HOUSTON — Levey Group has purchased 17.5 acres of land in north Houston for the development of a 200,000-square-foot speculative industrial park known as IAH Business Park. The park is located adjacent to Bush Intercontinental Airport along Aldine Westfield Road. The industrial development is currently in the design phase and will become shovel-ready in the fall. Levey Group is prospecting for potential users that may want to occupy the entire development.
IRVING, TEXAS — The Boulder Group, a net-leased investment brokerage firm specializing in single-tenant assets, has arranged the sale of a net-leased Home Depot office building in Irving for $2.2 million. The 18,538-square-foot property is located at 2951 Kinwest Parkway in the Las Colinas submarket. Home Depot's lease features multiple 10 percent rent escalations in the lease's primary term. There is approximately six years remaining on the lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private Chicago-based partnership, in the transaction. The buyer was a high-net-worth individual based in Texas.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 13,767-square-foot retail property, located at 1933 Fredericksburg Road in San Antonio. Bethany Babcock and Chad Knibbe of Marcus & Millichap's San Antonio office represented the seller, a private investor, in the transaction. The property was constructed in 1940 and is located in the historical art deco district, which has recently undergone a beautification project.
THE WOODLANDS, TEXAS — PetroQuest Energy Inc. has signed a 13,091-square-foot lease for a regional office on the second floor of One Hughes Landing, an office building being developed along the 200-acre Lake Woodlands in The Woodlands. The 197,000-square-foot, Class A office building is now 35 percent pre-leased. One Hughes Landing is the first office building in Hughes Landing, a 66-acre, mixed-use development that will feature up to eight office buildings, upscale restaurants and retailers, entertainment venues, a specialty grocer, hotel and multifamily residences housing up to 1,000 people. Houston-based Gensler designed the office building for LEED Silver certification. The office building is slated for completion in September and PetroQuest will occupy its space in November. Robert Parsley and Norman Munoz of Colliers International represented the landlord, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp., in the transaction. Jim Pratt, also of Colliers, represented the tenant.
HOUSTON — MM Donuts LLC has a signed a 3,806-square-foot lease for a freestanding building in the Orleans Square Shopping Center, located on West Lake Houston Drive. MM Donuts will operate a new Dunkin' Donuts store in the freestanding property. The store will be the first location in the Houston expansion for MM Donuts. Dunkin' Donuts plans to open 50 to 60 stores in the greater Houston area during the next five years. Jonathan Hicks of Davis Commercial represented the tenant in the lease deal. Janet Maas of Century 21 represented the landlord, Compass Care Holdings Ltd.
ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has closed a $259 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 10-year, variable-rate facility will be used to refinance existing mortgage debt on facilities around the U.S., including Texas. Brookdale will use the financing to refinance loans on 23 assisted living, independent living and memory care facilities totaling 1,781 units. The properties are located in 10 states, including Florida, New York, Kansas and Pennsylvania.
AUSTIN, TEXAS — The Beck Group has completed construction of the W.H. and Elaine McCarty South Tower at Dell Children's Medical Center of Central Texas in Austin. The Beck Group, community leaders and executives from Dell Children's Medical Center and Seton Healthcare celebrated the $48 million tower's opening at a ribbon cutting ceremony. The three-story, 75,000-square-foot tower features 72 beds, the center's first inpatient rehabilitation unit and expanded services for children with epilepsy. The six-bed rehabilitation unit is the first of its kind in the Austin area for hospitalized children. The facility is projected to receive the nation's first LEED Platinum certification under the new LEED for Healthcare rating system. The Beck Group finished construction of the tower in 15 months, which was two months ahead of schedule.
HOUSTON — ConocoPhillips, the world's largest energy exploration and production company, has signed an 850,000-square-foot, long-term lease encompassing two new office buildings in Houston's Energy Corridor. The company will fully occupy the 550,000-square-foot Energy Center Three, which is currently under construction, by the second quarter of 2015. Additionally, in 2016 the firm will lease an additional 300,000 square feet in Energy Center Four, a planned 600,000-square-foot office building slated to commence construction later this year. The facilities will serve as the consolidated location for ConocoPhillips' Lower 48 Business unit, which is focused on exploration and production operations throughout the lower 48 states. The Energy Center campus will include an active greenspace to provide common outdoor areas for activities, and Energy Center Three and Energy Center Four will include energy-efficient features to help achieve LEED Gold certification. A joint venture between Trammell Crow Co. and Principal Real Estate Investors (PREI) is developing the office campus. Aaron Thielhorn, Kevin Schmok and Brandon Houston of Trammell Crow, along with Joe Wanninger of PREI, will lead the development team. Cody Armbrister and Steve Rocher of CBRE's Houston office represented the joint venture in the transaction with ConocoPhillips.
KATY, TEXAS — Co-developers PinPoint Commercial LP and Thrive Senior Living LLC have selected Cadence McShane Construction Co. to construct Legacy at Falcon Point. The new 82-unit assisted living and memory care center will be built on a seven-acre site at 1520 Katy Gap Road in Katy. The two-story, 64,281-square-foot facility will consist of 22 memory care units and 60 assisted living units, as well as feature panel wall and steel construction with an accented natural stone and stucco exterior. The development will incorporate the “Main Street and Neighborhood” concept, whereby each neighborhood will have its own unique theme and the Main Street portion will include a movie theater, spa, restaurant, gym, store and sports bar. Three Square Design Group is providing comprehensive architectural services for the community.
HOUSTON AND AUSTIN, TEXAS — Berkadia Commercial Mortgage LLC's Austin office has closed several loans totaling $37 million for four multifamily properties in the metropolitan areas of Austin and Houston. Andy Hill of Berkadia originated an $8.1 million refinancing for the 593-unit Lodge Apartments and a $7 million refinancing for the 635-unit Waterfall Park, both located in Houston. Hill originated the loans on behalf of the borrower, JAW Equity Management. C-III Commercial Mortgage funded the 10-year, CMBS loans. Hill also arranged $15.4 million in acquisition financing for the 835-unit Creekstone Apartments, formerly known as Palms at Walnut Creek, in Austin on behalf of the borrower, AHC Creekstone Owner LLC. Hill arranged the floating-rate loan with a sub-3 percent interest rate and 30-year amortization schedule through Berkadia's Freddie Mac program. Lastly, Hill arranged a $6.4 million acquisition loan for The Preserve at Cypress Creek, an 811-unit apartment community formerly known as The Blenheim Apartments, in Houston. Hill arranged the 10-year, fixed 4.09 percent interest rate loan through Freddie Mac on behalf of the borrower, AHC Cypress Creek LP, which is planning to upgrade the community's interiors and common areas.