HOUSTON-Preferred Communities and Cypress Real Estate Advisors make their first buy as partners, picking up the Gates at Hermann Park in the Texas Medical Center. An industry expert pegs the deal closed at $35.2 million with a 5% cap rate.
PHOENIX-After a one-year pursuit, the Muller Co. nabs the 110,874-sf 2400 West Dunlap for $11.2 million in an off-market transaction with Principal Real Estate Investors. Now, plans are afoot to sink another $1 million into the 60%-leased property.
HOUSTON-Rod Robertson Enterprises Inc. of San Antonio inks a medium-term lease to get its first holding bin in the region for property seized by the Drug Enforcement Administration. The firm will turn on lights in July in the Airline Drive building.
PHOENIX-The 13-month-old eTelecare Global Solutions sets up shop on the second floor of Camelback Colonnade. The six-year pact, valued at $5 million, fills space emptied in July 2004 by 10-year tenant, MCI Communications Corp.
GLENDALE, AZ-Honeywell International Inc., providing a one-year lease, sells the pair of class B office/flex buildings to Buchanan Street Partners and Evans/Douglas Inc. for $13 million. Another $6 million has been earmarked for a multi-tenant conversion.
SCOTTSDALE, AZ-The Muller Co. shells out $12.5 million for a 75%-occupied, 156,250 sf of class B office space, setting up a market exit for a Vancouver seller. The Scottsdale Executive Villas trade at a 9% cap rate.
PHOENIX-Stanley Consultants Inc. inks a $12-million, 10-year lease for 50,000 sf of class A-minus space in the Camelback Arboleda. The firm, set to become the lead tenant, will pick up an extra 18,000 sf when it moves in November.
KATY, TX-Flournoy Properties of Columbus, GA puts cash on the line for the 430-unit Kingston Villas, a class A complex with a 92% occupancy. The buyer goes up against nine others for the 30.5-acre development.
KATY, TX-Flournoy Properties of Columbus, GA puts cash on the line for the 430-unit Kingston Villas, a class A complex with a 92% occupancy. The buyer goes up against nine others for the 30.5-acre development.
SCOTTSDALE, AZ-A local investor grabs a third deed in Scottsdale Airpark, spending $5.1 million or $148 per sf for Scottsdale 84, a 34,535-sf industrial/showroom building with C-4 zoning that was on the market just one week.
