Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/591312
20 • November 2015 • Texas Real Estate Business H O U S T O N At Gray Reed, our work is no joke . . . because our practice revolves around your business. And whatever your needs are, we can handle them. After all, that's what we've been doing in Texas for over 30 years. We're all about your bottom line – we'll leave the punchlines to someone else. INSITE REALTY, URBAN COS. BEGIN CONSTRUCTION ON OFFICE BUILDING KATY, TEXAS — InSite Realty Part- ners and Urban Cos. have formed a partnership to develop Phase II of Grandway West following a pre- lease commitment for 21,066 square feet from Severn Trent Services Inc. Grandway West is a fve-building ofce development that will total 780,000 square feet when complete. The co-developers have commenced construction on Phase II, which will span 124,017 square feet and be ready for occupancy in March 2016. Tran- swestern's Paul Wittorf, Eric Ander- son and Parker Burkett are provid- ing leasing services on behalf of the co-developers. In 2011 and 2012, the Class A ofce market in Katy had vacancy in the 4.5 percent to 6.5 per- cent range. From 2013 through mid- year 2015, Class A vacancy rose to the high-11 percent range as an increase in construction activity brought new supply to the area. Grandway West is a 56-acre ofce development located one mile north of I-10 with frontage on the Grand Parkway. Phase I, total- ing 83,912 square feet, is 90 percent leased. Phase II has 109,179 square feet available for pre-lease following the Severn Trent Services transaction. IRONEDGE GROUP SIGNS OFFICE LEASE FOR 13,008 SF HOUSTON — IronEdge Group, a Houston-based technology consult- ing frm and IT services provider, has signed a lease for 13,008 square feet of ofce space. The new ofce, which is located at 3000 Wilcrest Drive in Houston, will be the frm's new cor- porate headquarters. Rob Johnson of Lee & Associates-Houston repre- sented IronEdge Group in the lease transaction. Randi Carrabba of Client 1st represented the landlord, Jefrey Westchase LLC. MOVIEHOUSE & EATERY ANNOUNCES FIRST LOCATION IN HOUSTON HOUSTON — Moviehouse & Eatery, a dine-in cinema company, plans to open its frst location in the Houston market. M&E; Texas Moviehouse LP has contracted to purchase a 5.9-acre tract in the Cypress Creek Lakes master planned development near the intersection of Fry and Tucker- ton roads. Plans are underway for a 10-screen Moviehouse & Eatery, which features reserved seating in recliners and wall-to-wall screens. Construction is expected to start in early 2016 for a spring 2017 opening. The Austin-based dine-in theater company also operates three theaters in the Dallas-Fort Worth area, with more Texas locations in works. THE BOULDER GROUP ARRANGES $1.4M SALE OF AUTO PARTS STORE SPRING, TEXAS — The Boulder Group, a net lease investment bro- kerage frm, has completed the $1.4 million sale of a newly constructed, net leased O'Reilly Auto Parts store located at 5618 Treaschwig Road in Spring. O'Reilly Auto Parts is the sole occupant of the recently constructed 6,800-square-foot building. The prop- erty is shadow anchored by a Kroger that is located across the street. The O'Reilly Auto Parts is located approx- imately fve miles north of the George Bush Intercontinental Airport. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwestern family partner- ship who utilized a 1031 exchange. The seller was a national real estate development company. The O'Reilly Auto Parts lease is for 20 years and features a 6 percent rent escalation in years 11 and 16. The Boulder Group is an investment real estate service frm specializing in single-tenant net lease properties. Grandway West is a fve-building offce development that will total 780,000 square feet when complete. The co-developers have commenced construction on Phase II.