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.
Texas
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.
TEMPLE – RioCan REIT, Canada’s largest real estate investment trust, has purchased a 125,000-square-foot shopping center in Temple for approximately $21.2 million. Bird Creek Crossing is anchored by Target and The Home Depot and includes tenants Best Buy, Michael’s, PetSmart and OfficeMax. The property is owned on an 80/20 basis with Inland Western Retail REIT. Inland Western will manage the property on behalf of the co-ownership.
LEWISVILLE – DOcean Investments LLC has purchased 2.47 acres of land at the corner of Riverview Drive and Jubilee Lane in the Riverview Industrial Development in Lewisville. West Dixon Holdings LLC sold the property that is zoned for heavy industrial and surrounded by existing industrial developments. DOcean Investments plans to development an industrial facility that will be completed in 2012. Dan Spika of Henry S. Miller Brokerage represented the buyer.
WILMER — CB Richard Ellis Realty Trust has acquired the 1 million-square-foot Whirlpool regional warehouse located in the First Park DalPort Business Park in Wilmer. Gary Jaye of CBRE Investors represented CBRE Realty Trust in the transaction. “We were able to meet a major prospective tenant's needs by pairing them with one of four preferred development partners,” said Jack Cuneo, president and chief executive officer of CBRE Realty Trust, in a statement. “At the same time, we were exposed to no development risk, being obligated to purchase the property only upon completion of construction.”