HOUSTON AND KATY, TEXAS — The George Cushing Group of Grubb & Ellis has negotiated two Houston-area retail sales totaling 307,041 square feet. The first property, Northway Center, is a 215,887-square-foot shopping center located at the corner of U.S. Highway 290 and 34th Street in Houston. The center is 96 percent occupied and is anchored by Academy, Conn’s Appliances, Office Max and Goodwill Industries. George Cushing and Wendy Vandeventer of Grubb & Ellis represented the seller, Weingarten Realty Investors. The buyer is an entity of Utah-based Satterfield Helm Management. The second property, Highland Knolls Shopping Center, is a 91,154-square-foot, grocery-anchored shopping center located at the corner of Mason Road and Highland Knolls Dr. in the Houston suburb of Katy. The center is anchored by Randall’s Grocery; additional tenants include Washington Mutual, Quizno’s TGF Haircutters and AT&T Wireless. Cushing and Vandeventer represented the seller, Regency Centers; the property was acquired by Denver-based SV Commercial Partners.
SAN ANTONIO AND HOUSTON — NAI Houston has brokered two Texas sales. In San Antonio, Trent Siskron of the company arranged the sale of a 50,814-square-foot, single-tenant medical office building located at 400 Concord Plaza Dr. Known as The Orthopedic Institute, the property also contains an outpatient surgery center. Siskron represented the seller, Mallard San Antonio, as well as the buyer, Blauners Ortho Institute. In Houston, Siskron and Jeffrey Barbles, also of NAI Houston, represented both parties in the purchase of a 30,000-square-foot industrial building located at 7007 Belgold St. The property was acquired by Babson Belgold Property from JCW Belgold. The acquisition prices in both transactions were undisclosed.
KERMIT, TEXAS — Arlington, Texas-based Ascension Group Architects and Dallas-based Ray F. Skiles Co. have completed the first phase of the $13.1 million construction of a new hospital in Kermit. The new 34,000-square-foot hospital, which will replace the existing Winkler County Memorial Hospital, will contain 10 patient rooms, including nine semi-private rooms and an isolation room; and an emergency department that will include multiple private exam rooms, two trauma rooms and triage. All but 6,600 square feet of the hospital will consist of new construction; the remainder will be renovated and used for hospital support functions. Phase II construction has already begun and will include space for physical therapy, administrative offices, medical records, material management and dietary services. Completion is scheduled for December.
BOERNE, TEXAS — Marcus & Millichap has brokered the sale of The Tower at Boerne, a 24,353-square-foot shopping center located in Boerne. The shopping center is situated on 2.86 acres and was constructed in 2006. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a San Antonio-based private investor. It was acquired by a Houston-based private investor. The acquisition price was not disclosed, but the property listed for $5.44 million.
FORT WORTH, TEXAS — Fort Worth-based Red Oak Realty has completed construction of Cantey Hangar Plaza, an 86,300-square-foot office building located at 600 W. Sixth St. in Fort Worth. The four-story, Class A building will be anchored by the law firm Cantey Hanger LLP. The firm will occupy all of the fourth floor and most of the third floor, with the option to lease additional space. The second floor of the building will be leased as office space, while the first floor is expected to contain retail, restaurant and office space. A sky bridge will connect the building to the adjacent Bank of America parking garage. The building is owned by First on 6th LP, a Fort Worth-based partnership that includes the Darden family interests, and Jim Eagle and Oleta Thompson of Red Oak Realty. Red Oak also will be providing property management services. The building was designed by Gideon Toal of Fort Worth.
THE WOODLANDS, TEXAS — Groundbreaking is set to occur this summer for a 91-room Candlewood Suites hotel within The Woodlands, a 28,000-acre master-planned community located 27 miles north of Houston. The project is being developed by Odom Woodlands Hotel LLC, an affiliate of Scott T. Odom Land Development Co. The site, located at the corner of Interstate 45 and St. Luke’s Way, was purchased by Odom from The Woodland Development Company, a limited partnership between Morgan Stanley and General Growth Properties. The extended-stay hotel features studio and one-bedroom suites with fully equipped kitchens, executive desks and flat-screen televisions. The hotel also will feature a convenience store, a fitness center and complimentary guest laundry.
SAN ANTONIO — North Carolina-based Oaks Development Group has closed on the land sale for the development of a 95,000-square-foot, Class A medical office building. The new building will be situated on 7.9 acres in the Westover Hills neighborhood of San Antonio; it is part of a mixed-use project currently under development by Great American Co. that also will include a Staybridge hotel, restaurants and retail. Completion of the medical office building is expected in the first half of 2009. Tenants already signed on include Alamo Medical Group and Urology San Antonio; an MRI facility is being planned for the first floor. Sarah Teel of MSL Investments represented Oaks Development in the land purchase, and will handle leasing of the building.
SAN ANTONIO — CB Richard Ellis (CBRE) has brokered the sale of a 173.56-acre land parcel in San Antonio. Known as Redbird Ranch, the site fronts Potranco Road in the western suburbs of the city. Donna Kolius, Pierce Owens, Cody Persyn and Jeremy Richmond of CBRE, along with Karen Woodward of Hudson & Marshall of Texas, represented the seller, The General Land Office of the State of Texas. Potranco Limited LP acquired the parcel for an undisclosed amount.
HOUSTON — Behringer Harvard has acquired One City Centre, a 31-story office tower located at 1021 Main St. in the central business district of Houston. The property comprises more than 608,000 square feet of space, and includes amenities such as two multi-level parking garages, a lobby bank and two delicatessens. It is 93 percent leased, with three major tenants occupying 50 percent of the office space. The office tower was acquired by Behringer Harvard REIT I, the firm’s flagship investment program, for an undisclosed amount.
HOUSTON — Glazier Foods Co. (GFC) has sold its 286,000-square-foot headquarters and distribution facility in a sale/leaseback transaction to Houston-based GSL Welcome Group. The headquarters is situated on approximately 33 acres at 11303 Antoine Dr. in Houston. GFC has subsequently commenced construction of a $14 million expansion to the facility, which will add 160,000 square feet to the freezer and dry storage areas. Construction is expected to be complete within 1 year. GE Capital provided financing for the acquisition and the expansion. The acquisition price was not disclosed.