CONROE, TX-The developer of the two-year-old Towne Center South uses the $14.2 million from AIG Global to replace construction financing from Compass Bank. The 98%-leased status with top national names merits a 20-year package with a sub-6% fixed-interest rate.
HOUSTON-First Investors Financial Services renews a year early after cutting a deal for an extra 5,028 sf to get a full floor at 675 Bering Dr. in a long-term lease for a longtime address. The firm has up to a year to occupy the added class B space.
THE WOODLANDS, TX-Work begins in the coming days on a 106,000-sf school, set to open in August 2005 on a 14-acre tract along Terramont Drive. With 17 schools in the Woodlands, the district is targeting the Village of Sterling Ridge for the new facility.
SINTON, TX-A 15,540-sf shopping center in a growing Gulf Coast community replaces a multifamily asset for an Austin investor planning a long-term hold. The four-year-old center, with a $1.2 million asking price, spent nine months on the market.
HOUSTON-The Zat Co. sells the fully leased, four-year-old Park Row Retail Center in the Park Ten neighborhood to a local investment group. The center at 14838 Park Row was on the market about two months for $1.4 million.
HOUSTON-The lead tenant at 1200 Smith St. lifts its total to 424,000 sf or about 45% of the Devon Energy Tower Two Allen Center. The new deal is timed to expire with the rest of the premier office space in January 2012.
LEAGUE CITY, TX-A buyer of net-leased pharmacies across Texas gets a 13,013-sf store at 2700 W. Main St. with a 22-year tenant. The 2.3-acre property, listed for about $4.3 million, gets a handful of offers in a month's time.
REYNOSA, MEXICO-With its two-million-sf border inventory at 100% occupancy, ProLogis jumps into a second building for an 80-acre industrial park. A ProLogis exec says the city's "proven demand" warrants the spec undertaking.
HOUSTON-A pair of local attorneys acquires 122 Tuam St. in the Montrose area and leases a small office back to the seller, another locally based law firm. Built in the 1920s, the building was on the market for six months at $850,000.
BELLAIRE, TX-The Honduran Consulate takes over 2,388 sf for the long term in Pin Oak Office Park in a relocation from the Southwest Freeway in Houston. The consul general and staff are working out of temporary space until finish-out is done.