KATY — Bill Heavin and Matthew Herring of Grubb & Ellis represented WoodCreek Development Co. in its sale of 11 acres of land at the intersection of FM 529 and Katy Hockley Road in Katy. John B. Porter and Betty J. Porter purchased the land and were represented by Mason Evers of Landstar Realty Advisors. In addition, Doug Nicholson of Grubb & Ellis represented Paul G. Sirota is the sale of a 17,500-square-foot industrial building located at 608 Pederson Rd. in Katy. Kent Brownell purchased the property and represented himself.
HOUSTON — Ten West Corporate Center II, a 250,260-square-foot Class A office building in Houston's Energy Corridor, has sold. Located at 17404 Katy Freeway within the Park Ten Office Park, the office property was completed in 2006 and is fully leased to Mustang Engineering, a wholly owned subsidiary of the John Wood Group, LC. Minneapolis-based Founders Properties, represented by Rusty Tamlyn, Dan Miller and Trent Agnew of Holliday Fenoglio Fowler's (HFF) Houston office, sold the property to ING Clarion Partners. ING purchased the property on behalf of a commingled fund advised by the firm. Mustang Engineering and its affiliates occupy more than 1 million square feet of space in Park Ten Office Park.
DALLAS — RETransform, a business services corporation serving the real estate industry, has acquired Dallas-based PropertyView Solutions, a provider of property management and accounting software. PropertyView Solutions' Peak and Remanage products are fully integrated property management and accounting software solutions for both commercial and residential real estate markets. Peak's unit-based system includes all prospect and applicant information, resident management including demographics, vendor management, work orders, property information, reporting, accounts receivable, accounts payable, general ledger, purchase orders and budgeting. Peak is geared to multifamily, homeowner associations, single-family, commercial and mixed-use real estate portfolio management. Remanage is leased-based, making it more suitable for student housing and corporate leasing.
TULSA, OKLA. — Farmington Hills, Mich.-based Agree Realty Corp. has sold two single-tenant properties in Tulsa leased to Borders, Inc. containing approximately 50,000 square feet for close to $6.7 million. Agree Realty owns, manages and develops properties that are primarily single-tenant properties leased to major retail tenants and neighborhood community shopping centers. It has a portfolio of 79 properties in 17 states with 3.5 million square feet of space.
GRAND PRAIRIE — Keystone Automotive Industries has leased 168,000 square feet of industrial and distribution space at Grand Lakes I in Grand Prairie. Dan Cook and Mark Becker of Cushman & Wakefield of Texas, along with Jake Bobek of Cushman & Wakefield Los Angeles, represented Keystone, while Curt Hefner of Duke Realty represented the landlord, Duke Realty Limited Partnership. The lease allows Keystone, a subsidiary of LKQ Corp., to consolidate two Dallas-Fort Worth locations, while expanding its facility, in a more centralized location.
HOUSTON — Houston-based Concierge Asset Management, an investor, redeveloper and manager of apartment communities, has merged with Bethesda, Md.-based Crossbeam Capital, an institutional real estate investment fund manager. The combined company, Crossbeam Holdings, will focus on acquiring multifamily communities throughout the U.S. for redevelopment. The merger finalizes a partnership established last year that acquired seven multifamily communities, including closing on five multifamily communities in December 2010.
DALLAS — Loren Sign Co., a California-based company, has sold an 8,085-square-foot warehouse and distribution center located at 1393 Round Table in west Dallas, between Highway 183 and Interstate 35, to a local user. John Bielamowicz of Henry S. Miller Brokerage's Dallas-Fort Worth office represented Loren Sign Co., while Jackie Carter, an independent licensed sales professional, represented the buyer.
SOUTHLAKE — Southlake-based N3 Real Estate recently introduced its $200 million Delton Retail Fund, which is aimed at expanding N3's net lease portfolio in the U.S. retail real estate market. The Delton Retail Fund is an international joint venture between N3 and Toronto, Canada-based Alex Shnaider, co-founder of the Midland Group. The introduction of the Delton Retail Fund combines with $50 million of equity being raised by Dallas-based Rainier Capital for its joint venture with N3, Net Lease Retail Partners LP. N3 estimates it will have the capacity to develop and acquire close to $400 million of retail real estate during the next 2 to 3 years with its current equity commitments from Delton and Rainier.
IRVING — North Oak, a 132-unit apartment community located at 1417 N. Nursery Rd. in Irving, has been sold to an unlisted limited liability company. Al Silva of Marcus & Millichap's Fort Worth office, and Michael Ware and Will Jarnagin of the firm's Dallas office represented the seller, an unlisted partnership. Silva also represented the buyer. North Oak was 95 percent occupied at the time of the transaction.
CLEBURNE — A 4,780-square-foot Applebee's restaurant, located at 216 W. Katherine P. Raines Rd. in Cleburne, has sold for $2.4 million. Philip Levy and Jason Vitorino of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, as well as the buyer, an individual trust.