HOUSTON — Hendricks & Partners (H&P) has brokered the sale of Garden City, a 256-unit, HUD/HAP-subsidized apartment community located at 9601 W. Montgomery Rd. in Houston. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Houston-based KMR-Garden City LP. The property was acquired by Sherman Oaks, Calif.-based Garden City Investors for an undisclosed amount.
DFW AIRPORT, TEXAS — Cushman & Wakefield of Texas (C&W) has arranged the sale of a 151,845-square-foot industrial building located on a ground lease at 1011 Royal Lane in DFW Airport. The property is currently fully occupied by a tenant roster that includes Dallas Cowboys Merchandising and Direct Logistics. Kurt Griffin, Natalie Kampen and Wilson Stafford of C&W represented the seller, Bandera Ventures Ltd. The property was acquired by Cobalt Capital Partners.
COLLEYVILLE, TEXAS — Realty Capital Corp. (RCC) has structured the sale of the first and second floors of a building located within the developer’s The Village at Colleyville master-planned project in Colleyville. The building is located at 55 Main; the first floor contains 11,095 square feet of retail condo space, and the second floor contains 14,090 square feet of office condo space. Tenants in the building include The Perfect Petal, Bella Rouge Designs, The Spa at The Village, R.S.V.P. Fine Stationary & Gifts, Details Home Furnishings & Accessories, Texas Wasatch Insurance, Caris Foundation and Cendera Funding. Chad O’Neal of RCC represented the sellers, Village 55 Main 1st Floor LP and Realty Capital Village #1 LP, which each own a floor of the building. The two groups of condos were acquired by a Texas-based limited partnership. The Village at Colleyville is an urban-style project consisting of two- and three-story buildings that contain retail, restaurant, office and residential space.
HOUSTON — NAI Houston has completed the purchase of a 25,000-square-foot industrial facility located at 4400 Campbell in Houston. John Ferruzo of NAI Houston represented the buyer, DM Campbell. Barrett Gibson of Gibson & Granello Realty Partners represented the seller, 4400 Campbell LLC. The acquisition price was not disclosed.
What area is your expertise? Houston Industrial Leasing Market What trends do you see presently in industrial development in your area? Houston’s industrial market continued to record strong development activity at the start of 2008. The Port of Houston area, Northwest and North Houston (near IAH) account for the bulk of the new construction. Driving the robust activity in these submarkets is the strong growth and expansion at Houston’s Bush Intercontinental Airport (North Far) and the Port of Houston (Southeast). What type of industrial product is doing well in your area? Houston is becoming more of a distribution hub than ever before. We are seeing larger size transactions contributing to the overall absorption. Who are the active industrial developers in your area? First Industrial, ML Realty, Clay Development, Transwestern, ProLogis, and Duke Realty to name a few. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? Interport Distribution Center – First Industrial Realty Trust – located in the Port area. Park 288 – Transwestern – Central / Med Center. Underwood Distribution Center – Clay Development – Port area. Where is the majority of development taking place? Why is this …
FRISCO, TEXAS — Courtyard by Marriott will construct the first of its new mid-rise prototype hotels at Frisco Market Center, an 88-acre, master-planned development located in the Dallas suburb of Frisco. The 150-unit hotel will be located along Main Street facing the Dallas North Tollway. The new concept is known as Go Marriott, and will include a lobby with a front desk in pods rather than a long desk, environmentally friendly operations, a GoBoard touch-screen information system, wireless technology, hi-definition televisions and three food service options. The hotel also will include 5,000 square feet of meeting space, a pool, an exercise area and a connection to the Frisco Market Center trail system. Groundbreaking is scheduled to occur later this year, with completion expected in late 2009.
DALLAS — Germany-based KanAm Grund (KAG) has acquired Denbury Park II, a 102,600-square-foot, Class A office building located within Legacy Business Park in Dallas. The facility was constructed this year as a build-to-suit for Denbury Resources, which occupies the entire building on a long-term basis. It is also LEED-certified by the U.S. Green Building Council. The seller, Koll Development Co., was represented by the Dallas office of Holliday Fenoglio Fowler. KAG was assisted by Manish Bhatia and Gregory Moore of KAG’s U.S. subsidiary, KanAm Grund America LP. KAG acquired the property on behalf of its KanAm US-grundinvest Fonds.
BOERNE, TEXAS — Roy Maas’ Youth Alternatives has broken ground for the Art and Barbara Burdick Community Center, located at 121 Old San Antonio Rd. in Boerne. The 7,000-square-foot facility will serve at-risk children attending the new MeadowLand Charter School, which opens in August. It provides office space, as well as a room that can seat up to 350 people and can be partitioned into two smaller meeting rooms, as well as a kitchen and cafeteria space. The community center also will be available to other Boerne-area community groups.
HOUSTON — Houston-based PinPoint Commercial has commenced development of Phase II of Satsuma Station Industrial Park, a 115-acre, master-planned industrial project located near the intersection of Highway 290 and FM 1960 in Houston. Phase II will consist of the construction of Satsuma Distribution Center, a 315,000-square-foot speculative facility. It will feature 30-foot clear ceiling heights, approximately 70 doors and will be divisible from 30,000 square feet. The project also is applying for LEED-Silver certification from the U.S. Green Building Council. Construction will commence in August, with completion scheduled for the first quarter of 2009. Additionally, PinPoint has partnered with Dallas-based Phoenix Capital to master-plan the remaining acreage of the park. At full build-out, Satsuma Station Industrial Park will contain 1 million square feet of industrial development. CB Richard Ellis will market the property.
HOUSTON — Studley has represented the law firm Hogan & Hartson (H&H) in the leasing of the entire 43rd floor of the Bank of America Center, a 56-story, 1.2 million-square-foot office tower located at 711 Louisiana St. in Houston. H&H will occupy 17,519 square feet, which is double the size of its previous located at Pennzoil Place in Houston. Rick Rome and Nicole Miller of Studley’s Washington, D.C. office, along with Kevin Hodges of the firm’s Houston office, represented H&H. John Spafford of Houston-based PM Realty Group represented the landlord, an affiliate of GE Pension Trust.