PEARLAND, LEAGUE CITY AND HOUSTON, TEXAS — The San Francisco office of NAI BT Commercial has completed the sales of three ground leases in the Houston metropolitan area. In the first transaction, a private investor purchased a 2.15-acre ground lease located at 11019 Shadow Creek Pkwy. in Pearland and a 1.84-acre ground lease located at 3140 Gulf Freeway South in League City. The former site contains a Cracker Barrell restaurant and the latter site contains a McDonald’s. The properties traded for a total of approximately $5.94 million. NAI’s Bob Sanner and Rick Sanner represented the same buyer in both transactions, as well as the seller in the first deal. Additionally, NAI’s Andy Bogardus and Chris Sheldon represented both parties in the sale of a 1.5-acre ground lease located in Houston. The property, which traded for $3.5 million, is currently leased to Wachovia. The parties in both transactions were undisclosed.
WATAUGA, TEXAS — Fort Worth, Texas-based NAI Huff Partners has arranged the sale of a 12,513-square-foot industrial building, located in Watauga. The property, which is situated on approximately 3 acres at 6301 Whitley Rd., was formerly used as a distribution center for Mrs. Baird’s. Jeff Givens and Amy Baker of NAI represented the seller, Clay Roarke. The property was purchased by Fort Worth Tower LLC for an undisclosed amount.
WICHITA FALLS, TEXAS — Construction is complete for the $6.2 million renovation of Fowler Hall, located on the campus of Midwestern State University in Wichita Falls. The 23,000-square-foot renovated building houses academic space for the McCoy School of Engineering. Construction included the upgrade of several laboratory spaces; the construction of classrooms, offices and collaborations areas; and new study pods that overhang into the lab space. The exterior of the building now features a translucent glass box that showcases the building’s three major labs and the design studio while providing ample daylight to the building’s interior. Finally, a new landscape plan was implemented that includes the use of indigenous plants, custom fabricated outdoor seating and new walking surfaces. The project architect was Dallas-based SHW Group.
HOUSTON — Wallenius Wilhelmsen Logistics has reached an agreement with Kansas City Southern Railway Co. (KCS) to construct a new finished vehicle distribution center for Nissan in Houston. The facility will be situated adjacent to CenterPoint Intermodal Center – Houston Metro, an 800-acre intermodal and logistical park owned by a joint venture between CenterPoint Properties and KCS. The new facility is located on the new Victoria-to-Rosenberg KCS main line, providing direct access to Nissan’s manufacturing facility in Aguascalientes, Mexico, as well as the Mexican port of Lazaro Cardenas. The distribution center will serve customers in Texas, Oklahoma and Louisiana. The construction timetable for the project has not been released.
SAN ANTONIO — San Antonio-based K Partners Hospitality Group has held the grand opening for the new Courtyard by Marriott Sea World/Westover Hills, located in San Antonio. The 179-room hotel is situated within the 1,270-acre, master-planned Westover Hills development. It is an official Sea World-approved hotel, which offers vacation packages and shuttle services for the nearby San Antonio Sea World. Hotel amenities include a restaurant, complimentary high-speed Internet access, 10,000 square feet of meeting space, an indoor/outdoor swimming pool with a swim-up bar and a whirlpool, a fitness center, a business center and a lobby lounge with an outdoor veranda.
HOUSTON — NAI Houston has brokered the sale of a 25,000-square-foot industrial building, located at 2700 Aldine Bender Rd. in Houston. The newly constructed property is situated within InterBelt North Business Center. John Ferruzzo and Travis Land of NAI Houston represented the seller, StoneBridge T1 LP. Trey Martin and Griff Bandy, also of NAI Houston, represented the buyer, PSREH LTD. The buyer has leased the building to Petroleum Solutions for the company’s Houston operations.
SUGAR LAND, TEXAS — Planned Community Developers has announced that a new Hyatt Place hotel will be coming to Lake Pointe Town Center, the company’s urban-style, mixed-use development located at the intersection of highways 6 and 59 in Sugar Land. The 135,000-square-foot hotel will be constructed on 3.7 acres along Brooks Lake and will contain 214 rooms. The Hyatt Place project will be developed by a joint venture between Chicago-based Hyatt Hotels & Resorts and Dallas-based Woodbine Development Corp. Upon completion, it will be the second Hyatt Place in the greater Houston area. The construction timetable was not released.
BEAUMONT, TEXAS — Hendricks & Partners has brokered the sale of two multifamily communities located in Beaumont. The first property, Cornwall, is a 150-unit community located at 6650 Prutzman Rd. The second property, Lancaster, is a 115-unit community located at 6550 Phelan Rd. Ed Cummins, Jim Hearn and Clint Duncan of Hendricks & Partners’ Houston office, along with Tom Warren of the firm’s Dallas office, represented the seller, Venice, Calif.-based partnerships MOS Lone Star Investment LP and Vo-Beaumont Cornwall LP. The buyer was Dallas-based Lancaster Cornwall LP. The acquisition price was not disclosed.
COLLEYVILLE, TEXAS — Colleyville-based Realty Capital Corp. (RCC) disposed of 261 East Southlake Boulevard, a 7,056-square-foot office building located within Colleyville’s Chapel Hill Office Park. The building is fully occupied by Ravi Doctor DDS and Kumon Learning Center. The building was purchased by Southlake Chapel Hill 34 LLC, a partnership of Dallas-based real estate investors managed by Stephen Swann of Expedition Capital Partners. This most recent sale is the fifth office building to be sold at Chapel Hill. RCC currently owns two remaining development sites at the park.
LUBBOCK, TEXAS — MedCapital Group has secured $3.11 million on construction financing for the development of a 10,000-square-foot radiation center located in Lubbock. The loan carries a 6 percent fixed interest rate with interest-only payments for the first 18 months, followed by a 3-year term with a 30 year-amortization schedule thereafter. The financing package also included a $300,000 revolving line of credit with a variable interest rate based off of prime plus 1 percent, and a 6.5 percent floor. The borrower is a partnership between seven urologists and a professional management company. The lender was undisclosed.