HOUSTON — Myers Crow & Saviers plans to build the 135,000-square-foot Mason Creek Office Center, a speculative office property that will be located on a 10.8-acre site in Mason Creek Corporate Park in Houston's Energy Corridor. Moody Rambin has been retained to lease and manage the property. Parkside Capital owns Mason Creek Corporate Park, a master-planned business park. The project is slated to break ground in the third quarter and is scheduled for an April 2013 completion.
HOUSTON — A joint venture between Miami-based Adler Real Estate Fund and Kawa Capital Management has purchased 16 properties totaling 467,000 square feet of office and industrial space in the Houston area. The newly acquired assets include 152,173 square feet of space at Plaza Southwest; 98,008 square feet of space at Crescent Ten; 97,332 square feet of space at Commerce Park North; 71,673 square feet of space at Technipark Ten and 47,816 square feet at Westchase Park. The portfolio is 96 percent leased to tenants including ExxonMobil, Samsung, Ryder, Schlumberger and Alford Services. Rusty Tamlyn of HFF represented the seller, a joint venture between Insite Commercial Real Estate and Carval.
DALLAS — New York-based DRA Advisors has selected Dallas-based Stream Realty Partners to provide property management and leasing services for a portfolio of industrial properties in Texas and Georgia it acquired from Weingarten Realty Investors, which totals approximately 7 million square feet. The properties span across Atlanta, Austin, Dallas, Houston and San Antonio. Stream's leasing and management portfolio now totals nearly 85 million square feet.
MARSHALL — Levey Group recently executed a 10-year, build-to-suit lease agreement with Houston-based Philips Service Corp. (PSC) to construct a 28,000-square-foot industrial facility, located on a 9-acre tract of land along Highway 20 in Marshall. Levey Group will purchase, develop and own the site. Levey Construction, a division of Levey Group, is slated to break ground on the warehouse and crushed concrete laydown yard in September.
PFLUGERVILLE — Tarantino Properties has arranged the sale of the 85,268-square-foot Three Points Plaza, a shopping center located at 2700 W. Pecan St. in Pflugerville. The property is currently 56 percent leased. Nick Tarantino of Tarantino's Austin office represented the seller in the transaction. Steve Portnoy of Carlson Commercial Properties represented the buyer.
HOUSTON — Apache Corp. has purchased 6.4 acres of land at BLVD Place, a new mixed-use development located on Post Oak Boulevard and San Felipe Street in Houston. The property is located on the southwest corner of Post Oak Boulevard and the future BLVD Place Drive and includes frontage on Post Oak Lane and Ambassador Way. The Pavilion, a former shopping complex located on the site, is undergoing demolition with a completion date by year's end. Upon completion, BLVD Place will feature 388,000 square feet of retail and office space, as well as 1,000 high-rise multifamily units. Tim Relyea and Scott Wegmann of Cushman & Wakefield represented the buyer in the transaction. Ed Wulfe and Bob Sellingsloh of Wulfe & Co. represented BLVD Place.
AUSTIN — Marcus & Millichap has arranged the sale of a 12.27-acre tract of land, located at 2631 S. Capital of Texas Highway in Austin. Greg Gaynor of Marcus & Millichap's Austin office represented the seller, a private investor, in the transaction.
AUSTIN — KBS Realty Advisors has signed leases with two tenants totaling 23,119 square feet of office space at its 260,112-square-foot SouthTech Business Center, a 99 percent leased office complex located at Freidrich Lane and East St. Elmo Road in Austin. Houston-based Suntronic has leased 10,731 square feet at SouthTech Business Center, Building 3. Dillon Mao of Katy-based FIRM Properties represented the tenant in the lease transaction. Virtuoso Selections is expanding its headquarters in Building 3 to a new 12,388-square-foot office in the same building. Carson Jones of Partners National Corporate Real Estate Services represented the tenant in the lease transaction. Ace Schlameus of HPI Real Estate represented the landlord in both lease transactions. Other tenants at SouthTech Business Center include Republic Beverage, New Era Publishing and JS International Shipping Corp.
PORT ARTHUR — Grandbridge Real Estate Capital has closed $23.5 million in first mortgage financing for the 372-unit Willow Lakes Apartments, a Class A property located in Port Arthur. Greg Young of Grandbridge's Houston office arranged the 5-year loan with a 20-year amortization schedule through American Real Estate Capital.
TULSA, OKLA. — Steadfast Income REIT has acquired the 336-unit Sonoma Grande, an apartment community located in Tulsa, for $32.2 million. The property is 91 percent occupied and features a resort-style swimming pool with cabanas, an outdoor gourmet kitchen, fitness center, a tanning salon, playground and detached garages. Steadfast now has more than $200 million invested in 13 apartment communities in Illinois, Iowa, Kansas, Kentucky, Missouri and Oklahoma.