HOUSTON — Colliers International has brokered the sale of Oak Park Plaza, a three-story office building totaling 53,000 square feet in the master-planned Oak Park at Westchase development of Houston. Located at 6051 N. Course Drive and in close proximity to Beltway 8, the property is LEED Silver certified. David Carter and Jay Kyle of Colliers represented the seller, WYAK Investments LLC, in the transaction. The buyer was a financial institution that will also occupy part of the facility.
Texas
HOUSTON — HFF has brokered the sale of and arranged the acquisition financing for Easton Commons, a 193,595-square-foot shopping center in Houston’s Copperfield master-planned community. The property, which was 86 percent leased at the time of the sale, is anchored by Kroger and Studio Movie Grill. Rusty Tamlyn, Ryan West and Matt Berry of HFF represented the seller, a joint venture between affiliates of The Hutensky Group and an investment account managed by American Realty Advisors. Adam Herrin, Andy Scott, Cameron Cureton and Michael George of HFF arranged the loan through BBVA Compass Bank. NewQuest Epic Investments and an institutional partner purchased the property.
FLOWER MOUND, TEXAS — BNSF Logistics, a Berkshire Hathaway company and a subsidiary of railway company Burlington Northern Santa Fe LLC, will move its headquarters to the Lakeside Business District of Flower Mound, a northern suburb of the Dallas/Fort Worth Metroplex. The tenant will relocate from its current facilities in Grapevine to the 38,000-square-foot space in Lakeside Commerce Center, located at 1600 Lakeside Parkway, in November. Transwestern’s Brett Owens and John Fulton represented landlord Exeter Property Group in the negotiations.
HOUSTON — Moody Rambin has arranged the lease of 31,182 square feet at Houston’s Clay Hempstead Business Park for Continental Stone, a construction material wholesaler. The facility, which offers both office and warehouse space, is located at 8700 Clay Road in the Northwest Near Industrial submarket. Jim Autenreith of Moody Rambin represented the tenant in the negotiations. Jeff Barbles, also of Moody Rambin, represented building owner and landlord IVEST LP.
PASADENA, TEXAS — NAI Houston has arranged a 30,000-square-foot warehouse lease for Seaway Crude Pipeline Co. in Pasadena, a southeastern suburb of Houston. The property is a freestanding facility located at 1605 Genoa Red Bluff Drive, in close proximity to the interchange of Beltway 8 and Interstate 45. John Ferruzzo and Chris Kugle of NAI Houston represented landlord Bart Industries LP in the negotiations.
IRVING, TEXAS — Fortis Property Group has acquired The Point at Las Colinas, an 18-story, 403,129-square-foot, Class A office tower in the Las Colinas submarket of Irving, approximately 13 miles northwest of downtown Dallas. The building, originally constructed in 1983 and recently remodeled, features on-site management, a full-service café, a conference center and a fitness center. The property was 98 percent leased at the time of the sale, and current tenants include Lehigh Hanson, GE Capital and Interstate Hotels. The purchase was announced with the renaming of another nearby Fortis property, the NEC Center, which will now be known as The Apex at Las Colinas Crossing. Cushman & Wakefield is marketing both properties.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of the Campbell Road Shopping Center in the Northwest Spring Valley suburb of Houston on behalf of W&B International. The 46,224-square-foot property is situated on 1.06 acres at 1012 Campbell Road. Bruce Jester of Henry S. Miller represented the seller. Matthew Goldsby of Belovoir Real Estate Group LLC represented the buyer, Dr. Suhyun Ahn of C1 Health Care Management LLC, who plans to convert the center to a chiropractic clinic.
LEWISVILLE, TEXAS — The Weitzman Group and Cencor Realty Services have arranged a lease for the first Dallas/Fort Worth metro area location of WinCo, a Boise, Idaho-based discount grocery chain. The store will occupy 85,000 square feet at the Old Orchard Village East shopping center in Lewisville, which will undergo extensive renovations in conjunction with the new tenant’s arrival. Old Orchard Village East was originally anchored by Walmart after its development in the 1970s. Current tenants include Hancock Fabrics, The Leather Sofa Co., Fuzzy’s Taco Shop and more. Matt Luedtke and Blake Shipp of the Weitzman Group, along with Cencor’s David McNeil, represented property owner Old Orchard LLC in the negotiations. Don Woodbury of DWC Commercial and McGregor Converse of Venture Commercial represented WinCo.
IRVING, TEXAS — CBRE has arranged a 45,583-square-foot lease in the Irving submarket of Las Colinas for Neovia Logistics Services, which will relocate its headquarters from Illinois to this facility. Neovia, which provides supply chain solutions in various industrial, manufacturing and healthcare sectors, announces the move less than a year after its rebranding from Caterpillar Logistics Services. The tenant will partner with architecture firm Perkins + Will to customize and build-out the space, which is located at 6363 N. State Highway 161. Josh White and Chelby Sanders of CBRE represented Neovia in the lease negotiations.
The Austin industrial market is comprised of 37.2 million square feet, representing investment-grade buildings that are not owner-occupied and larger than 20,000 square feet. While that may seem like a smaller tertiary market in terms of square footage, Austin has proven to be a dynamic market, attracting interest and commitments from both creditworthy tenants and high-profile investors. As of mid-year 2013, Austin’s industrial market is 12 percent vacant and trending in the right direction with positive absorption of 215,000 square feet, according to NAI REOC. There was no new notable construction from 2010 to 2012, which helped vacancy rates decrease as existing tenants expanded and new tenants entered the market. The recovery was highlighted by positive absorption of more than 2 million square feet during 2012. While some of the absorption was associated with short-term warehousing needs for Samsung’s $3.6 billion expansion of its semiconductor fabrication plant in northeast Austin, the market reached a state of equilibrium. As the market stabilized, investment sales activity increased with institutional capital acting as a major player. In the past 18 months, several noteworthy transactions took place including: – Karlin Real Estate purchased three former Dell facilities totaling more than 900,000 square feet; 297.9 …