HOUSTON — The nine-story Intercontinental Center Office Building, a property sitting on 5.14 acres and has 198,090-square-feet of rentable space in Houston, has recently been acquired. The buyers formed 15600 JFK Houston Partners, LLC in order to purchase the property, and they plan on making capital improvements to the facility.
HOUSTON — W&T Offshore, Inc., an oil and natural gas company, has renewed its lease for 71,289 square feet of office space at Nine Greenway Plaza, located in Houston’s Greenway Plaza complex. Warren Savery and Bubba Harkins of Crescent Real Estate negotiated the lease on behalf of the landlord, Crescent Crown Nine Greenway SPV LLC, and CB Richard Ellis’ Charles Gordon and Ron McWherter represented W&T.
HOUSTON — Westchase Corporate Park, a 177,000-square-foot business park comprised of 13 buildings in Houston, has received $7 million in acquisition financing on behalf of AF Westchase LLC, a joint venture between Adler Real Estate Fund and TriGate Capital. Howard Taft and Charles Penan of Aztec helped arrange the funding. Westchase Corporate Park is 85 percent occupied with tenants like Honeywell, Western Geophysical, Men’s Wearhouse, MI Swaco, BMC Software, American Express, GE Capital and JP Morgan Chase.
GARLAND — Firewheel Market, a specialty retail center at the front of Firewheel Town Center mall in Garland, has added eight new tenants. Steve Gray and Grant Gold of The Weitzman Group handled negotiations for the landlord. The new tenants include: Firewheel Salons — 7,772 square feet Massage Envy — 3,524 square feet AAA Texas — 3,424 square feet (Weitzman’s Earl Harris represented AAA Texas) Dallas Metroplex Endodontics — 1,912 square feet Batteries Plus — 1,577 square feet Granny’s Playhouse — 1,482 square feet Merle Norman — 1,324 square feet (Weitzman’s Christopher Young represented Merle Norman) Al’s Formal Wear — 1,250 square feet (Weitzman’s Gold represented Al’s Formal Wear)
CARROLLTON — Mayfield Properties has purchased a 166,000-square-foot manufacturing facility at 2101 W. Beltline Rd. in Carrollton that is 100 percent leased to Tube Forming, Inc. The property is a part of the Valwood Industrial Park and features precast concrete tilt walls, 36-foot tall ceilings, a sprinkler system, 15,570 square feet of office space and two truck doors. Binswanger’s Holmes Davis represented the seller, Wolverine Tube, Inc. in the transaction.
FRISCO — Wade Crossing Apartments, a 336-unit multifamily community at 9399 Wade Blvd. in Frisco, has received $17.9 million in first mortgage financing from NorthMarq Capital. NorthMarq’s Greg Duvall arranged the financing based on a 7-year term and a 30-year amortization schedule with NorthMarq’s seller-service relationship with Freddie Mac.
ALLEN — Eleven new tenants have joined The Village at Allen, a component of a 400-acre mixed-use development located at the intersection of U.S. Highway 75 and Stacy Road. Dallas-based The MGHerring Group developed the mixed-use property, which totals an aggregate 3 million square feet of commercial property. The new tenants comprise more than 35,000 square feet of retail space, including: Metro PCS, 1,115 square feet Pier 1 Imports, 10,416 square feet Rudy’s Bar-B-Q, 5,000 square feet Al’s Former Wear, 1,267 square feet Bliss Cupcakes, 1,265 square feet Barbeques Galore, 4,893 square feet Smoothie King, 1,321 square feet Raising Cane’s, 3,530 square feet Sprint, 2,449 square feet Bicycles Plus, 5,100 square feet Sun’s Tailor, 931 square feet
DALLAS — Granite Properties, Inc. has purchased a 240,088-square-foot Class A office building at 3333 Lee Pkwy. in the Turtle Creek submarket of Dallas. The property is more than 90 percent leased and sits across from Lee Park. CB Richard Ellis' Gary Carr, Russell Ingrum, Eric Mackey, Josh McAtor and Jack Fraker represented the seller, La Jolla, Calif.-based Equastone.
BELTON — SHW Group has completed construction of South Belton Middle School, a 149,346-square-foot facility that serves the Belton Independent School District's sixth- through eighth-graders. SHW constructed the classrooms into grade-level pods with four classrooms clustered around a community multipurpose flex space. The classrooms feature glass walls, and the school's corridors and stairways feature 7-foot high marker boards for interactive lessons outside the classroom. The facility includes sustainable features, including a highly reflective white roof, south-facing windows, smart walls and daylight controls. Funding for construction came from residents voting for a $29 million bond.
DENTON — The Denton City Council has approved a $9.5 million Economic Development Program Grant Agreement for MGHerring Group and Cencor Realty Services for the redevelopment of Golden Triangle Mall at 2201 Interstate 35 E. in Denton. MGHerring and The Weitzman Group, an affiliate of Cencor, have been jointly leasing the mall since September 2010, and Cencor currently manages the property. MGHerring and Cencor have decided to form a joint venture known as GTM Development, Ltd. for the purchase/redevelopment of the mall. The $9.5 million grant is a piece of the $60 million expected for the redevelopment's total cost. The 765,000-square-foot mall is anchored by JC Penney, Dillard's, Macy's and Sears, and it houses tenants such as Ross Dress for Less, Hollister, Barnes & Noble, DSW, American Eagle, Aeropostale, Bath & Body Works, Victoria's Secret, The Limited, El Chico and Starbucks. The redevelopment will include a new exterior facade, redesigned entrances, updated tenant storefronts, new food court, new tenants, new flooring, new interior amenities (benches, landscape, fixtures, directories) and new exterior and interior graphics and lighting. The renovations are slated to be finished in time for a grand re-opening in fall 2012.