Texas

TDC Acquires 713,000 SF Distribution Center in Fort Worth

by Taylor Williams June 27, 2017

FORT WORTH, TEXAS — Transpacific Development Co. (TDC) has acquired a 713,000-square-foot, Class A distribution center currently under construction at 3000 Cantrell Sansom Road in Fort Worth. DHL Real Estate Solutions is developing the property, which is scheduled for an early August completion and is 80 percent preleased to anchor tenant Campbell Soup Supply Co. Nathan Lawrence, Ryan Keiser, Seth Kelly, Jon Sarkisian and Bill Wolf of CBRE represented Campbell Soup in its 578,000-square-foot lease at the center.

June 27, 2017

AMD, Medical Center Developments Purchase 192,077 SF Hospital in Houston

by Taylor Williams June 27, 2017

HOUSTON — AMD Global LLC and partner Medical Center Developments have purchased St. Joseph Medical In The Heights, a six-story, 192,077-square-foot hospital situated on 3.9 acres at 1917 Ashland St. in Houston. AMD plans to renovate the property to include a neonatal unit, pediatric offices, a full orthopedics center and a wound care center.

June 27, 2017

Industrial Office Texas

Trybus Opens New 145,106 SF Flex Headquarters in DeSoto, Texas

by Taylor Williams June 27, 2017

DESOTO, TEXAS — Tailored clothing manufacturer Trybus Group has opened its new 145,106-square-foot headquarters in the Dallas metro of DeSoto. The property features 7,783 square feet of office space and about 137,000 square feet of warehouse space. The warehouse includes 32-foot clear heights, 22 truck bays and more than eight miles of custom-designed railways. Bob Moore Construction served as general contractor on the project.

June 27, 2017

Retail Texas

Marcus & Millichap Brokers Sale of 18,412 SF Retail Center in Bryan

by Taylor Williams June 27, 2017

BRYAN, TEXAS — Marcus & Millichap has brokered the sale of Mid Town Center, an 18,412-square-foot retail center located at 3800 S. Texas Ave. in Bryan. Located approximately one mile from Texas A&M University, the property was 85 percent occupied at the time of sale. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Gus Lagos and Evan Altemus, also with Marcus & Millichap, procured the buyer, a private investor.

June 27, 2017

Office Texas

ECR Negotiates 23,000 SF Office Lease in Austin

by Taylor Williams June 27, 2017

AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has negotiated a 23,000-square-foot lease at the Offices at Wells Branch, a 41,000-square-foot flex property located at 13801 Burnet Road in Austin. Tom Pagel and Patrick Ley of ECR represented the landlord in the transaction. Brian Haas of KW North Austin Commercial represented the tenant, Responsive Education Solutions Inc., a charter school based in the Dallas area.

June 27, 2017

Office Texas Top Stories

TIER REIT Acquires Office Tower in Metro Dallas for $123.3M, Exits Louisville Market with $71.5M Portfolio Sale

by Jeff Shaw June 27, 2017

PLANO, TEXAS — TIER REIT Inc. (NYSE: TIER) has acquired 5851 Legacy Circle, a 12-story office tower in the Legacy Town Center area of Plano, for $123.3 million. The sale includes the assumption of a $66 million mortgage loan. The seller was not disclosed. The property, also known as Tower One, is master leased to Encana Corp., which has subleased 88 percent of the property to tenants such as LegacyTexas Bank, U.S. Renal Care and Aimbridge Hospitality. The Class A, 319,000-square-foot property was built in 2012. Tower One is contiguous to two other land parcels totaling four acres that TIER bought in 2015. The company is building office towers on each of those properties, which will add an additional 570,000 square feet. TIER will rebrand the entire combined development as Legacy District. “This acquisition complements our existing development parcels and enhances our vision for Legacy District, given its strategic location in the heart of the vibrant live-work-play Legacy submarket,” says Scott Fordham, president and CEO of TIER REIT. “Further, it plants our flag prominently near the exciting new corporate campuses of Toyota, JP Morgan, Liberty Mutual and FedEx Office, which combined should bring over 15,000 new office workers to the …

June 27, 2017

Loans Office Texas

New York Life Originates $123M Mortgage Loan for Frost Bank Tower in Austin

by Taylor Williams June 26, 2017

AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $123.2 million mortgage loan for Frost Bank Tower, a 535,964-square-foot, Class A office building located at 401 Congress Ave. in Austin. Completed in 2003, the 33-story property is among the tallest buildings in Austin. Colby Mueck and Doug Opalka of HFF arranged the loan, which has a fixed interest rate and a seven-year term, on behalf of the borrower, Lionstone Investments.

June 26, 2017

Industrial Texas

Monmouth Acquires 352,874 SF Industrial Property in Mesquite for $50.6M

by Taylor Williams June 26, 2017

MESQUITE, TEXAS — Monmouth Real Estate Investment Corp. a publicly traded, New Jersey-based investment firm, has acquired a 351,874-square-foot, Class A industrial property in the Dallas-Fort Worth metro of Mesquite for approximately $50.6 million. Situated on 65 acres at 5005 Samuell Blvd., the property is net-leased for 15 years to FedEx Ground Packaging System.

June 26, 2017

Retail Texas

Marcus & Millichap Brokers $4M Sale of 19,051 SF Retail Property Leased to Aldi in Metro Houston

by Taylor Williams June 26, 2017

MAGNOLIA, TEXAS — Marcus & Millichap has brokered the $4 million sale of a 19,054-square-foot retail property leased to Aldi located at the intersection of FM1488 and Conroe Huffsmith Road in Magnolia, about 45 miles north of Houston. Nate Newman and Vincent Knipp of Marcus & Millichap represented the seller, an undisclosed developer, in the transaction. Other terms of sale were not released.

June 26, 2017

Multifamily Texas

BMC Capital Arranges $13.5M in Refinancing for 148-Unit Multifamily Asset in Denton

by Taylor Williams June 26, 2017

DENTON, TEXAS — Dallas-based BMC Capital has arranged $13.5 million in refinancing for a 148-unit multifamily property located off Nottingham Drive in the North Texas city of Denton. Brian Gramlich of BMC Capital arranged the loan, which features a 10-year term and a 25-year amortization schedule. The names of the property, lender and borrower were not disclosed.

June 26, 2017

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