HOUSTON — IDI, an Atlanta-based industrial real estate company, will expand Houston’s Greenspoint Business Center to a total of 757,250 square feet with the construction of two new buildings. The 106,700-square-foot Building C and 244,550-square-foot Building E will join the existing Buildings A, B and D, which were collectively 93 percent occupied at the time of sale. The complex, located along Interstate 45 south of the intersection with Beltway 8, is in close proximity to George Bush Intercontinental Airport.
Texas
FORTH WORTH, TEXAS — Terra Capital Partners has arranged $8.8 million in financing for the purchase of the Fort Worth Sheraton Hotel & Spa. The three-year mezzanine loan is part of a $58 million capital stack that allowed borrower Presidio Cos. to buy the property out of bankruptcy. Terra, which is based in New York, has originated more than 250 debt and equity investments since 2002. The 431-room Fort Worth Sheraton Hotel & Spa is a full-service hotel located in close proximity to the city’s convention center.
WILBURTON, OKLA. — Quantum Real Estate Advisors has brokered the sale of an 8,000-square-foot build-to-suit retail building leased to Family Dollar in Wilburton, approximately 120 miles south of Tulsa. At the time of sale, the tenant had nine years remaining on an initial 10-year, double net lease. Quantum’s Jordan Kaufman represented the seller, a private developer based in Houston, and the buyer, a private 1031 tax-deferred exchange buyer from California.
HOUSTON — The historic Texaco office building, originally built in 1915, will see new life after 25 years of vacancy. Dallas-based Provident Realty Advisors has acquired the downtown Houston property and will redevelop the building as high-rise apartments. The renovation plans are valued at $95 million, according to the Houston Business Journal, and include 8,000 square feet of ground-floor retail in addition to 309 multifamily units. Hnedak Bobo Group of Memphis will serve as project designer, while a subsidiary of Provident Realty will serve as general contractor.
PLANO AND IRVING, TEXAS — Dallas-based real estate firm American Communities has purchased three Dallas/Fort Worth metro area apartment properties totaling 462 units. Cornerstone Ranch and Laurel Ridge in Plano and Islands West in Irving will be relaunched under the new owner’s Bel Air brand. Mosaic Residential of Houston sold Cornerstone Ranch and Laurel Ridge, while a private investor in Santa Barbara, Calif. sold Islands West. American Communities has acquired seven multifamily properties in the past 18 months.
HOUSTON — NewQuest Epic Investments has acquired the 193,595-square-foot Easton Commons Shopping Center, located at the corner of Highway 6 and West Road in Houston’s Copperfield master-planned community. The property is anchored by Kroger Signature and Studio Movie Grill. The investment arm of full-service retail real estate company NewQuest Properties, NewQuest Epic Investments plans to remodel Easton Commons as part of its value-add strategy.
CORPUS CHRISTI, TEXAS — Fort Worth-based Trademark Property Company has added DSW to the list of tenants at The Shops at La Palmera, a 200,000-square-foot outdoor shopping center in Corpus Christi, located across from super regional mall La Palmera. Construction of the 18,000-square-foot space for DSW is underway, as well as the future homes of Jared the Galleria of Jewelry, Dick’s Sporting Goods, T.J. Maxx and HomeGoods. This will be the first location in Corpus Christi for DSW, which currently operates 376 stores in 42 states, Washington, D.C. and Puerto Rico.
SAN ANTONIO — USAA Real Estate Co. has acquired One Riverwalk Place, an 18-story office building in downtown San Antonio. The 261,633-square-foot property, located at the corner of N. Saint Mary’s and Convent streets, was leased to 35 tenants at the time of sale. Developed in 1981, One Riverwalk Place offers frontage on the San Antonio Riverwalk and close proximity to Interstates 35 and 10. Jason Adkison, Scott Boyton and Christi Griggs of Peloton Commercial Real Estate represented USAA in the transaction. The name of the seller was not disclosed.
GRANBURY, TEXAS — The Sanders Trust, a Birmingham, Ala.-based medical real estate development company, has broken ground on a new $8.7 million medical office building in Granbury, approximately 40 miles southwest of Fort Worth. The facility will house the orthopedics, outpatient radiology, cardiology and sports medicine departments of Lake Granbury Medical Center, a Community Health Systems-affiliated hospital. The 41,000-square-foot space is slated for completion in June 2014. Dallas-based Skiles Group will serve as general contractor on the project, Ascension Group Architects will design, and Cadence Bank will finance.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Capella, a 336-unit apartment complex located at 8900 N. Interstate 35 in Austin. The property, originally constructed in 1981 and renovated in 2012, offers one- and two-bedroom floorplans in multiple two-story, garden-style buildings. Amenities include a business center, sports court, landscaped pool area, playground and dog park. FPA MultiFamily LLC of San Francisco sold Capella to Avesta Communities LLC of Tampa, Fla.