Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/817755
A U S T I N & C E N T R A L T E X A S 10 • May 2017 • Texas Real Estate Business www.REBusinessOnline.com H O U S T O N More than 6,000 people call Willis home. Residents enjoy a quiet, peaceful quality of life with all of the amenities of a large metropolitan area. Located in Montgomery County just 50 miles north of Houston, Willis is a prime location for commuters and a great place for families and students. When you work in Willis you have the convenience of being located directly on Interstate 45, with easy access to your customers and vendors. In addition, the city's Community Development Corporation ensures that residents have plenty of green space, attractive streetscapes and local festivals and events throughout the year. The Economic Development Corporation offers innovative workforce development programs and business incentives, and works with local businesses to ensure that they have the tools they need to grow and prosper. Willis is an outdoor lover's paradise. Located in the heart of the Sam Houston National Forest, and just around the corner from beautiful Lake Conroe, many people visit the City of Willis for camping, fishing, biking, cycling, horseback riding, boating, fishing, and wildlife viewing. LIVE, WORK, and PLAY i n Willis, Texas live work play www.visitwillis.com PERFORMANCE PROPERTIES ACQUIRES 300-UNIT APARTMENT COMPLEX HOUSTON — A partnership led by Performance Properties, a Dallas- based property management firm, has acquired Timberwalk Apartment Homes, a 300-unit multifamily com- plex in Houston. Situated on 10.2 acres at 5635 Timber Creek Place Drive, the gated property features a pool, fitness center, clubhouse and common areas. Built in 1984, the community was 93 percent occupied at the time of sale. Todd White and David McQuaid of Performance Properties represented the partnership, known as Timber- walk Associates LP, in the transac- tion. Russell Jones, Matt Saunders and Zach Springer of ARA Newmark rep- resented the seller, Mosaic Residential Inc. The new ownership plans to in- vest $1.2 million to complete a reno- vation program at Timberwalk that Mosaic Residential began in 2014. MISSION CAPITAL ARRANGES $10.5 MILLION IN FINANCING FOR INDUSTRIAL COMPLEX STAFFORD, TEXAS — Mission Capi- tal Advisors has arranged $10.5 mil- lion in first mortgage financing for Avera Commerce Center, a 16-build- ing industrial complex in Stafford, a southwestern suburb of Houston. Sit- uated on 14.5 acres at 3928-4012 Blue- bonnet Drive, the property measures 249,823 square feet. Ari Hirt, Steven Buchwald, Eugene Shevaldin, Lexing- ton Henn and Will Sledge of Mission Capital arranged the loan on behalf of the borrower, Raith Capital Partners. Raith will use a portion of the non-re- course loan to make capital improve- ments to Avera Commerce Center. AMAZON TO OPEN 1 MSF FULFILLMENT CENTER KATY, TEXAS — Amazon.com Inc. has announced plans to open a 1 million-square-foot fulfillment center in the west Houston suburb of Katy. Duke Realty will develop the center, which will be situated on approxi- mately 87 acres near the intersec- tion of U.S. Highway 90 and Woods Road, according to the Houston Busi- ness Journal. The project, which marks Amazon's 10th fulfillment center in Texas, is expected to create about 1,000 full-time jobs in packaging and shipping. HINES ACQUIRES 2.2 MSF INDUSTRIAL PARK LA PORTE, TEXAS — Hines, a global real estate investment firm, has ac- quired Underwood Distribution Cen- ter, a Class A, 2.2 million-square-foot industrial park located at 359 Old Un- derwood Road in La Porte, approxi- mately 25 miles east of downtown Houston. The center consists of five buildings that are 100 percent leased, as well as three development parcels. Hines' first addition to the property will be a 167,000-square-foot distri- bution building, which is slated for delivery in the fourth quarter of this year. STONELAKE FINALIZES PLANS FOR PHASE III OF 11.5-ACRE MIXED-USE DEVELOPMENT HOUSTON — Stonelake Capital Part- ners has finalized plans for Phase III of Park Place River Oaks, an 835,000-square-foot, mixed-use devel- opment situated on 11.5 acres along Westheimer Road in the River Oaks submarket of Houston. Phase III will consist of two four-story buildings, including 105,000 square feet of retail space and 105,000 square feet of office space. Phase I of the project consisted of an eight-story, 344-unit multifam- ily building, which is now 90 percent leased. Phase II consisted of a 17- story, 297-unit high-rise, completion of which is slated for this 2017. WOODBINE, CDC HOUSTON, USAA BREAK GROUND ON 337-ROOM HOTEL SPRING, TEXAS — Woodbine De- velopment Corp., CDC Houston and USAA Real Estate have bro- ken ground on a 337-room Marriott CityPlace hotel in Spring, a north- ern suburb of Houston. The 10-story hotel will anchor the eastern end of CityPlace, a 60-acre mixed-use devel- opment within the master-planned community of Springwoods Village. Amenities of the hotel, which is set to open in November 2018, include a pool with a bar, two ballrooms and an outdoor event area. EDGE REALTY BROKERS SALE OF 10,501 SF SHOPPING CENTER SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Imperial Oaks Shopping Center, a 10,501-square-foot retail property lo- cated at 2319 Rayford Road in Spring. The center, which is shadow-anchored by Kroger, currently houses tenants such as Verizon Wireless, Today's Vi- sion and Sports Clips. Burdette Hoff- man of EDGE represented the seller, Rayford Retail Partners, in the trans- action. Sumner Hollingsworth of Hol- lingsworth & Associates represented the undisclosed buyer. FARIS LEE BROKERS $4.6 MILLION SALE OF 8,500 SF RETAIL CENTER KATY, TEXAS — Faris Lee Invest- ments, a California-based retail advi- sory and investment sales firm, has brokered the $4.6 million sale of a 8,500-square-foot, multi-tenant retail property within Grand Crossing, a mixed-use development in Katy, for $4.6 million. Located at 23641 Katy Freeway, the center was 100 percent leased at the time of sale to tenants such as Sleep Number, Carus Dental and Lux Nail Salon. Jeff Conover of The Phase III development of Park Place River Oaks in Houston will add retail and office space to the 11.5-acre mixed-use project.