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.
DALLAS — Tampa, Fla.-based CLW Health Care Services Group has completed the sale of Caruth Haven Court, a 91-unit assisted living facility located in the Park Cities neighborhood of northern Dallas, for $20.5 million. The three-story building was constructed in 1999; it is situated on 2.2 acres and totals 74,647 square feet. CLW represented the seller, SHP II Caruth LP, which consists of a partnership between Prudential Real Estate and 12 Oaks Senior Living. Caruth Haven Court was acquired by Cornerstone Growth & Income REIT through its affiliation with Servant Healthcare Investments. Operation of the facility will be handled by 12 Oaks Senior Living, the current operator the property.
IRVING, TEXAS — UGL Equis has brokered the sale of a 68,000-square-foot manufacturing/warehouse facility located at 6020 Colwell Blvd. in the Las Colinas submarket of Irving. The Class B property contains 24-foot clear ceiling heights, five docks and 13,868 square feet of office space. It was acquired by Xochitl, a manufacturer and distributor of snack foods, which plans to use the facility to consolidate and expand its Dallas headquarters operations. The company presently occupies approximately 2,000 square feet of office space at 17304 Preston Road in Dallas, with its manufacturing and warehousing facilities spread throughout the Dallas/Fort Worth Metroplex. Todd Phillips of UGL Equis’ Dallas office represented Xochitl. The seller, Nirtag, U.S., Inc., was represented by Bob Hagewood and Blake Kendrick of Stream Realty Partners. The acquisition price was not disclosed.