HOUSTON — Griffin Capital Essential Asset REIT Inc. has purchased a 149,700-square-foot, Class A office building in Houston's Energy Corridor for $48.7 million. The property is fully leased, with 97 percent of the building leased to Schlumberger Technology Corp., a subsidiary of Schlumberger Limited. The office building serves as Schlumberger Limited's base for its Financial Hub operations.
MCALLEN AND EL PASO, TEXAS — Hager Pacific Properties, a privately owned real estate investment firm, has acquired a portfolio of 16 industrial buildings totaling more than 800,000 square feet in McAllen and El Paso. Hager Pacific purchased the distressed portfolio from CIII Capital Partners for approximately $17 million in an all-cash transaction. Hager Pacific partnered with Ben Medetsky and Jack Polatsek of Interra Capital Group in the acquisition. Eleven of the properties are located in McAllen and five in El Paso.
AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Austin View Apartments, a 256-unit multifamily community located at 1911 Willow Creek Drive in Austin. The property includes two pools and a fitness center. The new owner plans to renovate the community, which was built in 1971. George Deuillet of Hendricks-Berkadia's Austin office helped coordinate the sale on behalf of the buyer.
HOUSTON — Finial Group has arranged the sale of a 109,620-square-foot, crane-served manufacturing facility, located at 525 McCarty St. in Houston. Ross Thomas and Reed Vestal of Finial Group represented the seller, Elbi of America, in the transaction.
ANGLETON, TEXAS — Dougherty Mortgage LLC, an approved Fannie Mae DUS lender, has arranged a $4.4 million refinancing loan for Westport Apartments, a 152-unit multifamily affordable housing complex in Angleton. Dougherty Mortgage's Austin office arranged the seven-year, adjustable rate mortgage loan on behalf of the borrower, Westport Apartments LP.
GRAND PRAIRIE, TEXAS — Michigan-based Encore Floral Inc. is doubling the size of its current distribution center by expanding to the 22,663-square-foot ProLogis GSW 33, located at 1097 Ave. R in Grand Prairie. The company's current distribution center is located in Pinnacle Park in Dallas. Brian Pafford of Bradford Commercial Real Estate Services represented the tenant in the lease transaction. Denver-based ProLogis was self-represented by Jon Sorg. Encore Floral is a national fresh flower bouquet-maker for supermarkets.
SAN ANTONIO — Marcus & Millichap has received the exclusive listing for Bandera Commons, a 240-unit apartment complex in San Antonio. The property is being offered on a price to be determined by the market, according to Marcus & Millichap. Joe James, Kent Myers and Reynold Toepfer of Marcus & Millichap's Austin office are representing the seller, a private investor, in the transaction. The complex is located at 8120 Mainland Drive, adjacent to Leon Creek Greenway, a 15-mile recreation trail. The property is 97 percent occupied. The community was built in 2002 on an 11-acre parcel and includes a swimming pool, heated spa, business center, 24-hour fitness center and a laundry facility.
COPPELL, TEXAS — Duke Realty Corp. has signed lease agreements totaling 224,105 square feet with two companies in its Freeport North development in Coppell. Freeport North is a 13-building industrial campus. CID Resources Inc., a medical apparel provider, has leased 114,105 square feet of space in Freeport VI, located at 601 S. Royal Lane. Norwex USA Inc., a Norwegian-based company specializing in reduced-chemical household and personal care products, leased 110,000 square feet in Freeport XIV, located at 800 W. Bethel Road. Duke Realty was self-represented in both transactions by Randy Wood. Ryan Boozer of Mercer Co. represented CID Resources, and Sharron Morrison and Brad Struck of Transwestern represented Norwex.
DALLAS — The Connor Group, a Centerville, Ohio-based real estate investment firm, has closed the sale of The Reserve at Galleria, a 301-unit apartment community in Dallas. The Connor Group owned and operated the community for seven years before selling to FPG Reserve at Galleria. The Connor Group now owns approximately $1.5 billion in assets and owns and operates eight properties in Texas — five in Dallas and three in Austin. The firm has sold seven properties since December.
DICKINSON, TEXAS — Marcus & Millichap has arranged the sale of the 16,524-square-foot Bay Colony Center I, a shopping center located at 660 FM 517 W. The shopping center had a list price of $2.8 million. Justin Miller of Marcus & Millichap's Houston office represented the seller, a Houston-based developer, in the transaction. The buyer, a private investor from California, purchased the shopping center in a 1031 exchange.