HOUSTON AND MCKINNEY — The board of directors at St. Louis, Mo.-based Emerson has approved the investment of approximately $55 million for two construction projects in Houston and McKinney. Emerson will invest $30 million to build a 205,000-square-foot engineering and manufacturing headquarters in Houston for the Emerson Process Management's valve automation business. Construction is slated to begin in early 2012. Emerson will also invest approximately $25 million to build a three-story, 132,000-square-foot headquarters for the Emerson Process Management's regulator technologies business in McKinney. Construction is expected to begin in early 2012 and be delivered in late 2013.
CORPUS CHRISTI — Monmouth Real Estate Investment Corp. has acquired a 46,253-square-foot industrial building, located at Pinson Drive and Business Center Drive in Corpus Christi, for $4.9 million. The property is net-leased through 2021 to FedEx Ground Package System. Jones Development Co. constructed the building earlier this year.
LUBBOCK — Holliday Fenoglio Fowler has secured acquisition financing for a 71,238-square-foot Market Street supermarket, located at 19th Street and Quaker Avenue in Lubbock. Mark West, Coler Yoakam and Brandon Chavoya of HFF's Dallas office arranged the financing through Wells Fargo Bank on behalf of the borrower, United Supermarkets.
AUSTIN — Marcus & Millichap represented both parties in the sale of the 17,234-square-foot Hamilton Plaza Office Building, located at 3700 W. Parmer Ln. in Austin. Greg Gaynor, Joshua Swank and Ron Hebert of Marcus & Millichap's Austin, San Antonio and Dallas offices, respectively, represented the buyer, a private investor, and the seller, a bank/financial institution, in the transaction.
TULSA, OKLA. — Woods Cross, Utah-based Go Natural CNG is opening a 7,000-square-foot sales and installation facility, located at 4116 S. 88th E. Ave. in Tulsa. The firm's partner, AutoSource Motors, will also be sharing the new facility.
WOODVILLE — Gemma Power Systems has signed an engineer-procure-construct contract with East Texas Electric Cooperative for a $165 million agreement to develop a biomass-fired power plant near Woodville. The project is slated for a December 2014 completion.
HOUSTON — Miami-based Parmenter Realty Partners has acquired the 225,727-square-foot Woodland Park Plaza, an office building located at 11490 Westheimer Rd. in the Westchase submarket in Houston. The acquisition was purchased through Parmenter's institutional fund, Parmenter Realty Fund IV. The property was 68 percent leased at the time of the acquisition.
HOUSTON — A $15 million, top-to-bottom renovation of the 360,000-square-foot Marq*E Entertainment Center, located at 7620 Katy Freeway in Houston, is now complete. The property is owned by Houston-based Fidelity Realty Advisors and Los Angeles-based Canyon-Johnson Urban Funds, a joint venture between Canyon Capital Realty Advisors and former NBA star Earvin “Magic” Johnson. Fidelity oversaw the renovation, which included adding three new pad sites totaling 25,000 square feet, demolishing a building fronting, enhancing signage, adding a new Houston Police Department storefront, landscaping and adding approximately 240 new parking spaces. The development has also added new tenants including Bank of America, T-Mobile, Subway, Panda Express and Chik-fil-A.
HOUSTON — Ross Dress For Less has opened a 21,121-square-foot store, located in North 45 Plaza in Houston. North 45 Plaza is a 132,239-square-foot retail development owned by Brixmor Property Group.
DALLAS — Dallas-based Caddo Holdings has acquired a three-building portfolio in Dallas that consists of approximately 281,000 square feet of office and retail space. Caddo purchased the buildings — located at 2811 McKinney Ave., 2501 Cedar Springs Ave. and 3400 Carlisle St. — from an undisclosed Texas-based seller. Creighton Stark of Colliers International's Dallas office negotiated the transaction. American Bank of Texas provided financing for the portfolio. Caddo will manage the portfolio and Nathan Durham of PM Realty Group's Dallas office will handle the portfolio's leasing.