SUGAR LAND — A 214-room Hyatt Place, the largest to date, has opened in Sugar Land, 20 minutes outside of Houston. Located at 16730 Creek Bend Dr., the hotel features more than 4,000 square feet of flexible meeting space as well as a lakeside pavilion with 2,000 square feet of function space. It is the 21st Hyatt Place in Texas and was developed by Hyatt Hotels & Resorts and Woodbine Development Corp.
DALLAS — Grandbridge Real Estate Capital has recently closed a total of $16.7 million in multifamily loans in Texas. Stuart Wernick of Grandbridge's Dallas office originated and closed a $7.5 million first mortgage loan secured by Futura Lofts, a 126-unit multifamily property in Dallas. Funding was provided by Fannie Mae under its Delegated Servicing and Underwriting (DUS) loan program. Meanwhile, a $4.7 million first mortgage loan for Park Kensington Club/Stratford Village Apartments in Houston was originated by Greg Young of Grandbridge's Houston office. And a $4.5 million first mortgage loan for Londonberry Oaks Apartments in Denton was originated by Hunter McGrath of Grandbridge's Dallas office.
HOUSTON — Fortitude Management Group, a privately held oil and gas company, has renewed and expanded its lease at One Memorial City Plaza in Houston near Interstate 10 and the Sam Houston Tollway. Represented by Scott Fikes and Alex Bryant of Grubb & Ellis, Fortitude re-signed for 37,231 square feet of Class A office space. MetroNational leases the 34-story, 400,000-square-foot One Memorial City Plaza and was represented in house by John Green and Jerrod McQuan.
HOUSTON — Eight Houston area Target stores are being remodeled by Deerfield Beach, Fla.-based SIKON Construction to include Target's P-Fresh concept, which offers many of the grocery products available in Super Target stores. Designed by Minneapolis-based RSP Architects, the construction is slated to begin in December. SIKON has been involved in 20 Target store projects including both new stores and renovations.
ARLINGTON — Joern's Healthcare, represented by Blake Anderson of Grubb & Ellis, has leased 99,840 square feet of industrial space at 2100 Design Rd. in Arlington. Trey Fricke and Reid Bassinger of Lee & Associates represented the landlord, Ridge Property Trust.
HOUSTON — Isolatek International has leased a 25,000-square-foot office building at 502 S. Main St. in Houston's Galena Park. Clay Peebles of Boyd Commercial represented Isolatek, while Doyle Toups and Jim Autenreith of NAI Houston represented the landlord, Valley Plaza Donaho.
HOUSTON – Heritage Plaza, a 53-story, 1.2 million-square-foot office trophy tower in downtown Houston, will be sold to Brookfield Office Properties for approximately $325 million. Atlanta-based Goddard Investments is selling the property to New York-based Brookfield after dealings with San Antonio-based USAA Real Estate didn’t transpire. Located at 1111 Bagby St. in the central business district, Heritage Plaza was acquired by Goddard Investments in July 2005 for $121 million. Goddard improved the building’s occupancy from 45 to 89.5 percent with the addition of tenants like Deloitte and EOG Resources at 292,000 square feet and 252,000 square feet respectively. The transaction with Brookfield would mark the city’s second highest price ever paid for an office building, only behind the sale of the Bank of America Center in August 2007 for $367 million.
REAGAN COUNTY – The University of Texas System’s Board of Regents has agreed to a 10-year, $30 million land lease with Spinning Star Energy for a West Texas wind farm. One hundred and fifty wind turbines will be constructed across 18,000 acres of UT System land in Reagan County. The university system will cut its energy consumption by 16 percent and proceeds from the agreement will go to the Available University Fund for the UT System as well as the Texas A&M University System.
WEBSTER — A 45,000-square-foot Ashley Furniture store has opened at Baybrook Gateway, located at the southeast corner of Interstate 45 and West Bay Area Boulevard in Webster. Clint Schroff of Austin-based Retail Endeavors Group represented Ashley Furniture, while Stephen Swope of Centro Properties Group represented Centro, owner of Baybrook Gateway, in the transaction.
HOUSTON — Situs has represented the Bankruptcy Trustee in the sale of Gramercy Park Condominiums, a luxury mid-rise multifamily asset in the Medical Center submarket of Houston. Constructed in 2005 and 2006, Gramercy Park was financed by 230-plus individual investors. Later in 2006, various entities which controlled servicing rights to the property initiated a series of bankruptcies with Asset Resolution, an affiliate of Silar Advisors, and the property was foreclosed on in late 2008 with 220 units unsold. An auction was conducted this September in which Situs negotiated terms with the stalking horse bidder, Alliance Realty Partners, which ultimately closed on the property. Martin Bronstein, David Malev, Randall Tuller, Maury Bronstein and John Wall, Jr. led the Situs team in the transaction.
