AUSTIN AND FORT WORTH — Irvine, Calif.-based Passco Cos. has purchased four CVS/pharmacy stores in sale-leaseback deals. All four stores are newly constructed and recently opened by CVS/pharmacy featuring drive-thru pharmacies. Two of the stores are located near Austin and one near Fort Worth. The fourth store is located in Bakersfield, Calif. Passco Cos. specializes in the acquisition and management of both commercial and residential properties in targeted markets across the U.S.
Texas
STAFFORD — Land has been purchased at the corner of Pike and Stafford roads in Stafford for the development of a new business park called Stafford Business Park. Vickery/Stafford Investments, Ltd. sold the 10.47 acres to Stafford Business Park, Ltd. Lang Motes of Indermuehle & Co. represented the seller, while Darren O'Connor of NAI Houston represented the buyer.
CORSICANA — Jeld-Wen, Inc., a manufacturer of windows and doors, has sold a 58,080-square-foot warehouse facility located at 4000 E. State Hwy. 31 in Corsicana. Ashley Pope and Gary Collett of Cushman & Wakefield of Texas represented Jeld-Wen in the transaction along with Craig Hughes of Hughes Commercial and Bo Mills and Mark Detmer of Cushman & Wakefield of Arizona. BR Properties, LLC, purchased the warehouse and was represented by Karen Williams of RE/Max of Corsicana.
FORT WORTH — A Starbucks- and Chick-fil-A-anchored retail center located at 3250 Hulen St. in Fort Worth has sold for $3.6 million. The Mansour Group of Marcus & Millichap facilitated the sale, representing the seller, a private developer. A locally based private investor purchased the property.
STEPHENVILLE — Big Lots has leased 25,020 square feet of space at University Plaza, located at 2029-2133 W. Washington St. in Stephenville. Karen Mitchell of The Woodmont Company represented Big Lots. The Woodmont Company also represented the landlord in the transaction. Current tenants at University Plaza include Sherwin Williams, Quizno's, Merle Norman, Sprint and Burke's Outlet.
HOUSTON — Houston-based Whitestone REIT, a fully integrated real estate company that owns, operates and redevelops visibly located properties in established or developing culturally diverse neighborhoods, has announced the pricing of its public offering of 5 million of its Class B common shares at a price to the public of $12 per share. The offering was conducted pursuant to an effective registration statement filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to an additional 750,000 of Class B common shares from Whitestone at the public offering price, less the underwriting discount and commissions, to cover over-allotments, if any. BMO Capital Markets, JMP Securities and Wunderlich Securities are acting as joint book-running managers. Ladenburg Thalman & Co. Inc. is lead manager. Co-managers include J.J.B. Hilliard, W.L.Lyons, LLC; Southwest Securities, Inc., and Maxim Group LLC. The offering is expected to close on May 10, 2011, subject to customary closing conditions.
DALLAS — General Datatech, L.P. (GDT), a routing, communications and security solutions business, has moved its customer support center into a 50-year-old, renovated, 95,300-square-foot building located at 999 Metromedia Pl., near the intersection of West Mockingbird Lane and Interstate 35, in Dallas' Stemmons corridor. Situated on 6 acres, the space includes 65,300 square feet of renovated space and 30,000 square feet of newly built warehouse and staging facilities. Edwin Brantley Smith & Associates, Inc., served as the project architect. The building is anticipated for LEED Gold certification.
FORT WORTH — Fort Worth-based Trademark Property Co., a real estate services, investments and development firm, is relaunching its WestBend mixed-use development on University Drive in Fort Worth. Construction was halted in fall 2008 as the retail sector faltered. Completion of the seven-level garage to serve existing office buildings and restaurants will be Trademark's first order of business. New retail construction is slated to begin in mid 2012, with an opening date set for late 2013. Current tenants include Smashburger, Zoe's Kitchen, Silver Fox and the River Plaza office tenants. WestBend will include 90,000 square feet of retail space, 150,000 square feet of office space and 130 hotel rooms upon completion. Trademark is currently seeking a hotel developer for the mixed-use property.
PLANO — CB Richard Ellis Investors has acquired The Domaine, a 270-unit luxury apartment complex in Plano, for $33.25 million. The Connor Group, an Ohio-based real estate investment firm, sold the property in the third largest sale in its 20-year history. Located at 6400 Windcrest Dr., the seller purchased the community in 2006 for $26.5 million.
LONGVIEW — Cambridge Realty Capital Cos. has arranged a $4.5 million HUD Lean first mortgage loan to refinance Summer Meadows, a 115-bed, skilled-nursing facility in Longview. The loan was arranged for the property's owner, a Texas limited liability company, by Hymie Barber of Cambridge. It was underwritten by Cambridge Realty Capital Ltd. of Illinois. Summer Meadows is located at 301 Hollybrook Dr.