ORANGE — Marcus & Millichap Real Estate Investment Services announces sale of a Hampton Inn site, a 68-room hospitality location. Eric Guerrero, Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office represented both the buyer, a private investor, and the seller, a partnership. The Hampton Inn site is located at 2080 Interstate 10 West. The list price on the location was $5.95 million.
DALLAS — Colony Realty Partners, a private real estate investment company, has purchased Corporate Ridge, a four-building industrial portfolio spanning 478,000 square feet. Holliday Fenoglio Fowler L.P., a commercial real estate and capital markets company, represented the seller, Champion. Randy Baird, Jud Clements and Robby Rieke, all of HFF, represented Champion in the transaction. The property is comprised of two warehouse buildings and two industrial/flex buildings that sit at 1200 Lakeside Pkwy.
DALLAS — Lakewood Shopping Center, a 67,059-square-foot retail center located at 1904 Abrams Rd. in Dallas, has sold. Kevin Brookmole and Kari Pearce of Colliers International represented Corrigan Investments Inc. in the sale of the center, while Dan Beaird represented Lincoln Property Co. Lakewood Shopping Center’s original building was constructed in 1939 and expanded in 1965. The center includes tenants such as Dixie House Restaurant, Ali Baba, Penne Pomodoro, Radio Shack, Ace Hardware, Go Yoga, Sport Clips and others.
DALLAS — JLCC Investors LLC, an investment entity formed by Jose and Cristina Cuevas, purchased a 15,040-square-foot retail/industrial building in Farmers Branch, Texas, from M&M Investors. 1800flowers/Dallas, a floral business with Jose Cuevas as its franchisee, will lease the facility, which sits at 3380 Belt Line Road. Jean Russo of Cushman & Wakefield of Texas, Inc. represented JLCC Investors in the deal, and Chad Albert of NAI Robert Lynn Company represented M&M. “The highly visible corner lot on Belt Line, along with the planned improvements, is a perfect fit for 1800flowers/Dallas’ expanding business needs,” said Russo. Renovations to the facility are expected by August and 1800flowers/Dallas is expected to move in by September.
RICHARDSON — KDC, a commercial real estate and investment firm based in Dallas, has acquired two corporate offices and a warehouse, a total of 460,000-square-feet, from Fossil, a design, marketing and distribution company. The offices and warehouse are located in Richardson. “We see the purchase of the Fossil buildings as another great redevelopment opportunity. There is tremendous potential with the buildings,” said John Brownlee, KDC senior vice president. KDC will unveil its redevelopment plans for the sites once they’re vacated later this year. The offices sit at 2280 N. Greenville and 2323 N. Central and the warehouse sits at 2155 Campbell Creek.
HOUSTON — Sawyer Heights Village, a 107,626-square-foot retail power center located near Houston’s central business district at the intersection of Interstate 10 and Taylor Street, has been purchased for approximately $35 million by a joint venture between Inland Western Retail Real Estate Trust, Inc. and RioCan Real Estate Investment Trust. Staples and PetSmart anchor the Houston retail property and it is shadow-anchored by Target. Houston-based Property Commerce developed the property in 2004. This expands Oak Brook, Ill.-based Inland Western’s presence in the Houston market to more than 1.5 million square feet under management.
HOUSTON — Eastbourne Park Row LP, an affiliate of Fuller Realty Partners LLC, has sold 16400 Park Row, a three-story, 85,701-square-foot office building in Houston’s Energy Corridor, to RiverOak Investment Corp. LLC for an undisclosed amount. Situated on approximately 4 acres immediately north of Interstate 10, 16400 Park Row is close to Highway 6. The property is fully leased to Kraton Polymers on a NNN basis with a remaining lease term of 10.3 years. Dan Miller and Martin Hogan of HFF (Holliday Fenoglio Fowler) represented the seller. The Los Angeles office of Wells Fargo provided acquisition financing at closing.
HOUSTON — McCann Realty Partners, LLC has acquired Estancia at Shadowlake apartments in the Alief/Westchase submarket of metropolitan Houston. The 324-unit, garden-style multifamily community was built in 2005 and will be managed by Pegasus Residential, LLC. Wells Fargo Multifamily Capital originated a 7-year Freddie Mac fixed-rate loan with a rate of 4.42 percent for the acquisition.
HOUSTON — E.E. Reed Construction has broken ground on the $20 million Church Without Walls Queenston campus at 5725 Queenston Blvd. in Houston. The project will consist of a 94,000-square-foot sanctuary, a 10,000-square-foot chapel, and a 43,000-square-foot youth/children classroom building. The Church Without Walls has three locations with more than 20,000 members in the Houston area. Construction of the Queenston campus is expected to be complete in June 2012.
LEWISVILLE — Bright Realty is planning to break ground on Phase III of Castle Hills Village Shops and Plaza, located at 2560 King Arthur Blvd. in Lewisville, in the coming year. Currently in its pre-leasing phase, Phase III will include approximately 20,000 square feet for retail and dining, including an expanded outdoor dining and entertainment area. Second floor office space will feature approximately 25,000 square feet and is successfully pre-leased. Phases I and II of Castle Hills Village Shops and Plaza are 90 percent leased and include more than 82,861 square feet of retail and office space. With the addition of Phase III, Castle Hills Village Shops and Plaza will total 128,000 square feet of office and retail space.
