LA PORTE, TX -- A huge prelease led to the ground breaking on Sens Road Distribution Center. Developer Carson Cos. launched construction on the 276,320-square-foot project, with Canal Warehousing taking down 75% of the bulk distribution warehouse.

The new warehouse, which will be completed by the end of Q1 2012, is located at State Highway 225, with direct access to Barbour’s Cut and Bayport Container Terminals at the Port of Houston. Canal Warehousing is a locally based third-party logistics and trucking firm.

“We’re really excited about this project because it presented an opportunity for us to grow with one of our existing customers and continue our strategy of developing or acquiring state of the art distribution buildings near the ports of Houston and L.A./Long Beach,” said Dan Zoch, managing director of Carson’s Houston business unit in a press release detailing the groundbreaking.

The general contractor is Cadence McShane and Architect’s Plus is handling design. The remaining 76,000 square feet is available to lease.

LEASES

FRISCO, TX -- Westron Communications Inc. has signed a new long-term lease for 7,650 square for its corporate headquarters at 2611 Internet Boulevard in the Hall Office Park development. Hall Office Park’s leasing team, Kim Butler, Tammy Lomonaco and Brad Gibson, handled negotiations on behalf of owner and landlord Hall Financial Group. Roy Reis of Mohr Partners represented the tenant. Built in 2001, 2611 Internet Boulevard is a two-story office building totaling 120,000 square feet.

HOUSTON- Fallas Discount Store has signed a 21,000-square-foot lease at Westfield Place Shopping Center at 310 Farm-to-Market 1960. The retail store plans to move into the space in November, 2011. Shawn Ackerman with Henry S. Miller Brokerage LLC’s commercial retail division represented the tenant, which has approximately 20 additional locations throughout Houston. Jeff Brock of Silvestri Investments represented Blossom Development Inc., Westfield Shopping Center’s owner.

TEMPE, AZ – Anasazi Software Inc. has signed a 19,685 square-foot lease for flex space. Anasazi Software is taking down the space at 1121 W. Warner Rd. for expansion, and plans to move from its current location in Ahwatukee, AZ in January, 2012.  Pete Wentis, Kevin Cosca, Bill Bayless and Andrew Brigham of CBRE’s Phoenix office represented the landlord, Minnetonka, MN-based Carlson Real Estate Co., in negotiating the seven-year lease agreement. The tenant was represented by Jerry McCormick and John Werstler, also in CBRE’s Phoenix office.  

ACQUISITIONS/DISPOSITIONS

GRAPEVINE, TX -- SQN Realty Finance LLC has closed its second transaction, a lender-forced short sale of two retail buildings totaling 18,694 square feet at the corner of Stars and Stripes Way and Farm-to-Market 2499, across from Grapevine Mills Mall. The purchase price for the property was well below current market value and is currently 87% occupied with nationally recognized tenants. The current tenants have an average lease term remaining of four and one half years. The business plan involves marketing the minimal vacant space for lease as well as marketing the property for a contemplated sale within the first 18 months of ownership. SQN Realty Finance is a subsidiary of New York based SQN Capital Partners.

PHOENIX – Los Angeles-based Karlin Real Estate has acquired Shea Scottsdale Shopping Center and Shea Scottsdale East for $50.32 million from Herberger Enterprises Inc. and Shea East LLC of Scottsdale, AZ.  Shea Scottsdale Shopping Center, 10653 N. Scottsdale Rd., is a 160,228-square-foot retail center anchored by Safeway and CVS Pharmacy.  Shea Scottsdale East, 7366 E. Shea Boulevard, is a 117,025-square-foot retail center anchored by Harkins Shea 14 Theatre.  The two centers were built in multiple phases between 1974 and 1994, and were 85% leased at the time of sale.  Ryan Schubert and Michael Hackett with Cassidy Turley BRE Commercial’s Retail Capital Markets Group and Eric Jorgensen with Cassidy Turley BRE Commercial’s Retail Services Group negotiated the transaction.

PHOENIX – KT 777 LLC, an investor from Wisconsin purchased the 40,251-square-foot multi-tenant Plaza 777 for $2.6 million. The seller was Coastline RE Holdings Corp., a company formed by Pacific Western Bank out of San Diego. Built in 1960, Plaza 777 includes five buildings located on 4.47-acres at 2945-3025 N. Scottsdale Rd.  Occupancy was 40% at the time of the sale. Paul Boyle and Rick Danis with Cassidy Turley BRE Commercial’s Capital Markets Group and Brian Kocour and Courtney Auther Van Loo with Cassidy Turley BRE Commercial’s Retail Group represented the seller. 

SCOTTSDALE, AZ- Pathfinder Partners LLC has acquired 16 unsold units at the 65-unit Barolo Place, a high-end condominium project at 10757 North 74th St. The seller was developer Zaremba Group LLC, which had sold 49 units between 2007 and 2011. Four of the acquired units are complete and 12 are partially finished. San Diego-based Pathfinder will complete the units  by early November, 2011. The Barolo acquisition comes on the heels of Pathfinder’s July acquisitions of 84 luxury condominium units at Dorsey Place in Tempe, AZ and the purchase of the 120-unit Dobson Springs in Mesa, AZ.

SCOTTSDALE, AZ -- Scottsdale Inn LLC purchased the 65-room Old Scottsdale Inn at 7110 E. Indian School Rd. for $1.65 million from Pacific Western Bank. The new owner plans to renovate the 46-year-old hotel, which has been closed since last month,  and re-open it as a limited service hotel. Paul Boyle and Rick Danis with Cassidy Turley BRE Commercial’s Capital Markets Group executed the sales transaction on behalf of the seller.  Keith Mishkin with Cambridge Properties represented the buyer.

CAPITAL MARKETS

NEW ORLEANS -- Canyon Capital Realty Advisors LLC has provided a $22.8 million senior leasehold bridge loan to HRI Lodging and Carey Watermark Investors for the repositioning and reflagging of the historic 251-room Chateau Bourbon Hotel to a new full‐service Hyatt Hotel. The property at 800 Iberville St. was originally built in 1849 as the D.H. Holmes department store and converted to a hotel in 1995. The loan from Canyon will enable HRI and CWI to move forward with an extensive physical renovation and amenities upgrade, including a reflagging of the hotel under the Hyatt brand.

MERGERS

HOUSTON-Helios AMC, a rated special servicer sponsored by Ranieri Partners that provides commercial real estate debt and equity management services acquired The Situs Companies, a global real estate advisory firm.  The combined company will operate as The Situs Companies, with its headquarters in Houston.  Helios CEO D. Keith Johnson will serve as CEO of the combined firms. The Situs principals will assume leadership positions with co-founder Ralph Howard serving as president of Europe; Steve Powel serving as president of North America and co-founder Martin Bronstein serving as president of Situs Asset Solutions.  The Helios AMC principals, led by Eric Lindner, co-founder and executive managing director, and John Maute, co-founder and managing director, will continue in their current roles, overseeing the distressed asset acquisition and special servicing business. The combined company employs more than 400 and has 12 offices across the U.S. and Europe.  Ranieri Real Estate Partners LP served as financial advisor to Helios AMC and Duff & Phelps LLC served as financial advisor to The Situs Companies.

EXECUTIVE MOVES

DALLAS -- Campbell Henry has joined CNL Commercial Real Estate Inc. as vice president of brokerage services in the company’s Dallas office. Henry will help build the company’s presence in the Texas market by assisting clients in the property acquisition and leasing of office and medical space. Prior to joining CNL Commercial Real Estate, Henry served as a senior associate in Jones Lang LaSalle’s Dallas tenant representation group. While there, he completed leasing transactions of more than 1 million square feet and valued in excess of $75 million. He also previously worked with Stream Realty Partners, where he leased a portfolio of buildings totaling more than 2 million square feet. In addition, he was named one of Dallas’s “Top 35 Under 35” real estate brokers by Black’s Guide for four consecutive years.

CHANDLER, AZ – The 200-unit Chandler Meadows has come to market at a $13.9 million asking price.  Cliff David and Steve Gebing, multifamily investment specialists in Marcus & Millichap Real Estate Investment’s Phoenix office, have been retained to market the property on behalf of the seller, Prudential Mortgage Capital Co. The asset is free and clear of existing debt and is available on an all-cash basis.

Located at 3175 N. Price Rd., Chandler Meadows was developed by A.G. Spanos Cos. in 1983 and offers five floor plans comprised of one-, two- and three-bedroom units. Exterior renovations were completed in 2007 and approximately 50% of the apartment interiors were upgraded in 2007-2008. Approximately $3.4 million was spent on upgrades during that time.