SAN ANTONIO — Dallas-based Glazer's Distributors, a distributor of wine and spirits, plans to invest $26 million to build a marketing and distribution center near Port San Antonio through a 10-year, 100 percent tax abatement approved by San Antonio's city council. The 250,000-square-foot facility will sit on a 35-acre site at SH 151 and South Callaghan Road that the city of San Antonio sold for $1.5 million. Con-way Freight, a logistics company, also plans to expand by the end of 2015 through an $8.5 million expansion and relocation to the Cornerstone Business Park at 1511 Cornerway Blvd. in San Antonio. The city council is considering approving a 6-year, 35 percent abatement and economic development grant with a combined value of $178,400.
Texas
HOUSTON — 3900 Essex, a 235,620-square-foot Class A office building in the Greenway Plaza submarket of Houston, has sold for an undisclosed amount. Beacon Investment purchased the property from 3900 Essex LP, an affiliate of Fuller Realty Partners, and Aquinas Essex, an affiliate of Aquinas Cos. Dan Miller and Martin Hogan of Holliday Fenoglio Fowler (HFF) represented the sellers, and Susan Hill of HFF arranged the fixed-rate acquisition financing for Beacon Investment through Goldman Sachs Commercial Mortgage Capital LP. Tenants at 3900 Essex include Thomson Reuters, Bank of Houston, Open Solutions, Aquinas Cos. and Mohle Adams.
DALLAS — Crescent Real Estate Holdings has completed 14 new or renewal leases with financial companies at the Crescent Office Towers in uptown Dallas. Among the renewal leases for a total of 105,299 square feet were Morgan Stanley Smith Barney at 34,515 square feet, Maverick Capital at 30,575 square feet and Goldman Sachs at 21,611 square feet. New leases for a combined 40,602 square feet included Citicorp NA at 11,804 square feet and Jeffries & Co. at 7,900 square feet.
GARLAND AND FARMERS BRANCH — The Dallas office of Duke Realty Corp. has secured renewal leases with DAP Products, a marketer of caulks, sealants and adhesives, and Balcones Recycling, a company that converts waste products into resources. DAP Products, represented by Cash McWhorter and Larry Kell of Colliers International, has renewed for 130,900 square feet in Duke's International II, a 283,600-square-foot warehouse/distribution center in Garland. Meanwhile, Balcones Recycling, represented by Blake Rendrick and Will Nichols of Stream Realty Partners, has renewed for 96,400 square feet in Duke's Two Valwood Park, a 126,800-square-foot industrial facility in Farmers Branch. Randy Wood and Curt Hefner represented Duke in the lease transactions.
EL PASO — The $31 million University Medical Center (UMC) of El Paso has opened. It is the first building completed in a $315 million campus renovation project. The facility includes a level-one trauma center and operating suites. The second phase of the project will be to double the size of the medical center's emergency department by gutting the existing trauma center. It is slated to open next summer.
DALLAS — The Marriott brand has taken over management of the former 407-room Westin City Center in the Plaza of the Americas complex located at 650 N. Pearl St. in Dallas. The hotel will undergo a renovation during the next year with a remodeling of the guest rooms and a creation of a fitness facility that overlooks downtown. Oak Brook, Ill.-based Inland American Real Estate Trust owns the property and it's managed by Marriott International under a long-term agreement.
IRVING — Regent Place, a 41,839-square-foot office property located at 1304 W. Walnut Hill Ln. in Irving, has changed hands for an undisclosed amount. A Coppell, Texas-based limited liability company purchased the property from a Washington, D.C.-based partnership. Craig Lewin, Patrick Giles, Josh Levy and Marty Cohan of Marcus & Millichap represented the seller, and the property was approximately 55 percent occupied at the time of the sale.
DALLAS — The grand opening has been held for the new Stephen B. Swann Athletic and Wellness Center at the campus of the Episcopal School of Dallas. The 114,000-square-foot facility contains a competitive gymnasium, an indoor running track, workout rooms, a dance studio, sports medicine facilities, locker rooms, a team room, coaching offices, and concessions and equipment storage areas. The facility also contains a 480-seat dining commons, offices for school auxiliary services and a campus bookstore. The development team for the project included ARC/Architecural Resources Cambridge and The Beck Group.
ARLINGTON — Marcus & Millichap has completed the sale of a Burger King located in Arlington. The 4,297-square-foot, freestanding building is situated at 3500 Matlock Road. Burger King currently has 7 years remaining on its 20-year absolute net-lease, with two 5-year options. Philip Levy of Marcus & Millichap's Fort Worth office and Jason Vitorino of the firm's Dallas office represented the seller, a limited liability company, and the buyer, a private investor.
OKLAHOMA CITY — Tremont Realty Capital has arranged $4.32 million in acquisition financing for a three-property mobile home community portfolio in Oklahoma City. The portfolio contains a total of 428 home sites and 47 RV sites. The communities are Granada Village, Anchor Inn and Airway Estates. The loan carries a 5-year term, a 6.25 percent fixed interest rate and a 65-percent loan-to-value ratio. Tom Lorenzini of Tremont's Chicago office arranged the deal through a local bank on behalf of the undisclosed borrower, which was completing the acquisition as part of a 1031 exchange.