SUGAR LAND, TEXAS — Marcus & Millichap has facilitated the $9.6 million sale of Sugar Land Shopping Center in Sugar Land. Located at 3410 Highway 6 South, the 102,937-square-foot shopping center is situated on 8.43 acres. Tenants of the 100 percent occupied plaza include Big Lots, DuFour Dance and Incredible Pizza. Don Stringham and Charles Lucenay of Marcus & Millichap’s Houston office secured and represented the buyer, a Houston-based LLC, in the transaction. Jerry Goldstein, also of Marcus & Millichap’s Houston office, marketed the property on behalf of a Houston-based developer.
Texas
DALLAS — ProLogis has acquired 88 acres of land for a new industrial park in East Dallas. The first phase of the park, to be located near Interstate 30 at the northeast corner of South Buckner Boulevard and Eastpoint Drive, is slated to begin construction in the first half 2008. Phase I will comprise the construction of a 390,000-square-foot distribution facility. Upon completion, the park will consist of six buildings totaling 1.6 million square feet of distribution space. ProLogis acquired the land from Buckner International for an undisclosed amount. Pax Glenn of Glenn Commercial Real Estate represented the buyer in the transaction, and Mike Wagner of the Baptist Foundation of Texas represented the seller.
FORT WORTH AND CROWLEY, TEXAS — Tabani Group has purchased two neighborhood shopping centers, Golden Beach Marketplace in Fort Worth and The Shoppes at Deer Creek in Crowley, from Weingarten Realty Investors. The 93,430-square-foot Golden Beach Marketplace is located at the southeast corner of Golden Triangle Boulevard and North Beach Street and is the only grocery-anchored shopping center serving the northeast Fort Worth suburb. Its other major tenants include Blockbuster Entertainment, Pizza Hut and Sonic. The 87,571-square-foot Shoppes at Deer Creek is located on the northwest corner of FM 1187 and FM 731/South Crowley Road. It is 85.3 percent leased to 15 tenants, including Blockbuster Entertainment, Nationwide Insurance, Planet Beach and Pizza Hut. Tom Salanty of the capital markets group of Cushman & Wakefield of Texas represented the seller in the transaction. The sale price was undisclosed.
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.
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.