GRAND PRAIRIE, TEXAS — Dallas-based Henry S. Miller Commercial has brokered a lease on behalf of Louisville Ladder for an industrial space located at 823 Heinz Way in Grand Prairie. Louisville Ladder plans to use the 65,522-square-foot facility, owned by First Industrial and located in the Parkway Distribution Center, as a new regional distribution center. Brett Owens of Henry S. Miller Commercial represented the tenant in the transaction, and Brock Wilson, also of Henry S. Miller Commercial, represented the landlord.
Texas
HOUSTON — Two commercial real estate firms, Houston-based AmREIT and Atlanta-based Songy Partners LLC, have begun construction on a hotel located at the corner of Westheimer Road and Yorktown Street in Houston’s Galleria district. The project, which will be a 153-room Starwood Aloft Hotel built on 3.2 acres, is part of a complete redevelopment on the site that also includes the renovation of 135,000-square-foot office building located at 5433 Westheimer Rd. The office building renovation will begin sometime in 2008. JE Dunn Construction Co. is the contractor for the project. Fruchtman Associates Architects worked with Starwood on the hotel’s architecture, and Ziegler Cooper is the architect for the master planning and the office renovation.
DALLAS — Hendricks & Partners has finalized the sale of Park Dale Garden, an apartment complex located at 9701 Dale Crest in Dallas. Torrance, Calif.-based Windsor Exchange Corp. purchased the 224-unit property, which was built in 1974, from New York, N.Y.-based Park Dale Gardens National Corp. for an undisclosed amount. Tom Warren and Christopher Thomson of Hendricks & Partners’ Dallas office, and Ed Cummins and Jim Hearn of the company’s Houston office, represented the seller in the transaction. Copelan Group represented the buyer.
AUSTIN, TEXAS — Hines, a commercial real estate development firm, is developing a new museum facility for The Austin Museum of Art (AMOA) located at Fourth and Guadalupe Streets in downtown Austin. The museum, which will be a three-story, 40,000-square-foot facility, is one piece of a two-part project by Hines. The museum development also will feature a 30-story, 425,000-square-foot office building located one block South of Republic Square called Museum Tower, which will be the first LEED-certified project in downtown Austin. Pelli Clarke Pelli will serve as architect for both projects.
SUGAR LAND, TEXAS — Live Oak Capital Ltd., a commercial real estate mortgage banking firm, has arranged fixed financing on behalf of Fidelis Realty Partners Ltd. for the Frost Bank building located at 8410 Highway 90A in Sugar Land. The 1.74 acre site includes a 17,575-square-foot office building and an 815-square-foot motor bank. Financing was arranged through ViewPoint Bank in Houston, which structured a 75 percent loan-to-acquisition cost with a 10-year term, 30-year amortization and a fixed interest rate of 6.5 percent.
SAN ANTONIO — Denver-based ProLogis has begun construction on two industrial facilities located in City Park East Distribution Center at 8555 – 8569 N.E. Loop 410 in San Antonio. One 52,000-square-foot site is being built for Gulf Coast Paper Co., while another 101,000-square-foot site under construction is currently available for lease. Both buildings are scheduled for completion late this year. City Park East Distribution Center is a four-building, master-planned industrial park totaling 252,900 square feet.
HOUSTON — NorthMarq Capital has arranged $17.2 million in first mortgage financing on behalf of KC Palms LLC for Palms of Clear Lake, a multifamily property located at 1300 Gemini St. in Houston. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan for the 240-unit property through the company’s seller/servicer relationship with Freddie Mac.
SAN ANTONIO — Spartanburg, S.C.-based Tindall Corp. has begun construction on a concrete manufacturing plant located at 2222 W. Malone Ave. in San Antonio. The 114,000-square-foot facility, which will be Tandell’s fifth plant, is scheduled for completion this summer. The $25 million project will house 250 employees upon completion.
HOUSTON — NAI Houston has brokered the sale of an industrial facility located at 8721-A Clay Rd. in Houston for an undisclosed amount. Apoena Corp. purchased the 20,000-square-foot facility from Stonebridge Real Estate Development & Investments. Chris Kugle, Travis Land and John Ferruzzo of NAI Houston represented the buyer in the transaction.
GEORGETOWN, TEXAS — Realty Capital Partners (RCP) has formed a company, RCP Georgetown Mixed-Use Land Ltd., to provide equity capital for the acquisition of approximately 185 acres in Georgetown for future development. Tucson, Ariz.-based Bourn Partners is the other party in the limited partnership, which purchased the land in order to hold, entitle, improve and sell it as mixed-use locations. The purchase price was undisclosed.