For years El Paso was thought of as a sleepy little outpost in far West Texas on the Mexican border. Many people from the rest of the state knew little about the city, and thought it well suited to be part of New Mexico. The economy was always fairly stable especially in the commercial real estate sector. There was never boom nor bust, just steady growth fueled internally. Arguably the biggest things to happen in El Paso were the construction of Interstate 10 and the Sun Bowl. That was of course until recently with the opening of the Texas Tech School of Medicine, and explosive growth at Fort Bliss. The Army post is in the last phases of a $4.5 billion expansion. That does not include a $1.5 billion, 250-acre Army medical campus, and VA Hospital that recently broke ground. It is estimated that Ft Bliss’s population will expand by 40,000 troops and their families during the next few years. In spite of the economic downturn, El Paso’s future is as bright as ever. It has received many national accolades. Forbes Magazine recently ranked the city as having the 2nd best performing economy nationally in 2011. El Paso is the …
SCHERTZ — San Antonio-based 4M Realty Co. has brokered the sale of a 386,000-square-foot industrial property, located at 1150 Schwab Road in Schertz on a 42-acre lot. Michael Weiss and Nick Prater of 4M represented the seller, City Bank Texas, in the transaction. John McMillan of San Antonio-based First American Commercial Property Group represented the buyer, Salof Properties.
HOUSTON — Cadence McShane has been selected to build the 90,000-square-foot Dogan Scott Elementary School, located at 4202 Liberty Road in Houston, on behalf of the Houston Independent School District. The new school will consolidate the former Scott and Dogan elementary schools into a single establishment. The new school will feature 40 classrooms, science labs, a full-service kitchen, a cafeteria and administrative offices. Cadence McShane will also complete the sitework, landscaping, playground areas and an 85-space parking lot. ESPA CORP is providing architectural services for the project, which is slated for a spring of 2013 completion.
HOUSTON — NAI Houston has arranged the sale of a 26,000-square-foot industrial building, located at 80 White Road in Houston. Clay Pritchett of NAI Houston represented the seller, Martinez A&M Investments, in the transaction and procured the undisclosed buyer.
MCALLEN — Palio Partners has commenced construction on an 8,500-square-foot retail property, located on a 1.33-acre lot called Renaissance Point at 1304 E. Expy. 83 in McAllen. Dallas-based Genghis Grill will occupy 4,500 square feet of the retail property and the remaining space is available for leasing. Greg Blandford of Dallas-based Position Property Group represented Genghis Grill in the lease transaction. This will be Genghis Grill's 95th location and it is slated to open in August 2012.
HOUSTON — Colliers International has brokered the sale of a portfolio of nine restaurants net leased to Burger King in the Houston area. Marshall Clinkscales and Bill Byrd of Colliers International's Houston office represented the seller, Gramdale, in the transaction. The buyer was Global New Millennium Partners.
HOUSTON — ARA has arranged the sale of a 726-acre land tract, located along Interstate 10 in west Houston, on behalf of Houston-based BBVA Compass Bank. Tim Dosch and David Marshall of ARA's Houston office represented the seller, a locally-based global financial institution, in the transaction. The buyer was a foreign national.
VALLEY VIEW — Farmington Hills, Mich.-based Sperry Van Ness/Fortis Net Lease has brokered the sale of the 9,100-square-foot Dollar General, located in Valley View. Robert Bender, Doug Passon and Bryan Bender of SVN/Fortis represented the buyer and procured the seller in the transaction. This is the 15th Dollar General sale that SVN/Fortis has negotiated this year.
TOMBALL — Four D Resources has sold a 33,894-square-foot warehouse, located at 23540 Coons Rd. in Tomball, to Kiss Real Properties. Ron Roberson and Bill Ginder of Caldwell Cos.' Houston office represented the seller in the transaction. Greg Degeurin of Houston-based Degeurin Realty represented the buyer.
HOUSTON — HFF has arranged the sale of two multi-tenant office buildings, located in Houston's Greenspoint submarket, totaling 395,424 square feet. The buildings include the 213,777-square-foot 333 North Sam Houston Parkway East, which is 72 percent leased, and the 181,647-square-foot 10700 Interstate 45 North, which is 47 percent leased. Dan Miller and Martin Hogan of HFF's Houston office represented the undisclosed seller in the transaction. Irvine, Calif.-based The Khoshbin Company purchased the properties.