HOUSTON — Tootsies has announced that it will relocate its Houston store to the 34,000-square-foot anchor space at West Ave, a seven-story multi-use residential project located at the intersection of Westheimer and Kirby in Houston. Build-out for the space will begin in the summer, and Gensler will serve as the architect of record. Tootsies will join Zaika, Eddie V's, Cru and Rome in the 190,000-square-foot retail and restaurant component of the project. Above the two levels of retail space, West Ave will also contain 389 luxury apartment units. Approximately 40 percent of the retail space is lease and 70 percent of the residential space, which opened last February, is leased. The project's first retail openings will begin in May. The owners of West Ave are Gables Residential and Northwestern Mutual.
KILGORE, TEXAS — Marcus & Millichap has brokered the sale of a 14,820-square-foot, freestanding Walgreens pharmacy located in Kilgore for $4.98 million. The building is located at 701 N. Highway 250. Walgreens has 73 years remaining on its absolute net lease of the building. Alvin Mansour and Phil Sambazis of Marcus & Millichap's San Diego office, along with Will Jarnagin of the firm's Dallas office, represented the seller, a Texas developer. Tim Speck of Marcus & Millichap assisted in the transaction. The buyer was not disclosed.
DALLAS — Construction will begin next month for a $5 million renovation to One McKinney Plaza, a 15-story, 256,543-square-foot office building located at 3232 McKinney Ave. in Dallas. Construction will consist of the conversion of the building's two-story annex into retail and restaurant use. Construction is expected to take 8 months to complete. Gaedeke Group is the owner of One McKinney Plaza. The project architect is Dallas-based BOKA Powell, and the general contractor is Austin Commercial. In a separate initiative, Gardeke Group is also seeking LEED for Existing Buildings certification for the building, which is already Energy Star rated.
HOUSTON — The Houston office of NorthMarq has arranged $8.2 million in first-mortgage financing for Brickhaven Apartments, a 780-unit multifamily property located in Houston. The property had previously been foreclosed on; occupancy was 60 percent at the time of closing. The loan includes a 3-year term with interest-only payments. Jim Adams and Andrew Hill of NorthMarq arranged the loan on behalf of the borrower, Pryzant Management, through a regional bank.
HOUSTON — Holliday Fenoglio Fowler (HFF) has secured $4.2 million for the refinancing of Oceaneering Office Building II, a 63,000-square-foot office property located in Houston. The building is situated at 16665 Space Center Blvd., across from Johnson Space Center. It was fully occupied by Oceaneering International at the time of closing. The loan, which was arranged by Susan Hill of HFF's Houston office, carries a 7-year term and a fixed interest rate. The borrower is Cole Space Center Ltd., and the lender was Sentinel Asset Management.
EL PASO, TEXAS — A movie theater will join the tenant roster at Freedom Crossing, a $100 million retail center currently under development at Fort Bliss in El Paso. Southern Theatres will open The Grand Theatre, a 10-screen venue that will feature more than 1,700 seats and expansion capability. The grand opening is slated for this fall. Freedom Crossing is being developed as a public-private partnership between The Army & Air Force Exchange Service and ServiceStar Development Co. In addition to the theater, the 455,875-square-foot theater will be anchored by expanded versions of the base's Post Exchange and Commissary. Other retail offerings for the open-air center will include apparel, jewelry, sporting goods and restaurants.
DALLAS — Dallas developer C.C. Young has broken ground for The Overlook, a new $40 million senior housing project located near White Rock Lake in Dallas. The 208,000-square-foot project will include 108 apartment units with underground parking. The grand opening is scheduled for 2011.
SUNNYVALE, TEXAS — Marcus & Millichap has brokered the sale of a 136,751-square-foot FedEx freight facility located in Sunnyvale. The industrial property is situated on more than 30 acres at 301 Clay Road. It features 11,761 square feet of office space, 9,640 square feet of shop space, a guard shack, a 2,000-square-foot fuel island and expansion capability up to 20,860 square feet. Alvin Mansour of Marcus & Millichap's San Diego office represented the seller, a Washington-based developer. Ben Sgambati and Alan Cafiero of Marcus & Millichap's New Jersey office represented the buyer, a New York-based investor. Will Jarnagin of Marcus & Millichap's Dallas office provided local representation.
CARROLLTON, TEXAS — Construction is complete for a 29,808-square-foot office building located at 4320 Marsh Ridge Road in Carollton. The building's owner, Wholesale Payment Solutions, plans to occupy approximately 8,000 square feet of space and lease the remaining space. The project architect was Seitz Architecture, and the general contractor was Christopher Builders. The leasing team is Eric Rutledge and Abbey Barnett of Cushman & Wakefield of Texas.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $65 million loan for the refinancing of 1700 Pacific, a 49-story, Class A office tower located in Dallas. 1700 Pacific contains 1.34 million square feet of space and is occupied by tenants that include Akin Gump Strauss Hauer and Pension Worldwide. Retail tenants at the tower include Starbucks Coffee, Camille's, Subway, Café Solace and Elevation Fitness Club. HFF's Steve Heldenfels and Whitaker Johnson secured the loan on behalf of Berkeley Investments. The loan carries a 5-year term, a fixed interest rate and was provided by ING Investment Management.