LAREDO, TEXAS — Marcus & Millichap has brokered the $7.78 million sale of a Walgreens in Laredo between two undisclosed parties. The 14,820-square-foot property is located on 1.77 acres at the intersection of McPherson Avenue and Guadalupe Street. Phil Sambazis and Alvin Mansour of Marcus & Millichap's San Diego office brokered the sale with assistance from Tim Speck.
IRVING, TEXAS — Scott + Reid General Contractors has completed the 172,000-square-foot Caris Life Sciences headquarters, a conversion of a 12-year-old commercial office building. Located at 6655 N. MacArthur Blvd. in Irving, the property features a 27,000-square-foot laboratory. The company will eventually employ more than 700 workers at the property.
DUNCANVILLE, TEXAS — Grubb & Ellis Apartment REIT has purchased the 216-unit Bella Ruscello Luxury Apartment Homes from Duncanville Villages Multifamily. The property, which is located at 250 E. Highway 67 in Duncanville, was built in 2007 on 10.6 acres of land. Bells Ruscello is 97 percent occupied. Features include a pool, a business center and a gym. Fannie Mae provided acquisition financing, which was secured by Berkadia Commercial Mortgage.
GRAND PRAIRIE, TEXAS — Lyon Workspace Products has leased 67,000 square feet of warehouse space from CWTX 360 I CC 89. The property is located at 2725 State Highway 360 in Grand Prairie. Ryan Keiser of CB Richard Ellis represented the tenant. The firm's Steve Koldyke and John Brewer represented the landlord.
The Austin retail market is holding steady in the current economy due in no small part to positive media coverage. According to Sherry Sanchez of NAI Austin, numerous media organizations have placed the city near the top in many “best of” ranking lists. These honors have helped keep the retail market stable because job seekers from all over Texas have been coming to Austin, moved by reports of finding better jobs in the Capitol City. “There's a big huge flight of people moving to central Texas who don't even have jobs yet,” she says. “We have job opportunities all over the map for people from blue-collar workers to white-collar workers.” Companies in the city are also spurred on by stimulus money aimed at green energy projects. Finally, the stability of government jobs means a large number of Austinites are gainfully employed. But because no markets anywhere in the country are thriving, these factors mean that Austin is simply staying ahead of the glut. “We're not seeing attrition as rapidly as they are in a lot of parts of the country. Our service providers are hanging in there — some are expanding — and our restaurants are doing well,” Sanchez says. …
SUGAR LAND, TEXAS — Healthcare Trust of America has purchased the 60,300-square-foot Sugar Land Medical Building II from an undisclosed party for $12.4 million. The Sugar Land property is located in close proximity to Methodist Sugar Land Hospital, St. Luke's Hospital and Sugar Land Medical Center. Sugar Land Medical Building II is fully leased; Texas Children's Hospital occupies the majority of the space.
SAN ANTONIO — Inland Western Retail Real Estate Trust has sold an 80,000-square-foot, Class A medical office building to an undisclosed buyer for $10.85 million. The San Antonio property was built in 2005 and is fully leased to Coventry – First Health. Craig Tomlinson of Stan Johnson Co. represented both parties in the transaction.
NEW BRAUNFELS, TEXAS — A 14-screen Starplex Cinemas will open late this year at the 400-acre New Braunfels Town Center at Creekside, according to NewQuest Properties. The property will be located in the interchange of Interstate 35 and Loop 306 in New Braunfels. Cinema features include Real D 3-D digital projection, stadium seating and a full concession area.
CORPUS CHRISTI, TEXAS — Trademark Property is nearing the completion of a $50 million renovation to La Palmera, a 40-year-old mall in Corpus Christi. The work includes a 600-seat food court, the upgraded Outdoor Lifestyle Court and a new Center Court. The renovation began in July 2008, and since that time, 19 new leases and 29 lease renewals have been signed. The newest tenants include Ulta, which will occupy a 9,800-square-foot store, and a 700-square-foot Wendy's, which will operate in the food court.
GARLAND, TEXAS — Goodman Distribution has signed a 29,955-square-foot lease with Northwestern Mutual Life Insurance Co. for industrial space in the Gateway East Business Center. The property, the 294,940-square-foot Building II, is located at 4009 Distribution Drive in Garland. The tenant will move into the new space in early May. Stream Realty Partners' Damian Rivera, Seth Koschak and Blake Kendrick represented the tenant. Chris Stout and Susan Singer of Bradford Commercial Real Estate Services represented the landlord.