BURLESON, TEXAS — Developer Bright Realty has sold a 6,667-square-foot retail property located at 264 SE John Jones Drive in the Fort Worth suburb of Burleson. The strip retail center was built in 2018 and was fully leased at the time of sale to Chicken Salad Chick, HotWorx and Mint Dentistry. Nick Miller and Britton Lankford of Bright Realty represented the firm internally in the transaction. Jordan Wood with Coldwell Banker represented the 1031 exchange buyer.
HOUSTON — Gerald D. Hines, the founder and chairman of Houston-based Hines, passed away on Aug. 23 at the age of 95. Hines was born in Gary, Ind., in 1925 and founded Hines in 1957 with a firm belief in the power of design in attracting commercial tenants. Hines’ entrepreneurial instincts soon led him to start his own venture. His reputation grew with his first two high-profile projects: downtown Houston’s One Shell Plaza, the tallest building in Texas when completed in 1971 and still the world’s tallest lightweight concrete structure; and The Galleria, the landmark shopping center that catalyzed Houston’s Uptown district. The international development and investment firm has since completed more than 900 projects worldwide while growing its workforce to more than 4,800 employees. Today, Hines is active in 225 cities across 25 countries. Hines is survived by his wife, four children, 15 grandchildren and one great-grandchild. His son Jeffrey C. Hines, who has been running the firm as president, will assume the role of chairman and CEO.
FLOWER MOUND, TEXAS — Logistics firm BFS Services Inc. has signed a 126,100-square-foot industrial lease extension at Lakeside Trade Center in the Fort Worth metro of Flower Mound. According to LoopNet Inc., the property was built in 2003, renovated in 2005 and totals 462,200 square feet. Building features include 30-foot clear heights and 148-foot truck court depths. Jeremy Kelly and Sarah Ozanne of Stream Realty Partners represented the landlord, New York-based Clarion Partners, in the lease negotiations. Lee & Associates represented the tenant.
MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of McKinney Shopping Center, 15,127-square-foot retail center located north of Dallas. Tenants at the center include Mattress Firm, Charles Schwab and Thai Noodle Wave. Philip Levy of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity.
HOUSTON — NAI Partners has negotiated a 6,500-square-foot office lease at 15915 Katy Freeway in West Houston for software developer Resource Data Inc. Griff Bandy and Joe Bright of NAI Partners represented the tenant in the lease negotiations. Michael Sieger, Lesley Rice and Andy Parrish, also with NAI Partners, represented the landlord, Dornin Investments.
TEXARKANA, TEXAS — Rowe Casa Organics, a provider of household and personal products made from organic materials, has leased 4,700 square feet of industrial space at TexAmericas Center in Texarkana. The company is effectively tripling its space at a newly renovated building. TexAmericas Center is an owner-operator of 12,000 developable acres and 3 million square feet of commercial space that serves Texas, Louisiana, Oklahoma and Arkansas.
HOUSTON — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Hanover Southampton, a 206-unit apartment community in Houston’s West University neighborhood. The property was built in 2015 and features an average unit size of 1,435 square feet. Amenities include a 10,000-square-foot lounge, rooftop pool, fitness center, a theater room and valet dry cleaning services. Cortney Cole and Dustin Selzer of JLL originated the seven-year, fixed-rate loan on behalf of the borrower, a partnership between Hanover Co. and State Farm Insurance.
HOUSTON — Energy giant Chevron has a signed lease to be the inaugural tenant at The Ion, a 300,000-square-foot office building in Midtown Houston. The Ion is a redevelopment of the former Sears building at 4201 Main St. that targets both entrepreneurial startups and established corporate users. Houston-based Rice Management Co. owns the building, which is set to open next spring. The square footage of Chevron’s lease was not disclosed.
CORPUS CHRISTI, TEXAS — Montecito Medical Real Estate has acquired two outpatient imaging centers totaling 28,517 square feet in Corpus Christi. The buildings were fully leased to Radiology & Imaging of South Texas at the time of sale. Michael Moreno, Kyle Mackulak and Rahul Chhajed with Matthews Real Estate Investment Services brokered the deal. The seller was not disclosed.
FARMERS BRANCH, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Jefferson Boardwalk, a 424-unit apartment community located in the northern Dallas metro of Farmers Branch. The property was built on 15.1 acres in 2018 and features one-, two- and three-bedroom floor plans and Class A amenities. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, locally based developer JPI, in the transaction. The team also procured the buyer, an affiliate of Lone Star Funds.