FORT WORTH, TEXAS — NAI Huff Partners has finalized the sale of an industrial facility located at 1400 E. Devitt St. in Fort Worth. Krest Steel purchased the 20,980-square-foot building from 1400 Berry Co. for an undisclosed amount. Frank Jester of NAI Huff Partners represented the seller in the transaction, and Bryan Gee of Keller Williams Realty represented the buyer.
Texas
HOUSTON — Marcus & Millichap has completed the sale of Oakland Plaza Apartments, a multifamily property located at 221 Caylor St. in Houston. The 17,345-square-foot, 36-unit apartment complex was built in 1959 and is situated on .6 acres. Robert Su of Marcus & Millichap’s Houston office represented the seller, a Texas-based partnership, in the transaction. The buyer was a private, Houston-based investor.
What area is your expertise? My specialty is retail investment sales in Oklahoma. What trends do you see presently in retail development in your area? The Oklahoma City metropolitan area has experienced minimal local tenant turnover, but for the most part, leasing has stabilized. With the construction of new life style centers, mall tenants and even mall anchors are moving to the new open air developments. What type of retail product is doing well in your area? Recently developed shopping centers occupied with national tenants remain the front runner for solid retail investments and, as in most markets, well-located neighborhood centers continue to be successful. Free standing retail is still solid with very few vacancies; however, the verdict is still out as to what fallout the Metropolitan area will have from nationwide store closings. What retailers are new to your area? Conn s is the most recent retailer to the Oklahoma City area opening one store with three more planned. Who are the active retail developers in your area? Jackson Development, Sooner Investment Group, Blanton Property Co., Burk Collins & Co. and Larry Owsley. Please name one or two significant retail developments in your area. What impact will these projects …
FARMERS BRANCH, TEXAS — Dallas-based Icon Partners will develop a new 500,000-square-foot shopping center in Mercer Crossing, a 1,100-acre master-planned development in Farmers Branch. Located at the intersection of Interstate 635/LBJ Freeway and Luna Road, The Shops at Mercer Crossing will feature a mix of value-priced couture, designer and popular brands in a Mediterranean-inspired, lakefront town center. Icon Partners plans to begin construction before the end of the year on the project, which is estimated to take 18 months to build.
AUSTIN, TEXAS — Alliance Communities, the Texas division of Phoenix-based Alliance Residential Co., has broken ground on two Class A multifamily developments in Austin. Broadstone Travesia, which is located in the far north Austin/Round Rock area, will comprise 396 luxury apartment homes. The property sits directly across from the 328-acre La Frontera mixed-use development as well as the Travesia Corporate Park, which currently has 216,000 square feet of Class A office space underway. The second project, Broadstone Grand Avenue, will feature 280 luxury apartment homes. The community is located at the intersection of Grand Avenue Parkway and Interstate Highway 35, also in the far north submarket. Guaranty Bank and Bank of America are providing construction financing for Broadstone Travesia and Broadstone Grand Avenue, respectively. The Houston office of Hensley, Lamkin and Rachel is the project architect for Broadstone Travesia; Houston-based Steinberg Design Collaborative is serving as project architect for Broadstone Grand Avenue.
LAKE JACKSON, TEXAS — Chicago-based Redwood Capital Partners has acquired Edgewater Apartments, a 228-unit multifamily property located at 514 That Way in Lake Jackson, as part of its tenant-in-common portfolio. Newly built in 2005, Edgewater comprises one- and two-bedroom units and has occupancy in the high 90 percent range. Chicago-based Alliance Holdings was the seller.
SAN ANTONIO — George Harcourt of Grubb & Ellis recently represented Old Bastrop Road Ltd. in the sale of an industrial property situated on approximately 8 acres in San Antonio. Luis E. Reyes acquired the 17,500-square-foot property, which is located at 8163 Old Bastrop Rd.
HOUSTON — Transwestern’s Houston office has finalized the purchase of 50 acres at the southeast corner of Highway 288 and Reed Road in Houston, and has begun construction on a new business park on the site. Phase I of the project, which is called Park 288, will consist of three buildings totaling 268,425 square feet. In addition, Transwestern has sold approximately 14.5 acres at the site to The Museum of Fine Arts Houston, which will construct a new 150,000-square-foot warehouse. TY Art also acquired 3 acres and will build a 30,000-square-foot building adjacent to The Museum of Fine Arts Houston. Aaron Howes and Michael Palmer of CB Richard Ellis represented the Museum of Fine Arts Houston and TY Art in the transaction, and Brian Gammill of Transwestern represented the seller.
HOUSTON — Duke Realty Corporation (Duke) has signed leases with two tenants for spaces in its Westland I industrial building located at Eldridge Parkway, just south of Highway 290 and 2 miles west of the Sam Houston Tollway in Houston. Simplex Grinnell LP will occupy more than 51,000 square feet of the building, while Recall Total Information Management will occupy nearly 47,000 square feet. The 263,000-square-foot industrial building, which was completed in January of this year, is now 70 percent occupied. Faron Wiley, Joseph Smith, Mike Scimo and Jim Bob Taylor of CB Richard Ellis represented Simplex Grinnell and Recall Total Information Management in the transaction, while Cory Driskill of Duke represented the lessor.
ARLINGTON, TEXAS — Grubb & Ellis Co. has completed the sale of Northridge Apartments, a 126-unit complex located at 2011 Lincoln Dr. in Arlington. The 99,484-square-foot property includes 70 one-bedroom units and 56 two-bedroom units, as well as amenities such as an Olympic-size pool and limited access gates. A private, out-of-state investor acquired the complex from the undisclosed seller. Roger McElroy of Grubb & Ellis represented the seller in the transaction.