HOUSTON —McShane Corp. has been selected by OakBend Medical Center to develop Grand Parkway Medical Office Center, an off-campus medical office building located in Houston. The three-story, 60,000-square-foot facility will be situated on 5 acres at Grand Parkway, approximately 7.5 miles from the hospital. It will feature medical suited divisible from 1,200 square feet, as well as an ambulatory surgery center. Groundbreaking is set to occur in September, with completion slated for fourth quarter 2009. The Houston office of Cadence McShane Corp. will provide design/build services for the project. Denver-based Marasco & Associates will provide the concept design, and Houston-based Seeberger + Associates will serve as architect of record. Grand Parkway Medical is the first of two medical office facilities McShane will be building for OakBend Medical Center. The second facility will be located on-campus. No details have been released.
Texas
RICHARDSON, TEXAS — CB Richard Ellis (CBRE) has brokered the sale/leaseback of a 59,343-square-foot office building located at 2180 N. Glenville Dr. in the Dallas suburb of Richardson. Darrin Roberts and Peter Danna of CBRE represented the seller, SBC Asset Management; the buyer, Attrich, was represented by Robert Mills of PM Realty Group. The single-tenant property is currently occupied by AT&T Services. The acquisition price was not disclosed.
MISSOURI CITY, TEXAS — SDI Realty Management has acquired an approximately 20-acre site located at the corner of Murphy Road and Highway 6 in Missouri City for redevelopment. The existing hospital and professional office building will be razed, and the site will be redeveloped into a retail center anchored by Lowe’s Home Improvement Warehouse. Keith Lloyd and Sam Sheff of the Houston office of Grubb & Ellis, along with Kirk Guilanshah of System Executive Real Estate, represented the land seller, Memorial Hermann.
HOUSTON — The Houston office of Cushman & Wakefield of Texas (C&W) has negotiated the sale of an 18,000-square-foot warehouse and storage yard located at 3020 Greens Rd. in Houston. B. Kelley Parker, John Littman, Jon Farris and Coe Parker of C&W represented the seller, Cargo Forwarding International. The buyer, GC Remediation, was represented by Greg Usher of Cypressbrook Co. The acquisition price was not disclosed.
BEXAR COUNTY, TEXAS — Hackensack, N.J.-based Kennedy Funding has provided a $12.5 million loan to Potranco Limited LP for the acquisition of a 173.56-acre land parcel in Bexar County, an unincorporated area near San Antonio. The land had been previously sold at auction, but Potranco Limited was able to secure the property after the original buyer backed out. Potranco is a development partnership between Alex Chambers of Austin-based Blackhawk Realty and Chip Field. Preliminary plans call for the site to be developed into a mix of retail, office and multifamily space, with half of the development consisting of retail space.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Garden City, a 256-unit, HUD/HAP-subsidized apartment community located at 9601 W. Montgomery Rd. in Houston. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Houston-based KMR-Garden City LP. The property was acquired by Sherman Oaks, Calif.-based Garden City Investors for an undisclosed amount.
DFW AIRPORT, TEXAS — Cushman & Wakefield of Texas (C&W) has arranged the sale of a 151,845-square-foot industrial building located on a ground lease at 1011 Royal Lane in DFW Airport. The property is currently fully occupied by a tenant roster that includes Dallas Cowboys Merchandising and Direct Logistics. Kurt Griffin, Natalie Kampen and Wilson Stafford of C&W represented the seller, Bandera Ventures Ltd. The property was acquired by Cobalt Capital Partners.
COLLEYVILLE, TEXAS — Realty Capital Corp. (RCC) has structured the sale of the first and second floors of a building located within the developer’s The Village at Colleyville master-planned project in Colleyville. The building is located at 55 Main; the first floor contains 11,095 square feet of retail condo space, and the second floor contains 14,090 square feet of office condo space. Tenants in the building include The Perfect Petal, Bella Rouge Designs, The Spa at The Village, R.S.V.P. Fine Stationary & Gifts, Details Home Furnishings & Accessories, Texas Wasatch Insurance, Caris Foundation and Cendera Funding. Chad O’Neal of RCC represented the sellers, Village 55 Main 1st Floor LP and Realty Capital Village #1 LP, which each own a floor of the building. The two groups of condos were acquired by a Texas-based limited partnership. The Village at Colleyville is an urban-style project consisting of two- and three-story buildings that contain retail, restaurant, office and residential space.
HOUSTON — NAI Houston has completed the purchase of a 25,000-square-foot industrial facility located at 4400 Campbell in Houston. John Ferruzo of NAI Houston represented the buyer, DM Campbell. Barrett Gibson of Gibson & Granello Realty Partners represented the seller, 4400 Campbell LLC. The acquisition price was not disclosed.
What area is your expertise? Houston Industrial Leasing Market What trends do you see presently in industrial development in your area? Houston’s industrial market continued to record strong development activity at the start of 2008. The Port of Houston area, Northwest and North Houston (near IAH) account for the bulk of the new construction. Driving the robust activity in these submarkets is the strong growth and expansion at Houston’s Bush Intercontinental Airport (North Far) and the Port of Houston (Southeast). What type of industrial product is doing well in your area? Houston is becoming more of a distribution hub than ever before. We are seeing larger size transactions contributing to the overall absorption. Who are the active industrial developers in your area? First Industrial, ML Realty, Clay Development, Transwestern, ProLogis, and Duke Realty to name a few. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? Interport Distribution Center – First Industrial Realty Trust – located in the Port area. Park 288 – Transwestern – Central / Med Center. Underwood Distribution Center – Clay Development – Port area. Where is the majority of development taking place? Why is this …