HOUSTON — In a deal arranged by CBRE, Braun Enterprises has purchased two historic downtown Houston buildings, totaling 107,879 square feet, from Spire Realty Group. The Great Jones Building, located at 708 Main Street, is a 10-story, 78,843-square-foot mixed-use property originally built in 1908 and renovated in 2002 and 2012. The McCroy Building entails 29,036 square feet of office and retail space and was known as the Isis Theater from its construction in 1912 until 1929. Mike Hassler and Todd Casper of CBRE’s Houston office represented the seller. Houston-based Braun Enterprises expands its portfolio to 2.2 million square feet with this transaction.
Texas
LUBBOCK, TEXAS — Real estate investment and development company NetCo Investments Inc. has acquired the 259,000-square-foot Caprock Shopping Center in Lubbock. The property, located on 19 acres at 50th Street and Boston Avenue, currently houses tenants Ross Dress for Less, Beall’s and Dollar Tree, among others. NetCo plans to renovate the center, which was built in 1959.
MANSFIELD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Dolce Living at Mansfield, a 334-unit multifamily community south of Fort Worth. The property, located at 370 North State Highway 360 and adjacent to Mansfield National Golf Club, was built in 2012. IPA executive director Will Balthrope and IPA associate director Drew Kile advised seller DLC Residential. The buyer was real estate investment company Advenir.
HOUSTON — CDC Houston Inc., a subsidiary of Coventry Development Corp., has announced plans for phase one of Springwoods Village Town Center, a mixed-use development within the $10-billion, 1,800-acre Springwoods Village community north of Houston. Town Center will include a full-service hotel, approximately 250 luxury apartments and up to 100,000 square feet of office and retail space as well as Town Lake and a tree-lined plaza. CDC Houston and development partners Fein, Woodbine Development Corporation and the Patrinely Group LLC will break ground in early 2014.
HOUSTON — Jefco Development Corp. and Crestwood Realty Group have announced a spring 2014 groundbreaking for the 600,000-square-foot, $100 million Kingwood Parc City Center in northeast Houston. The mixed-use development will include 300,000 square feet of retail space, 250,000 square feet of office space and 300 apartments. Kingwood, a master-planned community of 65,000 residents, currently contains mostly grocery-anchored shopping centers and small strip malls.
DALLAS — Berkeley Point Capital has provided Baron Properties with $12.5 million in acquisition financing for the purchase of the Maple Gardens apartment community in Dallas. The acquisition of the 120-unit Class A property is part of Baron’s expansion into the multifamily market of Texas, where the firm has an existing industrial portfolio. The loan, structured under the Fannie Mae DUS program, has a 10-year term with two years of interest-only payments at a fixed rate of 4.33 percent and a 30-year amortization schedule. Jeff Riggs and Scott Fisher of Baron partnered with the American National Insurance Co. on the deal.
PLANO, TEXAS — Founders Properties has purchased the Eltek North American Headquarters building, a 124,042-square-foot Class A build-to-suit warehouse close to U.S. Highway 75 and President George Bush Turnpike in Plano. CBRE represented the seller, Argent Property Co., and worked on behalf of the buyer to secure a permanent loan through EverBank. The property, completed in December 2012, is 100 percent leased and located in Plano’s Research and Technology District.
SAN ANTONIO — United Commercial Realty (UCR) has brokered the sale of Camelot Plaza in San Antonio. The retail property, located on the southwest corner of Walzem Road and FM 1976, totals 79,161 square feet and includes two spaces with potential drive-thru capability. UCR’s Craig Garansuay represented the seller in the transaction.
HOUSTON — Skanska has been awarded the $24.5 million contract for the construction of a new student recreation center on the main campus of Prairie View A&M University. The two-story, 91,500-square-foot facility will feature an elevated running track, three basketball courts, a remodeled swimming pool and several multipurpose fitness areas. Moody-Nolan will serve as architect for the project, which is expected to be completed in late 2014 and open for the semester starting in January 2015. Prairie View A&M is a public, four-year institution located 40 miles northwest of Houston.
DALLAS — Work is set to begin on Kroenke Holdings’ Preston Hollow Village, a new mixed-use development that will fill part of the 42-acre vacant lot at Walnut Hill and North Central Expressway in the North Dallas neighborhood. The first phase of the project includes a 14,000-square-foot Trader Joe’s, plus an additional 61,000 square feet of retail space and 46,000 square feet of office space. Kroenke, which acquired the lot in 2010, is partnering with Provident Realty Advisors Inc.