HOUSTON — Oak Brook, Ill.-based Inland Real Estate Acquisitions has purchased the 256,815-square-foot, two-building FedEx Center, a distribution facility located at William P. Hobby Airport in Houston, for $39.3 million. FedEx Corp. is the guarantor for both facilities, which are leased for more than 10 years to FedEx Freight and FedEx Ground.
HOUSTON — Los Angeles-based Canyon-Johnson Urban Funds has partnered with Houston-based Midway to acquire Houston Pavilions, a Class A, mixed-use project spanning three blocks and 556,000 square feet on the eastern side of downtown Houston. The buildings making up Houston Pavilions are connected throughout via sky bridges and above-ground walkways. The development includes the fully leased, 11-story regional headquarters for NRG Energy, as well as House of Blues, Forever XXI, McCormick & Schmick's and Lucky Strike. Canyon-Johnson and Midway plan to invest additional funds to revitalize the property and accelerate leasing. Ken Page, Scott Myers and Micha Van Marcke of Transwestern's Houston office represented the seller in the transaction. Transwestern was appointed as receiver for Houston Pavilions late last year after the original developer, Houston Pavilions LP, defaulted on its loan.
WEATHERFORD — Roseville, Calif.-based TRI Commercial/CORFAC has arranged the $3 million sale of a 4,098-square-foot IHOP restaurant, located at 2005 S. Main St. in Weatherford. Dine Equity Inc., owner of IHOP, guarantees the lease with 15 years remaining. Bob King of TRI Commercial/CORFAC represented the seller, WB Equities, in the transaction. The buyer was Nevada-based Floken
HOUSTON — HFF has arranged acquisition financing and joint venture equity for the 240-unit Timberstone Apartments, located at 4200 W. FM 1960 in Houston. The complex is 95 percent occupied and includes amenities such as barbeque grills, a pool, clubhouse and fitness center. Douglas Opalka, Matt Kafka and Robert Wooten of HFF arranged an acquisition loan through RGA Reinsurance Co. and joint venture equity through a private investor on behalf of the borrower, Commerce Capital Partners.
HOUSTON — Hines and its joint venture partner Hines Global REIT have broken ground on the 322-unit, seven-story WaterWall Place, a luxury multifamily community located on a three-acre site at the northeast corner of Hidalgo Street and McCue Road in Uptown Houston. Urban Oaks Builders is the general contractor and Wallace Garcia Wilson of Jackson Ryan designed the 316,000-square-foot complex, which will form a U shape surrounding a grand courtyard space. WaterWall Place will overlook Gerald D. Hines Waterwall Park. Amenities will include a resort-style swimming pool, fitness center, business center and seventh-level sky lounge. The new community is designed to achieve LEED Silver certification. Units are slated for occupancy in November 2013 and the community is slated for a June 2014 completion.
FORT WORTH — Dallas-based Fountain Residential Partners has begun construction of the 77-unit, 147-bed LoftVue, a student housing community located between McCart Avenue and Forest Park Boulevard in Fort Worth, one block from Texas Christian University's (TCU) campus. Units in the new community will feature granite countertops, high-end finishings, stainless steel appliances, an electronic key system, 50-inch flat screen TVs and a loft-style design throughout. Amenities will include an H2O deck with cabanas, an outdoor fireplace, entertainment kitchen, fitness center, clubhouse, study room, two electric vehicle charging stations and underground parking. LoftVue is Fountain's second student housing development near TCU, joining The Vue on University, which is fully occupied. Stuart Roosth Architects designed LoftVue and Centerpoint Builders is the general contractor.
AUSTIN — MFPB Ed Bluestein LLC, comprised of several real estate investors, has sold a large portion of a 935,255-square-foot, nine-building campus, located at 3501 Ed Bluestein Blvd. in southeast Austin. The seller, Freescale Semiconductor, once housed the facility. Helen Jobes of Kennedy Wilson represented the buyer in the transaction. Royce Lacey and Alan Lacey of NAI REOC Austin represented the seller. The buyer plans to spend capital to upgrade the decades-old facility.
HOUSTON — Marcus & Millichap has arranged the sale of a 2,854-square-foot Wendy's, located at 12486 NW Freeway in Houston, for $1.15 million. Edward Benton of Marcus & Millichap's Houston office represented the buyer, a private investor, in the transaction.
DALLAS — JPMorgan Chase Bank has renewed its 7,374-square-foot lease at Parkway Plaza II, an office building located in Dallas' Quorum/Bent Tree submarket. The location serves as a retail branch and offers a drive-thru service. Bob Buell, Louis Weber and Rena Chappell of Fults Commercial Real Estate represented the landlord, Merit Texas Properties, in the lease renewal transaction. Larry Denisoff of The Weitzman Group represented the tenant.
DALLAS — Behringer Harvard has purchased a 3.9-acre tract of land in the 75-acre Victory Park and has begun construction at the site on The Arpeggio Victory Park, a 377-unit apartment community located at 2400 Houston St. in Dallas. Victory Park is a mixed-use development located on the west side of the Dallas CBD. Behringer Harvard is developing the community with Dallas-based Mill Creek Residential Trust. MCRT North Texas/Mountain States Construction, Mill Creek's construction division, will be the general contractor of the development. The property's amenities will include a cyber cafe, business center, fitness center, resort-style pool and dog park.
