WEST JORDAN, UTAH – Three Zaxby’s restaurant locations have recently sold in Utah. The franchised fast food chain restaurants included in these sales are situated in West Jordan, Lehi and Cedar City. The transactions were valued at a total of more than $10 million. Zaxby’s has more than 600 locations nationwide. Its first outpost opened in Georgia in 1990. The franchise opened 10 new stores in Utah over the past year, including the three that recently sold. Lance Pendleton of Mountain West Retail and Investment represented the unnamed seller in those three transactions.
LOS ANGELES – LemonPop has leased 5,900 square feet of space at Azalea Regional Shopping Center in the Los Angeles submarket of South Gate. The center is located at 4827 Firestone Blvd. LemonPop is an apparel store that serves children and adults of all ages. The center is owned by Primestor Development.
AUSTIN, TEXAS — Trammell Crow Co. and Principal Real Estate Investors have reached a significant construction milestone for their new office tower in Austin, and they’ve made history in the process. To lay the foundation for 500 W. 2nd Street, the 29-story, 500,000-square-foot office tower located at San Antonio and 2nd streets, construction manager The Beck Group coordinated downtown Austin’s largest-ever continuous concrete foundation pour, placing more than 10,680 cubic yards of concrete in just over 24 hours. The foundation slab is over nine feet deep and holds more than 1,200 tons of rebar support. The office tower will soon begin vertical construction, with two tower cranes to erect on-site within the next two weeks. Owners Trammell Crow Co. and Principal Real Estate Investors are co-developing the project. Gensler is the project architect and The Beck Group is the construction manager.
ROWLETT AND FORT WORTH, TEXAS — SHOP Cos. Investment Sales has arranged the sale of two retail properties in the Dallas/Fort Worth area totaling 78,075 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the two different sellers in each transaction. Lakeview Crossing is a 49,693-square-foot retail center located in Rowlett. The property was 72 percent occupied at the time of closing with tenants including Big Lots and Royal Buffet. Lakeview Crossing is located at the northeast quadrant of Lakeview Parkway and Rowlett Road in a retail corridor 20 to 25 minutes northeast of downtown Dallas. Area retailers include Walmart Supercenter, Target, The Home Depot, LA Fitness, CVS, Aldi, Ross, PetSmart and Dollar Tree. SHOP Cos. Investment Sales represented the seller, a Dallas-based limited liability company. A Houston-based limited liability company was the buyer. Shops at Hulen is a 28,382-square-foot shopping center located in Fort Worth. The property is shadow anchored by Walmart Supercenter and at the time of closing was 59 percent occupied to tenants including DaVita Dialysis, Sally Beauty Supply and Eyecrafters. The property is located 10 minutes southwest of downtown Fort Worth just off the corner of Hulen Street and Ledgestone Drive. SHOP Cos. Investment Sales …
HOUSTON — Andrew Peeples, Brett Butler and Jeff Jackson of Stan Johnson Co. (SJC) have brokered the sale of C&J Energy Services corporate headquarters in Houston. The campus consists of a 125,000-square-foot, three-story office building and a 96,149-square-foot industrial/lab building. Westchase Green LLC, a partnership entity formed by InSite Realty Partners LP, developed the build-to-suit headquarters on behalf of C&J Energy. The buyer was a private REIT out of New York. The properties were put under contract in July 2014 with the industrial/lab facility closing in October and the office headquarters closing in March 2015.
COLLEYVILLE, TEXAS — Red House Cajun Seafood Restaurant is coming to Colleyville and will be located in a 7,609-square-foot restaurant building at 5120 Highway 121. Nearby restaurants include Rio Mambo and LaHacienda Ranch. Red House will offer crab, lobster, shrimp and crawfish, as well as fish and traditional gumbo. Mark Boone of Irving-based Realty Capital Management LLC, along with Allison Cornwell, represented the landlord. Greg Blandford with Position Property Group represented the tenant.
INGLESIDE, TEXAS — Elliot Auerbacher of NorthMarq Capital’s New York regional office has arranged a $10.5 million construction loan for Seaside Landing Apartments, a 120-unit multifamily property located at Highway 361 and Main Street in Ingleside. The transaction was structured with a five-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
In 2014, El Paso, along with the rest of the country, enjoyed a vibrant, active and growing economy, and we anticipate El Paso will continue its solid growth in 2015 and beyond. Similar to the rest of the country, El Paso continued to add jobs across all sectors, resulting in reduced unemployment and increased household income. In addition, a number of factors unique to the region have made El Paso a wonderful place to do business. Fort Bliss, always vital to the El Paso economy, continues its growth. A new 1 million-square-foot medical center, which will employ approximately 4,000 people, will open in 2016. El Paso has experienced substantial additions to its medical sector. Tenet Healthcare Corp. has added a new wing to its Eastside Hospital and recently announced a new hospital to be constructed on the northwest side in conjunction with Texas Tech University Health Sciences Center El Paso. In addition, both Tenet and Hospital Corp. of America (HCA) continue their rapid placement of urgent care, emergency care and other satellite facilities around the city. As many people know, El Paso benefits from economic growth outside its city limits as well. Union Pacific is making huge investments in Santa …
MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.
WASHINGTON TOWNSHIP, MICH. — Marcus & Millichap has brokered the $2.5 million sale of a 17,561-square-foot retail property in Washington Township. The asset is located at 8583 26 Mile Road and is fully leased to tenants including Great Clips, The UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and others. The property is an out lot to Meijer and is adjacent to Buffalo Wild Wings. Austin Weisenbeck, Sean Sharko, Aaron Baum, Simon Jonna and Ryan Cockerill of Marcus & Millichap represented the seller, a developer, and the buyer, a limited liability company. Steve Chaben also of the firm assisted in closing the transaction.