LUFKIN — Marcus & Millichap has brokered the sale of the 18,638-square-foot Town South Center, located at 103 N. Brentwood Drive in Lufkin. James Bell of Marcus & Millichap's Houston office represented the seller, a developer, in the transaction. The property is shadow-anchored by a Walmart Supercenter and a Sam's Club.
HOUSTON — HFF has arranged the sale of a four-building, 515,478-square-foot industrial portfolio located in Houston. Two of the Class A properties are located within the Northwest 8 Business Park and the other two are located within the Windfern Distribution Center. The properties have an average of 93.3 percent occupancy and are leased to tenants such as Schlumberger Technology, Bayou Packaging, Core Laboratories and Specialty Rolled Metals. The buyer, Industrial Income Trust, purchased the properties free and clear of debt. Rusty Tamlyn and Trent Agnew of HFF represented the seller, a client advised by Clarion Partners, in the transaction.
HOUSTON — Arch-Con Construction has completed a 108,000-square-foot warehouse and office build-out for Eaton Corp., located at Sago Plaza in northwest Houston. The property includes a 75,000-square-foot manufacturing facility, a 25,000-square-foot office and an 8,000-square-foot training facility and demonstration room. The property is built to accommodate a five-ton jib crane and a five-ton bridge crane. Powers Brown Architecture designed the property. Jim Foreman of Cushman & Wakefield represented Sago Enterprises in the lease transaction.
BEDFORD — Marcus & Millichap has brokered the sale of the 152-unit Surrey Oaks, a multifamily property located at 3001 Crystal Spring St. in Bedford. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and procured the buyer, Dallas-based Provident Realty Advisors, in the transaction. The buyer secured Fannie Mae financing for the acquisition. The property is currently 94 percent occupied.
SAN ANTONIO — Henry S. Miller Brokerage has arranged the sale of a 45,000-square-foot retail property, located at 8202 Sand Pebble Drive in northwest San Antonio. The property was once a 84 Lumber Store. The buyer, Dallas-based Entech Sales and Service, will use the property as its San Antonio office, which will open in the fall. Dan Spika of Henry S. Miller's Dallas/Fort Worth office represented the buyer in the transaction.
FORT WORTH — Hillwood Properties has sold 18.5 acres of land to SWBC Real Estate within AllianceTexas, Hillwood's 17,000-acre master-planned community located in Fort Worth. SWBC has plans to develop Overlook Ranch, a 318-unit, Class A apartment community at the site, located within the community's Alliance Town Center development on the northeast corner of Old Denton Road and the Texas Highway 170. The apartment community will feature a movie theater with surround sound, car wash/detail center, club house, resort-style swimming pool and spa and a fitness center. Hillwood currently has 550 multifamily units at Alliance Town Center under construction or completed, plus an additional 306 units planned to break ground in the second half of 2012. Blake Barnard of J.B. Barnard & Co. coordinated the transaction. Overlook Ranch is slated for a late 2012 groundbreaking, with pre-leasing available in early 2013.
AUSTIN — Seattle-based The Dow Hotel Company, in a joint venture with The Carlyle Group's Carlyle Realty Partners VI, has acquired the 174-room Lakeway Resort and Spa, a AAA Four Diamond resort located at 101 Lakeway Drive in Austin. The resort is situated on 12 acres with 1,000 feet of waterfront on Lake Travis. The facility features villas, 24,000 square feet of meeting and function space, the San Saba Spa, a full range of aquatic activities, 24 outdoor tennis courts and two indoor tennis courts that are climate-controlled. Palm Beach, Fla.-based Hospitality Funding advised the buyers on the transaction. The buyers plan to complete a $5 million renovation that was started by the previous ownership group. The renovation includes updating the guest rooms, ballroom, bathrooms, lobby and corridors.
CYPRESS — Arch-Con Construction has finished the construction of a Michaels, Charming Charlie and James Avery at Cypress Towne Center, located at Spring Cypress Road and Highway 290 in Cypress. The 22,000-square-foot Michaels is slated to open on Friday, the 8,000-square-foot Charming Charlie is scheduled to open in August and the 2,500-square-foot James Avery is slated to open later this month. Kimco Realty Corp. is the developer of the retail tract and The Thompson Nelson Group designed the properties.
IRVING — Houston-based Boxer Property has acquired the 208,450-square-foot One Panorama, an eight-story office property located at 7701 Las Colinas Ridge in Irving. The property is currently 91 percent leased. Mike Hardage and Steve Simon of Transwestern represented the seller, Prudential Real Estate Investors, in the transaction. Boxer Property was self-represented.
HOUSTON — Marcus & Millichap has arranged the $4.2 million sale of the 54,557-square-foot Bellaire Village Shopping Center, located at 13602 Bellaire Blvd. in Houston's New Chinatown submarket. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a financial institution, in the sale of the foreclosed property.
