SPRING, TEXAS — Marcus & Millichap has brokered the sale of an 82,952-square-foot retail building leased to The Antique Gallery of Houston in Spring. The store is located at 21127 Spring Towne Drive. The property's list price was $2.875 million. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller, a partnership, in the transaction. Goldstein also secured and represented the buyer, a private investor.
THE WOODLANDS, TEXAS — Cycles TX has plans to open its first bicycle and accessories store in Texas at The Waterway Square District in The Woodlands Town Center. The store will be located at 1501 Lake Robbins Drive in The Waterway Square parking garage. Brent Everson of Everson Developments LLC represented Cycles TX in the lease transaction. Rip Reynolds of The Howard Hughes Corp. represented the landlord, The Woodlands Development Co., a subsidiary of The Howard Hughes Corp.
SAN ANTONIO — Lone Star Funds has purchased Eilan, a 120-acre luxury mixed-use development located at 17101 La Cantera Parkway in San Antonio, as part of a 20-property U.S. portfolio. The development includes 205,000 square feet of Class A office space, The Shops at Eilan, the 165-room Eilan Hotel Resort & Spa and a Sustenio restaurant. Lone Star Funds plans to expand Eilan to include a new 5,000-square-foot fitness center, two new pools, a hiking/biking trail and a Piatti restaurant. CBRE San Antonio is responsible for leasing Eilan's office and retail space, with Lindsey Tucker and Steve Thomas handling the office leasing and Gene Williams handling the retail leasing.
IRVING, TEXAS — Colliers International North Texas has arranged the sale of Crestwood Center, a 75,000-square-foot office building located at 1200 W. Walnut Hill Road in the Las Colinas submarket of Irving. Creighton Stark and Ben Lurie of Colliers represented the seller, Austin-based Capital Commercial Investments, in the transaction. The buyer is Texas Prince Properties.
DALLAS — Uptown Dallas Inc., a nonprofit that manages the Uptown Public Improvement District, has commenced construction on the eight-acre Griggs Park. The park is located near the intersection of Woodall Rodgers Freeway and Central Expressway in Dallas. The construction kicks off the start of the Griggs Park Capital Campaign project. The construction includes children's facilities, kiosks, benches, picnic tables, groves of new trees, pedestrian pathways and fountains. Uptown Dallas will also add commemorative markers honoring the park's namesake, Rev. Allen Griggs, a former slave and pastor of the New Hope Baptist Church in the 1870s. Approximately $1.5 million has been allocated through a public-private partnership for the construction. The City of Dallas will provide basic upkeep and Uptown Dallas will be responsible for planting, watering, electricity and other park maintenance. SWA Group designed the park originally and ValleyCrest Landscape Cos. is completing the park's landscaping. Construction is slated for a fall 2013 completion.
ROANOKE, TEXAS — NorthMarq Capital has arranged a $13.9 million refinancing for Roanoke Crossing Shopping Center, a 78,222-square-foot retail center located at 101 E. Highway 114 in Roanoke. Walmart and The Home Depot anchor the center, but neither are part of the collateral. Other tenants include Dickey's BBQ Pit, Payless, Shoe Source and Subway. JP Morgan Chase, Just Brakes, Chili's, Sonic, Taco Bueno, Wells Fargo Bank and Wendy's occupy the seven pad sites. John Stewart and Ilan Reissner of NorthMarq Capital arranged the financing for the borrower, a national account.
HOUSTON — The Sam Houston Area Council and the Boy Scouts of America have hired Jones Lang LaSalle to bring the council's Camp Strake property to market. Camp Strake is located on the southwest corner of Interstate 45 North and Loop 336 in metro Houston. The 2,100-acre development site features more than two miles of commercial frontage, residential areas and land available for recreation, parks, hiking and biking trails and environmental migration.
The Woodlands office submarket is one of Houston’s better performing submarkets, experiencing a robust fourth quarter 2012 with total absorption of 107,932 square feet. Spec office buildings have recently achieved 85 percent occupancy or higher prior to completing construction. For example, both 4 Waterway Square Place (a nine-story, 216,000-square-foot Class A building) and 3 Waterway Square Place (an 11-story, 234,000-square-foot Class A building) preleased to more than 95 percent prior to completion of construction. Total net absorption registered a positive 145,804 square feet in 2012. In addition, total vacancy for the market dropped 5.2 percent overall in the third quarter of 2012 to 4.2 percent in the final quarter of 2012. Class A rental rates in the second quarter of 2012 were $33.07, up 83 basis points from the prior quarter. Similarly, Class B rates increased three basis points to $22.81. Based on the continued decreasing vacancy rates, as well as continued increasing rental rates, The Woodlands projects to be a landlord favorable market for the year 2013. Several high-profile projects are under construction, including: • ExxonMobil Corp. is currently developing a 385-acre site along Interstate 45 and Spring Creek. The site will serve to consolidate all upstream Houston ExxonMobil …
HOUSTON — RLJ Lodging Trust has acquired the historic Humble Oil Building, a three-tower complex that occupies an entire city block in downtown Houston, for $79.5 million. The purchase price equates to approximately $151,000 per key, based on a combined forward room count of 528 keys. The Humble Oil Building consists of an 82-room apartment tower that will be converted to a 166-room SpringHill Suites, as well as two existing hotels. The hotels include the 191-room Courtyard Houston Downtown Convention Center and the 171-room Residence Inn Houston Downtown Convention Center. RLJ Lodging purchased the buildings with its revolving credit facility. The new SpringHill Suites is scheduled to open in mid-2015.
WILMER, TEXAS — CenterPoint Properties has broken ground on ACE Hardware's new 450,000-square-foot, build-to-suit facility in the Sunridge Business Park in Wilmer. ACE Hardware will lease the property for 10 years upon its completion. CBRE represented ACE Hardware in its lease transaction. The facility is slated for a February 2014 completion.