HOUSTON — The Pathway, a 144-unit multifamily community located at 2901 Elmside Dr. in west Houston, has changed hands. Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fengolio Fowler (HFF) marketed the property on behalf of the seller, The Milestone Group, an integrated real estate investment and management platform. Charleston, S.C.-based Hudson Capital Investments, a multifamily investment firm, purchased the property.
HOUSTON — West Oaks Mall, a 1 million-square-foot enclosed regional mall that is bounded by Highway 6, Westheimer Road and Richmond Avenue in west Houston, has reached an agreement with Regal Entertainment Group to bring a 14-screen multiplex Edwards Theatre to the property. As the entertainment anchor for the redevelopment of the mall, Edwards Theatre will reposition the mall's west wing by creating the setting for a new interactive pedestrian plaza surrounded by three new restaurants with outdoor café seating. Construction of Edwards Theatre will begin this spring with a projected opening set for fall 2012. West Oaks Mall is owned by a joint venture between New York-based Square Mile Capital Management and Los Angeles-based Pacific Retail Capital Partners. It sits on nearly 92 acres, including several perimeter retail and restaurant buildings, and is anchored by Dillard's, Macy's and Sears.
ROUND ROCK — Round Rock Honda and Round Rock Toyota, both part of Bloomfield Hills, Mich.-based Penske Automotive Group, have signed a long-term lease at Crystal Park II, located at 106 Old Settlers Blvd. in Round Rock, a suburb of Austin. The 71,150-square-foot Suite 100 in Building E will be used as a vehicle maintenance facility. Greg Johnson and Luke Wheeler of Transwestern's Austin office represented the owner, KBS Real Estate Investment Trust I, in the lease transaction, which brings the property to 92 percent occupied. Crystal Park II is a two-building, 242,452-square-foot Class A industrial property that is situated close to Interstate 35.
SAN ANTONIO — Noah's Ark Development has completed Phase I of its newest self-storage facility, Noah's Ark RV and Self Storage, located at 8465 IH-10 East near the intersection of FM 1516 in San Antonio. The property includes 268 non-temperature and temperature-controlled conventional storage units ranging in size from 25 to 300 square feet. Noah's Ark RV and Self Storage also includes 37 open parking spaces, 90 canopied spaces and 24 fully enclosed RV and boat storage units ranging in size from 360 to 540 square feet. The industrial storage property totals 36,875 square feet.
SAN ANTONIO — SHW Group, an educational architecture and engineering firm, has completed Rolling Meadows Elementary School in the Judson Independent School District, located in close proximity to Interstate 35 in San Antonio. The $14 million, 113,000-square-foot campus is the district's first sustainable designed school. Features include vented roofs designed for future rainwater collection, regionally selected construction materials, and gardens and ponds designed to educate students on the importance of the environment. The building is situated on an east/west axis for less solar heat gain and lower cooling costs; and the majority of the glass windows face north and south for optimum daylight exposure. Academically, the school is organized in a series of pods that feature six to eight classrooms clustered around a flex space used for informal gatherings and group learning opportunities. The facility currently serves 500 students but has a capacity to serve 750 students. The district expects that capacity to be reached within 2 years based on current enrollment and significant population growth in the area.
DALLAS — Net Lease Capital Advisors has acquired two Dallas medical office buildings, Northpoint I and Northpoint II, from an affiliate of Dallas-based Caddis Partners for a price exceeding $20 million. Texas Health Resources (THR), a 24-hospital conglomerate and the largest health system in the Dallas-Fort Worth area, occupies both buildings. The buildings are used for the practice management support services for THR's 700-provider physicians group, Texas Health Physicians Group. Caddis Partners will continue to provide management services for the assets. Net Lease Capital Advisors is a specialized net lease investment and advisory firm based outside of Boston.
AUSTIN — George Deuillet III of Hendricks & Partners' Austin office has represented the seller, So Xhosa Holding Corp., in the REO sale of Walnut Grove, a multifamily community located at 7211 Northeast Dr. in Austin. Praxis Capital purchased the property, which features 39 one-bedroom and 15 two-bedroom units, and plans a significant rehabilitation.
HOUSTON — KBS Real Estate Investment Trust II, a publicly offered, non-traded real estate investment trust, has acquired Two WestLake Park, a 17-story, 388,142-square-foot office tower in the Katy Freeway/Energy Corridor submarket of Houston. Developed by Hines in 1982, Two WestLake Park is part of the 58-acre Westlake Office Park, a master-planned complex of 2.3 million square feet of Class A office space in four buildings near the intersection of Interstate 10 and State Highway 6. Two WestLake Park features the private WestLake Club, a 67,000-square-foot members-only dining and athletic club located on the fifth and sixth floors of the parking structure. KBS Capital Advisors represented KBS REIT II, while Danny Miller and Trent Agnew of Holliday Fenoglio Fowler's Houston office represented the seller.
HOUSTON — Telecheck Services, which provides electronic check conversion services, has leased 120,458 square feet of office space at Galleria Plaza I, located at 5251 Westheimer Rd. in Houston. Galleria Plaza I and II is a 424,295-square-foot mixed-use property that consists of two Class A office buildings totaling 395,473 square feet. Scott Panzer and Steven Rotter of Jones Lang LaSalle's New York office and David Bale and Ronnie Deyo of the firm's Houston office represented Telecheck. David Baker and Kelli Crutchfield of Transwestern's Houston headquarters represented the landlord, Chase Merritt Four Corners LLC.
PASADENA — Dallas-based CONTI Organization has purchased a 308-unit distressed multifamily property in Pasadena, located outside of Houston. The property, built in 1969 and located at 3500 Red Bluff Rd., features pitched roofs, individual HVAC units, laundry rooms, two swimming pools and a playground. Occupancy was 68 percent at takeover and CONTI plans its standard rehabilitation of the property with new roofs, landscaping, parking lot improvements, a fully remodeled leasing office and interior unit upgrades. CONTI specializes in rehabilitating distressed multifamily properties in Texas markets.
