DALLAS — The Weitzman Group has completed the sale of the former Dillard's department store located at Southwest Center Mall in Dallas. The buyer, locally based El Rey Properties, plans to redevelop the two-story, 160,000-square-foot anchor building. Brian Glaser and Michelle Caplan of Weitzman, with assistance by Excess Space Retail Services, represented the seller, Dillard Texas LLC. Dave Valdez of ICB Properties represented the buyer. The acquisition price was not disclosed.
Texas
WILMER, TEXAS — Continental Tire has signed a lease for 287,827 square feet of industrial space at First Park Dalport, a distribution center located in Wilmer that is owned by First Industrial Realty Trust. Continental will utilize the new space as its product distribution center for the Southwest region. Robert Allen of First Industrial's Dallas office handled the transaction on behalf of the REIT, with assistance being provided by Terry Darrow, Kacy Jones and Will Wyatt of Jones Lang LaSalle. Terms of the lease were not disclosed.
HOUSTON — NAI Houston has brokered the sales of two Houston industrial properties. In the first transaction, Cisco Boilers purchased a 21,250-square-foot property located at 5935 Griggs Road. Chris Caudill and Joel Michael of NAI Houston represented the buyer. Conrad Bernard of Boyd Commercial represented the seller, CDE Corp. In the second transaction, Spearman Investments acquired a 7,000-square-foot property located at 8600 Fawn Trail. Darren O'Conor of NAI Houston represented the buyer, Spearman Investments. Josh Feinberg of J. Beard Real Estate Co. represented the seller, Caribe Properties. The acquisition prices in both transactions were undisclosed.
NASSAU BAY, TEXAS — Griffin Partners has broken ground for the first retail component of Nassau Bay Town Square, a 31-acre mixed-use project located across from Johnson Space Center in Nassau Bay. The first retail phase consists of 24,000 square feet located at the corner of Space Park Drive and Saturn Lane. It will be shell-ready by the end of May. Last month, Martin Fein Interests opened the first phase of Voyager Apartments at the Space Center, the multifamily component of the project. At full-build-out, the community will feature 313 luxury units as well as a fitness center, a business center and a resort-style pool. In addition to the multifamily community, Nassau Bay Town Square will include three office buildings totaling up to 600,000 square feet of space, a 176-room Marriott hotel, a total of 73,000 square feet of retail space, a 27,000-square-foot conference center and the new Nassau Bay City Hall.
THE WOODLANDS, TEXAS — HealthMark Group has acquired a 6-acre site located on Windsor Lakes Boulevard in The Woodlands for the development of a new senior housing project. Park Manor of The Woodlands will be a 124-bed skilled nursing and rehabilitation facility that will provide short- and long-term care. Groundbreaking is expected in the first quarter, with the grand opening scheduled for January 2011. It will be HealthMark's ninth project in the Houston area, and HMG Services will operate it. Richard Stromatt of GDC Realty represented HealthMark in the land purchase. Cody Christopher of Colliers Texas represented the seller, The Woodlands Development Company.
SAN ANTONIO — Bunkhouse Management has acquired the historic Havana Riverwalk Inn located on the San Antonio Riverwalk. The company is currently renovating the hotel and plans to reopen it in April. The 22,000-square-foot property originally opened in 1914 and is on the National Register of Historic Places. The seller's name as well as the acquisition price were not disclosed.
AUSTIN, TEXAS — Marcus & Millichap has completed the sale of Shady Oaks South Apartments, a 238-unit multifamily property located in Austin. The Class B community is situated at 4320 S. Congress Ave. It contains a mix of one- and two-bedroom units and occupancy was 75 percent at the time of the sale. Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a Houston-based partnership, and procured the buyer, a local private investor. The acquisition price was not disclosed.
PARIS AND GARLAND, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has completed two Texas transactions. In Paris, HSMB's Mark Porterfield represented Paris Properties Ltd. in the sale of a 100-unit multifamily property to Lafayette, La.-based Entourage Legacy. The property is known as Regency Apartments and is located at 25265 Lamar Ave. Occupancy was 97 percent at the time of closing. Richard Pool of Shreveport, La.-based Pool Realty Services represented the buyer. Jay Porterfield of Arbor Commercial Mortgage arranged the acquisition financing. In Garland, HSMB's Dan Spika represented Shelbo Development in the acquisition of a 42,000-square-foot industrial facility. Situated at 2950 W. Miller Road, the property totals 10 acres and contains direct rail access. The buyer plans to utilize the property for storage. Larry Leon of CB Richard Ellis represented the seller, Pro-build Real Estate Holdings. The acquisition prices in both transactions were not disclosed.
HUMBLE, TEXAS — NAI Houston has brokered the acquisition of an 18,180-square-foot industrial building located at 8541 N. Sam Houston Parkway in Humble. Chris Caudill and Joel Michael of NAI represented the buyer, Electro Technical Industries. Howard Sims of Workplace Solutions represented the seller, Carrier Air Systems. In addition, Electro Technical Industries purchased 3.65 acres of land at the corner of East North Belt and North Park drives, also in Humble. Caudill and Michael also represented Electro in this transaction. Ryan Wasaff and Brad Berry of GSL represented the seller, GSL Constructors.
DRIPPING SPRINGS, TEXAS — Marcus & Millichap Real Estate Investment Services has sold a 13,650-square-foot Walgreens located at 27495 Ranch Road 12 in Dripping Springs for $5.3 million. Marcus & Millichap's Alvin Mansour of the firm's San Diego office had the listing to market the property on behalf of the seller, a developer. Chris Gomes and Tim Speck of the firm's Dallas office assisted in closing the transaction.