MISSOURI CITY, TEXAS — Electronics retailer Best Buy will occupy a new 550,000-square-foot distribution center on a 36.4-acre tract along U.S. Highway 90A in Missouri City, a southwestern suburb of Houston. Seefried Industrial Properties and 4M Investments LLC will co-develop the property, which is scheduled to open prior to the 2018 holiday season, according to realtynewsreport.com. Best Buy currently operates about 130 stores throughout Texas, including 13 in Houston proper.
KATY, TEXAS — PGIM Real Estate, the real estate investment vehicle of Prudential Financial Inc., has acquired LaCenterra at Cinco Ranch, a 412,900-square-foot mixed-use property in Katy. The 34-acre, Class A lifestyle center features 273,522 square feet of retail space, which is anchored by Trader Joe’s, and 139,378 square feet of office space. Those components are 93 percent and 89 percent leased, respectively. The final phase of the development features an eight-screen Alamo Drafthouse Cinema location, which is currently slated for a 2018 completion. Mark Seedorff of PGIM led the transaction.
AUSTIN, TEXAS — Dallas-based design-build general contractor ARCO/Murray has completed construction of Lakeline Storage, a 736-unit self-storage facility located at 11000 Lakeline Blvd. in Austin. The three-story, climate-controlled property consists of 115,000 square feet of gross rentable storage space, with both drive-up and interior units currently available for rental. The Jenkins Organization, a Houston-based real estate firm specializing in self-storage assets, will operate the facility.
HOUSTON — HFF has arranged the sale of Norfolk Tower, a 207,562-square-foot office building located at 2211 Norfolk St. in Houston. The 11-story tower was 83 percent leased at the time of sale. Dan Miller and Martin Hogan of HFF represented the seller, Boston-based TA Realty, and procured the buyer, Houston-based Nitya Capital. Susan Hill and Kelly Layne of HFF secured an undisclosed amount of acquisition financing for Nitya, which plans to invest in capital improvements and rebrand the building as Nitya Tower.
RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial building located at 1301 Apollo Road in the northeastern Dallas metro of Richardson. Michael Stanzel of NAI Robert Lynn represented the undisclosed seller in the transaction. Craig Phelps of JLL represented the buyer, Baker Drywall Investments LLC.
DALLAS — Dallas-based development firm Crescent Real Estate and Boston-based investment firm Long Wharf Capital have broken ground on The Luminary, a 105,000-square-foot office project located in the West End area of Dallas. Upon completion, the Class A property will offer 462 parking spaces and 52 bike racks, as well as a rooftop terrace. The opening is currently scheduled for early 2019, according to D Magazine. JLL will handle leasing of the property.
MISSOURI CITY, TEXAS — LT Foods USA, a California-based importer and distributor of grains, teas and oils, has acquired a 49,778-square-foot industrial facility located at 14523 Fairway Pines Drive in Missouri City, a southwestern suburb of Houston. Built in 2009, the Class A property features 14 dock-high doors, 24-foot clear heights and about 4,500 square feet of office space. Jarret Venghaus and Jeff Venghaus of JLL represented LT Foods USA in the sale, other terms of which were not released.
BALCH SPRINGS, TEXAS — Dougherty Mortgage LLC has arranged an $8 million loan for the acquisition of Ambassador Apartment Homes, a 136-unit multifamily community in Balch Springs, an eastern suburb of Dallas. The Fannie Mae loan was arranged through a partnership with Old Capital Lending on behalf of the borrowers: CAKI Real Estate LLC, Florescence LLC, Fordgang Properties II LLC and Frisco Bulldog Properties II LLC. The loan features a 12-year term and 30-year amortization schedule.
SUGAR LAND, TEXAS — Colliers International has brokered the sale of a 16,000-square-foot data center located at 12626A Dairy Ashford Road in Sugar Land. The property offers three 15-ton chillers and is capable of producing three megawatts of power. Barkley Peschel and Trey Erwin of Colliers represented the seller, SuLiBa Investments LP, in the transaction. Cameron Hicks and Tim Thomas of Lee & Associates represented the undisclosed buyer.
HOUSTON — NAI Partners has arranged a 28,000-square-foot industrial lease at 4903 W. Sam Houston Parkway N. in northwest Houston on behalf of Advanced Control Systems LLC, a Houston-based supplier of industrial equipment. John Ferruzzo and Chris Kugle of NAI Partners represented the tenant in the lease negotiations. Doug Nicholson and Kyle Prater of Newmark Knight Frank represented the landlord, Cole Family Partnership Ten Ltd.
