ROSENBERG, TEXAS — Cincinnati-based The Kroger Company has announced that its Kroger Marketplace brand will be joining the tenant roster at Brazos Town Center, a 550-acre, master-planned community under development in Rosenberg by Houston-based NewQuest Properties. The 123,000-square-foot Kroger Marketplace features a full-service grocery, a pharmacy, expanded perishables and general merchandise, such as outdoor living products, electronics, home goods and toys. The multi-department concept is twice the size of a typical Kroger supermarket. Brazos Town Center comprises 940 multifamily residences, a medical/professional office park and 220 acres of retail space — all interconnected with a parks and trails system. Retail anchor tenants include Target, The Home Depot, Hobby Lobby, Academy, JC Penney, Ross Dress For Less, Petco, Best Buy, Famous Footwear, Cinemark, Palais Royal, Kohl’s, Conn’s, OfficeMax, Walgreens and Spec’s.
PLANO, TEXAS — Dallas-based Trammell Crow Co. has been selected to develop a new national corporate headquarters for Diodes Inc. within the Legacy mixed-use development in Plano. Diodes will be relocating from its old headquarters at 15660 N. Dallas Pkwy. in Dallas to a 16-acre site at the corner of Legacy Drive and Communications Parkway. The building is expected to range between 70,000 and 75,000 square feet; construction will begin in late 2008 or early 2009. Corgan Associates will design the project. Diodes acquired the 16-acre parcel in June from Trammell Crow, which acquired 404 acres within Legacy in 2006; 264 acres currently remain for sale or development.
PORT ARANSAS, TEXAS — Marcus & Millichap has brokered the sale of a Best Western hotel located at 400 East Avenue G in Port Aransas. Situates on 1.89 acres, the property contains 48 rooms. Michael Yu and Imran Haroon of Marcus & Millichap’s Houston office listed the property on behalf of the seller, a Texas-based private investor. Yu and Rahul Bijlani represented the buyer, a San Diego-based private investor. The acquisition price was not disclosed, but the property listed for $3.9 million.
ALVIN, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $5.8 million in refinancing for Morgan Oaks Apartments, a 98-unit, Class A multifamily community located at 877 E. House St. in Alvin. The property features an average unit size of 879 square feet. Community amenities include a swimming pool, a clubhouse, a fitness center, a playground and security access gates. Tucker Knight and Steve Gautier of HFF arranged the loan on the behalf of Minkoff Development with Freddie Mac. The securitized loan was placed under HFF’s Capital Markets Execution program, and will be serviced by the company. Terms of the financing include a 10-year term and a fixed interest rate.
HOUSTON — Marcus & Millichap has brokered the sale of Northwood Villas Apartments, a 312,565-square-foot multifamily community located at 5005 Aldine Mail Route in Houston. The property is situated on 14.17 acres, and was construction in 1974. Robert Su of Marcus & Millichap’s Houston office marketed the property on behalf of a Charlotte, N.C.-based limited liability company. It was acquired by a Houston-based private investor. The purchase price was not disclosed, but the property listed for $7.5 million.
FORT WORTH, TEXAS — Completion is nearing for Rattikin Square, a historic office project located at 4936 Collinwood Ave. in Fort Worth. The building originally served as an officer’s club for nearby Camp Bowie Army Base. Most recently, it was the site of the Rangoon Racquet Club, a popular 1970s bar. The current renovation will convert the building into 7,000 square feet of office space. A courtyard and a fountain will also be constructed on the property. Tenants already announced include the law practice of Jeffrey Rattikin, who is also the owner of the project, as well as three exchange companies and the Westside office of Rattikin Title Co. Leasing for the remaining two first-floor spaces is being undertaken by Chris Stewart of Coldwell Banker Commercial Searcy Vasseur Group.
RICHARDSON, TEXAS — Delray Beach, Texas-based Dockerty Romer & Co. (DRC) has arranged $6.2 million in bridge financing for a 101,232-square-foot office building located at 2201 North Central Expressway in Richardson. The two-story property was 78 percent leased at the time of closing. The borrower, South Florida-based BRI 1816 2201 LP, plans to perform some rehabilitation to the lobby and commons areas while launching an extensive leasing campaign. Bob Dockerty and Jamen Lachs of DRC arranged the financing. Terms of the loan were undisclosed.
HOUSTON — Hines has arranged the lease of a full floor at Phoenix Tower, a 34-story, 629,000-square-foot office tower located at 3200 Southwest Freeway in Houston. Express Energy Services Operating will occupy 25,113 square feet of space within the tower. Paula Bruns of Hines represented building ownership, FSP Phoenix Tower LP, which is an affiliate of Franklin Street Properties Corp. David Anderson of Fritsche Anderson Realty Partners represented the tenant. Hines, in its role as property leasing manager, has been involved with a capital improvements program for the building that includes the installation of energy-efficient, exterior glass panels; a renovation of the building’s common areas and entrances; the addition of a conference facility; and the addition of a Jack Nicklaus-designed putting green on top of the building’s parking garage.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of a 7-acre parcel of land located in Irving. The buyer, a Dallas-based limited liability company plans to develop the property for retail use. The 307,278-square-foot site fronts a luxury multifamily property under development at the corner of Royal Lane and Riverside Drive. Howard Fuerst of Marcus & Millichap’s Dallas office negotiated the transaction between the buyer and the seller, a Texas limited partnership. The construction timetable for the project was not disclosed.
PLANO, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has completed the sale of Crystal Creek I Shopping Center in Plano. Situated on 1.44 acres at the corner of Ohio Drive and Hedgecoxe Road, the property contains a 15,000-square-foot strip center. Christiane Jones of ReMax Performance Group represented the buyer, Argyle, Texas-based TPH Capital. Sam Kartalis of HSMC represented the undisclosed seller. Kartalis also developed the property for his client 2 years ago. The sale price was not disclosed.