THE WOODLANDS — CapLease Inc. has purchased a 175,000-square-foot, Class A office building, located at 1585 Sawdust Road in The Woodlands, for $40.5 million. The building is fully leased to credit-worthy tenants including Praxair Inc. and Dover Fluid Management, a subsidiary of Dover Corp. CapLease is anticipating to close on a 10-year, $22 million non-recourse mortgage loan with a 30-year amortization schedule in the next few weeks.
HOUSTON — Newmark Grubb Knight Frank Capital Group has redeveloped and sold a 43,800-square-foot retail property, located at 7323 FM 1960 Road in Houston. Michael Zatopek and Chris Hansen oversaw the repositioning of the former Toys 'R Us into a multi-tenanted facility, and secured leases from Big Lots, E. Star Chinese Buffet and Sushi Bar and Chase Bank. Newmark Grubb Knight Frank represented the seller, Magi Houston LLC, in the transaction. The buyer was an Australia-based investor. The Toys 'R Us has been relocated to Willowbrook Court, a 60,000-square-foot retail property located in Houston.
DALLAS — Transwestern has brokered the sale of the 90-unit Park Towne Villas, located at 7117 Holly Hill Drive in Dallas. Taylor Snoddy, Mark Freeman and Philip Wiegand of Transwestern's Dallas office represented the seller, a California-based private client, in the transaction. The buyer was JSK Business Service.
SAN ANTONIO — Accion Texas has launched a $5.5 million “We Believe” capital campaign to build the new Accion Texas Lending and Learning Entrepreneurial Center, which will be located on two acres at 2015 W. Marten St. in San Antonio's Prospect Hill neighborhood. The center was designed by Lake/Flato Architects and will feature five buildings, including a 14,000-square-foot headquarters building, a 1,500-square-foot conference and training center, a 1,200-square-foot cafe and kitchen and two 2,000-square-foot “small business” buildings. The project is already 45 percent funded through public and private pledges, including a $1.3 million grant from the U.S. Department of Commerce's Economic Development Administration.
NORTH ROCKWALL — KDC has commenced construction of the 16,600-square-foot Texas Health Presbyterian Hospital Rockwall, a medical facility located in North Rockwall. The facility will house two multi-physician offices, an emergency room, laboratory and diagnostic resources. Construction is slated for a late 2012 completion, and the emergency room is scheduled to be operational in early 2013. Corgan Architects designed the property and MAPP Construction is the general contractor.
DALLAS — Henry S. Miller Brokerage has arranged the sale a 130,000-square-foot former Sam's Club, located at 1900 W. NW Highway in Dallas. Dan Spika of Henry S. Miller's Dallas/Fort Worth office represented the seller, Grand Openings, in the transaction.
QUAPAW, OKLA. — CIT Group has arranged two senior credit facilities totaling $41.6 million for the Downstream Development Authority, a subsidiary of the Quapaw Tribe of Oklahoma, for the development of a 150-room hotel tower and to refinance an existing credit facility. The hotel tower will be part of the Downtown Casino Resort, located in Quapaw. CIT Bank provided the loans, and CIT Communications, Media & Entertainment served as the sole lead arranger, lead administrative agent and sold book runner for the loans.
DALLAS — Prologis has signed a build-to-suit agreement to construct a 398,000-square-foot industrial property in Dallas for Prime Distribution Services. The property has been designed to the City of Dallas Green Building Program specifications, making it eligible for LEED certification. The building has also been designed to accommodate an additional 187,000-square-foot expansion. The property will break ground this month and is slated for a February 2013 completion.
DALLAS — Dallas-based 7-Eleven has acquired 23 convenience stores across Texas from Strasburger Enterprises. The stores are primarily under the Quix brand name, and 7-Eleven will have the stores rebranded by the end of the year. This acquisition brings the total number of Texas 7-Eleven locations to 570.
DALLAS — Marcus & Millichap has arranged the sale of the 229,000-square-foot USA Pallet & Logistics Service Center, located at 2829 Sea Harbor Road in Dallas. The industrial property is net-leased to USA Pallet & Logistics for a 10-year term. Scott Ryan of Marcus & Millichap's Austin office and Geoffrey Ficke of the firm's Dallas office represented the seller, a limited liability company, in the transaction. Sam Hanna of Marcus & Millichap's San Diego office represented the buyer, an individual trust.
