HOUSTON — A new anchor store, The Fresh Market, has opened at Lantern Lane shopping center, located at 12500 Memorial Drive in Houston’s affluent Memorial neighborhood. The specialty grocer replaces former anchor Rice Epicurean, also a specialty grocery store. The center, which totals 79,501 square feet and is 100 percent leased, is owned by AmREIT Monthly Income & Growth Fund III Ltd., an advised fund of AmREIT Inc.
Texas
DALLAS — A fund managed by Dallas-based Lone Star Funds has acquired 11 properties in Raleigh and Morrisville, N.C. for $45 million. The assets include 154,581 square feet of flex office space at Raleigh’s Spring Forest Business Center and 478,356 square feet at Morrisville’s Eastridge at Perimeter Park. Seller U.S. Bank purchased the properties at auction in January for $49 million.
As Houston As Houston continues to create jobs and power the economic engine of Texas, every segment of the multifamily sector continues to push higher. With more than 100,000 jobs added in the past year alone, the newly hired and the job-hungry are leasing up available space in Houston faster than units are being delivered to the market. Demographics demonstrate a growing shift toward rentals for the city in general. For the first time since 2005, Houston apartment occupancy is averaging more than 90 percent. As the energy, medical, service and construction industries continue to expand in Houston, demand will remain strong across the board for Class A, B and C product. New multifamily construction is heavily concentrated within the Inner Loop, Energy Corridor and the vicinity of The Woodlands. The development pipeline trends toward these job-ready markets as Houstonians dream of shorter work commutes and “live, work and play” scenarios. Multifamily options inch toward this dream, providing retail, dining and entertainment options on property or nearby. But living the dream does not come cheap. While convenience is desirable, these benefits can be packaged at a steep price. Houstonians, however, are more than willing to pay premium prices for premium …
BRYAN, TEXAS — SenQuest Senior Living has purchased Waldenbrooke Estates, a 180-unit independent senior living apartment property totaling approximately 164,150 square feet in Bryan. Waldenbrooke, which offers both one- and two-bedroom units in four three-story buildings, has undergone nearly $260,000 in capital improvements since 2011. The complex is located at 2410 Memorial Drive. SenQuest is the senior housing division of Los Angeles-based Titan Real Estate Investment Group Inc.
IRVING, TEXAS — Quadrant Investment Properties LLC has purchased Irving’s Union Bower Business Park, a six-building, 302,848-square-foot office property. This is the second acquisition for Quadrant, which was formed in July 2012 and is headquartered in Dallas. Adam Graham of Lee & Associates represented the buyer, while Mercer Co.’s Ryan Boozer and Corby Hodgkiss represented the seller and will continue to lease the project.
SAN ANTONIO AND ROUND ROCK, TEXAS — With space secured for two new locations, sports club chain LA Fitness will expand into central Texas. Venture Commercial Real Estate has brokered leases for 45,000 square feet in the second phase of an existing development at Loop 410 and Military Drive in San Antonio and 35,000 square feet in a new development at Highway 620 and O’Connor Drive in Round Rock. John Zikos, Jonathan Cooper and Chris Booras of Venture represented LA Fitness in both deals. Whit Jordan and Thomas Tyng of REATA Real Estate Services represented the landlord in San Antonio, while Barclay Real Estate Services LLC in Round Rock represented itself.
FORT WORTH, TEXAS — Morris-Floyd Capital Partners of Fort Worth has purchased Wolfin Village, a 159,000-square-foot outdoor shopping center in Amarillo. The property, located at 2015 S. Georgia Street and Interstate 40, is anchored by Talbot’s, Office Depot and Shepler’s Boots ’n Jeans. Built in 1953 and renovated in 2009, it currently stands at 94 percent occupancy. Chris Cosby and Chris Gerard of CBRE brokered the sale.
SAN ANTONIO — Stream Realty Partners has signed the United States Automobile Association (USAA) to a lease totaling 128,354 square feet in buildings III and IV of the University Tech Park Center in northwest San Antonio. The lease brings both buildings to 100 percent occupancy, with USAA occupying all of building IV and 39,834 square feet of building III. Atento, a business process outsourcing firm, occupies the remainder of building III. Jason Schnittger of Stream Realty represented property owner BP Westchase LLC, while Travis Commercial represented the tenant.
KATY, TEXAS — Katy Park Plaza in Katy has sold to a private investor for $6.75 million. The 68,865-square-foot retail property is located at 406 W Grand Parkway S. Gus Lagos, senior associate at Marcus & Millichap's Houston office, represented the seller in the transaction, while Alex Bouchard, also of Marcus & Millichap’s Houston office, secured the buyer.
FORT WORTH, TEXAS — Bob Moore Construction has completed Mercantile Distribution Centers 5 and 6, two warehouses spanning 94,000 square feet each. The projects are the 28th and 29th that Bob Moore Construction has built on Mercantile Partners LP’s Mercantile Center campus, a 1,300-acre business park located in north Fort Worth. Hardy McCullah/MLM Architects served as the architect for Distribution Centers 5 and 6.