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RNR’s Texas Real Estate Briefs

NAI: SPRING BRIDGE PROPERTIES BUYS WAREHOUSE

HOUSTON – NAI Partners represented Spring Bridge Properties, LP in the purchase of a 15,000 SF warehouse on 2 acres in Hardy Industrial Center located at 21430 Spring Bridge Drive in Houston

Michael Keegan of NAI Partners represented the Buyer, Spring Bridge Properties, LP during the negotiations, while Richard Quarles and Mark Nicholas of JLL represented the Seller, Vigavi Realty, LP.

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 HINES ACQUIRES HISTORIC COMPLEX IN MILAN

MILAN, Italy — Hines, the Houston-based real estate investment firm, has purchased for 50 million euros a centuries-old real estate complex in Via Broletto, Milan’s upscale office street.

The building, an 11,000-square-meter (118,403 square-foot), 15th century complex, has been the Milanese headquarters of the Gucci fashion house and provides office space for institutional tenants. No external broker assisted with the transaction and Finint SGR was the seller.

This transaction is the fourth investment made by Hines in Italy this year. It follows the purchase of a historical building on Milan’s Via Dante two months ago for 70 million euros, an iconic building on Milan’s Piazza Cordusio for 120 million euros and a high-end asset in Florence.

Since entering Italy in 1999, Hines has developed 20 projects, including the mixed-use Porta Nuova in Milan, which includes 140,000 square meters (1,506,947 square feet) of office, 125,000 square meters (1,345,488 square feet) of residential and 40,000 square meters (430,556 square feet) of retail and cultural venues.

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M & M ARRANGES SALE OF THREE ACRES IN WOODLANDS

HOUSTON — Marcus & Millichap has announced the sale of three acres at 33327 Egypt Lane in Magnolia, The Woodlands submarket in Houston. David H. Luther, first vice president/regional manager of the company’s office in The Woodlands, said the property listed for $1,829,500.

Nate Newman, of Marcus & Millichap’s office in The Woodlands, had the exclusive listing to market the asset on behalf of the seller.  The firm received multiple offers and the property was ultimately sold to a national self-storage operator.

Marcus & Millichap is a commercial real estate investment services firm with offices in the US and Canada.

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STREAM REALTY TO LEASE AND MANAGE BERKSHIRE OFFICE TOWER

DALLASHeitman, LLC, a real estate investment management firm, has granted Stream Realty Partners exclusive leasing and management authority for The Berkshire, the 184,974 square-foot office tower it owns in Dallas’ Preston Center submarket.

The 16-story office building was constructed in 1984. It underwent a $2.8 million renovation in 2013 that included upgrades to the main lobby, exterior and garages as well as installation of a touch-screen elevator operating system.

Ryan Evanich and Scott Sowanick of Stream Realty will exclusively lease the Class-A building on behalf its owner.

The realty company is a national real estate services, development and investment firm.

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HENRY S.  MILLER BROKERS SALE OF MEDICAL OFFICE IN RICHARDSON

 RICHARDSON, Texas–Henry S. Miller’s Investments, Land Division, recently brokered the sale of the College Park Professional medical office building in Richardson, Texas.

Rebecca Harrell, the division’s medical specialist, represented the seller, Pinnacle Bank. Darrell Hurmis represented the undisclosed purchaser.

Measuring some 14,000 square-feet, the building is currently being renovated and Harrell has been given the assignment of leasing the two vacant suites for the new owner.

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THE CRESCENT MARKS 30TH YEAR WITH $33 MILLION UPTOWN REDEVELOPMENT

 DALLAS – The Crescent – the anchor of what is now known as Uptown Dallas — is marking its 30th anniversary this year with the completion of $33 million in renovations that touch every exterior edge of the mixed-used development. The work involved removing barriers and making the area more pedestrian friendly.

Coinciding with the 30-year milestone, The Crescent recently opened Ascension Coffee, the popular coffee house and wine bar that originated in the Dallas Design District. In early fall, The Crescent will welcome the American debut of Moxie’s Grill & Bar, the Canadian-based restaurant owned by Dallas Stars owner Tom Gaglardi, and the Dallas debut of Shake Shack, the modern-day “roadside” burger spot.

Designed by Pritzker Prize-winning architect Philip Johnson along with John Burgee and Dallas-based Shepherd & Boyd, The Crescent – which includes a luxury hotel, three office towers and a retail/restaurant area – began as a self-contained, mixed-use project with amenities for workers and guests. As Uptown Dallas evolved, auto and pedestrian traffic in Uptown has increased greatly.

The recent renovations included a new storefront for retail outlet, Stanley Korshak. Palomino restaurant now has a street entrance and a new outdoor patio deck along Cedar Springs Road. The former motor court – located between the office buildings, the Rosewood Crescent Hotel and entertainment spaces – has been redesigned.

July 10, 2016

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