HOUSTON — CB Richard Ellis has brokered a lease for the former Circuit City space located at Fairway Centre III in Houston. Conn Appliances will occupy the 30,338-square-foot space, which is situated at the intersection of Beltway 8 and Fairmont Parkway. Jazz Hamilton, Alex Makris and Matt Keener of CB Richard Ellis represented the landlord, Trammell Crow Co., in lease negotiations.
PARIS, TEXAS, AND TEXARKANA, ARK. — Newcrest Hotels has opened two Holiday Inn Express Hotels. The first is an 84-room property located in Paris and the second is an 87-room property located in Texarkana. Both are managed by Newcrest Management LLC under a license agreement with InterContinental Hotels Group. Newcrest Hotels now owns and manages seven Holiday Inn hotels in Texas and Oklahoma. It also has four additional Holiday Inn Express hotels under development in Texas and Arkansas, and two Candlewood Suites hotels under development in Texas.
EL PASO, TEXAS — ProLogis has leased 354,000 square feet of distribution space in El Paso to CEVA Logistics. The supply chain company will occupy space within Vista Del Sol Industrial Center III, which is located on Loma Verde Drive near El Paso International Airport. Terms of the lease were not disclosed. CEVA now occupies approximately 4.9 million square feet of ProLogis distribution space across North America and Europe.
HOUSTON — NorthMarq Capital has arranged a total of $41.2 million in first-mortgage financing for two Houston apartment communities. A $29.2 million loan was secured for The Promenade at Jersey Village, a 596-unit property, and a $12 million loan was secured for The Promenade at Cullen Park, a 264-unit community. Both loans carry 10-year terms, with 2 years interest only, and 30-year amortization schedules. The lender was Freddie Mac. Brant Smith of NorthMarq's Houston office arranged both loans.
FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has completed the sale of a 203,822-square-foot office/warehouse property located in Fort Worth. The building is situated at on 7.8 acres at 7410 Pebble Dr. within the 97-acre Riverbend Tech Center. The buyer, locally based Nuclear Logistics, plans to consolidate four of its area offices into the new building, which will also provide room for expansion. The seller was locally based Klabzuba Oil & Gas. Todd Lambeth of Bradford was the sole broker in the transaction. The acquisition price was not released.
ROANOKE, TEXAS — United Supermarkets has acquired 15 acres with the Alliance Global Logistics Hub for the construction of a new distribution center. The facility will total 200,000 square feet and will be located on Freedom Drive in Roanoke. Site preparation work will begin by mid-November, with completion expected in September 2010. The project will be developed and operated by Exel, which already operates another United distribution center in Lubbock, Texas. The new facility will mark United's second distribution center in the Dallas-Fort Worth Metroplex. Dan Cook of Cushman & Wakefield represented United in negotiations for the land purchase; the owner of Alliance, Hillwood Properties, was represented in-house by Tony Crème.
CORPUS CHRISTI, TEXAS — Following a 6-month renovation, Macy's has reopened at the La Palmera shopping center in Corpus Christi. The expansion added approximately 18,000 square feet to the store's first floor. In addition, the store's departments were reconfigured and expanded, new carpeting and lighting was installed, and the aisles were widened. The project is part of the ongoing $50 million renovation and repositioning of La Palmera, a 1 million-square-foot mall that is owned by Fort Worth, Texas-based Trademark Property Co.
HOUSTON AND FARMERS BRANCH, TEXAS — Arbor Commercial Funding has originated two Fannie Mae DUS loans for a total of $10.65 million. The first loan totals $5.46 million and is secured by Windemere Apartments, a 257-unit multifamily community located in Texas. The loan carries a 10-year term, a 30-year amortization schedule and a 6.05 percent interest rate. The originator was Matt Norman of Arbor's Dallas office. The second loan is for $5.19 million and will be used for the refinancing of Huntington Cove Townhomes, a 100-unit multifamily community located in Farmers Branch. The non-recourse loan carries a 10-year term with a 30-year amortization schedule and a 5.98 percent interest rate. It was originated through the Fannie Mae DUS program by Jay Porterfield of Arbor's Plano, Texas, office. The borrowers were not disclosed.
FRISCO, TEXAS — John T. Evans Co. has brokered the sale of a 25,000-square-foot land parcel located near the intersection of Ohio Drive and Lebanon Road in Frisco. The buyer, Lai Family Trust, plans to construct an approximately 5,000-square-foot music school on the site and will begin construction within the next 90 days. Paul Vernon of John T. Evans Co. represented the seller, Land Plan Development. The parcel traded for $250,000.
HOUSTON — Nestle Waters North America has disposed of a 10,320-square-foot warehouse located at 1930 Lauder Rd. in Houston. Patrick Rollins of CBRE represented Nestle Waters in the transaction. Greg Barra of Boyd Commercial represented the undisclosed buyer. The acquisition price was also undisclosed.