HOUSTON — Marcus & Millichap has arranged the $3 million sale of the 76-room Interstate Motor Lodge Houston, a hotel located at 13213 Interstate 10 E in Houston. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap's Houston office represented the seller and procured the buyer in the transaction.
FARMERS BRANCH — Copart has plans to move its corporate headquarters from California to 53,126 square feet of office space in Centura Tower One, an office building located on the corner of Spring Valley and Dallas North Tollway in Farmers Branch. Dallas-based Minerva Real Estate represented the tenant in the lease transaction.
HOUSTON — Houston-based ICO Commercial has arranged a 33,260-square-foot lease of showroom and warehouse space, located at 9503 and 9505 Harwin Dr. in Houston. Los Angeles-based Discount King leased the property from the undisclosed landlord. Larry Indermuehle and Jane Holloway represented the landlord in the lease transaction.
COLLEYVILLE, MCKINNEY, MESQUITE AND VICTORIA — Dallas/Fort Worth-based Venture Commercial Real Estate has facilitated the sales of a standalone Market Street store, Stonebridge Ranch shopping center, Northcross Shopping Center and Galloway Crossing for approximately $41.8 million. Canada-based RioCan purchased the 72,617-square-foot standalone Market Street store, located in Colleyville, and the 88,552-square-foot Stonebridge Ranch shopping center, located in McKinney. RioCan purchased the retail properties from Uhlmann Offices for $29.9 million. John Zikos, Easley Waggoner, Amy Pjetrovic-Hunnicutt and Chris Booras of Venture Commercial represented the seller in the transaction. Sterling Organization will manage both properties. December Galloway LLC purchased the 59,425-square-foot Galloway Crossing, located at 2110 N. Galloway Ave. in Mesquite. The shopping center is 85 percent leased to tenants including H&R Block, Sylvan Learning Center and Dollar General. Chris Corbin and Bob Moore of Venture Commercial represented the buyer in the transaction. The seller was a special servicer. Venture Commercial will handle the leasing and management of the retail property. Dunhill Partners has purchased the 165,522-square-foot Northcross Shopping Center, located at 5201 Navarro St. in Victoria, from ANB Assets. Zikos and Booras represented the seller in the transaction. Nelson Billups and Alan Mann of Venture Commercial represented the buyer.
HOUSTON — Satterfield & Pontikes Construction (S&P) has completed the $9.4 million construction of a 52,600-square-foot building and a 9,500-square-foot gymnasium for Henry W. Grady Middle School, located at San Felipe Street and Sage Road in Houston's Galleria area. The addition includes classrooms, science labs, a commons area, a library, clinic, administrative offices, a music room, a theater and special education centers. Gensler provided architectural services for the project and Rice & Gardner Consultants served as the program manager.
SAN ANTONIO — Gold's Gym International has purchased 11 Spectrum Athletic Club locations in the San Antonio area. All 11 facilities will be rebranded under the Gold's Gym name but all Spectrum memberships will be honored. The acquisition brings the number of Gold's Gym locations in San Antonio to 20.
KATY — Dallas-based Main Event Entertainment has plans to open the 54,000-square-foot Main Event Katy, an entertainment destination that will be located in the 129-acre Katy Ranch Crossing in Katy. The new location will be the 11th Main Event and will feature bowling lanes, an indoor rope course, laser tag and an arcade. Katy Ranch Crossing is expected to commence construction in the first quarter of this year, and Main Event Katy is slated to open in late 2012.
CORSICANA — The Silver Group has brokered the sale of an approximately 3,000-square-foot Jack in the Box restaurant, located in Corsicana. Barry Silver of The Silver Group represented the buyer, an investor, in the transaction. Nick Farris of Marcus & Millichap's Dallas office represented the undisclosed seller.
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 …
GREGORY — Corpus Christi-based Ewing Construction Co. has been selected for the $30 million, Phase I contract of the 200,000-square-foot TPCO Pipe Finishing Facility, an industrial property located at the intersection of State Highways 35 and 361 in Gregory. The design-build team includes architect KE Group, civil and structural engineer CSF Engineers and MEP engineer Dawson Van Orden Engineering. Construction on the 200-acre site is slated to begin this month and finish January 2013. The owner of the property is Tianjin, China-based Tianjin Pipe Corp., which is reportedly investing $1 billion in the Coastal Bend Region of the U.S. The new facility is the first project of the investment, which is projected to be the largest single investment ever by a Chinese corporation in the U.S.
