AUSTIN AND DALLAS — An affiliate of San Antonio-based USAA Real Estate Co. has acquired a significant interest in two of Gables' Class A multifamily and mixed-use properties in Austin and Dallas. USAA Real Estate Co.'s joint venture with Atlanta-based Gables Residential was executed in January 2011 for a portfolio of Gables' existing Class A stabilized communities and select urban infill ground up developments and acquisition cost of more than $400 million for all interests. The joint venture began construction earlier this year on two ground-up developments: the 333-unit Gables Fairmount community in the Uptown submarket in Dallas and the 281-unit Gables Upper Rock community in Rockville, Md.
HOUSTON — Trammell Crow Co. (TCC), in a joint venture with Principal Real Estate Investors, has purchased a 10-story Class A office building totaling 497,000 square feet located at 20555 State Highway 249 in Houston's Northwest submarket. The building was formerly owned and served as the corporate headquarters for Compaq Computer Corp. and later Hewlett-Packard Co. The acquisition also includes the purchase of an adjacent five-story parking garage and a 3.5-acre development site for future expansion. The joint venture plans a significant renovation program, including renovations and upgrades to lobbies, landscaping, common areas, signage and other aspects of the building. In addition, the ownership plans to seek Energy Star and LEED-EB (Existing Building) certification.
SEAGOVILLE — Cadence McShane Construction Co. has been selected by the Dallas Independent School District (ISD) to complete the new Seagoville North Elementary School. The 106,462-square-foot elementary school will support 810 pre-kindergarten through fifth grade students and will be located on a 14-acre site at 1906 Seagoville Rd. in Seagoville. The facility will be constructed as an environmentally sustainable school. The new school is part of the 2008 Dallas ISD Bond Program, a $1.3 billion, multi-phased capital improvement plan. The program includes the construction of 14 new schools, 13 school additions and miscellaneous efforts to improve technology, science laboratories, meal service and sports complexes.
MESQUITE — LIG Assets, a provider of funding and financing for business real estate projects, has an agreement with HQZ Partners, LP to fund, develop and jointly own a project called Peachtree Towne Center, an estimated $250 million, 60-acre mixed-use medical campus in Mesquite. The agreement includes funding to complete Phase I of the four phase project. The project is subject to an economic development agreement from the City of Mesquite.
HOUSTON — Fugro Properties, Inc., a division of Fugro, a provider for the collection and interpretation of data relation to the earth's surface and sub-surface, has purchased the eight-story, 148,751-square-foot office building known as Southwest Center at 6671 Southwest Freeway in Houston. Fugro was represented by Bob Gulley and Chris Dray of the investment services group of Moody Rambin Interests, while the seller, NHP Houston, was represented by Danny Miller of HFF.
HOUSTON — Westheimer Crossing Shopping Center, a 94,053-square-foot retail center located at the northwest corner of Westheimer and Voss roads in Houston, has sold. Gulf Coast Commercial Group sold the property to Delta Troy Interests Ltd. for an undisclosed price. It was approximately 90 percent occupied at the time of sale to multiple tenants such as DSW Inc., REI and Michaels. Westheimer Crossing Shopping Center is situated approximately 2 miles west of the Galleria submarket and Loop 610 in Houston.
SAN ANTONIO – NorthChase One, a 66,276-square-foot, multi-tenant GSA office building in San Antonio, has sold for $6.6 million. John Abuja and Jason St. John of Marcus & Millichap’s downtown Chicago office and Joshua Swank of its San Antonio office represented the unlisted seller, while Tony Azzi of Marcus & Millichap’s West Los Angeles office represented the unlisted buyer. Located adjacent to the San Antonio International Airport, the property traded at an estimated 9.81 percent cap rate.
TOMBALL – Houston-based Baker Katz, a full-service commercial real estate brokerage firm, has acquired the Four Corners Shopping Center in Tomball. Located at FM 2920 and State Highway 249, the 120,000-square-foot retail center contains a 45,000-square-foot big box vacancy, a former Kroger. Baker Katz plans a major renovation on the center later this year and will seek to re-lease the space. The center is currently 35 percent occupied by tenants Tuesday Morning, Rent-A-Center, Firestone and Domino’s Pizza. James Namken of The Weitzman Group, Inc. represented the seller, LNR Property LLC, which obtained the property in foreclosure in 2010.
PFLUGERVILLE – Orlando, Fla.-based Macquarie CNL Global Income Trust, Inc. has purchased a distribution center in Pflugerville fully leased to FedEx Ground Package System, Inc. for $4.5 million. Built in 1991, the 51,189-square-foot distribution center is located on 12.29 acres adjacent to Interstate 35 with direct access to State Highway 45 and downtown Austin. Macquarie CNL Global Income Trust intends to qualify as a real estate investment trust and plans to build a portfolio of U.S. and international properties.
HOUSTON – Houston-based Whitestone REIT, a fully integrated real estate company that owns, operates and redevelops its Community Centered Properties, which are located in established or developing culturally diverse neighborhoods, has closed on a new $20 million unsecured revolving credit facility with Harris Bank, part of BMO Financial Group. The facility is expandable to $75 million and matures 2 years from closing with a 12-month extension available upon lender approval. Whitestone REIT will use the new facility for general purposes, including acquisitions and redevelopment of existing properties in its portfolio.