DEER PARK — A Florida investor has purchased the Shoppes at Town Square in Deer Park from a local Houston-based developer. The 11,692-square-foot shopping center was built in 2009 and is 100 percent occupied with a mix of local and national tenants including Wing Stop, T-Mobile and Edward Jones. Gavin Kam with Net Realty Advisors and Brad Kam with TKG Property negotiated the sale on behalf of the seller.
AUSTIN — Austin-based T. Stacy & Associates' T. Stacy Value Fund I has purchased the Barton Ridge office complex, a four-building property located at 4544 S. Lamar Blvd. in Austin. AT&T is the property's largest tenant, occupying 108,000 square feet. This is the fund's first acquisition in Texas and it partnered with the Texas School Land Board, the state of Texas' permanent school fund, to complete the transaction. Walter Saad and Cathy Nabours of CB Richard Ellis represented the seller, while T. Stacy & Associates was represented internally.
AUSTIN — ARA, a privately held, full-service multifamily investment advisory brokerage, has facilitated the sale of the 121-unit Las Palmas Apartments in southeast Austin. Located off Town Lake Circle Dr., the garden-style community sits on 3.3 acres and was foreclosed upon several months prior to the sale. During the sales process, the property was managed by a third-party manager and had a very low occupancy with rents comparable to other assets in the area. Duke Capital, a local private buyer, purchased the property.
HOUSTON — Cadence McShane Construction Co. will build the 82,000-square-foot Atherton Elementary School on behalf of the Houston Independent School District (ISD). The two-story school will replace an 49,110-square-foot facility that was constructed in 1957. Located at 2011 Solo in Houston, the project will break ground in May with a completion date set for July 2012. The new facility will accommodate more than 500 students from pre-kindergarten to fifth grade. It will include 30 classrooms, two science labs, a library, a full-service cafeteria, a practice gymnasium, administrative areas, a music and choir room, an art instructional space and performing arts area.
FORNEY — Phase I of Forney Parkway, a regional transportation project, has broken ground near Reeder Road and Reeder Lane, just north of U.S. Highway 80 at the CR 212 exit, in Forney. A public-private partnership between the City of Forney and owners of Meadow Ridge Farm, the adjacent property, has facilitated the roadway project. A completion date is set for 2012, with resulting development to begin in the spring of 2013. Phase I of construction includes a two-lane road, which is expandable to four lanes, connecting Reeder Road to U.S. Highway 80 at the future Forney bridge, which will serve as the entrance to the Village at Meadow Ridge Farms, a retail destination. The entire Forney Parkway project will encompass a 2.2 mile-, multi-lane thoroughfare connecting FM 548 to the north to FM 1641 to the south, spanning U.S. Highway 80 and adjacent to the Union Pacific rail line.
AUSTIN — Karlin Real Estate has acquired a vacant 301,644-square-foot Class A corporate headquarters and manufacturing facility in northeast Austin from Dell USA, L.P. The property is located at 210 Howard Ln. in Tech Ridge, a 1.8 million-square-foot commercial and retail master-planned development alongside Interstate 35. Karlin represented itself in the transaction, while Greg Marberry, Dave Anderson and John Barksdale of CB Richard Ellis' Austin office represented Dell USA, L.P.
HOUSTON — Duke Realty Corp. has leased 80,200 square feet in Westland II, a warehouse and distribution building, to Berlin Packaging LLC, which will expand and relocate there in June. With Berlin Packaging's lease, Westland II, a 300,000-square-foot, cross-dock industrial building, will be more than 73 percent leased. Westland II is Duke Realty's second building within Westland Business Park, located just south of Highway 290 at the West Road/Eldridge Parkway exit, approximately 2 miles west of the Sam Houston Tollway. Duke Realty began development of the speculative building in this past October when another tenant outgrew its space in Westland I. Jeff Venghaus of Jones Lang LaSalle's Houston office and Chris Watts of its Chicago office represented Berlin Packaging, while Cory Driskill represented Duke Realty in-house.
DALLAS — Durham, N.C.-based Rosemont Realty has acquired two Class A high-rise office buildings in Dallas — Eighty-Eighty Central and 9400 North Central Expressway. Eighty-Eighty Central is a 17-story, 290,921-square-foot Class A office building located in the heart of the Dallas North Central Expressway, while 9400 North Central Expressway is a 16-story Class A office tower situated on more than 5 acres on Central Expressway, between Park and Walnut Hill lanes. Los Angeles-based Younan Properties sold the two office buildings.
HOUSTON — Northchase Plaza I, a 12,560-square-foot retail property located at 13626 Veterans Memorial Dr. in Houston, has changed hands. James Bell of Marcus & Millichap's Houston office represented the seller, which listed the property at $1.8 million. Meanwhile, Justin Miller, also of Marcus & Millichap's Houston office, represented the buyer. The property was built in 2004 and sits on 43,650 square feet of land.
HOUSTON — De La Vega Capital has acquired Gulfgate Square in Houston for an undisclosed price. Situated on a 7.4-acre site at 6800 Gulf Freeway, the 78,690-square-foot shopping center is occupied by Office Depot, Conn's, Radio Shack, Subway, Whataburger and IHOP. Rusty Tamlyn and Trent Agnew of Holliday Fenoglio Fowler represented the seller, Moody Rambin Interests, in the transaction.