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.
Texas
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.
CEDAR HILL, TEXAS — The MGHerring Group has finalized and released the roster of tenants for its near-complete Uptown Village at Cedar Hill project located in Cedar Hill. The 725,000-square-foot shopping center, which is located at FM 1382 and Highway 67 adjacent to Uptown Boulevard and Pleasant Run Road, is scheduled to open March 12. The center will be anchored by Dillard’s, Dick’s Sporting Goods (scheduled to open in August) and Barnes & Noble; it also will feature other retailers such as Chico’s, Coldwater Creek, Victoria’s Secret, Bath & Body Works, Hollister, American Eagle, Buckle, Aeropostale, Finish Line, Champs, Foot Locker, Lady Foot Locker, Ulta, Aveda Spa, Icing by Claire’s, Francesca’s Collections, Solstice, Italia Express, Maui Wowi, Great American Cookie and Candy World. Ann Taylor Loft, Lane Bryant, Jos. A. Bank and Razzoo’s Cajun Café will be among the retailers opening in late spring and summer of 2008.
ROCKWALL, TEXAS — St. Paul, Minn.-based North American Composites Company (NAC) has been selected by The Rockwall Economic Development Corporation (REDC) to construct a new 26,500-square-foot distribution facility in the Rockwall Technology Park in Rockwall. Construction will begin this spring on the building, which is located on approximately 3.63 acres at the intersection of Observation Trail and Technology Way. The project is estimated to cost $2.2 million upon completion.
HOUSTON — LMI Capital, a financial advisory company based in The Woodlands, Texas, has arranged approximately $7.59 million in fixed-rate debt for the acquisition of the 425-unit Bellfort South West III Apartments located 6400 W. Bellfort St. in Houston. The borrower was Cypress Club Investors LP. Brandon Brown of LMI secured the permanent financing through one of LMI Capital’s portfoliolending sources.
HOUSTON — PM Realty Group (PMRG) has broken ground on the Rice Village Apartment complex located at 2410 Shakespeare St. in Houston. Upon completion, the four-story, 118,900-square-foot development will provide housing for Rice University graduate students. The property comprises 137 units with various one-and two-bedroom floor plans, and offers amenities such as a lobby, offices, a TV room, and a laundry room and interior storage for up to 100 bicycles. The complex is scheduled for completion in February 2009.
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.
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.