KATY, TEXAS — CBRE's national retail investment group has brokered the sale of the 87,469-square-foot Highland Knolls Shopping Center in Katy. A 62,389-square-foot Randall's anchors the shopping center, which is nearly 95 percent occupied. Randall's has 11 years left on its initial lease term. Highland Knolls is located at 1525 S. Mason Road in the Cinco Ranch submarket. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller in the transaction. The buyer was Denver-based Revesco Properties.
Texas
CASTLE HILLS, TEXAS — Spencer Enterprises Ltd. has awarded Stream Realty Partners the leasing assignment for a 28,360-square-foot office property in Castle Hills, a suburb of San Antonio. The property is located at 1919 N.W. Loop 410. Carolyn Hinchey Shaw will serve as the leasing agent for the property. The office property has undergone upgrades recently, including enhanced landscaping and updated building entrances.
HOUSTON — Wood Partners has begun construction on Alta Westheimer, a 133-unit, 119,000-square-foot apartment building located at 9235 Westheimer Road in Houston. Leasing is expected to begin in April 2014. Good, Fulton & Farrell designed the project. The complex will house 15 studio units, 84 one-bedroom units and 34 two-bedroom units with 188 parking spaces. Select floor plans will include garages. The building will be close to Terry Hershey Park and several major local employers, including Phillips 66, Chevron, Halliburton, BP, Shell and ExxonMobil. Westplan Investors is the project’s equity partner, and Westheimer Builders LLC is the general contractor.
THE WOODLANDS, TEXAS — Jones Jazzy Java and Dr. Alfred’s Hotdog Stand have recently leased two separate concession stands with The Woodlands Development Co. (TWDC) at Waterway Square along the Woodlands Waterway in The Woodlands Town Center. Jones Jazzy Java is owned by Shawn and Tricia Jones and offers New Orleans’ style cuisine. V.VJ Enterprise, owned by Dr. Alfred Limani and Viosa Berisha, offers Chicago-style hot dogs and ice cream at Dr. Alfred’s Hotdog Stand.
GRAPEVINE, TEXAS — Automotive Rentals Inc. (ARI) has leased an additional 10,830 square feet at The Offices @ Grapevine Parkway, an office complex located at 2550 S.W. Grapevine Parkway in Grapevine. ARI, a member of Mount Laurel, N.J.-based Holman Auto Group, has grown its leased space at the property to more than 50,000 square feet. Jim Poynter and Dennis Scifres of Tenant Realty Advisors LLC represented the landlord, One Grapevine Parkway Ltd. Steven Greenfield of ARI represented the tenant in-house.
DALLAS — UC Funding LLC has provided a $4 million bridge loan for the acquisition and predevelopment of three contiguous vacant buildings totaling 47,100 square feet. The buildings are located on Elm Street in downtown Dallas. The proposed development will include 24 loft-style residential units with 17,600 square feet of ground floor and basement restaurant and retail space.
DALLAS — Compatriot Capital, along with JLB Partners, has commenced construction on a luxury 299-unit, Class A high-rise located at 2728 Cedar Springs in Uptown Dallas. The 18-story community will be situated on the Katy Trail. The high-rise will feature upscale amenities, including a private penthouse lounge, roof deck pool overlooking downtown Dallas, a wellness center with a yoga lawn and a private dog park and pet spa. The complex will offer one-, two- and three-bedroom units ranging in size from 622 to 3,717 square feet. Completion of the project is slated for spring 2015. GDA Architects will complete the design work, and Pacific Life Insurance Co. will provide construction and permanent financing for the development.
HOUSTON — A joint venture between Panattoni Development Co. Inc. and LaSalle Investment Management Inc. has acquired a 125-acre parcel of land for industrial development located on North Gessner Road in northwest Houston. The development, known as Beltway Crossing NorthWest, will be used to develop 2 million square feet of primarily warehouse and distribution buildings with both speculative and build-to-suit projects. Stephen Schneidau and Dave Cook of Cushman & Wakefield negotiated the transaction. Schneidau will partner with Jim Foreman and Beau Kaleel of Cushman & Wakefield to lease the product.
AUSTIN, TEXAS — Marcus & Millichap Real Estate Investment Services has brokered the sale of Raintree, a 34-unit apartment property located at 8806 Redfield Lane in Austin. Kent Myers, Joe James and Hector Granado of Marcus & Millichap’s Austin office represented the seller, a partnership, and secured the buyer, a limited liability company, in the transaction.
RICHARDSON, TEXAS — Axiom Manufacturing has renewed its lease of 14,730 square feet of flex space at 1226 Exchange Parkway in Richardson. Janice Peters of Hudson Peters Commercial represented the landlord, Park North Service Center Ltd., in the transaction. George Tanghongs and Brett Lewis of Lee & Associates represented the tenant.