AUSTIN, TEXAS — Louisville, Ky.-based LDG Development, a multifamily housing developer with more than 4,000 units in its portfolio, has opened a new office in downtown Austin. The new office is located at 1305 East 6th St. LDG owns more than 1,500 units in Austin, Houston, Sherman and Alvin. Dick Janson of LDG Development will serve as the Austin office's senior leader.
PLANO, TEXAS — Granite Properties has broken ground on Granite Park IV, a 300,000-square-foot speculative office tower, and the 299-room Hilton Granite Park hotel in Plano. The two structures are part of a 90-acre mixed-use development located at State Highway 121 and the Dallas North Tollway. BOKA Powell is the design architect, architect of record and the interior designer on both projects. Woodbine Development Corp. is the development consultant for the hotel, Austin Commercial is the general contractor for the hotel and Balfour Beatty Construction is the general contractor for the office building. Granite Park IV is a 12-story office tower that is aiming to achieve LEED Silver certification. The property will feature a fitness center, conference space, a five-level parking garage and landscaped walkways with water features. The 262,500-square-foot hotel will feature 35,000 square feet of conference space, a restaurant, retail space, fitness center and an outdoor pool and lounge.
OKLAHOMA CITY AND AUSTIN, TEXAS — Steadfast Income REIT has acquired two apartment communities in separate transactions totaling $61 million. The communities include Deep Deuce at Bricktown in Oklahoma City and Vantage at Buda Ranch in Austin. Deep Deuce at Bricktown is a 294-unit property built in 2001. The community is 99 percent occupied and is located in downtown Oklahoma City's Bricktown neighborhood. The apartment community sold for approximately $38.22 million. Vantage at Buda Ranch is a 264-unit apartment community that Vantage Communities built in 2009. The property is 96 percent occupied and sold for approximately $23 million. Vantage at Buda Ranch is Steadfast's fourth apartment community in Austin.
KINGWOOD, TEXAS — Arch-Con Construction has commenced construction on a 123,000-square-foot Kroger Marketplace at the 24-acre Northpark Retail Center III in Kingwood. Northpark Retail Center III includes approximately 25,000 square feet of retail space in addition to the grocery anchor, as well as five outparcels. The development is located at Northpark Drive and Highway 59. The property will be the fourth Kroger Marketplace in the greater Houston area. The project team includes site development architect CDA Architects, site development engineer LJA Engineering and Kroger's architect Robertson Loia Roof. The Kroger Marketplace is slated to open in the fall.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Oak Tree, a 20-unit apartment complex in Arlington. The community is located at 704 Lynda Lane within a half-mile of The University of Texas at Arlington. Robert Denninger of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Denninger also procured the buyer, a Canadian limited liability company.
THE WOODLANDS, TEXAS — Houston-based Archway Properties plans to develop the 127,794-square-foot Wildwood Corporate Center, located at 460 Wildwood Forest at Interstate 45 in The Woodlands. The three-story, two-building office complex is 50 percent pre-leased. The new office property will feature an attached parking garage. The project team includes architect Kirksey Architecture and general contractor EE Reed. Terri Torregrossa and Griff Jaggard of Houston-based Moody Rambin Interests are handling the property’s leasing duties. Moody Rambin will also handle managing the property. Construction will begin in early April and wrap up in January 2014.
EL PASO, TEXAS — CBRE El Paso has brokered the lease renewal of 353,611 square feet of industrial space, located at 48 Walter Jones in El Paso. Anthony Mash of CBRE El Paso represented the landlord, Butterfield Trail Corp. – Invesco, in the lease renewal. Penske Logistics LLC is the tenant.
TEXARKANA, TEXAS — Marcus & Millichap has arranged the sale of the 74-room Rodeway Inn, a two-story hotel located at 5105 N. Stateline Ave. in Texarkana. The hotel originally operated as a Comfort Inn until it was rebranded in 2007. Allan Miller, Chris Gomes and Jake Gaddy of Marcus & Millichap’s Dallas office represented the seller, a limited liability company, in the transaction. Gomes also procured the buyer, a private investor.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged a 20,000-square-foot industrial sublease, located at 7603 Prairie Oak Drive, Suite 150M in Houston. Patrick Buckhoff of Coldwell Banker represented the landlord, Display Work LLC, in the transaction. Jackson & Cooksey represented the tenant, qHub Logistics Corp.
KATY, TEXAS — Sprouts Farmers Market has opened a 25,300-square-foot store at the southwest corner of Cinco Ranch Boulevard and Peek Road in Katy. The store is Sprouts' first location in the Houston area. Ed Page and Chris Pitts of UCR's Houston office represented both the landlord, Scottsdale, Ariz.-based AVB Development Partners, and Sprouts in the lease transaction. Page is Sprouts' southeast Texas representative for all site acquisitions. Sprouts operates more than 150 stores throughout the Western U.S.