IRVING, TEXAS — Henry S. Miller Co. has finalized the purchase of a Tom Thumb store located at the Towne North Shopping Center in Irving. The 55,359-square-foot grocery store, which is located at the intersection of Beltline and Northgate roads, was the only portion of the center that Henry S. Miller Co. did not own. The store was purchased from EIGFW Irving LLC and increases the company’s total space owned at Towne North Shopping Center to approximately 123,606 square feet. Greg Miller represented his company, Henry S. Miller Co., in the transaction.
Texas
CEDAR HILL, TEXAS — Dallas-based The MGHerring Group has completed development on the Uptown Village at Cedar Hill, a lifestyle center located at FM 1382 and Highway 67 in Cedar Hill. The 725,000-square-foot retail center, which initially broke ground in June 2006, has opened various retailers and will continue to do so through this summer. Retailers currently open at the shopping center include Dillard’s, Coldwater Creek, Victoria's Secret, Bath & Body Works, Hollister, American Eagle Outfitters, Buckle, Aeropostale, Aveda, Finish Line, Champs and Matt’s Rancho Martinez. Dillard’s will anchor Uptown Village along with Barnes & Noble (opening in April) and Dick’s Sporting Goods (opening in July). The center also houses 27,000 square feet of office space.
HOUSTON — Starwood Hotels & Resorts Worldwide Inc. has opened Four Points by Sheraton Houston, Memorial City, a new hotel located at 10655 Katy Freeway in Houston. The 171-room property, which is owned by MetroNational Corp., is the first of three hotels that will open in the Memorial City Project mixed-use community. Starwood plans to open the remaining hotels in fall 2008 and spring 2009. Amenities at the hotel include four meeting rooms totaling 2,790 square feet, an outdoor pool, a 24-hour fitness center and a full-service restaurant and bar. All rooms at Four Points by Sheraton Houston, Memorial City also will feature flat-screen TVs, free bottled water and high-speed internet access.
MCKINNEY, TEXAS — Venture Development Group is developing a 69,000-square-foot Sprouts Farmers Market, which will be located on the northeast corner of Virginia Parkway and Hardin Road in McKinney. This will be Sprouts’ eighth location in the greater Dallas/Fort Worth area for the Phoenix-based grocer that specializes farm-fresh produce and other organic groceries. Sprouts will be housed in Venture Development Group’s shopping center project the company is building on 15 acres. Aside from Sprouts, the project will feature 25,000 square feet of retail space and three pads, totaling six buildings. Phase I of the project is scheduled to break ground in the first quarter of 2009 with completion slated for the third quarter of 2009.
AUSTIN, TEXAS — Live Oak Capital Ltd. has arranged financing for the development of The Austonian, a mixed-use project located at the corner of Second Street and Congress Avenue in Austin. The 56-story, 188-unit residential property, which is being developed by Second Congress Ltd., also will feature 16,500 square feet of retail space. The project, which is being designed by Ziegler Cooper Architects, is scheduled for completion in 2010. Live Oak Capital arranged the 5-year, undisclosed loan for the development with Aareal Bank AG.
HOUSTON — CB Richard Ellis Sale Leaseback Group has finalized the sale of a 174,139-square-foot industrial property located at 1601 Vallen Dr. in Houston. The building, which is situated on 13.8 acres and houses the headquarters for PGI International, sold for approximately $12.98 million to an undisclosed buyer. The building was part of a four-property sale that also included sites in Illinois, Michigan and Wyoming. Robert Brennan, Andrew Sandquist and Jonathan Wolfe of CB Richard Ellis Sale Leaseback Group represented Madison Capital Partners, Edgewater Funds and Rocky Mountain Bank in the transaction.
HOUSTON — NAI Houston has brokered the sale of an office building located at 10727 Tower Oaks Blvd. in Houston. Otwell Tower Oaks Ltd. purchased the 23,650-square-foot building from Suttles Real Estate Investments Ltd. for an undisclosed amount. Travis Land of NAI Houston represented the buyer in the transaction, and Dylan Schopper of Caldwell Cos. represented the seller.
ROUND ROCK, TEXAS — Smith Consulting Architects is nearing completion on the Spectrum at Crystal Park, an office park located at 2300 Greenhill Dr. in Round Rock. The site comprises 10, two-story buildings, which range in size from 5,600 to 15,000 square feet, on 8.68 acres. The office park will house 84,376 square feet total upon completion this spring. St. Croix Capital Corp. and Red Texas Realty LLC have partnered to manage the property.
FORT WORTH, TEXAS — Capmark Finance has originated a floating-rate refinancing loan of approximately $22.2 million for the Oil & Gas and Commerce Buildings located on West Seventh Street in downtown Fort Worth. The 19-story Oil & Gas Building, which was built in 1929, and the 16-story Commerce Building, which was built in 1954, total 439,802 square feet of office space. Jeffrey Geifman of Capmark Finance’s McLean, Va.-based office originated the transaction on behalf of the borrower, RYLB FW Properties LP.
ALLEN, TEXAS — GE Real Estate has partnered with BH Equities in an equity investment of $17.8 million for the acquisition of two adjacent multifamily properties located in Allen. The three-story Benton Pointe, a 456-unit property built in 2000, is located at 205 Benton Dr. Located at 505 Benton Dr., Lansbrook is a 288-unit, two-story complex built in 2002.