Texas Real Estate Business

FEB 2018

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

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A U S T I N & C E N T R A L T E X A S 10 • February 2018 • Texas Real Estate Business www.REBusinessOnline.com H O U S T O N MCCARTHY TO BUILD HANGAR FACILITY FOR SOUTHWEST AIRLINES AT WILLIAM P. HOBBY AIRPORT HOUSTON — McCarthy Building Cos. Inc. has been awarded the con- tract to build the Southwest Airlines Tech Ops MX Hangar project at Wil- liam P. Hobby Airport in Houston. The two-bay hangar maintenance fa- cility will be able to house up to six 737 aircraft and will include paved aircraft parking areas, aircraft wash facilities, taxiway connections, as well as parking and loading docks. The construction includes the de- molition of existing facilities and utility relocation. Totaling approxi- mately 240,000 square feet, the han- gar will also feature an undetermined amount of office space, parts storage and other support areas. McCarthy's previous projects for Southwest Air- lines include the construction of its new office building and Leadership Education and Aircrew Development center, both of which are located in Dallas. ARCHWAY TO DEVELOP 111-ACRE MIXED-USE PROJECT IN HUMBLE HUMBLE, TEXAS — Archway Prop- erties plans to develop Park Air 59, a 111-acre mixed-use project located along U.S. Highway 59 in Humble, roughly 20 miles northeast of Hous- ton near George Bush International Airport. The project's first build-to- suit is currently under construction on a 4.2-acre tract at the junction of U.S. Highway 59 and Will Clayton Parkway. Archway is developing a 65,000-square-foot, three-story medi- cal office building for Vital Heart & Vein, a cardiology practice based in Houston. The clinic is set to open this summer. Austin Alvis of Hous- ton-based NewQuest Properties and Preston Cunningham of Cunningham Ventures are marketing Park Air 59 and co-brokered the land sale to the cardiology group. Jeries Ganim of Commercial Regional Properties of Texas LLC represented the cardiology group in its site acquisition. DUKE ACQUIRES 772,500 SF INDUSTRIAL PROPERTY NEAR PORT HOUSTON PASADENA, TEXAS — Duke Re- alty Corp. has acquired Bayport Distribution Center II, a two-build- ing, 772,500-square-foot industrial property located near Port Houston in Pasadena. The Class A property was built in 2008 and consists of one 600,000-square-foot building and one 172,500-square-foot building that are fully leased to three tenants. The property features clear heights ranging from 24 to 30 feet and a to- tal of 157 dock-high doors and eight drive-in ramps. Trent Agnew, Rusty Hamlyn and Dane Petersen of HFF represented the seller, a partnership between Mountain West Industrial Properties and an undisclosed insti- tutional investor, in the transaction. SIGNORELLI TO WELCOME NINE RESTAURANTS TO HOUSTON'S VALLEY RANCH TOWN CENTER BY SUMMER HOUSTON — Signorelli Co., the de- veloper of the 240-acre Valley Ranch Town Center (VRTC) mixed-use de- velopment in northeast Houston, will welcome nine new restaurants to its tenant roster by summer. Breakfast and lunch eatery The Toasted Yolk Café and frozen yogurt franchise Menchies are both scheduled to open this spring, along with a third loca- tion at VRTC for Italian restaurant Pizza Cucinova. Japanese restaurant Airi Poke and Ramen is slated to open during the summer. Other din- ing options opening soon include Gringo's Mexican Kitchen, Buffalo Wild Wings, RC's NYC Pizza & Pasta, Shogun Japanese Grill & Sushi Bar and Schlotzky's. MATTRESS FIRM TO CLOSE 200 STORES HOUSTON — Mattress Firm will close 200 stores over the next 18 months in an effort to reach $4 billion in revenue over the next five years. The retailer currently operates approximately 3,400 stores across the United States. The announcement was made at a Dec. 19 lenders' meeting for Steinhoff International Holdings N.V., the par- ent company of the Houston-based retailer. The locations to be shuttered are not yet known, but are part of an ongoing effort to close underperform- ing locations. Additionally, Mattress Firm recently entered into a revolv- ing credit facility for up to $225 mil- lion with Barclays for working capital needs and other general corporate purposes. LASALLE ACQUIRES COSTCO-ANCHORED RETAIL CENTER FOR $84 MILLION HOUSTON — LaSalle Investment Management has acquired Greenway Commons, a Costco-anchored shop- ping center in Houston, for $84 mil- lion. LaSalle acquired the property on behalf of its U.S. core, open-end real estate fund, LaSalle Property Fund. A joint venture between DDR and Black- stone sold the asset. Greenway Com- mons was fully leased at the time of sale to tenants including LA Fitness, Iberia Bank and Buffalo Wild Wings. FIRST INDUSTRIAL BREAKS GROUND ON 126,250 SF DISTRIBUTION CENTER HOUSTON — First Industrial Realty Trust Inc. has broken ground on First 290 @ Guhn Road, a 126,250-square- foot distribution center located at 6913 Guhn Road in northwest Houston. The front-load facility will feature 32- foot clear heights, an ESFR sprinkler system, 185-foot truck court, 137 park- ing stalls and up to 46 trailer stalls. Completion is slated for summer 2018. CAPITAL RETAIL PROPERTIES BREAKS GROUND ON STRIP CENTER LA MARQUE, TEXAS — Houston- based Capital Retail Properties has broken ground on La Marque Cross- ing, a 15,000-square-foot retail strip center located at the intersection of In- terstate 45 and FM 1764 in La Marque, roughly 38 miles southeast of Hous- ton. The property will be situated on 1.4 acres in front of a Sam's Club and Walmart Supercenter. Leslie's Pool Supplies has preleased 3,300 square feet and GNC has committed to 1,440 square feet. The architect of record is Identity Architects, and Axiom Con- struction is the project's general con- tractor. The development is expected to open in March. McCarthy's previous work for Southwest Airlines has primarily revolved around office projects. The new hangar for the Dallas-based airline will include office space in addition to the capacity to house up to six 737 planes. This image shows a rendering of La Marque Crossing, a 15,000-square-foot strip retail center that will be located in La Marque, a southeastern suburb of Houston. Capital Retail Properties is developing the project, which is scheduled to be complete by March.

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