LEAGUE CITY, TEXAS — HFF has brokered the sale of League City Towne Center, a 194,736-square-foot shopping center in League City, a suburb of Houston approximately 25 miles southeast of downtown. The property was fully leased at the time of sale to tenants including Ross Dress for Less, TJ Maxx and PetSmart. Completed in 2008, the center is located at the intersection of Interstate 45 and FM 646. Ryan West and Rusty Tamlyn led the HFF team that represented the seller, Property Commerce. Excel Trust Inc. (NYSE: EXL), a REIT primarily targeting retail assets, purchased League City Towne Center for an undisclosed amount.
Texas
GRAPEVINE, TEXAS — CBRE has closed the sale of the 392-unit Cross Creek at Grapevine Ranch, an apartment community approximately 21 miles outside downtown Dallas. The property, which was 95 percent leased at the time of sale, features amenities such as a private theater, indoor basketball court and dog park. Cross Creek offers one- and two-bedroom floor plans as well as close proximity to the Grapevine Mills Mall. Dirk Goris, Ryan Reid and Jeremy Faltys of CBRE represented the seller, an affiliate of Granite Investment Group, in the transaction. CAF Capital Partners purchased the property for an undisclosed amount.
HOUSTON — NAI Houston has brokered the sale of a 20,000-square-foot speculative warehouse building in Houston’s Saddlegate II Business Park. Located at 10110 Fairbanks North Houston Road, the freestanding property features 30-foot clear height ceilings, paved outside storage and two grade-level doors. John Ferruzzo and Chris Kugle of NAI represented the buyer, B-Mac Holdings LLC, while Mark Ward and Mike Spears of The National Realty Group Inc. represented the seller, Black Gold JV.
DALLAS — Bradford Commercial has arranged the lease renewal of 43,539 square feet of office space for Benefit Mall, a benefits and payroll services provider, at the Galleria Plaza. Located at 4851 LBJ Freeway in Dallas, the property totals 12 stories and 187,644 square feet. Sharon Friedberg and Melanie Hughes of Bradford represented the landlord, YPI Central Expressway Properties LP. Robbie Baty and Bill McClung of Cushman & Wakefield represented the tenant.
AUSTIN, TEXAS — HFF has arranged $47 million in financing for Regency Park Apartments, a 528-unit, Class A multifamily property in Austin. The garden-style community, which features amenities such as a fitness center and dog park, is located at 401 Little Texas Lane between S. Congress Ave, and Interstate 35. Since its completion in 2003, Regency Park has averaged 97 percent occupancy, and the property currently boasts 98 percent occupancy. Douglas Opalka and Robert Wooden led the HFF team that represented the borrower, Suburban Homes Inc. JP Morgan Chase Bank was the lender.
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.
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.