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.
Texas
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.
FORT WORTH, TEXAS — Westwood Contractors is scheduled to break ground on a 30,000-square-foot addition to Buxton’s corporate headquarters in Fort Worth. The addition will occupy part of a 3.5-acre tract of land and is being designed by Gideon Toal, a Fort Worth-based architecture firm. The existing 20,000-square-foot facility is located in the Mercantile Center off of Meacham Boulevard. The new wing will feature private conversation rooms, a media presentation room and amphitheater, and a kitchen and outdoor dining spaces. Completion is slated for summer 2008.
HOUSTON — Shorenstein Properties recently acquired 2000 West Loop South, 356,700-square-foot office building located in the Galleria submarket of Houston. The 21-story property, which was built in 1970, is 98 percent occupied by tenants including United Healthcare, Live Nation and AM/FM Operating. The transaction also included a five-level, 1,299-space parking structure. Holliday Fenoglio Fowler represented the sellers, a group of tenant-in-common investors and Houston-based Means Knaus Partners.
TULSA, OKLA. — St. Louis-based Tulsa Retail Center LLC has sold a 123,774-square-foot retail center in Tulsa for $13.85 million. The property is located on 11.52 acres of land at 9121 E. 71st St., adjacent to Woodland Hills Mall, a 1.2 million-square-foot retail center. The center is 100 percent occupied and tenants include Linens ‘N Things and Golf Galaxy, as well as a freestanding NNN-leased Circuit City. Jason Little of Sperry Van Ness’ Oklahoma City office represented Tulsa Retail Center LLC, while Tom Kallenback of Tom Kallenback Real Estate Investments represented the undisclosed buyer.
HOUSTON — Marcus & Millichap has negotiated the sale of Chez Orleans Apartments, a 23-unit multifamily community located at 7065 Bellfort in Houston. The property was built in 1864 and spans a total of 21,120 square feet. Robert Su and Gannon Baird of Marcus & Millichap’s Houston office represented the buyer and secured the seller in the transaction. A Texas-based investor acquired the property.
DENTON, TEXAS — Granite Properties is currently developing Phase I of Granite Point Business Park, a planned 1 million-square-foot industrial development located at the southwest corner of Interstate 35 East and 35 West in Denton. The first phase of the project comprises a 145,000-square-foot building and 152,200-square-foot building. Amenities will include 24-foot clear height, ESFR sprinklers, rear loading and office space.
HOUSTON — Marcus & Millichap has handled the sale of Richmond Office Building, a 53,140-square-foot office building in Houston. The property, which was built in 1982, is situated on 2.34 acres of land at 11222 Richmond. Brent Smith and Lucas Daniels of Marcus & Millichap’s Houston office represented the seller, a Houston-based private investor. Smith and Daniels also secured and represented the buyer, a Houston-based LLC.