HOUSTON — Isolatek International has leased a 25,000-square-foot office building at 502 S. Main St. in Houston's Galena Park. Clay Peebles of Boyd Commercial represented Isolatek, while Doyle Toups and Jim Autenreith of NAI Houston represented the landlord, Valley Plaza Donaho.
HOUSTON – Heritage Plaza, a 53-story, 1.2 million-square-foot office trophy tower in downtown Houston, will be sold to Brookfield Office Properties for approximately $325 million. Atlanta-based Goddard Investments is selling the property to New York-based Brookfield after dealings with San Antonio-based USAA Real Estate didn’t transpire. Located at 1111 Bagby St. in the central business district, Heritage Plaza was acquired by Goddard Investments in July 2005 for $121 million. Goddard improved the building’s occupancy from 45 to 89.5 percent with the addition of tenants like Deloitte and EOG Resources at 292,000 square feet and 252,000 square feet respectively. The transaction with Brookfield would mark the city’s second highest price ever paid for an office building, only behind the sale of the Bank of America Center in August 2007 for $367 million.
REAGAN COUNTY – The University of Texas System’s Board of Regents has agreed to a 10-year, $30 million land lease with Spinning Star Energy for a West Texas wind farm. One hundred and fifty wind turbines will be constructed across 18,000 acres of UT System land in Reagan County. The university system will cut its energy consumption by 16 percent and proceeds from the agreement will go to the Available University Fund for the UT System as well as the Texas A&M University System.
WEBSTER — A 45,000-square-foot Ashley Furniture store has opened at Baybrook Gateway, located at the southeast corner of Interstate 45 and West Bay Area Boulevard in Webster. Clint Schroff of Austin-based Retail Endeavors Group represented Ashley Furniture, while Stephen Swope of Centro Properties Group represented Centro, owner of Baybrook Gateway, in the transaction.
HOUSTON — Situs has represented the Bankruptcy Trustee in the sale of Gramercy Park Condominiums, a luxury mid-rise multifamily asset in the Medical Center submarket of Houston. Constructed in 2005 and 2006, Gramercy Park was financed by 230-plus individual investors. Later in 2006, various entities which controlled servicing rights to the property initiated a series of bankruptcies with Asset Resolution, an affiliate of Silar Advisors, and the property was foreclosed on in late 2008 with 220 units unsold. An auction was conducted this September in which Situs negotiated terms with the stalking horse bidder, Alliance Realty Partners, which ultimately closed on the property. Martin Bronstein, David Malev, Randall Tuller, Maury Bronstein and John Wall, Jr. led the Situs team in the transaction.
SAN ANTONIO — Institutional Property Advisors (IPA), a Marcus & Millichap company, has brokered the sale of Estates at Canyon Ridge, a 270-unit luxury apartment complex located at 20614 Stone Oak Pkwy. in San Antonio. Will Balthrope and Ryan Epstein represented both the buyer, the Connell real estate family, and the seller, Asset Plus. Developed in 2007 by Asset Plus, the units at the Estates at Canyon Ridge average 1,200 square feet, and include private ground-level entrees and a private, direct-access garage for each unit. The 322,963-square-foot multifamily property is part of the Stone Oak master-planned community.
PORTLAND — A 4,000-square-foot Hibbett Sports has opened at Northshore Plaza, located at the intersection of Highway 181 and Lang Road in Portland. Dale Davison of Centro Properties Group represented the company, the owner of the retail center, in the lease transaction with Hibbett Sports.
WICHITA FALLS — Santa Fe Village, a 61-unit apartment community located at 2006 Santa Fe St. in Wichita Falls, has been sold to a private investor in an all-cash transaction. Built in 1972, the multifamily property consists of five two-story buildings on a 1.44-acre lot that house studio, efficiency, one-bedroom, two-bedroom and three-bedroom units. A California-based family trust, represented by Boyan Radic of Marcus & Millichap's Fort Worth office, sold the property. Peter Flis of Marcus & Millichap's Sacramento, Calif., office represented the private investor, who plans to upgrade the property's exterior appearance.
DESOTO — South Point Apartments, located at 1021 Pecan Crossing Dr. in DeSoto, has sold to Austin-based South Point Partners of Texas. Constructed in 1985, the multifamily property consists of 32 studio, 72 one-bedroom and 24 two-bedroom units. LNR Texas Partners, a Texas limited liability company, sold the property and was represented by Peter Hartnett of Hendricks & Partners Dallas office.
FORT WORTH — John Burke of NorthMarq Capital's Houston office has arranged first mortgage financing of $6.5 million for Stockyards Center, a 102,910-square-foot, grocery-anchored shopping center located at 201 N.E. 28th St. in Fort Worth. A long-term, fixed-rate loan was arranged for the borrower, Houston-based United Equities, through NorthMarq's correspondent relationship with Aetna.