MOUNT PLEASANT, TEXAS — Philadelphia-based Binswanger has brokered the sale of a 162,290-square-foot industrial building, located at 1106 Industrial Blvd. in Mount Pleasant. The facility includes up to 27-foot clear ceiling heights, truck loading capability and rail access. Binswanger represented the seller, Mastercraft. The buyer, Pace Shave, plans to use the facility as a regional distribution center. The acquisition price was not disclosed.
HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $7.1 million in construction and mezzanine financing for Corinthian Village Senior Living, a 124-unit affordable senior housing project located in Houston. The project will be the latest phase of the Corinthian Pointe master-planned development. Of the project’s 124 units, 40 of those will be reserved for low-income residents. Amenities will include an activity room, a fitness center and a clubhouse. Completion is scheduled for 2010. The financing package was arranged by Grandbridge’s Jim Kirkpatrick on behalf of the borrowers, George E. Johnson Development and Corinthian Pointe Senior Living Corp. The financing includes a $6.4 million construction loan provided by Trustmark National Bank and a $700,000 mezzanine loan provided by The United Methodist Foundation of the Texas Annual Conference. In addition, the city of Houston provided $3.37 million in HOME funds for the project.
BEAUMONT, TEXAS — Springfield, Mo.-based John Q. Hammons Hotels & Resorts has held the grand re-opening for the Holiday Inn Hotel & Suites – Beaumont Plaza, located at 3950 I-10 South in Beaumont. The hotel was damaged last year by Hurricane Ike, but remained open during that time as an emergency shelter for displaced workers of the area’s major corporations. The hotel subsequently under went a $7.5 million renovation. Improvements to the 8-story hotel included exterior construction such as signage, landscaping and building repair; fresh paint and vinyl in interior common areas, hallways and the hotel’s 22,000 square feet of convention space; storm damage repairs to the hotel’s 253 rooms and suites; and the construction of a new lobby bar in the atrium.
HOUSTON — Houston-based Holliday Fenoglio Fowler (HFF) has been tapped to market a 52-property shopping center portfolio for sale. The seller is Macquarie DDR U.S. Trust Inc., which is controlled by a joint venture between Macquarie Capital Advisors and Developers Diversified Corp. The portfolio contains shopping centers located in 20 states. It totals 12.5 million square feet and has an average occupancy of 88.5 percent. Major tenants include Walmart, BJ’s Wholesale Club, Bed Bath & Beyond, T.J. Maxx, Kohl’s and Dick’s Sporting Goods. As of December 31, 2008, the portfolio was valued at approximately $1.9 billion. HFF’s John Pelusi, Barry Brown, Doug Hazelbaker and Lynn De Marco will lead the sales team. The portfolio can be subdivided to suit the needs of a buyer.
MCKINNEY, TEXAS ¬— Ag-Power, a farm equipment dealership, has selected Arlington, Texas-based Bob Moore Construction to build a new sales and service center in McKinney. The 60,000-square-foot building will be located on North Central Expressway; it will replace the company’s current McKinney dealership. Bob Moore Construction is serving as general contractor; Dallas-based NCA Partners will serve as project architect. Groundbreaking is slated for this month, with completion expected in February 2010. Ag-Power is one of the state’s leading John Deere dealers. It also carries equipment from Stihl and Honda Power Equipment.
FORT WORTH AND WOOD COUNTY, TEXAS — The Fort Worth office of Sperry Van Ness/Summit Realty has completed the sale of two skilled nursing facilities located in Texas. The first property is an approximately 100-bed facility located in Fort Worth, and the second property is an approximately 80-bed facility located near Tyler in Wood County. Both properties have received extensive upgrades in the past few years. Robyn Jackson of Sperry Van Ness represented both undisclosed parties in the transaction. The seller is based out of Denton, Texas, and the buyer is headquartered out-of-state. The acquisition price was not released.
HOUSTON — Two retailers and a restaurant have held their grand openings within three different Houston shopping centers owned by Centro Properties Group. Melrose has opened a 10,800-square-foot location within Northwood Shopping Center, located at the corner of Eastex Freeway/Route 59 and Aldine Mail Road. Beauty Empire 15 has opened an 8,050-square-foot location within Huntington Village, located at the intersection of Bissonnet Street and Dairy Ashford Road. Finally, Subway has opened a 1,357-square-foot restaurant at Mount Houston Square, located at the corner of Eastex Freeway/Route 59 and West Mount Houston Road.
HOUSTON — Cadence McShane Construction Co. has completed the Carson Portwall Distribution Center on behalf of the developer, The Carson Companies. Located on a 21-acre site in Houston, the two-building project spans 401,338 square feet. Building II, a 162,178-square-foot facility at 221 Portwall St., offers 37 dock high doors and one ground-level ramp. The 239,210-square-foot Building III, which is located at 225 Portwall St., features 54 dock high doors and one ground-level ramp. Both facilities have 30-foot clear heights, ESFR sprinkler systems and secure 180-foot truck courts. The buildings also offer 317 parking spaces. Powers Brown Architecture provided architectural services.
HOUSTON — Chris Wadley and Logan Brown Jr. of Grubb & Ellis’ Houston office recently represented Gillett Properties in the sale of 3 Northpoint Drive. The three-story, approximately 54,000-square-foot office building sold to WW Cole Group Ltd., which represented itself. The building is located in Houston within close proximity to Interstate 45 North and Beltway 8. It is fully leased to the State of Texas.
BAYTOWN, TEXAS — Rent-A-Center has opened a 5,200-square-foot store at Baytown Shopping Center, which is located on the southwest corner of Garth Road and Rollingbrook Street in Baytown. Centro Properties Group owns the center. Stephen Swope of Centro Properties Group represented the company in lease negotiations.