SAN ANTONIO — Gibbs Master Tenant LLC has opened the 91-room Hotel Indigo San Antonio at the Alamo, the fourth Hotel Indigo property in Texas. The San Antonio hotel is located in the 100-year-old Gibbs Building, which was the first office property built in the city. While retaining its original woodwork and marble, the building was outfitted with features including a business center, a fitness center and gourmet dining options. TNJ Management will oversee day-to-day operations of the hotel.
IRVING, TEXAS — The Medve Group has signed a lease with a private landlord for the 117,000-square-foot Walnut Hill Distribution Center in the Las Colinas area of Irving. The property is located at 1411 W. Walnut Hill Lane. Capstone Commercial's Larry Robbins represented the tenant. Colliers International's Allen Gump represented the landlord.
HOUSTON — A limited partnership has sold Cinco Ranch Shopping Center to an undisclosed buyer for $1.43 million. The 6,629-square-foot property, located at 6848 Mason Road in Houston, was built on 31,601 square feet of land in 2006. James Bell of Marcus & Millichap's Houston office represented the seller.
SAGINAW, TEXAS — Cadence McShane Construction Co. will soon start construction on the 185,221-square-foot CTI Foods headquarters at 504 Sansom Blvd. in Saginaw. The property will encompass 23,968 square feet of office space and a 104,226-square-foot production area. The firm is also building 57,027 square feet of refrigerated storage. Pross Design Group provided architectural services for the project.
HOUSTON — American Spectrum Realty has sold a 101,880-square-foot office building to a private buyer for an undisclosed amount. Located at 5850 San Felipe St. in Houston, the six-story property was built in 1977 and renovated in 2004. Texas Petroleum Investment, Abby Office Centers, Legal Access Plans and other tenants lease 95 percent of the building. Victory Realty Solutions' Pamela Ngo Tranpark represented the buyer. Beth Young and Henry Hagendorf of Grubb & Ellis represented the seller.
EULESS, TEXAS — A real estate equity fund sponsored by Main Street Partners & Associates has purchased the Shadow Creek apartment complex from a private party at a significant discount to note value. The 193-unit complex, which was in foreclosure, is located in Euless. The buyer will undertake property upgrades during the next year in preparation for re-tenanting the property.
FARMERS BRANCH, TEXAS — Greenway Investment Co. has acquired the 26,418-square-foot Parkside Center retail property from a special servicer for an undisclosed amount. Located at 13881-13901 Midway Road in Farmers Branch, the two-building property houses UPS, Sport Clips and Schlotzky's Deli. Brandon Beeson, Barney McAuley, Tom Salanty and Will Walters of Cushman & Wakefield of Texas represented the seller.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of the 7,302-square-foot Campbell Road Center between two undisclosed parties. The property, located at 281 W. Campbell Road in Richardson, is fully occupied by Jimmy John's, Comet Cleaners, Chipotle and Silver Art's Jewelry. Philip Levy and Jason Vitorino represented the seller.
SCHERTZ, TEXAS — Sysco Corp. has purchased 50 acres of land from San Antonio One L.P. in order to build a 635,000-square-foot distribution facility. The land is located on Schwab Road in Schertz. Sysco will consolidate two existing facilities in San Antonio and Round Rock into the new property, which is expected to be operational by this summer. Houston Commercial Real Estate's Bill McDade represented Sysco in the transaction. Kit Corbin of Grubb & Ellis represented the seller.
CORPUS CHRISTI, TEXAS — Corpus Christi-based Beecroft Construction will break ground next month on a 150,000-square-foot facility in Corpus Christi for L&F Distributors. The property will be located on State Highway 44 between Clarkwood and Bockholt roads. L&F Distributors' new space will be twice as big as its current Corpus Christi location; the company will employ 175 workers in the new building. St. Louis-based S.M. Wilson and Co. is also helping oversee the project. NAI Cravey Real Estate Services brokered the original land sale.