Texas

H-E-B TO ANCHOR NEW CREEKSIDE PARK VILLAGE CENTER

by admin January 18, 2013

THE WOODLANDS, TEXAS — The Woodlands Development Co. (TWDC), a subsidiary of The Howard Hughes Corp., has signed an agreement with H-E-B to be the anchor grocery store for the new Creekside Park Village Center, a 100-acre mixed-use development located on Kuykendahl Road between Creekside Forest Drive and Creekside Green Drive in The Woodlands. The neighborhood center will include a tree-lined park with a water feature, a 4,300-square-foot glass-walled restaurant, 52,000 square feet of retail space and 28,000 square feet of office space. Pad sites will also be available for a drug store anchor and other retail and office tenants. Jake Baker of Riverway Retail represented H-E-B in the lease transaction. Todd Edmonds and Bob Parsley of Colliers International represented TWDC. The Creekside store will be H-E-B's fourth location in The Woodlands.

January 18, 2013

NORTHMARQ ARRANGES $39M BRIDGE LOAN FOR OFFICE CAMPUS

by admin January 18, 2013

SAN ANTONIO — NorthMarq Capital has secured a $39 million bridge loan for the 16-property Brass Professional Center, a 759,341-square-foot office campus in San Antonio. Major tenants at Brass include Aetna, MCNA, Santa Rosa, Harris Connect and QTC. Bryan Leonard of NorthMarq's San Antonio office and William Luedemann of NorthMarq's Houston office arranged the loan through a life insurance company lender.

January 18, 2013

Hospitality Texas

M&M BROKERS SALE OF TWO HOTELS

by admin January 18, 2013

BAY CITY AND HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of a 120-room Best Western in Bay City and a 70-room Hampton Inn & Suites in Harlingen. Best Western is located at 407 Seventh St. and the Hampton Inn & Suites is located at 1202 Ed Carey Drive. The Hampton Inn & Suites had a list price of $7.1 million. Michael Yu and Rahul Bijlani, senior directors of Marcus & Millichap's National Hospitality Group in Houston, represented the sellers in both transactions. A bank sold the Best Western and a limited liability company sold the Hampton Inn & Suites. Eric Guerro of Marcus & Millichap's Houston office assisted Yu and Bijlani in the sale of the Best Western. Yu and Bijlani also secured and represented the buyers. A private investor purchased the Best Western while a limited liability company purchased the Hampton Inn & Suites. Tyler Bean of Marcus & Millichap's Fort Worth office assisted Yu and Bijlani in representing the Best Western buyer.

January 18, 2013

Multifamily Texas

ESTANCIA AT RIDGEVIEW RANCH IN PLANO SELLS

by admin January 18, 2013

PLANO, TEXAS — The Praedium Group and Dallas-based Price Realty Corp. has sold Estancia at Ridgeview Ranch, a 500-unit multifamily community located in Plano. A private buyer purchased the community after a 13-month holding period. The sellers stabilized Estancia at Ridgeview Ranch and improved revenues by 10.9 percent before the sale.

January 18, 2013

Multifamily Texas

HUFFINES BEGINS PHASE II OF HEBRON 121 STATION

by admin January 17, 2013

LEWISVILLE, TEXAS — Huffines Communities has kicked off construction of Phase II for Hebron 121 Station, a 90-acre in-fill, multifamily community located in Lewisville along Interstate 35 East and State Highway 121. The property is also adjacent to the Denton County Transit Authority Rail Station. Phase II will include adding 444 residential units, a resort-style pool complex, 14,000-square-foot clubhouse, village greens and an expansion on the existing lakefront boardwalk. Phase I of the development is currently 98 percent occupied. The project is scheduled for a late summer 2014 completion. Full completion of Hebron 121 Station is slated for 2018. Additionally, the City of Lewisville will fund and construct a bridge to form the main entrance to the community. The City will be reimbursed by the 427-acre Tax Increment Financing (TIF) zone that includes Hebron 121 Station. MUSA Financial d/b/a Mortgages USA has provided financing for the project through the HUD 221(d)(4) Multifamily Mortgage Insurance program, in addition to the Government National Mortgage Association Mortgage-Backed Securities program. Other firms involved in the development of Hebron 121 Station include Humphreys and Partners, Graham Associates, TBG Landscape Partners, Jordan Skala Engineering, Integrity Structural, HPA Design, CF Jordan Construction and Pinnacle Property Management.

January 17, 2013

Retail Texas

UCR BROKERS $36.9M SALE OF TWO SHOPPING CENTERS

by admin January 17, 2013

GRAND PRAIRIE AND FORT WORTH, TEXAS — UCR Investment Sales has arranged the sale of Carrier Towne Crossing in Grand Prairie and Southwest Crossing in Fort Worth for $36.9 million. Carrier Towne Crossing is an 89,873-square-foot center that includes Target, Home Depot, Party City, Chase Bank, Chick-fil-A and Starbucks on its tenant roster. Southwest Crossing spans 113,528 square feet and includes tenants such as Lowe's, Kohl's, Best Buy, Garden Ridge, PetSmart, Cavender's and Lifeway Christian Store. The two shopping centers were part of a five-property portfolio sold on behalf of Retail Properties of America.

January 17, 2013

Industrial Texas

CBRE NEGOTIATES SALE OF 241,564 SF INDUSTRIAL FACILITY

by admin January 17, 2013

AUSTIN, TEXAS — CBRE Austin has arranged the sale of a 241,564-square-foot, single-tenant industrial property, located at 4501 Burleson Road in Austin. The triple-net leased asset is occupied by Stock Building Supply. The property is located on a 30.39-acre lot and includes an office building, two manufacturing warehouses and three bulk warehouses. Walter Saad and Cathy Nabours of CBRE's Private Capital Group in Austin, along with Greg Marberry of CBRE's Industrial Group in Austin, represented the seller, Calcasieu Real Estate Holdings, in the transaction. Austin-based Capital Commercial Investments Inc. purchased the property.

January 17, 2013

Office Texas

TRANSWESTERN ARRANGES SALE OF AUSTIN OFFICE PROPERTY

by admin January 17, 2013

AUSTIN, TEXAS — Transwestern has brokered the sale of the 123,513-square-foot Travis Oaks at Southwest Parkway, a Class A office property located at 5113 Southwest Parkway in southwest Austin. The three-story property is 93 percent leased. Hale Umstattd, Leah Gallagher, Mike Hardage and Steve Simon of Transwestern represented the seller, TR Travis Oaks Corp., in the transaction. The buyer was Cornerstone Real Estate Advisors.

January 17, 2013

Industrial Texas

BRADFORD BROKERS 203,289 SF INDUSTRIAL LEASE

by admin January 17, 2013

FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has arranged a 203,289-square-foot industrial lease at Railhead Industrial Park, located at 421-441 Railhead Drive in Fort Worth. The tenant, Quorum International, a Fort Worth-based specialty lighting company, has renewed and expanded its initial lease and will consolidate its national distribution center in the facility. Nick Talley and Karen Simon of Bradford represented the tenant in the lease transaction. Sun Life Assurance Co. owns the facility.

January 17, 2013

Office Texas

PREI ACQUIRES 2000 ST. JAMES PLACE

by admin January 16, 2013

HOUSTON — Principal Real Estate Investors (PREI), one of the largest institutional real estate managers in the U.S., has acquired 2000 St. James Place, a 335,000-square-foot office building in Houston's Galleria submarket. The office building is fully leased to Weatherford International. PREI purchased the property on behalf of a consortium of South Korean Investors, including Korean Federation of Community Credit Cooperatives, Korea Scientists and Engineers Mutual-Aid Association and Simone Investment. The managing member of the South Korean investment group is represented by Simone Investment. The selling group was led by CORE Real Estate. Woori Asset Management is the South Korean onshore asset manager and PREI is the acting U.S. asset manager. CBRE Group helped broker the transaction.

January 16, 2013

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