HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. (KDH) has secured nearly $24 million in refinancing for a five-property, 365,308-square-foot retail portfolio located in Houston and Cincinnati. The Texas properties included are Nottingham Plaza, Town & Country Center and Baybrook Center. The loan includes a term of 10 years and a fixed rate below 3 percent. ING Investment Management is the lender, and Matt Franke and Ray Driver of KDH negotiated the terms. Smithco Development sponsored the borrower.
Texas
IRVING, TEXAS — CBRE has brokered the sale of a 146,538 Class A office complex in Irving, a suburb of Dallas approximately 10 miles west of downtown. Located at 100 East Royal Lane, the complex includes a three-story office wing as well as a two-story telecom/studio wing. The property was 94 percent leased at the time of the sale to tenants such as Fox Sports Net Southwest, Advanced Federal Credit Union and CRM Studios. Eric Mackey, Gary Carr, John Alvarado and Robert Hill of CBRE represented the seller, Capital Commercial Investments Inc. Westdale Real Estate Investment & Management purchased the asset for an undisclosed amount.
SUGAR LAND, TEXAS — Colliers has brokered the sale of two acres at Highway 59 and University Boulevard in Sugar Land, approximately 23 miles southwest of Houston, on behalf of NNP-Telfair LLC. A partnership between Empire Commercial Developers LLC and a group of Sugar Land physicians purchased the land, which is located in the Telfair Lakefront District East Business Park. American Commercial Contractors will develop the property into a 56,000-square-foot medical office building and 79,000-square-foot parking garage. Charles Heder, Kolbe Curtice and Corbin Janssen of Colliers represented the seller in the transaction.
THE WOODLANDS, TEXAS — NAI Houston has arranged a lease of 53,000 square feet of Class A office space in The Woodlands for Waste Connection Inc. The tenant will occupy half of the first floor and the entire second and third floors of the property, which totals 11 stories at 3 Waterway Square. Jason Whittington of NAI represented the Waste Connection in the negotiations, while Robert Parsley and Norm Munoz of Colliers represented the landlord, The Woodlands Development Company.
THE WOODLANDS, TEXAS — The J. Beard Real Estate Company has brokered the sale of a 600-acre tract known as the Doughtie Parcel in Montgomery County, in the north Metro Houston area. The property, which will be developed into a luxury master-planned community by Toll Brothers, is located east of FM 2978 between Woodlands Parkway and FM 2920. Diana Gaines of J. Beard organized and represented the sellers, the names of which were not disclosed. Kirk Laguarta and Duane Heckmann of Land Advisors Organization represented the buyer, the name of which was also not disclosed.
FLOWER MOUND, TEXAS — Cushman & Wakefield has arranged a 154,000-square-foot lease expansion at an industrial facility in the Dallas-Fort Worth suburb of Flower Mound for natural and organic food wholesaler-distributor Nature’s Best. The tenant now occupies the entirety of the 462,000-square-foot building, which opened in 2011 and is LEED Gold-certified. Mark Collins, Dean Collins, Kirk Collins, Jeff Chiate, Rick Ellison and Cheryl Ballentine of Cushman & Wakefield represented Nature’s Best in the negotiations, while Toby Rogers and Bates Arnot of Hillwood Properties represented the landlord, Clarion Partners.
DALLAS — CBRE has arranged the lease of 104,064 square feet in Dallas for law firm Jackson Walker LLP. The tenant will occupy four floors of the KPMG Plaza at Hall Arts office building, which is located at 2323 Ross Ave. in the Dallas Arts District. Jeff Ellerman and Phil Puckett of CBRE represented Jackson Walker in the negotiations, while landlord Hall Financial Group was represented internally by Kim Butler.
The boom is back and stronger than ever in Austin, making the city a top destination for retailers and investors. Bass Pro Shops, H&M, Trader Joe’s, Fresh Plus, In-N-Out Burger, Gander Mountain and Five Below are among the list of well-known national retailers that have opened or announced plans to open their first Austin area stores within the last year. Meanwhile, a growing list of retailers in the Central Texas market are expanding, including Whole Foods Market, H-E-B, Walmart and Alamo Drafthouse, a locally-based chain of movie theaters. As host of the U.S. Grand Prix, the Austin City Limits Music Festival, the SXSW music festival and conferences, and ESPN’s Summer X Games (starting in 2014), Austin enjoys a certain cachet and glowing national and international media, but the coolness factor isn’t nearly as important as hard numbers for expanding retailers, and Austin’s numbers are impressive. The Central Texas economy is expected to add more than 35,000 jobs this year, including thousands of well-paying positions at Apple, GM, Samsung, National Instruments and Visa. More than 70 people move to Central Texas each day, and the Austin MSA is now the 11th-largest city in the nation, according to the U.S. Census. Signs …
SAN ANTONIO — Tryperion Partners and Presidium Group have formed a joint venture to acquire Oakwell Springs, a 252-unit apartment complex in the northeast submarket of San Antonio. The partnership plans renovations for the property including new interior finishes, enhanced amenities and landscaping and refurbished exteriors. Tryperion is a Los Angeles-based private real estate investment firm focusing on value-add opportunities in the office, retail, hospitality and multifamily sectors in secondary markets in western states. Presidium is an investment and management firm specializing in Texas multifamily properties and currently has more than 6,000 units under management.
HOUSTON — Marcus & Millichap has brokered the sale of a 23,024-square-foot retail property located at 4505 Highway 6 N. in Houston. The asset commanded a list price of $1.7 million. Gus Lagos and Alex Bouchard of M&M’s Houston office marketed the property on behalf of the seller, a private investor. The name of the buyer was not disclosed.