DALLAS — Emirates has signed a new lease agreement for 3,000 square feet of office space in the 105,550-square-foot Rolex Building, located at 2651 N. Harwood St. in Dallas' Uptown/Turtle Creek submarket. The Rolex Building is owned by Harwood International and includes tenants such as Rolex Watch, Swiss Consulate, Prudential Insurance, Forest Perkins, MML Management, Energy Capital and Harwood International Holdings.
CINCO RANCH — Regency Centers has commenced construction on the 260,000-square-foot Southpark at Cinco Ranch, a neighborhood retail center located at the intersection of Westpark Tollway and Spring Green Boulevard in Cinco Ranch. Regency partnered with Excel Commercial Real Estate to begin construction on Phase I, which includes a 101,497-square-foot Kroger, a 71,680-square-foot sporting goods retailer, 29,920 square feet of small shop space and seven outparcels. The project is 72 percent preleased and anchors are slated to open in the fourth quarter of 2012. Phase II will add 57,000 square feet.
WESLACO — Colliers International has brokered the sale of the 178,618-square-foot Valley Crossing Shopping Center, located in Weslaco. The retail center is fully leased to tenants including J.C. Penney, T.J. Maxx, Petco and Olive Garden. Ryan West of HFF's Houston office represented the buyer, Capcor Weslaco Ltd., in the transaction. Christopher Winters of Colliers' Houston office represented the seller, SDI Weslaco Holdings.
PEARLAND — HFF has closed the sale of the 472-unit St. Andrews Apartments, a Class A multifamily community located on a 20-acre site at 9900 Broadway St. in Pearland. The property is 99.6 percent occupied. Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks and Chris Curry of HFF's Houston office represented the seller, a TIC ownership group managed by Joseph Mandelbaum and Henry Mandelbaum of RealTax Inc., in the transaction. Cortney Cole of HFF's Houston office arranged the financing through PPM Finance on behalf of the buyer, Venterra Realty. Holly Wathan represented PPM Finance in-house during the negotiations.
DALLAS — Mathis Donheiser & Jeter, a Dallas-based law firm, has leased the entire 26th floor — approximately 7,236 square feet — of the Adolphus Tower, located at 1412 Main St. in Dallas. The new office features hardwood finishes, custom cabinetry, a conference room and a kitchenette. The law firm will move into its new office once construction is complete, tentatively set for early this month. Carla Machulis of Henry S. Miller's Dallas office represented the landlord in the lease transaction. Craig Wilson and Dan Harris of Cassidy Turley's Dallas office represented the tenant.
HOUSTON — Cadence McShane Construction Co. has delivered the $13.7 million, 98,724-square-foot Patterson Elementary School, located at 5302 Allendale Road in Houston. The two-story school features 50 classrooms, a library, a kitchen, a cafeteria and a basketball pavilion. The new school is certified LEED Silver and features environmentally friendly building materials, energy-efficient heating, air conditioning, refrigeration, lighting control and domestic hot water systems, as well as a construction waste recycling program. Sustaita Architects designed the school, which is part of the Houston Independent School District.
COLLEGE STATION — The Culpepper Family LP has plans to develop the 400-bed The Stack, a five-story student housing facility located at the intersection of South College Avenue and University Drive in College Station near Texas A&M University. The student housing facility is Phase I of Legacy Point, a mixed-use development featuring commercial and residential properties. The Stack will feature two underground levels of parking, a fitness center, in-unit washers and dryers and a central courtyard pool area. Legacy Point will be constructed on the site where the vacant Albertson's building currently sits. Irving-based Collegiate Cos. will serve as the project's program manager. The property is expected to break ground this summer and be delivered in 2013.
HOUSTON — Keller Williams Realty Metropolitan has plans to relocate its Houston corporate office to the entire second floor — approximately 19,000 square feet — of 5050 Westheimer Road, a 71,000-square-foot Class A office property in Houston's Galleria/Uptown District. More than 300 real estate agent will be based in the property, which will serve as a training facility. The relocation is slated for June 2012. Kyle Drake and Matt Moake of Houston-based Drake Realty Group, a member of KW Commercial, represented the tenant in the transaction. The landlord is Black Forest Ventures.
HOUSTON — Houston-based Whitestone REIT has closed on a 3-year, $125 million, unsecured revolving credit facility, which replaces the existing $20 million facility with Bank of Montreal. BMO Capital Markets was the sole lead arranger and sole book runner of the facility, Bank of Montreal was the administrative agent, U.S. National Association served as the syndication agent, along with Capital One National Association and Wells Fargo Bank, N.A. served as the co-documentation agents. MidFirst Bank was also included in the lender group. Whitestone plans to use the new facility for acquisitions, redevelopments and general corporate purposes.
HOUSTON — Seasons 52 has chosen Houston's Millennium High Street for its second restaurant in Texas, located at 4410 Westheimer Road inside the 610 Loop. The property will feature two private dining rooms, a custom wine cellar, a piano bar and an exclusive chef's table. Houston-based The Dinerstein Companies will develop the property, which is slated to open in spring 2013.
