THE WOODLANDS, TX-With longtime dibs on the land, CalPERS taps the Morgan Group as the developer for the Estates at Sterling Ridge, set to rise on a 10-acre site that cost $3 million. Ground will break in 30 days; delivery is set for January 2005.
HOUSTON-Eagle Ranch gets started with two local tenants in hand for about 2,400 sf of inline space and talks under way to fill another 10,000 sf plus a pending pad site sale for a Kroger-anchored project on 13.2 acres on the west side of town.
HOUSTON-Wisenbaker Builder Services renews for the short term on 8,550 sf at 2901 W. Sam Houston Parkway while the Vietnam Post takes 5,192 sf for four years in Beltway Service Center.
HOUSTON-A 51-unit loft project in the city's CBD has been refinanced. The new, 10-year, $3-million loan has a sub-6% fixed interest rate and was funded by JPMorgan Capital Mortgage.
HOUSTON-Trimark Realty Investments scoops up Woodlake Townhomes with a $14.3-million acquisition and renovation loan. The class B asset, with a 91% occupancy, ferrets out 16 offers.
HOUSTON-A supplier of fasteners to the construction industry has purchased an 18,500-sf industrial facility situation on a little over an acre in northwest Houston. The company paid near the asking price of $795,000 for the property.
HOUSTON-Morganti Texas Inc., an international construction management firm, takes 3,216 sf of class B space for the long term at North Belt Place in a submarket relocation driven by a building sale and ready-to-go space.
HOUSTON-84 Lumber Co. acquires two tracts in the metro area and puts 10 acres under contract as part of an expansion plan to add 30 stores nationwide to a 450-location network. The just-bought sites are located in Deer Park and Stafford.
LaPORTE, TX-Three local developers are putting together 90 acres for the Texas Import/Export Business Park. The first out of the ground will be a 250,000-sf warehouse, with plans for two more of the same size. The group has another 176 acres under contract.
HOUSTON-AmREIT and Jefco Development kick off the 61,000-sf first phase for the Gardens at Westgreen. Pre-leasing is resting at 45% so if all goes as planned a second phase, 40,000 sf, could get under way in 90 days.