BEAUMONT, TEXAS — Hendricks & Partners (H&P) has arranged the sale of Seville, a 90-unit apartment community located at 4325 Crow Rd. in Beaumont. The Section 8 property caters to elderly and disabled residents. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Keswick, Va.-based Seville Apartments, Ltd. The buyer, Plymouth, Minn.-based Dominium Acquisition, plans to complete substantial improvements to the property over the next 12 months. The acquisition was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing.
HOUSTON — The Houston office of Marcus & Millichap has brokered the sales of two Houston flex properties. The first property, Hempstead Industrial Plaza, is located at 14620 Hempstead Rd. and contains 42,510 square feet of office and warehouse space. The second property, McAllister Industrial Park, is located at 2441 McAllister Rd. and contains 26,652 square feet of office and warehouse space. Justin Miller and Jerry Goldstein represented both locally based sellers. The buyers, also based in Houston, were both secured by Joshua Lass-Sughrue, also of Marcus & Millichap’s Houston office. The acquisition prices were not disclosed.
HOUSTON — Construction has topped out for Memorial Hills, a 286-unit rental apartment community located on 2.2 acres near the intersection of Memorial and Shepherd drives in Houston. Designed by Houston-based Ziegler Cooper Architects, the eight-story, infill project will contain one-, two- and three-bedroom units ranging in size from 600 to 1,500 square feet. Amenities include a pool, an outdoor kitchen, a garden area and a parking garage. Completion is scheduled for spring 2009. The project is being developed by Atlanta-based Gables Residential Trust. In addition, Four Chasewood, a Houston office building also designed by Ziegler Cooper, was completed recently. Located within Chasewood Technology Park, the $13.2 million project comprises a five-story, 110,000-square-foot office building and a 5.5-story parking garage. The project was designed with sustainable features that include low-e windows, a reflective roof, water-efficient landscaping and fixtures, and low VOC materials. The project was developed by GenCap.
AUSTIN, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has completed the sale of Southpark 3 and Southpark 4, two Austin industrial properties totaling 176,000 square feet. Located at 4209 and 4129 S. Industrial Dr., the properties are a combined 89 percent leased by a tenant roster that includes The Whitley Printing Company, BlueLinx Corp., Crawford Electric Supply and Austin Tele-Services. An adjacent 4.2-acre land parcel was included in the sale. Jud Clemens and Robby Rieke of HFF represented the seller, an affiliate of General Electric Pension Trust that was advised by Stamford, Conn.-based GE Asset Management. The buyer was Boston-based AEW, which made the purchase on behalf of AEW Value Investors II, the company’s value-added real estate fund. The acquisition price was not disclosed.
TOMBALL, TEXAS — Development is under way for a 14,000-square-foot outpatient surgery center, located on the campus of Tomball Regional Medical Center in the Houston suburb of Tomball. Developed by Chicago-based Lillibridge, the one-story facility will contain four operating rooms, as well as expansion capability. The building will be owned by a joint venture between Tomball Regional Medical Center and a group of physician owners. Completion is scheduled for April 2009.
HOUSTON — Santa Ana, Calif.-based Grubb & Ellis Realty Investors has acquired Oak Park Office Center III, a two-story, 151,000-square-foot office building located in Houston’s Westchase submarket. Situated on 11.4 acres at 6001 Rogerdale Rd. within the 225-acre Oak Park at Westchase office park, the Class A building is occupied in its entirety by Jacobs Engineering Group, which is subject to a long-term, triple-net lease. It includes 855 parking spaces. The property was developed in 2008 by the Houston office of Myers Crow & Saviers, which is also the seller in the transaction. It was represented by Robert Williamson, Jeff Hollinden and Barbara Guffey of the Houston office of Holliday Fenoglio Fowler (HFF). The seller was also represented by HFF in the 2004 and 2008 sales of Oak Park Office Center I and II. The buyer made the acquisition on behalf of tenant-in-common investors.
GRAND PRAIRIE, TEXAS — The Dallas office of Hendricks & Partners (H&P) has brokered the sale of Meadow Green Apartments, a 100-unit multifamily community located at 3001 Avenue K East in Grand Prairie. The property was originally constructed as a residential condominium project, and is situated on the Great Southwest Golf Course. All of the unit interiors have been recently upgraded. Tom Burns and Jay Gunn of H&P represented the seller, Meadow Real Estate Investors, Ltd., of Portland, Ore., and Las Vegas. The buyer, El Segundo, Calif.-based DMEP Meadow Green, acquired the property for an undisclosed amount.
FORT WORTH, TEXAS — The grand opening has been held for the corporate headquarters of Peregrine Point, located at 13537 Heritage Pkwy. in Fort Worth. Situated within the AllianceTexas industrial development at the southeastern edge of Fort Worth Alliance Airport, the facility will comprise 10,000 square feet of offices in front of two connected aircraft hangars. Peregrine Point, a startup aviation company, operates passenger and cargo flights. It presently owns two planes, a Gulfstream 450 and a Boeing 737-700C. The headquarters was designed by Roanoke, Texas-based RGA Architects and Oklahoma City-based FSB Aviation.
HOUSTON — NAI Houston has brokered the lease of a 30,000-square-foot industrial building located at 2510 Beltway 8 in Houston. John Clark and Darren O’Conor of NAI represented the tenant, Global Tech Motors, in the transaction. The landlord, 2510 Sam Houston Parkway LLC, was represented by Greg Williams of Pasadena, Texas-based Qualified Properties. Terms of the lease were not disclosed.
WYLIE, TEXAS — Dallas-based Henry S. Miller Brokerage (HSMB) has completed the acquisition of a 1.45-acre pad site, located at the intersection of FM 544 and Highway 78 in Wylie. The parcel is located directly across from an Albertson’s, east of a Chili’s and west of a post office. It was subsequently split into a 50,000-square-foot tract and a 13,000-square-foot tract, the latter of which was immediately sold to an adjacent property owner to accommodate a parking lot expansion. Tom Grunnah of HSMB represented the buyer, Dallas-based Wylie Commerce Ltd. The seller, the Unites States Postal Service, was represented by Rick Tiller of the Dallas office of Grubb & Ellis. Future plans for the site were not disclosed.