LEWISVILLE, TEXAS — IDI has closed a 50/50 joint venture with IIT for the development of Valley Parkway Distribution Center, a 529,155-square-foot cross-dock industrial property located in Lewisville. The property will be located in the Dallas-Fort Worth International Airport submarket. Construction is slated for an August 2013 completion.
FORT WORTH, TEXAS — Midtown Medical, a 60,000-square-foot medical office property, has broken ground at the corner of West Rosedale and Forest Park Boulevard in Fort Worth's Medical District. The medical office property is a component of Midtown, a mixed-use development project that includes Southwest Bank, Hilton Garden Inn and the site of the new Homewood Suites by Hilton, which is set to open this summer. Raymond Management Co. is the developer of Midtown. Sarah Teel of San Antonio-based MSL Investments is handling pre-leasing responsibilities for Midtown Medical.
PARIS, TEXAS — Binswanger has arranged the sale of a single-story, 311,000-square-foot manufacturing and distribution center, located at 2320 Loop Highway 286 NW in Paris. The buyer, We Pack Logistics LP, is a full-service third-party logistics firm. Kipp Collins of Binswanger's Dallas office represented the seller, General Foam Plastics Corp., in the transaction.
CYPRESS, TEXAS — ARA has brokered the sale of the 273-unit Greystar Cypress Village, an apartment community located in Cypress, a suburb of Houston. The apartment community is 97 percent occupied. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA's Houston office represented the seller, Charleston, S.C.-based Greystar, a national multifamily real estate owner, in the transaction. Miami-based Momentum Real Estate Partners, a private equity real estate investment management firm, was the buyer. Greystar Cypress Village is part of Houston's first transit-oriented mixed-use lifestyle development that includes 100,000 square feet of retail space and a 1,500-space parking facility.
DALLAS — Encore Multi-Family LLC has commenced construction of the 288-unit Encore 6162, a four-story apartment development in Dallas' Medical District. The community will feature porte cache, high-end interior finishes, a resort-style swimming pool, fitness center and community gathering areas. The first units available are scheduled for a February 2014 delivery, while final completion is slated for June 2014. Whitney Bank, New Orleans is providing construction financing for the project. There is currently more than $2.5 billion in medical construction projects within two miles of Encore 6162, according to Brad Miller, president of Encore Multi-Family, a subsidiary of Encore Enterprises Inc.
HOUSTON — San Francisco-based Shorenstein Properties has completed the purchase of the 1.2 million-square-foot 800 Bell Street, an office tower located in downtown Houston. The 45-story office tower covers two city blocks and includes a seven-story parking garage. ExxonMobil Corp., the seller, also occupies the building. Shorenstein Properties purchased the property for Shorenstein Realty Investors Ten, a fund formed in 2010 with $1.23 billion in committed capital. Simultaneous with the purchase, ExxonMobil has leased back the entire building into 2015. Shorenstein plans to make upgrades upon ExxonMobil's departure.
IRVING, TEXAS — Newport Beach, Calif.-based KBS Real Estate Investment Trust III has purchased the 364,366-square-foot Tower on Lake Carolyn building, located in the Las Colinas submarket in Irving. The 19-story, LEED-certified office tower features residential, commercial, retail and open space. The property is now 83 percent leased by 42 tenants. The Class A property has received more than $8 million in capital improvements during the past five years. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction.
HOUSTON, DALLAS AND SAN ANTONIO — Global Fund Investments, in a joint venture with Israeli-based The Phoenix, has acquired a 49 percent interest in a 22-property retail portfolio located in Houston, Dallas and San Antonio. The portfolio spans approximately 2.4 million square feet and is predominantly grocery-anchored shopping centers. Investcorp International will retain a 51 percent majority interest in the portfolio, which is 92.5 percent occupied to tenants such as H-E-B, Kroger, Walmart, Tom Thumb and Albertsons.
ODESSA AND MIDLAND, TEXAS — Marcus & Millichap has arranged the $32.6 million portfolio sale of four self-storage facilities located in Odessa and Midland. The four properties include Grandview Self-Storage Center in Odessa, West County Road Self-Storage Center in Odessa, Loop 250 Self-Storage Center in Midland and Midkiff Self-Storage Center in Midland. All four facilities feature climate- and dust-controlled units and are protected by video surveillance, individual door alarms and electronically controlled gate access. Brandon Karr of Marcus & Millichap's Fort Worth office represented the seller, a private developer, in the portfolio transaction. Karr also sourced the buyer, W.P. Carey Inc.
AUSTIN, TEXAS — Summit Hotel Properties, a REIT, has closed on the acquisition of three hotels in Utah, New York and Florida for a combined total of $71.8 million. The hotels include: the 178-room Residence Inn by Marriott in Salt Lake City, Utah, for $20 million; the 122-room Hyatt Place in Long Island, N.Y., for $31 million; the 138-room Hampton Inn & Suites in Tampa, Fla. for $20.8 million. Summit expects to spend a total of $8.8 million on renovations of these hotels. Summit acquired the Hyatt Place hotel and Hampton Inn & Suites from OTO Development, which is based in Spartanburg, S.C. Additionally, Summit has consolidated its executive office to Austin.