EL PASO, TEXAS — Cohen Hospitality Group is developing El Paso’s first Candlewood Suites, located at the intersection of Interstate 54 and Cohen Avenue near Fort Bliss military base. The property will cost $5.2 million and will feature 92 suites over four floors. Hotel amenities will include an indoor pool, complimentary high-speed Internet access and a 24-hour fitness center. It will be managed by Cohen Hospitality Realty. Groundbreaking is expected to occur in the fourth quarter, with completion scheduled for fourth quarter 2009.
DALLAS — Jones Lang LaSalle (JLL) has brokered the sale of Galleria Towers I, II and III in Dallas. The Class A office buildings are located at 13355 Noel Rd. and total 1.4 million square feet. The towers range from 24 to 36 stories and adjoin the Galleria shopping mall and the Westin Galleria Hotel. Building amenities include conference facilities, a fitness center and an independently operated day care center. Occupancy is currently at 98 percent. John Alvarado, Jack Crews, Evan Stone and Kelly Branum of JLL represented the seller, Brooklyn-based Fortis Property Group. The property was acquired by Los Angeles-based Cannon Commercial. Terms of the transaction were not disclosed, but the deal was estimated to be worth more than $300 million.
DALLAS — The Dallas office of Hines has purchased two warehouse buildings, located at 4050 and 4055 Corporate Dr. in the Dallas/Fort Worth Airport East submarket, on behalf of Hines REIT. The properties comprise 4050 Corporate Dr., which contains 441,068 square feet of industrial space, and 4055 Corporate Dr., which contains 202,361 square feet. Also included is an 831-vehicle surface parking lot. The properties are fully occupied by a tenant roster that includes Kay Chemical, FleetPride Corp., Verizon Communications and John H. Harland/Harland Clarke. Both properties are located within the 180-acre DFW Trade Center office and distribution park. Hines acquired the properties from Dividend Capital Trust for an undisclosed amount.
HOUSTON — Dallas-based Urban Partners and Gables Residential have topped out Phase I construction of WEST AVE, a mixed-use development located at the corner of Kirby Drive and Westheimer Road in Houston. Located on 5 acres, the project’s first phase will consist of a seven-story building containing 180,000 square feet of retail space on the bottom two floors, and 390 luxury apartments on the top five floors. Residential units will average 1,070 square feet, and will be available for occupancy this August. The retail space will become available in August 2009; 45,000 square feet of the space has already been designated for food and beverage tenants, including a small grocery concept. Restaurants already committed to WEST AVE include Pie Bar, The Social House, Swig, Cru and Wildfish. A new road named West Ave. Street, which runs north to south through the project, is scheduled for completion in June. WEST AVE is being designed by Memphis, Tenn.-based Looney Ricks Kiss. Additional phases of WEST AVE will be announced at a later date.
DFW AIRPORT, TEXAS — A partnership between Seefried Industrial Properties and AMB Property Corp. has completed a 400,000-square-foot building, located at 1901 W. Airport Dr. on the grounds of Dallas/Fort Worth International Airport, for CEVA Logistics. The facility, which is situated on 21 acres, includes a two-story, 35,000-square-foot office area, as well as tri-dock warehouse space. CEVA Logistics will use the new facility to consolidate its existing area operations.
HARRIS COUNTY, TEXAS — The Houston office of Trammell Crow Co. has begun construction of the remaining phases of Atascocita Commons Shopping Center, a 53-acre retail development located northeast of Houston on FM 1960 in northeast Harris County. Construction will consist of a 177,000-square-foot SuperTarget, an 88,000-square-foot Kohl’s, a 50,000-square-foot TJ Maxx/Home Goods and a 30,000-square-foot Ross Dress For Less — all of which will co-anchor the 500,000-square-foot development. Additional tenants will include Dress Barn, Famous Footwear, Panera Bread, Zales Jewelers and Johnny Carino’s. Tenants previously announced include Palais Royal, Petco and Office Depot. Construction of the shopping center first began in late 2005, and more than 182,000 square feet of space already is open. Completion of the remaining phases is scheduled for later this year. Matt Keener and Alex Makris of CB Richard Ellis will handle leasing for the remaining space.
GRAPEVINE, TEXAS — Turner Construction has topped out construction of the expansion of Great Wolf Lodge – Grapevine, an indoor water park and resort located at 1400 Highway 26 in Grapevine. The expansion will add 203 guest suites to the resort, bringing the total up to 605 upon completion. The expansion also will bring the resort’s meeting space to 27,000 square feet, comprising a 7,500-square-foot ballroom, six meeting rooms, two board rooms, more than 4,000 square feet of pre-function space and six outdoor event areas. Completion is scheduled for December.
COLLEGE STATION, TEXAS — Marcus & Millichap has brokered the sale of Renaissance Park, a 144-unit apartment community located at 603 Southwest Pkwy. in College Station. The property, which is located just off-campus from Texas A&M University, features two-bedroom units totaling 900 square feet, and was 95 percent occupied at the time of closing. Nick Fluellen of Marcus & Millichap’s Dallas office represented the seller, a Texas-based limited liability corporation; George Miller of the firm’s Seattle office represented the buyer, a Washington-based private investor. College Station-based The Galindo Group has been retained by the buyer to manage the property.
HOUSTON — Hendricks & Partners (H&P) has completed the sale of Northline, a 34-unit multifamily property located at 7406 and 7410 Fulton in Houston. Jeff Eisenhardt and Kevin McCarthy of H&P’s Houston office represented the seller, Houston-based Copia. The buyer, Chicago-based Bob-Dan of Texas, plans to demolish the property to make way for the construction of a new PLS Check Cashiers.
HOUSTON — Houston-based The Hanover Company has partnered with MetLife for the purchase of a 1.45-acre parcel within BLVD Place, Wulfe & Co.’s mixed-use development located in downtown Houston. Hanover plans to develop a 37-story multifamily tower on the site, which is situated at the project’s South Post Oak Road entrance at San Felipe Boulevard. The tower will contain 236 apartment units averaging 1,650 square feet. Amenities include valet, concierge and bellman services; a private resident lounge with a catering kitchen; a screening room and library; a fitness club; and a 19,000-square-foot rooftop terrace with a pool. Chicago-based Solomon Cordwell Buenz is designing the tower. Groundbreaking is scheduled for fall, with completion scheduled for 2011.