HOUSTON — Regency Centers has sold the 103,000-square-foot Memorial Collection Shopping Center to Westwood Financial Corp. for an undisclosed amount. The 11-acre property is located at the intersection of Memorial Drive and Dairy Ashford Street in Houston. The center is 96 percent leased by tenants including Randalls and Walgreens. Grubb & Ellis represented Regency Centers in the deal. Westwood Financial Corp. represented itself.
HOUSTON — Asset Plus Cos. and the Fred and Mabel Parks Youth Ranch, a not-for-profit 501(c)3, has broken ground on the Youth Ranch Teenage Homeless Shelter in Houston. The property will deliver in September. The facility will offer shelter to children ages 12 to 17 who are looking for a temporary home. Funding for the project is being provided by a number of grants and private sources.
SAN ANTONIO — Kohl's Department Stores has signed a 102,000-square-foot lease with Myers & Crow for the Westover Office Center I in San Antonio. The two-story property is located at 10000 Rogers Road. Kohl's expects to employ more than 1,000 workers at the property within 3 years. Stephen C. Hall of Dallas-based GVA Cawley brokered the deal.
ARLINGTON, TEXAS — Bianco Properties has purchased the 75,000-square-foot Village by the Parks II shopping center from The Uhlmann Offices of Sherman Oaks, Calif. The Arlington property is located across the street from Village by the Parks I, which Bianco purchased in 2007. Both centers sit near the front entrance to the 1.5-million-square-foot The Parks at Arlington mall. Venture Commercial's Amy Pjetrovic and John Zikos assisted in the transaction. The buyer financed the purchase by assuming a CMBS mortgage.
PORT ARTHUR, TEXAS — A private Texas-based partnership has sold a 72-room Hampton Inn & Suites to a Maryland-based buyer for an undisclosed amount. The property, which was built in 2007 on 1.61 acres of land, is located at 7660 Memorial Blvd. in Port Arthur. Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office brokered the sale.
HOUSTON — 2941 Spencer LLC has purchased a 9,100-square-foot retail building from Winslow Revocable Trust for an undisclosed amount. The property is located at 2941 Spencer St. in Houston. Grubb & Ellis' Gus Lagos represented the buyer. Wulfe & Co.'s Kristen Barker represented the seller.
WEBSTER, TEXAS — Twin Peaks Restaurant has leased 86,893 square feet from NewQuest Properties in Webster Town Center. The shopping center is located at the interchange of Interstate 45 South and Nasa Bypass in Webster. Mark Sondock served as in-house representation for NewQuest. Paige Partners' Nick Hernandez represented Twin Peaks Restaurant in the transaction.
HOUSTON — Auction Management Corp. has brokered the sale of the former Landmark Chevrolet building in Houston at auction for nearly $3 million. Located at 9111 North Freeway, the property, which closed 2 years ago, was purchased by an undisclosed party. According to Dan Hays, a U.S. Bankruptcy Trustee, the asset had been listed for sale through traditional means, but had not received an acceptable offer.
FORT WORTH, TEXAS — Jeanne Cronin of Q10|New York Realty Advisors has arranged a $4.5 million loan for the 135,000-square-foot Westcliff Shopping Center. The property is located on West Biddison Street in Fort Worth. Westcliff is currently 90 percent occupied. A Texas-based bank provided financing for the 5-year, non-recourse loan, which carries a 6.65 percent interest rate. Stuart Berg of Kurzman Eisenberg Corbin & Lever represented the borrower.
HOUSTON — Parkway Properties has sold the 163,000-square-foot One Park Ten office building to an undisclosed party for $15.7 million. The 28-year-old Houston property is 93.7 percent occupied. Parkway will recognize an $8.6 million gain on the sale during the second quarter. The sale is part of the company's program aimed at recycling older assets and investing in newer, larger properties.