RICHARDSON — Eclipse Electronic Systems has leased 24,403 square feet of office/flex space at Richardson Technology Center at 1551 N. Glenville Dr. in Richardson from Richardson Technology Properties. Sharon Friedberg of Bradford Commercial Real Estate Services and Nick Rossini of UGL Equis represented the tenant, while Mark Aston of Maverick Commercial Real Estate represented the landlord.
THE WOODLANDS — A 1,400-square-foot Subway restaurant has opened at Windvale Shopping Center at College Park Drive and FM 1488 Road in The Woodlands. Centro Properties Group owns the shopping center and was represented by its own Crystal Childs in the lease transaction.
SUGAR LAND — The Sugar Land City Council has approved a tax abatement with Accredo Packaging and API Realty on new real property improvements and personal property for a 171,000-square-foot expansion to Accredo Packaging's manufacturing facility in the Sugar Land Business Park. Designed for LEED Silver certification, the expansion will add more than $9 million in real property, $22 million in personal property, $1 million in new inventory value and 100 jobs to the community. Accredo Packaging manufactures and supplies sustainable, flexible packaging to the pre-packaged foods and consumer products markets in North America.
GRAND PRAIRIE — Bank of America has sold a 103,584-square-foot industrial building, located at 2895 113th St. in Grand Prairie, to Wilkerson Properties for an undisclosed amount. Mark Graybill and Donnie Rhode of Lee & Associates represented the seller, while Michael Stanzel of NAI Robert Lynn represented the buyer.
HOUSTON — Kevin Burkhalter of Johnson Capital's Los Angeles office, along with Jason Pumpelly of the firm's Dallas office, has arranged $14 million in permanent financing secured by two 100-percent-leased industrial warehouse and distribution buildings in Houston. The terms of the 12-year loan, arranged on behalf of the property owner, a privately held entity, included 3 years of interest only payments followed by a 30-year amortization schedule at a fixed rate for the remaining term.
EL PASO — The city of El Paso plans to tear down the old Northpark Mall for a new bus terminal and possible retail and condominium space. The city purchased the 23-acre property that includes the shopping center and its parking lot for $6 million. Located at 9530 Dyer, the mall opened in the 1960s with more than 50 stores. However, only Allstate Insurance, The Crystal Ballroom and Furniture Factory Warehouse remain in business today at the location.
PASADENA — East Belt Business Park, a four-building, 350,000-square-foot, Class A warehouse and distribution center, is completely leased. The development was constructed in two phases and completed in 2008 near the Port of Houston along the East Sam Houston Parkway South in Pasadena. Trammell Crow Co. and Morgan Stanley Prime Property Fund own the property. Faron Wiley of CB Richard Ellis assisted Trammell Crow in the following deals to complete its lease ups: Wrist USA for 68,833 square feet in Building 4; Doerle Food Service for 44,800 square feet in Building 2; Axion Logistics for 14,265 square feet in Building 1; and Airgas Southwest for 4,880 square feet in Building 1.
HOUSTON — The Khoshbin Company of Irvine, Calif. sold its Torrey Chase office portfolio in Houston in 2005 for $13.8 million. It has repurchased the portfolio, which consists of three office buildings making up 192,000 square feet, in 2010. Located near FM 1960 and Veterans Memorial Drive, the buildings are 56 percent occupied and were owned by CCMS 2005-CD1 Houston Offices. Khoshbin plans to renovate the property with upgrades to the lobbies and roofing.
AUSTIN — A $32 million data center has been completed on the campus of the University of Texas at Austin, a project approved by the UT board of regents in 2008. An existing facility was renovated for the state-of-the-art data center. It will house enterpise-wide services critical to students, faculty and staff, including Blackboard, WebSpace, UT Direct, e-mail, Web Central and all mainframe functions. The facility includes approximately 4,700 square feet of space for computing equipment.
SOUTHLAKE — School of Rock has leased a 7,525-square-foot space located at 3220 Southlake Blvd. in Southlake for its third Dallas-Ft. Worth location. The performance-based rock music school plans to open nine more schools in the Metroplex by 2013. Dean Tarpley, owner of School of Rock Southlake, also owns schools in Dallas and Frisco. Dan Harris of Dallas-based SRS Real Estate Partners represented School of Rock in the transaction, while James Keoughan of RE/MAX represented the landlord.