GALVESTON — The 12-story, 87,140-square-foot 2201 Market Street, a historic office building also known as The U.S. National Bank Building located in Galveston, has sold. The office building's tenants include Frost Bank and the University of Texas Medical Branch. The building was built in 1925 to house the U.S. National Bank. Christopher Dray of Moody Rambin Investment Services Group represented the seller, Frost National Bank, in the transaction.
PEARLAND — Steel Castle Property Partners has purchased the 212-unit Club at Tranquility Lake, a Class A multifamily property located in Pearland. Steel Castle acquired the property through an REO auction at the time of foreclosure, closing in just 30 days. Steel Castle will continue to reposition and make capital improvements to the property, which already features a swimming pool and views of Tranquility Lake.
SCHERTZ — Marcus & Millichap has sold the 4,921-square-foot Christian Brothers Automotive, a car dealership located at 205 FM 3009 in Schertz. Jason Vitorino of Marcus & Millichap’s Dallas office represented the seller. The buyer was an out-of-state investor.
GRAND PRAIRIE — Stream Realty Partners has secured a new lease of 225,000 square feet for Southwest Molding in Grand Lakes Distribution Center, located at 3845 Gifford St. in Grand Prairie. This transaction stabilizes the 636,000-square-foot speculative distribution center. Cannon Green and Bob Hagewood of Stream Realty represented landlord, Crow Holdings, in the transaction. Nathan Orbin and Michael Swaldi of Jones Lang LaSalle represented the tenant.
TULSA, OKLA. — Dallas-based Prescott Realty Group has secured new and renewal leases totaling 167,000 square feet at 110 West Seventh Place Tower in Tulsa. Three new tenants have been added: an oil and gas exploration firm has leased 44,681 square feet, a major national bank has leased 21,961 square feet and Airgas Mid-South Inc., has leased 58,640 square feet. Additionally, Atlas Pipeline Mid-Continent has renewed its 42,164-square-foot lease. The 28-story, 521,854-square-foot Class A office building is 96 percent leased, with the average lease term being 101 months. The building offers building automation system, a top-floor conference room with panoramic views, 11 newly renovated elevators, on-site management and an attached 586-space parking garage. Michael Predovic and Derek Bateman of Trinity Corporate Real Estate represented the landlord in the transactions.
IRVING — Johnson Capital has procured a $2.55 million loan to refinance the 62,615-square-foot Story Business Center, an industrial property located on Story Road near Beltline Road in Irving. Jason Pumpelly of Johnson Capital’s Dallas office originated the 10-year, non-recourse loan through a CMBS lender.
THE WOODLANDS — JD Warmack LP. has started construction on the 12-story, 300,000-square-foot Research Forest Lakeside – Building 4, located in Research Forest Lakeside between Lake Woodlands and Research Forest drives in The Woodlands. JD Warmack is the owner/developer of Research Forest Lakeside. The speculative development is pre-certified LEED Gold and the existing features include water fountains and a seven-story parking garage. Ziegler Cooper Architects and Odell Associates designed the property, as well as the rest of the office properties in the works at the 76-acre site that fronts Lake Woodlands. David E. Harvey Builders is the general contractor; Haynes Whaley is the structural engineer; DBR, MEP and Jones Carter are the civil engineers; and Clark Condon Associates is the landscape architectural firm. Talisman Energy has pre-leased six floors of the property.
ROWLETT — American Realty Capital — Realty Centers of America has acquired the 106,000-square-foot Liberty Crossing Shopping Center, located in Rowlett, for $21.6 million. The transaction marks American Realty Capital — Retail Centers of America's first acquisition. The property is 95 percent leased to tenants including Ross Dress for Less, PetSmart and Dollar Tree. Dallas-based Lincoln Property Co. will operate the shopping center.
FORT WORTH — Dallas-based KDC has plans to construct a 75,000-square-foot property, located at 4805 Amon Carter Blvd. on a 8.1 acre site in The CentrePort Business Park in Fort Worth. The property will house NBC 5/KXAS-TV, Telemundo/KXTX-TV and several businesses affiliated with NBC Universal. As part of the agreement to build the new building, NBC 5 will convey its current 66,000-square-foot building and 26-acre site in east Fort Worth to the city. Corgan Associates designed the property, and Gary Collett and Matt Heidelbaugh of Cushman & Wakefield brokered the land sale. KDC will break ground on the property at the end of June, and the firm is anticipating a late 2013 completion.
TEMPLE — ARA has arranged the sale of the 129-unit Bridge View Apartments, located at 400 Fryers Creek in Temple. The complex features a swimming pool with sun decks, a clubhouse, grilling area and laundry facilities. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, a Texas-based regional investment firm. The buyer is a Texas-based national investment group.
