AUSTIN, TEXAS — Stream Realty Partners has acquired a 97,594-square-foot office property in Austin. Located at 8100 Cameron Rd., the property features two, two-story buildings. The buyer was represented in-house by Derek Land, and Walter Saad and Cathy Nabours of CBRE private client group represented the undisclosed seller. The buyer plans to renovate the lobby and common areas. The acquisition price was undisclosed.
Texas
MONTGOMERY COUNTY, TEXAS — A new urban village is being planned at the intersection of Interstate 45 and FM 3083/Carter Moore Parkway in Montgomery County. The 147-acre property, which is located midway between Lake Conroe and the Lone Star Executive Airport, will comprise retail, restaurants, offices, medical facilities, a hotel, luxury rental apartments and brownstone townhomes. Madeley Interests, the owner, has engaged Roger Galatas Interests as real estate advisor to create a land use plan and marketing strategy for the property.
ROUND ROCK, TEXAS — NorthMarq Capital recently arranged approximately $8.11 million in joint venture/equity capital for Sunrise Apartments, a 384-unit multifamily community located on Sunrise Boulevard north of Old Settler’s Boulevard in Round Rock. NorthMarq arranged the joint venture and equity placement for the borrower, a national apartment development company, through its relationship with Arsenal Real Estate Funds.
SUGAR LAND, TEXAS — Marcus & Millichap has facilitated the $9.6 million sale of Sugar Land Shopping Center in Sugar Land. Located at 3410 Highway 6 South, the 102,937-square-foot shopping center is situated on 8.43 acres. Tenants of the 100 percent occupied plaza include Big Lots, DuFour Dance and Incredible Pizza. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office secured and represented the buyer, a Houston-based LLC, in the transaction. Jerry Goldstein, also of Marcus & Millichap’s Houston office, marketed the property on behalf of a Houston-based developer.
DALLAS — ProLogis has acquired 88 acres of land for a new industrial park in East Dallas. The first phase of the park, to be located near Interstate 30 at the northeast corner of South Buckner Boulevard and Eastpoint Drive, is slated to begin construction in the first half 2008. Phase I will comprise the construction of a 390,000-square-foot distribution facility. Upon completion, the park will consist of six buildings totaling 1.6 million square feet of distribution space. ProLogis acquired the land from Buckner International for an undisclosed amount. Pax Glenn of Glenn Commercial Real Estate represented the buyer in the transaction, and Mike Wagner of the Baptist Foundation of Texas represented the seller.
FORT WORTH AND CROWLEY, TEXAS — Tabani Group has purchased two neighborhood shopping centers, Golden Beach Marketplace in Fort Worth and The Shoppes at Deer Creek in Crowley, from Weingarten Realty Investors. The 93,430-square-foot Golden Beach Marketplace is located at the southeast corner of Golden Triangle Boulevard and North Beach Street and is the only grocery-anchored shopping center serving the northeast Fort Worth suburb. Its other major tenants include Blockbuster Entertainment, Pizza Hut and Sonic. The 87,571-square-foot Shoppes at Deer Creek is located on the northwest corner of FM 1187 and FM 731/South Crowley Road. It is 85.3 percent leased to 15 tenants, including Blockbuster Entertainment, Nationwide Insurance, Planet Beach and Pizza Hut. Tom Salanty of the capital markets group of Cushman & Wakefield of Texas represented the seller in the transaction. The sale price was undisclosed.
HOUSTON — South Houston LP, a Dallas-based limited partnership, has purchased the 156-unit Granada Terrace apartment community located at 1301-1305 Avenue A in South Houston from Santa Clarita, Calif.-based Granada Terrace LTD. Jeff Eisenhardt of Hendricks & Partners’ Houston office negotiated the transaction on behalf of the seller. The sale price was undisclosed. The community currently is being operated as a 100 percent project-based Section 8 Housing Assistance Program property.
HOUSTON — PinPoint Commercial, a Houston-based development partnership, is developing Hobby Business Center, a 350-acre logistics and industrial park in Houston. The multi-modal distribution complex will handle rail and truck cargo. Southeastern Freight Lines and FedEx Ground have committed to the park, which is scheduled to complete the infrastructure by first quarter 2008. Build-to-suit and design build opportunities will be available from 20,000 square feet to 1 million square feet, but in general the buildings will feature tilt-wall construction with extended clear heights and truck aprons. Hobby Business Center will be located between Interstate 45, Beltway 8, Interstate 610, Highway 288 and Telephone Road. Amegy Bank is providing financing for the project.
DALLAS — Stamford, Conn.-based GE Real Estate has provided $49.7 million in financing to Addison, Texas-based Holt Lunsford Commercial for the acquisition of a 21-building industrial portfolio in Dallas. Located across four submarkets including northeast Dallas, Freeport, Highway 30 and Interstate 35, the portfolio consists of 1.15 million square feet. It is 85 percent leased to approximately 70 tenants. James Tramuto of CB Richard Ellis/Melody raised the capital, and Jack Fraker with CB Richard Ellis’ Dallas office represented the seller.
ARLINGTON, TEXAS — NetCo Investments and Columbus Pacific Properties, both based in Santa Monica, Calif., have acquired Lincoln Court, a 158,266-square-foot shopping center in Arlington. The 74 percent leased property is anchored by LA Fitness. The joint venture plans to redevelop vacant portions of the shopping center, including a 31,739-square-foot former theater. The property is situated on 15.03 acres between Interstate 20 and U.S. Highway 287.