HOUSTON — Wood Partners has plans to develop the $32.4 million Alta Woodlake Square, a 256-unit multifamily property located at 2630 Tanglewilde St. in Houston's Westchase District. The new development will be built adjacent to the Woodlake Square shopping center, and every apartment unit will feature granite countertops, stainless steel appliances, under-mount sinks, subway tile backsplashes, vinyl flooring and a washer and dryer. The apartment community will have amenities such as a zero-entry pool, barbecue grills, an outdoor kitchen with a TV, a water fountain, a fitness center and a clubroom with a kitchen/bar area. The property's leasing will begin in March 2013 and tenants can move in starting in June 2013.
HOUSTON — Houston-based CyrusOne has completed the 30,000-square-foot expansion of the Houston Data Center, located at 5555 San Felipe St. in Houston. The property is certified LEED Silver and is located adjacent to an existing data center owned by CyrusOne.
HURST — Dallas/Fort Worth-based Venture Commercial has arranged the sale of a 24,463-square-foot distribution center, located at 770 W. Bedford Euless Rd. in Hurst. Chris Corbin of Venture represented the buyer, Armstrong McCall, in the transaction. Hank Gaines of Dallas-based Gaines Real Estate Co. represented the seller, FOCI Corp.
HOUSTON — The Woodlands-based BANDIER Realty Partners has brokered the sale of a 15,000-square-foot industrial building, located in the Interbelt North Business Center in Texas. Jody Czajkoski and Jason Tangen of BANDIER represented the buyer, J&J Sales, in the transaction. Mike Spears of Houston-based The National Realty Group represented the seller, Sammy Satoru Watanbe Revocable Living Trust.
PLANO — Newport Beach, Calif.-based KBS Realty Advisors, through its KBS REIT, has signed Milpitas, Calif.-based Linear Technology Corp. to a 8,387-square-foot lease renewal, located in the Plano Corporate Center II at 2201 & 2301 W. Plano Parkway in Plano. Justin Miller of Transwestern's Dallas office represented KBS REIT in the lease negotiations.
The Houston retail market experienced modest improvement in 2011 as the area economy began to shake off the effects of the national recession with strong local job growth and reasonably steady, if not particularly noteworthy, housing starts. Positive retail space absorption of 2.8 million square feet combined with only 1.2 million square feet of new construction resulted in a decline in the overall retail vacancy rate from 7.1 percent in the first quarter of 2011 to 6.7 percent at year-end. However, average quoted rental rates edged down slightly from $14.51 per square foot in the first quarter to $14.35 per square foot in the fourth quarter. Although the retail statistics for the past year aren’t terribly compelling on their own, they are more encouraging in the context of the regional economy in the sense that retail leasing and development activity generally lags the overall economy. The national recession hit Houston in full force in September 2008. The area lost 152,800 jobs through January 2010. In February 2010, Houston began to create new jobs again, and by October 2011, Houston had regained all the jobs lost during the recession. The Greater Houston Partnership projects that the Houston metro area will add …
MIDLAND, ODESSA AND LONGVIEW — Phoenix-based Pivotal Group Inc. has purchased 21 apartment communities located in Midland, Odessa and Longview, totaling more than 3,200 units. Pivotal acquired the properties through a joint venture with an institutional investor. Justin Lanne and Sandy Alter of Grubb & Ellis' Tucson, Ariz., office represented the seller, TRA Midland Properties, in the off-market transaction. Arbor Commercial Mortgage arranged the assumption of existing Fannie Mae debt. Pivotal plans to renovate the properties with upgraded interiors, pools and clubhouses. Orion Residential Management will provide property management services for the communities.
THE WOODLANDS — The 234,000-square-foot 3 Waterway Square Place, an 11-story office building currently being constructed in The Woodlands Town Center on the corner of Lake Robbins and Woodloch Forest drives in The Woodlands, has signed lease agreements with two tenants. Waste Connections Inc. has signed a 49,929-square-foot lease agreement and Nexeo Solutions has increased their 64,046-square-foot lease to 106,710 square feet. The building was designed by Boston-based Elkus Manfredi and is slated for early 2013 completion. The Woodlands Development Company, a division of The Howard Hughes Corporation, secured $43.3 million in construction financing through Texas Capital Bank. Robert Parsley and Norman Munoz of Colliers International's Houston office represented The Woodlands Development Company in the lease transactions. Jason Whittington of NAI Houston represented Waste Connections, and Dan Bellow, Beau Bellow and Diana Dunlap of Jones Lang LaSalle's Houston office represented Nexeo Solutions.
HOUSTON — Rosemont Realty has selected Toronto-based Avison Young to oversee marketing and leasing of 606,899 square feet of office space in Houston. The properties include the 226,585-square-foot Kirkwood Atrium Office, located at 11767 Katy Freeway; the 179,485-square-foot Paragon Center One, located at 450 Gears Road; the 114,511-square-foot Westwood Plaza I, located at 9301 Southwest Freeway; and a 86,317-square-foot property, located at 12621 Featherwood Drive.
AUSTIN — The Weitzman Group has brokered the sale of a 4,229-square-foot retail center, located at 2310 S. Lamar in Austin. The historic specialty retail center includes tenants such as Casita Taco, Irie Bean Coffee Bar, Diablo Rojo Piercing, Rock of Ages Tattoo and Austin Laser Clinic. The property also features outdoor patio and stage space. Brad Bailey of The Weitzman Group's Central Texas and The Valley office and Logan Reichle of the firm's Austin office represented the seller, an Austin-based partnership, in the transaction. The buyer was undisclosed.