Texas

HE CAPITAL COMPLETING $1.2 MILLION RENOVATION TO OFFICE TOWER

by admin January 7, 2009

HOUSTON — HE Capital is completing a $1.2 million capital improvements plan for 2425 West Loop South, an 11-story, Class A office building located in Houston. Phase I, which was completed in August, consisted of the installation of two energy-efficient chillers and an upgraded energy management system. In December, renovations to the atrium lobby were completed; construction included a new granite floor, carpet insets and wall finishes, as well as a new security station and lighting. In the first quarter of this year, a semi-circular driveway will be completed, improving access from the West Loop. The renovation project was designed by architect I.M. Pei. Amenities at the office building include a deli, on-site management and security, multi-room conference facilities, and an attached, nine-story parking garage. Occupancy at the building is currently at 74 percent; leasing efforts are being undertaken by the Houston office of CAPSTAR Commercial Real Estate Services.

January 7, 2009

MARCUS & MILLICHAP COMPLETES OFFICE, MULTIFAMILY SALES

by admin January 6, 2009

DALLAS AND IRVING, TEXAS — Marcus & Millichap has completed two Texas sales. In Dallas, the company brokered the sale of Bent Tree Gardens Office Building, a two-story, 53,565-square-foot office building located at the corner of Dallas North Tollway and Quorum Drive. The multi-tenant property was constructed in 1985. Patrick Giles of Marcus & Millichap’s Dallas office represented the seller, a Texas corporation, and procured the buyer, a Dallas-area limited liability corporation. Marcus & Millichap also brokered the sale of Adrianna’s El Morocco, a 178-unit apartment community located in Irving. The property is situated on 6.5 acres in the northern part of the city; it was constructed in 1969 and has undergone extensive renovations, most recently in 2006. John Barker of Marcus & Millichap’s Dallas office and Mark McLellan of the firm’s West Los Angeles office represented the seller, a California-based private investor. Barker also represented the buyer, a Texas-based limited liability company.

January 6, 2009

Industrial Texas

TRANSWESTERN COMPLETES 122,634-SQUARE-FOOT INDUSTRIAL LEASE

by admin January 6, 2009

HOUSTON — Houston-based Transwestern has completed a lease for 122,634 square feet of industrial space at Port 225, a bulk distribution center located on Highway 225 in Houston’s East submarket. Darryl Noon and Jude Filippone of Transwestern represented the landlord, ING Investment Management. Trace Elrod of Jackson & Cooksey represented the tenant, Charleston, S.C.-based Hagemeyer North America. Hagemeyer will occupy part of Phase I of the multi-phase project. Completed in April 2008, Phase I comprises 697,000 square feet of space in three buildings. Current tenants include Bethel Logistics, Dixie Box & Crating, BKW Environmental Services and Bigler LP. Phase II of the project will consist of three additional buildings totaling 564,060 square feet. Plans for Phase II are complete and pre-leasing has begun.

January 6, 2009

Retail Texas

HSMB ARRANGES SALE OF 19.8-ACRE DEVELOPMENT SITE

by admin January 6, 2009

TYLER, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged the sale of a 19.8-acre development site located at the intersection of Interstate 20 and FM 14 in Tyler. Knoxville, Tenn.-based Pilot Travel Centers acquired the parcel and plans to construct a new, full-service travel center on the site. Jerry Yoder of HSMB’s Dallas retail division was the sole broker in the transaction between Pilot and the seller, Yoder Partners, Ltd. The acquisition price was not disclosed.

January 6, 2009

Civic Texas

WALTON SELECTED FOR TEXAS SCHOOL FOR THE BLIND EXPANSION

by admin January 5, 2009

AUSTIN, TEXAS — The Dallas office of Walton Construction Co. has been selected the build the new Main Instructional and Public Square Buildings for the Texas School for the Blind & Visually Impaired in Austin. New construction will consist of five buildings totaling more than 118,360 square feet. It will include a two-story main instructional building, a natatorium, a student activity center, a kitchen and dining facility, and a fine arts auditorium. Construction began in December and is expected to be complete in December 2010. The owner is Texas Facilities Commission, and the project architect is Halff Associates.

January 5, 2009

Retail Texas

MCA ARRANGES $28.9 MILLION FOR RIVERWALK CROSSING

by admin January 5, 2009

TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $28.9 million in financing for Riverwalk Crossing Shopping Center, a 250,000-square-foot lifestyle center located on the banks of the Arkansas River in south Tulsa. MCA secured a $17.5 million first mortgage and a $1 million mezzanine loan for Phase I of the project, which is 98 percent leased. Additionally, MCA secured a $10.4 million interim construction loan for Phase II of the project. The phase will total 50,000 square feet and is expected to be complete within 12 months. It is already fully pre-leased to Lewis & Clark and McDermott’s Grill. The lender for the mezzanine loan was a private investor, and the lender for the first mortgage and construction loans was a Texas regional bank. The borrower was Jerry R. Gordon Development.

January 5, 2009

Industrial Texas

NAI HOUSTON BROKERS 15,130-SQUARE-FOOT WAREHOUSE

by admin January 5, 2009

HOUSTON — NAI Houston has brokered the sale of a 15,130-square-foot, speculative warehouse property located at 4549 Aldine Bender, within Interwood Business Park in Houston. John Ferruzzo and Travis Land of NAI Houston represented the seller, BRG Cornerstone Development & Construction. The property was acquired by 4549 Aldine Bender LLC. The acquisition price was not disclosed.

January 5, 2009

Hospitality Texas

GRAND OPENING HELD FOR $50 MILLION EMBASSY SUITES

by admin December 23, 2008

SAN MARCOS, TEXAS — The grand opening has been held for the Embassy Suites San Marcos – Hotel, Spa & Conference Center, a $50 million hotel and spa located in San Marcos. The 10-story hotel features 283 suites, and the adjacent conference center totals more than 80,000 square feet. The conference center is owned by the city of San Marcos and managed by John Q. Hammons Hotels & Resorts. The hotel and spa is privately owned by John Q. Hammons and managed by his Springfield, Mo.-based hospitality company.

December 23, 2008

Retail Texas

BB&T FINANCES 198,366-SQUARE-FOOT RETAIL CENTER

by admin December 23, 2008

IRVING, TEXAS — The Chicago office of BB&T Real Estate Funding has provided a first mortgage loan secured by MacArthur Park, a 198,366-square-foot retail center located in Irving. The Kroger-anchored center is situated within the Las Colinas master-planned community. It is part of a larger power center that includes Barnes & Noble, Gap, Hallmark, Target, Ross Dress For Less, TJ Maxx and Office Depot. Nick Gonzalez of Austin, Texas-based GRC Capital represented the undisclosed borrower in the transaction. Terms of the loan were not released. BB&T Real Estate Funding is a wholly owned subsidiary of Charlotte, N.C.-based Grandbridge Real Estate Capital and a subsidiary of BB&T Corp.

December 23, 2008

Mixed-Use Texas

HOMETOWN CENTER SET TO BREAK GROUND, PARK PLAZA BEGINS

by admin December 23, 2008

FRIENDSWOOD, TEXAS — Groundbreaking is set to occur for HomeTown Center, a 60,789-square-foot mixed-use project located at 502 S. Friendswood Dr. in Friendswood. The $9 million project is owned by Buzbee Properties. The three-story building features office and retail space on the first and second floors, as well as nine residential lofts on the third floor. Groundbreaking will occur in the first quarter of 2009. Tenants already signed on for the project include Buzbee Properties, HomeTown Bank, a coffee shop and a title company. In addition, groundbreaking occurred this month for Park Plaza, a $2.2 million multi-use project also located in Friendswood at 907 S. Friendswood Dr. The two-story office and retail project totals 21,600 square feet. Office tenants will include the project’s developer, Crystal Creek Developers, as well as P.E. Square Engineering Consultants and Everest Design Group.

December 23, 2008

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