Texas Real Estate Business

MAY 2016

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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20 • May 2016 • Texas Real Estate Business www.REBusinessOnline.com M&M ARRANGES SALE OF 19,927 SF RETAIL PROPERTY HOUSTON — Marcus & Millichap has arranged the sale of West Shop- ping Center, a 19,927-square-foot re- tail property located in Houston. Watt Harrison and James Bell of Marcus & Millichap's Houston ofce marketed the property on behalf of the seller, a limited liability company. West Shop- ping Center is located at 13442 Bellaire Boulevard in Houston. LOWE'S TO BUILD 100,000 SF STORE AT THE SHOPPES AT CINCO RANCH KATY, TEXAS — Lowe's Cos. will build a 100,000-square-foot Lowe's Home Improvement store at The Shoppes at Cinco Ranch in Katy. Thor Equities is developing retail stores and restaurant spaces throughout the remainder of the 35-acre prop- erty. Current tenants at The Shoppes at Cinco Ranch include Walgreens, with Kroger and Academy Sports + Outdoors located across the street. The Shoppes at Cinco Ranch is acces- sible via the Westpark Tollway and bisected by Spring Green Boulevard, with parking and sidewalks through- out the property. Nearby amenities include several golf courses and more than 100 neighborhood parks. DREVER CAPITAL BUYS VILLAGES AT LAKE JACKSON APARTMENT COMPLEX LAKE JACKSON, TEXAS — Drever Capital Management has acquired The Villages at Lake Jackson, a Class A, 174-unit garden apartment com- munity in Lake Jackson. Drever Capi- tal Management bought the 96 per- cent occupied multifamily property from Spyglass Capital Partners of De- marest, N.J. The new owner is launch- ing a property improvement program whereby the kitchen bar tops will be lowered to counter height with gran- ite added throughout the kitchen and bathrooms. Stainless steel appliances, plank fooring and two-inch wood blinds will also be added, and the ex- terior will receive new landscaping, painting, an improved lighted monu- ment sign and enlarged pool area with two gas grills and pool furniture. Tom Cabibi, who rejoined Drever Capital to head up acquisitions, led Drever's eforts toward the purchase. Ryan Ep- stein of Berkadia's Houston ofce bro- kered the transaction on behalf of the seller. Brant Smith of Berkadia Com- mercial Mortgage in Austin arranged acquisition fnancing through Freddie Mac. KIMCO BREAKS GROUND ON GRAND PARKWAY MARKETPLACE SPRING, TEXAS — Kimco Realty Corp. has broken ground on Grand Parkway Marketplace, a planned 450,000-square-foot shopping center development in Spring anchored by Target. About 75 percent of the retail space is pre-leased, including eight leases with national junior anchors. The groundbreaking ceremony took place April 7. Grand Parkway Mar- ketplace will be located at the corner of Kuykendahl and Spring Stuebner roads. The ceremony will be open to the public. METROPOLITAN CAPITAL ARRANGES SALE, FINANCING FOR HUNTSVILLE CROSSING HUNTSVILLE, TEXAS — Metropoli- tan Capital Advisors has arranged the sale and acquisition fnancing for Huntsville Crossing Shopping Cen- ter, a 23,760-square-foot retail center located in Huntsville. The property is located in front of a new power center anchored by Target, Kroger, Academy Sports + Outdoors, PetCo, Ross and Marshalls. In November 2014, Metro- politan Capital Advisors arranged the construction debt and equity to build the project on behalf of a partnership between Dallas-based Brand Capi- tal Partners and Loon Partners. The property was 100 percent pre-leased to Spec's, Mattress One, Chipotle and Bufalo Wild Wings prior to breaking ground. The project was completed in October 2015 with the last tenant tak- ing occupancy in February 2016. Met- ropolitan Capital Advisors and Mar- cus & Millichap co-brokered the sale of the property to a California-based buyer utilizing a 1031 tax-deferred exchange. Metropolitan Capital Advi- sors also arranged the acquisition f- nancing for the buyer with Longview- based Texas Bank & Trust. TPMC TO RENOVATE PARK TOWERS OFFICE COMPLEX HOUSTON — TPMC Realty Corp. (TPMC) will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston locat- ed at 1233 W. Loop S. The renovation will include elevator bank corridors, restrooms, the lobby, ftness facilities and a conference center. Highlights include: Restrooms equipped with luxury hospitality-like fnishes and automatic fushing, soap, water and hand towel dispensers; lobbies with welcoming concierge layout and four televisions, with updated security badge technology and Wi-Fi; confer- ence center made of two intercon- nected rooms with Wi-Fi presentation technology connected to TVs in each room; New elevator cabs with Thys- sen Krupp destination-based dispatch technology, touch screen kiosks and streaming TV monitors, and; lighting upgrades throughout tenant and com- mon areas to incorporate LED bulbs. Bob Parsley of Principal of Colliers In- ternational is handling the leasing for Park Towers. The two towers combine for more than 300,000 square feet of Class A ofce space, with two blocks of 111,250 square feet spanning fve foors and multiple options for exclu- sive tenant signage capabilities. The redevelopment should be fnished by the end of the year. Ziegler Cooper Ar- chitects is the architect, and O'Donnell Snider Construction is the general contractor. NAI PARTNERS, CBRE BROKER INDUSTRIAL LEASE HOUSTON — GSL Capital Manage- ment LLC has signed a lease at 2200 Lauder Road. The 100,000-square- foot lease is for a crane-served manu- facturing facility on 14.7 acres. Clay Pritchett of NAI Partners represented the landlord, GSL Capital Manage- ment LLC. Carlton Anderson of CBRE represented the tenant. H O U S T O N Accelerating success. #RECON16 I BOOTH S236Q BROAD BAND TX FRONT ROW, CENTER Austin I DFW I Houston From arts to industry and border to border, Texas boasts cultures that are literally all over the map. Technology is the best way to harmonize the powerful information contained in this diversity. Through proprietary platforms, data management, commercial real estate research, and insightful analysis, Colliers International is harnessing technology and placing our clients front row, center. colliers.com/texas TPMC Realty Corp. will lead a $16-plus million redevelopment of Park Towers, a set of two towers in uptown Houston located at 1233 W. Loop S.

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