HOUSTON — Principal Real Estate Investors (PREI), one of the largest institutional real estate managers in the U.S., has acquired 2000 St. James Place, a 335,000-square-foot office building in Houston's Galleria submarket. The office building is fully leased to Weatherford International. PREI purchased the property on behalf of a consortium of South Korean Investors, including Korean Federation of Community Credit Cooperatives, Korea Scientists and Engineers Mutual-Aid Association and Simone Investment. The managing member of the South Korean investment group is represented by Simone Investment. The selling group was led by CORE Real Estate. Woori Asset Management is the South Korean onshore asset manager and PREI is the acting U.S. asset manager. CBRE Group helped broker the transaction.
DALLAS — Colliers International North Texas has arranged the sale of One Lee Park and Oakwood Tower, two office properties totaling 118,400 square feet in uptown Dallas. Creighton Stark and Ben Lurie of Colliers represented the buyer, Dallas-based Blackwatch Partners, in the transaction. World Class Capital is the seller. One Lee Park is located at 3033 Lee Parkway and Oakwood Tower is located at 3626 Hall St.
IRVING, TEXAS — Alliance Architects has won the bid to design a 150,000-square-foot manufacturing/distribution facility for Project Services Group (PSG), located on a 9.1-acre site at 2000 Century Center Blvd. in Irving. The new headquarters facility will consist of 54,000 square feet of industrial space, 14,000 square feet of office space and the rest is available for lease to future tenants. Joven Cavas of Alliance is overseeing the project management, PSG will provide general construction services, Wier Associates is providing civil engineering services and McHale Engineering is providing structural engineering services.
SPRING, TEXAS — RCG Ventures Fund II has sold a 45,222-square-foot retail property, located in Cypresswood Court in Spring. The property's tenants include Best Buy and Mattress Firm. Other tenants in Cypresswood Court include Target, Petco and Staples.
HOUSTON — The Houston office of Q10 Kinghorn, Driver, Hough & Co. (KDH) has secured $9.75 million in permanent financing for a six-property industrial portfolio located in Houston, Deer Park and Pasadena. The portfolio totals 232,989 square feet and is fully leased. Travis Fite of KDH arranged the loan through Aviva Investors on behalf of the borrower, Houston-based GSL Welcome Group.
KATY, TEXAS — Panattoni Development Co. has begun construction on a 420,000-square-foot build-to-suit facility for Igloo Products Corp. in West Ten Business Park in Katy. The property will be used as a distribution center for Igloo's line of outdoor cooling products. The facility will be Igloo's third distribution center and is located within two miles of Igloo's headquarters. Bob Hutson of Symmedian Technologies, along with John Nicholson of Transwestern, represented the tenant in the land transaction. Evans General Contractors is the general contractor and Randall-Paulson Architects is the architectural firm for the project.
EL PASO AND EDINBURG, TEXAS — Cinemark Holdings has plans to launch two new six-screen movie theaters in El Paso and Edinburg. The Cinemark Movie Bistro-Sunland Park, located at 750 Sunland Park Drive in El Paso, will be part of the Sunland Park Mall development. The Cinemark Movie Bistro-Edinburg, located on the northwest corner of Trenton Road and Rhonda Street in Edinburg, will be part of the Trenton Crossroads Plaza development. Both theaters are scheduled to open in the summer of 2013.
BELLAIRE AND HUMBLE, TEXAS — Houston-based Allen Harrison Co. has disposed of two multifamily communities in the greater Houston area: the 714-unit Villages at Meyerland in Bellaire and the 152-unit Deerbrook Forest in Humble. Villages at Meyerland recently underwent $5 million in renovations and is 93 percent occupied. Deerbrook Forest has undergone a $1 million renovation and is 94 percent occupied. AHC Construction, an affiliate of Allen Harrison Co., was the general contractor on the renovation for both communities. David Wylie, Russell Jones and Zach Springer of ARA represented Allen Harrison Co. in the Deerbrook Forest sale, while Robby Zorich and Holly Minter of Jones Lang LaSalle Capital Markets represented the sale of Villages at Meyerland. Mosaic Residential manages the properties.
WEBSTER, TEXAS — Colliers International has arranged the sale of Bay Terrace I & II, two office/flex properties totaling 200,378 square feet in Webster. The properties are located at 17155 Feathercraft and 555 Forge River inside of Houston's NASA/Clear Lake submarket. Dan Braun is the buyer.
EL PASO, TEXAS — River Oaks Properties has purchased the 137,386-square-foot Coronado Shopping Center, a grocery-anchored center located in El Paso. River Oaks purchased the shopping center from Rich Development. The property is fully occupied by Anna's Linen, AutoZone, Big 8 Grocery, Dollar Tree, Eraser Dust, Harbor Freight, Goodwill, Sally Beauty Supply, Rent-A-Center and a Carl's Jr. pad site. River Oaks also acquired a Starbucks pad site in a separate transaction.