HOUSTON — Marcus & Millichap has brokered the sale of the former Bissonnet Corner Restaurant, a vacant 3,021-square-foot restaurant located 12180 Bissonnet St. in Houston. The property was originally built in 1985 and was renovated in 2000. Justin Miller of Marcus & Millichap’s Houston office represented the seller, a Texas-based private investor. The property was purchased by another Texas-based private investor/user. The acquisition price was not released, but the property listed for $500,000.
Texas
DALLAS — Dallas-based The Allen Group has leased 313,040 square feet within Dallas Logistics Hub, the company’s 6,000-acre, multimodal logistics park located in Dallas, to Advanced H2O. The bottled water and beverage producer will occupy approximately half of DLH Building 1, which is located at 4800 Langdon Rd. The recently completed facility totals 635,040 square feet; it features cross docking, 32-foot clear ceiling heights and 126 loading docks. The building is also in the process of receiving LEED certification. Advanced H2O will use the facility for production and distribution; it will occupy the space for a 15-year term.
HOUSTON — Renovations are being completed for three of the co-anchors at Westchase Shopping Center, a 235,539-square-foot shopping center located in Houston that is owned by locally based Weingarten Realty Investors. Target recently completed a $3 million renovation and expansion that included the re-branding of the store as a Super Target. Construction included a 5,000-square-foot addition, a new Starbucks Coffee located inside the store, a new photo studio and a doubling in size of the grocery department. In addition, Randalls Food Market completed extensive renovations to its own location. Finally, Ross Dress for Less has renewed its lease and will soon begin construction of a 6,700-square-foot addition to the store.
KATY, TEXAS — The Houston office of NorthMarq Capital has secured $2.65 million in first-mortgage financing for Westland Center, a 29,723-square-foot retail center located in Katy. Tenants at the property include Fidelity Title, Jackson Hewitt, Floor TX, State Farm and Ruthie’s Mexican Restaurant. Terms of the loan include a 2-year term and interest-only payments. NorthMarq’s Roger Trapnell and Warren Hitchcock arranged the loan on behalf of the undisclosed borrower through Texas Capital Bank.
HOUSTON — Denver-based ProLogis has leased approximately 147,000 square feet of distribution space in Houston to third-party logistics provider OHL. The Tennessee-based company will occupy space within a recently completed building at ProLogis NorthPark, a four-building, approximately 500,000-square-foot distribution park located along Interstate 45, north of Beltway 8. This lease marks OHL’s 11th transaction with ProLogis, with OHL now occupying approximately 2.8 million square feet of distribution space nationwide within ProLogis-owned parks. Additional tenants at ProLogis NorthPark include Anna’s Linens, Proinlosa Energy Corp., Cyclone Enterprises and Labrada Bodybuilding Nutrition. Terms of the lease were not disclosed.
BELTON, TEXAS — Needham, Mass-based Potomac Realty Capital has arranged $7.3 million in permanent financing for a 202-unit apartment community located in Belton. The loan carries an interest rate of 6.41 percent and was provided by Fannie Mae. Proceeds were used to retire an existing bridge loan — also secured by Potomac — that was taken out 12 months ago by the Dallas-based owner to complete a capital improvements program to the property.
SPRING, TEXAS — Home furnishing store Tuesday Morning has signed a lease for 10,640 square feet of space at Corum Station Shopping Center, located at 4770 Louetta Rd. in Spring. The retailer plans to open by late February. It will join a tenant roster that includes Quizno’s, Subway, La Cabana Mexican Restaurant, McDonald’s, Wachovia and Champions Pools. Diana Gaines of The Woodlands, Texas-based The J. Beard Real Estate Company represented the landlord. Terms of the transaction were not released.
HOUSTON — Hilton Hotels Corp. has held the grand opening for the new Homewood Suites by Hilton – Northwest/CY-Fair, a 123-suite hotel located at 13110 Wortham Center Dr. in Houston. The hotel comprises studio, one-bedroom and two-bedroom suites. It features an executive business center, a swimming pool, a sports court and 1,050 square feet of meeting space. The property is owned by Wortham Hospitality, Ltd. and will be managed by New Horizons Hospitality. This newest hotel marks the 260th location for Homewood Suites by Hilton.
SAN ANTONIO — Grubb & Ellis has brokered the acquisition of Summit IV Building, an approximately 25,000-square-foot office building located at 5805 Callaghan Rd. in San Antonio. Grubb & Ellis’ Jerry Williams, Jason Brumm and Maggie Nigro, along with Ginger Unger of Secor One Commercial Group, represented the buyer, United Community Investors. Dan Gostylo of Providence Commercial represented the seller, Paul A. Violich Inc. Trust. The acquisition price was not disclosed.
AUSTIN, TEXAS — Austin-based Texas Realty Capital has arranged $22.7 million in permanent financing for Austin-Mueller Healthcenter, a medical facility located in Austin. The loan carries a 7-year term and a fixed interest rate. It was arranged on behalf of the undisclosed borrower through Appleton, Wis.-based Thrivent Financial for Lutherans.