MALL IN THE FAMILY
TEXAS CITY (Houston Business Journal) – A group of California investors headed by brothers Michael and Mayer Makabeh of Los Angeles have purchased the Mall of the Mainland from Triyar Cos. LLC.
The 15-year-old, 780,000-square-foot mall on Emmett F. Lowry Expressway, off I-45, is the first Texas acquisition — and the largest purchase to date — for the Makabehs, who own a majority stake in the property.
Mall of the Mainland is one of five local malls put up for sale late last year by Triyar. Among the tenants are Dillard's, Macy's, Palais Royal and Sears.
TYLER'S LOOP ATTRACTS ARIZONA BUYER
TYLER (Tyler Morning Telegraph) – An Arizona private investment firm has purchased 543 contiguous acres for developing a mixed-use community between Loop 323 and Lake Bellwood.
"Middle-sized markets like Tyler often get overlooked by large institutional investors, but I know Tyler is a great town and I asked them to come look. Once they visited, they were sold," said Eric Davis, president of TierraStar Real Estate in McKinney, which helped facilitate the sale for the owners, Westchase Land Development and Martin Heines. Davis is also a former vice president of the Tyler Economic Development Council.
OMNI, RENAISSANCE HOTELS SOLD
AUSTIN, HOUSTON (Austin American-Statesman) – Walton TCC Hotel Investors of Delaware will pay $550 million for the 375-room Omni Austin Hotel and six other properties, including the Renaissance Houston hotel.
The seller, Fort Worth–based Crescent Real Estate Equities Co., had announced earlier this month that it was putting all of its holdings in Austin and a few other cities up for sale to match a revised business strategy.
The Omni is the latest in a series of sales which have put almost every major hotel in downtown Austin in new hands or under new brands in the past 18 months.
ROUNDTABLE SERIES COMING TO HOUSTON
COLLEGE STATION (Real Estate Center) – The Real Estate Roundtable Speaker Series will present “The Front Edge of the Real Estate Boom” Wednesday, April 18, from 11:30 a.m.–1:30 p.m. in Houston.
The guest speaker will be Dr. Mark G. Dotzour, chief economist and director of research at the Real Estate Center at Texas A&M University.
The seminar, which costs $65 and includes lunch, will be held at the InterContinental Hotel, 2222 West Loop South. To register, go to http://recenter.tamu.edu/register.
FORMER OPERATIONS CENTER SOLD
HOUSTON (globest.com) – Griffin Partners of Houston, in partnership with Urdang Capital Management of Pennsylvania, has purchased the high-rise known in the 1980s as the operations center for First City National Bank.
The 85 percent leased, 795,000-square-foot, Class-A building at 1301 Fannin St. was purchased for $114.5 million from the San Diego–based Shidler Group and Angelo, Gordon & Co.
Major tenants are ExxonMobil Corp., AIM Management Group and JPMorgan Chase Bank.
Eastdil Secured's San Diego office represented Shidler and New York City–based Angelo, Gordon & Co. Griffin Partners, which will lease and manage the building, represented itself.
CEDAR PARK LAND BOUGHT
CEDAR PARK (Austin Business Journal) – Dennis McDaniel, cofounder of Merit Texas Properties LLC, has purchased 129 undeveloped acres that includes 2,700 square feet of frontage on the new 183A tollway.
The firm purchased the land in partnership with a commingled fund managed by Strategic Capital Partners, a real estate investment management company based in Chicago.
OFFICE BUILDINGS PLANNED FOR NORTHWEST AUSTIN
AUSTIN (Austin Business Journal) – Two major real estate companies are planning to break ground later this year on new buildings along US 183.
Trammell Crow Co. will develop Pecan Park Place, a 266,000-square-foot, four-story, two-building office development on 24 acres under contract on the south side of the intersection of US 183 and RR 620.
Bury+Partners is handling the civil engineering for Pecan Park, and Studio 8 is the architect.
Just down the road, Cousins Properties Inc.’s Austin office is planning Research Park Plaza V, the last piece of the campus that already includes more than 620,000 square feet in four buildings.
UPGRADE FOR EXPO PURCHASE
IRVING (globest.com) – The Expo Group LP has purchased a 210,000-square-foot office/warehouse from Invesco Real Estate.
The 27-year-old building, which is on ten acres at 5931 W. Campus Circle Dr., contains 30,000 square feet of office space, which Expo Group plans to overhaul. The company will also make minor upgrades to the warehouse area.
The local trade show display company will move its operations into the building toward the end of the year.
Holt Lunsford Commercial Inc. in Dallas represented locally based Invesco.
MERITEX BUYS PORTWALL
HOUSTON (globest.com) – Meritex Enterprises has purchased a 205,000-square-foot industrial building on the city's northeastern side from Denver-based Argus Realty Investors LP for $10.4 million.
The Class-A Portwall building, built in 2000 at 200 Portwall St., is 100 percent leased for the long term to two tenants.
Grubb & Ellis Co. in Houston represented the Minnesota-based buyer.
SMA COMES TO LAS COLINAS
IRVING (globest.com) – SMA Equities has purchased a Class-A office building in Las Colinas from Connecticut-based Cornerstone Real Estate Advisers, an affiliate of Massachusetts Mutual Life Insurance Co.
The Overlook at 251 O'Connor Ridge Blvd. encompasses more than 95,500 square feet and is 92 percent occupied. Transwestern retained leasing duties, bringing the Bruning law firms, now at 3102 Maple Ave. in Dallas, to the three-story building’s top floor. The lead tenant is Darling International Inc.
Cornerstone owned the 22-year-old building, which sits on almost five acres, nearly a decade.
STANLEY TOOL WORKS COMPLEX SOLD
WICHITA FALLS (Times Record News) – The vacant, former Stanley Tool Works building has been sold by the company to local developers Bobby Schaaf and Paul Clark, plus Harry Patterson, Gary Mehan and other investors.
The 182,000-square-foot building on 75 acres in Wichita Falls Business Park, off US 287, has 8,000 square feet of office space. Parking is spread over six or seven acres.
Stanley Tool Works purchased the Ingersoll-Rand tool plant here in 1984 and closed its operation in 2002. The investors plan to "retrofit the building, spit-shine it and make it look brand new," said Bobby Schaaf. Work is expected to take between two and three months.
PREMIUM OUTLET BREAKS GROUND
CYPRESS (globest.com) – Chelsea Property Group has begun construction on the 430,000-square-foot Houston Premium Outlets near Texas 290 between Mason Road and Fairfield Drive.
The 75-acre center, just east of the planned 100-acre Fairfield Town Centre, represents the New Jersey–based company's fourth project in the state. Chelsea's other three Texas outlet centers are Allen Premium Outlets, Round Rock Premium Outlets and the Rio Grande Valley Premium Outlets just north of the U.S.-Mexico border.
Houston Premium Outlets will have 120 stores when it opens in second quarter 2008.
The project’s architect is Collaborative Inc. from Cleveland. Bury+Partners of Houston is the civil engineer, while Atlanta-based Hardin Construction is the general contractor.
NORDSTROM'S NEW DOMAIN
AUSTIN (prnewswire.com) – Fashion retailer Nordstrom Inc. has signed a letter of intent with Endeavor Real Estate Group to open a store at The Domain, a mixed-use community being developed here.
The two-level, 149,000-square-foot Nordstrom at The Domain will be the retailer's eighth store in Texas and second store in Austin. The Nordstrom at Barton Creek Square opened in August 2003. The Seattle-based firm also operates two Nordstrom Racks in Texas.
When Phase II of The Domain is completed, it will include over 3 million square feet of office space, more than 4,000 residential units, 900,000 square feet of retail space and two hotels. The Phase II retail district will open with the Nordstrom store, which is scheduled to be completed by fall 2011.
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