HOUSTON — Beacon Investment Properties, of Hallandale Beach, Florida, has bought a 218,680-square-foot office tower in Houston’s Westchase submarket from a Boston real estate advisor for $46.3 million. The 91 percent occupied, 11-story building sits on 3.3 acres at 10333 Richmond Street. It’s Beacon’s 15th property in Houston, giving the company 2.89 million square feet of office space citywide. The property is one block from the intersection of Richmond and the Sam Houston Tollway (Beltway 8), and has access to Interstate 10, US 59, Loop 610 and the Westpark Tollway. Susan Hill, managing director for HFF in Houston, arranged financing. Kim Grizzle-Shapiro and Mike Martin of PM Realty Group in Houston are the leasing brokers, while Beacon Real Estate Services will take over property management.
Texas
HOUSTON — HFF has closed on the sale of Promenade Jersey Village, a 596-unit apartment community in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Company, bought the property for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included Tre Banks, Todd Marix, Todd Stewart and Chris Curry.
HOUSTON — Cadence McShane Construction will build Phase I of the Airtex Commerce Center industrial park on behalf of co-developers Molto Properties and Generational Commercial Properties. The 166,250-square-foot space is located at 431 E. Airtex Drive in Houston. The project is just east of Interstate 45 and three miles north of Beltway 8 with access to George Bush Intercontinental Airport. Powers Brown Architecture is the project’s architect.
HOUSTON — Dairy Ashford Village, a 43,751-square-foot retail center at 1570 S. Dairy Ashford Road in Houston, has been sold to a Houston-based private equity group. The center is 89 percent leased. Christopher Winters and John Parsley of Colliers International represented the seller, N.J.G. & M. Texas. Keller Williams represented the buyer, DAV Entrepreneurs. The property is located next to a Kroger-anchored shopping center on Briar Forest Drive.
ANGLETON, TEXAS — The Angleton City Council has approved plans for Angelton 288 industrial park, a 35-acre site off Highway 288 at CR 341. Plans call for an 18,000-square-foot and a 24,000-square-foot building ready for occupancy in the first quarter of 2015. The park, located 45 minutes south of Houston, will span 400,000 square feet when finished. The city council also approved the expansion of utilities in the area. Development costs are expected to range from $15 million to $18 million.
TERRELL, TEXAS — Whataburger has leased a 41,000-square-foot pad site at the Terrell Market Center. The site is located at the northeast corner of FM 148 and Crossroads Parkway in Terrell, 40 minutes east of Dallas. Opening is scheduled for summer 2015. W. Thurston Witt, Jr. of UCR Dallas represented Whataburger, and Andrew Lehner, also with UCR, represented the developer, Oakridge Investments.
DALLAS — The first Bonobos in Dallas has opened at 1901 N. Henderson Ave. The 1,240-square-foot store is the first in the Dallas area and second in the state of Texas. Michael Miller of United Commercial Realty represented Bonobos in the lease transaction. Matthew Heisley of Open Realty Advisors represented the landlord, Henderson Main LP. Bonobos is a New York City-based retailer of men’s clothing.
KILGORE, TEXAS — Stan Johnson Co. has arranged the sale of a 14,820-square-foot retail property in Kilgore leased to Walgreens to an institutional REIT based in New York for an undisclosed price. Todd Moore, Jim Gibson and Donny Joseph of Stan Johnson’s Houston office represented the seller, an unnamed investor based in Chicago, and the buyer in the transaction. The property is 100 percent leased to Walgreen Co. and is located at the intersection of Henderson Boulevard and Highway 259. Nearby tenants include Walmart Supercenter, Brookshire’s, Fred’s Store, Bealls and Hibbett Sports.
KATY, TEXAS — Mark One Capital has arranged $2.9 million in financing for a 20,000-square-foot retail property in the Houston suburb of Katy. Farhan Kabani, a senior director in the firm’s Dallas office, arranged the loan. The name of the borrower was not disclosed. The loan is structured with a 10-year term and amortizes over 25 years with a fixed interest rate of 4.25 percent.
HOUSTON — Hunington Properties has sold the Plaza at Bellaire, a 74,315-square-foot shopping center in Houston. The seven-acre property, located at the northeast corner of Bellaire Boulevard and Renwick Drive, is fully leased and anchored by 99¢ Only and Advance Auto Parts. Todd A. Carlson of Hunington Properties represented the seller, a local private partnership, in the transaction. The buyer was a local investor.