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Texas Real Estate Briefs From Realty News Report

HUMBLE, TexasA 25,000-square-foot, crane-served manufacturing building at 8541 East North Belt, Humble, Texas, northeast of Houston, has been sold to Mesa Properties, LLC.

Chris Caudill of NAI Partners represented the seller, Electro Technical Industries, during sales negotiations. Corey King of Commercial Realty Advisors represented the buyer.

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CBRE CONTINUES STRING OF PRIVATE OFFICE SALES IN AUSTIN

 AUSTIN – CBRE Capital Markets’ Investment Properties has announced the sale of Donley Plaza, a 69,547-square-foot building in Austin. This is the third purchase in the last two months completed by CBRE on behalf of private investors.

Nashville-based OakPoint Real Estate and local partner Haverwood Management bought the building from a California-based partnership for an undisclosed price. Donley Plaza is the fifth office acquisition in Austin for the OakPoint/Haverwood combine.

Located at 2201 Donley Drive in north-central Austin, Donley Plaza was 65 percent occupied at closing. It was built in 1983 and renovated in 2013. The buyer can immediately lease one full floor of the structure located just east of the Domain, a mixed-use community.

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LYNCH BUILDING BOUGHT; WILL CONTINUE TO HOUSE LAW OFFICES

HOUSTON — A 5,955-square-foot office building at 1214 Elgin St. in the Midtown section of Houston has been sold to Bassak Investments, LLC.

The property was previously known as “The Lynch Building,” and housed the law offices of Robert A. Lynch Jr.

The buyer, Lance Kassab of Bassak Investments, will continue to use the building as law offices for the Kassab Law Firm. The seller, the estate of Robert Lynch, was represented by Ryan Neyland of real estate firm Davis Commercial.

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HOUSTON FIRM TO HANDLE ENGINEERING FOR MULTIFAMILY COMPLEX

HOUSTON – BIG RED DOG Houston will provide civil engineering and mechanical, electric and plumbing (MEP) services for District at Memorial, a new multifamily project located at 10300 Katy Freeway, Houston.

The 327-unit complex on 4.32 acres will include a dog park, two ¼-acre courtyards, a putting green, outdoor kitchen, hammock grove, a two-story fitness center and a rooftop infinity pool overlooking downtown Houston.

The complex is expected to be completed during the first quarter of 2016.

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PHARMACY BENEFITS FIRM LEASES SPACE AT AUSTIN RESEARCH PARK

AUSTIN — Cousins Properties Inc. has signed pharmacy benefits company Navitus Health Solutions to a six-year lease for 25,937 square feet of space at Research Park V in Austin.

“Navitus is a welcome addition to the complex,” said Larry Gellerstedt, president and CEO of Cousins.

Stayton Wright and Tim Rikkers from Cresa represented Navitus and Cousins was represented by Rachel Coulter and Kevin Kimbrough with JLL.

The pharmacy benefits firms is the second major customer to commit to Cousins’ with a lease for a portion of the 172,854-square-foot office building in Austin’s northwest submarket. In October 2015, Planview leased 51,624-square-feet of space.

Projected to be completed during the first quarter of 2016, Research Park V is the last structure in a five-building complex which Cousins developed.

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 MARCUS & MILLICHAP ARRANGES SALE OF OFFICE BUILDING IN HOUSTON

HOUSTON — Marcus & Millichap has announced the sale of 255 Northpoint, a 37,854-square-foot office property near Interstate 45 and Beltway 8 in Houston, said David H. Luther, first vice president/regional manager of the firm’s Houston office.

Justin Miller and Derek Hargrove, both vice presidents of investments in Marcus & Millichap’s Houston office, had the exclusive listing to market the property on behalf of the seller, an out-of-state partnership.  The buyer, an out-of-state private investor, was secured and represented by Dustin R. Alvino, senior associate in Marcus & Millichap’s Las Vegas office.

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NEW DINING SPOTS, BUSINESSES, PUMP LIFE INTO MUELLER’S ‘ALDRICH STREET’ HUB

 MUELLER, Texas — Aldrich Street, the developing activity hub in the heart of Mueller, is about to expand. Made up of Lake Park, the Thinkery, three multifamily communities, Seton’s administrative offices and an upcoming Alamo Drafthouse retail building, Aldrich Street is about to expand further with five new, local restaurants in a newly announced, three-story, mixed-use building.

Dining locations scheduled to arrive by early 2017 include B.D. Riley’s Irish PubLick Ice CreamsHalcyon Coffee/Bar/LoungeStella Public House and J.T. Youngblood’s.

Mueller is one of the nation’s new urbanist communities, located in the heart of Austin. The 700-acre site of Austin’s former airport is being transformed into a diverse, fiscally sustainable master-planned community.

The project is a joint effort between the city of Austin Economic Development Department and Catellus Development.

Upon completion, Mueller will feature at least 5,900 single-family and multi-family homes, a mixed-use town center district called Aldrich Street, 4.4 million square feet of commercial space, 40 acres of parks and open space, Dell Children’s Medical Center, the Austin Film Studios, The Thinkery, H-E-B and the Austin ISD Performing Arts Center.

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 STREAM REALTY BROKERS SALE OF SAN ANTONIO APARTMENTS

 SAN ANTONIO — Stream Realty Partners has arranged the sale of The Hill at Woodway, a 248-unit apartment community at 10951 Laureate Drive in Northwest San Antonio.

Kelly Witherspoon, senior vice president of Stream’s Austin office, and Justin Cole, a senior associate in Stream’s San Antonio office, represented RW Partners, LLC, in the sale to CFH Investment Partners, Inc.

Stream Realty Partners is a national real estate investment, development and services company.

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NAI ANNOUNCES APPOINTMENT OF THREE NEW SHAREHOLDERS

 HOUSTON – NAI Partners has announced the recent appointment of Michael Keegan, Chris Kugle and Clay Pritchett as new shareholders.

“We are thrilled to have these three gentlemen become shareholders,” said Jon Silberman, managing partner of the independently owned, commercial real estate services organization with offices in Houston, Austin and San Antonio.

“Michael, Chris and Clay face the market every day with integrity, professionalism and passion for their clients and the real estate business.”

The new shareholders are all senior vice presidents in the industrial division and work with owner, user and developer clients.

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Feb. 9, 2016

Realty News Report is a Texas-based publication edited by Ralph Bivins.

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