two- and three-bedroom layouts, as well as amenities such as covered parking and three swimming pools. J. Patrick Burke, Kent Myers and Joe James of Marcus & Millichap’s Austin office represented the seller, a limited liability company, and secured the buyer, a California-based partnership.
ADDISON, TEXAS — Retail Realty has brokered the sale of a 30,660-square-foot multi-tenant flex building in Addison, approximately 14 miles north of Dallas. The property, located at 4500 Ratliff Lane, features two drive-in, grade-level doors and clear height ceilings of 14 feet. Dan Avnery of Retail Realty represented the seller, Indus Partners Ltd. Robert Powell with Powell Realty Advisors represented the buyer, GBN Inc.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation (NYSE: HHC) has signed Front Burner Restaurants to an 8,000-square-foot lease for a new location of Whiskey Cake Kitchen & Bar at Hughes Landing in The Woodlands. This first Houston location of the “farm-to-fork, garden-to-glass” eatery is scheduled to open in early 2015 and is the second restaurant to sign a lease at Hughes Landing, a 66-acre mixed-use development of HHC subsidiary The Woodlands Development Company. Jack Breard and Michael Miller of United Commercial Realty represented Front Burner in the negotiations, while Rip Reynolds of HHC represented Woodlands Development.
FREEPORT, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired the 46,401-square-foot industrial property at 6711 Freeway 332 in Freeport. Dow Chemical occupies the building. Tom Lynch and Paul Segreto of CBRE represented the seller in the transaction. Brennan is actively pursuing similar industrial assets in Los Angeles, Florida, Washington, D.C., New Jersey, Atlanta and the Midwest in addition to Texas.
LONGVIEW, TEXAS — Portfolio Development has broken ground on Paladin Luxury Apartments, a $12 million, 220-unit multifamily community on Hawkins Parkway in Longview, approximately 43 miles west of the Texas state border with Louisiana. The eight-building, garden-style complex will be situated directly behind the Regal Stadium 14 movie theater and in close proximity to U.S. 259. Amenities will include a fitness center, pool and dog park, and some units will include attached garages, built-in bookshelves and wine racks. BBL Builders is overseeing construction of the project.
HOUSTON — Holt Lunsford Commercial has arranged a lease renewal for the 369,772-square-foot Houston home of United DC Inc. The industrial facility, located at 8921-8933 and 8937-8947 Market St., is in close proximity to the interchange of Interstate 10 and Interstate 610, approximately 7 miles east of downtown. Jason Dillee and John Kruse of Holt Lunsford represented the landlord, The Realty Associates Fund IX LP, in the negotiations. United DC is the warehousing arm of packaging business United Companies.