Texas

85°C Bakery Café to Open First Texas Location in Metro Dallas

by Haisten Willis May 24, 2016

CARROLLTON, TEXAS — 85°C Bakery Café has selected Carrollton Town Center in Carrollton for its first store in Texas and will open the location this summer. The Taiwan-based 85°C Bakery Café chain has more than 800 stores in Taiwan, China, Australia, Hong Kong and the United States. The company specializes in espresso coffee made from Guatemalan beans along with gourmet desserts. In the United States, the company previously focused mainly on California, where it has opened 10 stores since 2008. Carrollton Town Center, owned by NewQuest Properties, offers a 10- to 15-mile trade area for 85°C’s target market. The company plans to open three more stores in metro Dallas within a year, along with one in Houston. The café will span 5,771 square feet along with a 600-square-foot patio.

May 24, 2016

SACA Brokers Sale of Three Tracts of Land in San Antonio

by Haisten Willis May 24, 2016

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of three land tracts at the 1400 Sonterra development located at the southwest corner of US 281 North and East Sonterra Boulevard in San Antonio. SACA’s Paul Fagan represented the owner, CLDC Texas LLC, and was responsible for the sale of all three tracts, which total 10 acres. CLDC Texas originally owned approximately 300 acres near the property, most of which is now occupied by a Walmart, Costco and the Methodist Stone Oak Hospital. Only nine acres remains available as the city has experienced strong growth in the area since CLDC originally obtained the land in 1993. The sales included 3.8 acres to CHRISTUS Santa Rosa Health Care Corp. Paul Barker of Endura Advisory Group represented CHRISTUS in the transaction. Other transactions included 1.6 acres to Brundage Mini Storages LTD #3, which is planning a 600-unit, climate-controlled self storage facility at the site. Bert Denson of Brundage Management Co. Inc. represented Brundage Mini Storage in the deal. The final land sale included 4.4 acres to an unnamed buyer that intends to make a more detailed announcement …

May 24, 2016

Industrial Office Texas

Quorum International Expands with 305,000 SF Office/Warehouse Lease

by Haisten Willis May 24, 2016

FORT WORTH, TEXAS — Quorum International has inked a 305,000-square-foot lease with Sun Life Assurance Co. of Canada in an early renewal and expansion of its headquarters and distribution center in Fort Worth’s Railhead Industrial Park. The tenant has picked up 101,000 square feet of extra operating room at 400 Railhead Road, a 3.3-acre rail-served property on the city’s north side. Quorum has begun renovations on the expansion space, which has been updated with new lighting by the landlord. Quorum is one of the oldest tenants in the 633-acre Railhead Industrial Park, which opened in 1995 as the largest industrial center in Fort Worth with dual-rail service. Its operations hub features 22 dock-high doors and 28-foot clear heights.

May 24, 2016

Office Texas

Physician Buys Foreclosed Office Building in Fort Worth

by Haisten Willis May 24, 2016

FORT WORTH, TEXAS — A local physician has acquired a foreclosed 5,000-square-foot office building on the ring road of Ridgmar Mall in west Fort Worth from JPMorgan Chase Bank. The just-sold brick building is located at 2600 Mall Circle. Dr. Joseph Obeng is planning to renovate the single-story structure and relocate his practice from the Fort Worth Medical District. Obeng plans to reserve 2,500 square feet for his new office and rely on his broker, Casey Tounget of Coldwell Banker Commercial Alliance DFW, to find a professional tenant to fill the balance. The structure was built in 1980 on nearly 0.4 acres near I-30 and fronts the perimeter road for the 100-store mall. Obeng formed New Seasons Investment to acquire the property. John Grace of Colliers International represented the seller.

May 24, 2016

Mixed-Use Office Retail Texas

Texas Rangers, City of Arlington Could Team Up for $1B Stadium

by Haisten Willis May 23, 2016

ARLINGTON, TEXAS — The Arlington City Council will consider designating a venue project and authorizing a master agreement for a public-private partnership with the Texas Rangers at its evening meeting tomorrow. If approved, the council action will allow the city of Arlington to begin the steps required to hold an election this November asking voters to extend existing funding mechanisms to provide public financing for construction of a new $1 billion baseball stadium. The Texas Rangers’ 30-year lease on the city-owned Globe Life Park is set to end in 2024. With the new proposed master agreement, the Rangers’ partnership with Arlington would extend until Jan. 1, 2054. The design for a new ballpark would include a retractable roof for climate control and shelter for fans during the summer months. The new park is expected to have similar design concepts featured in the construction of Globe Life Park. The master agreement for the public-private partnership calls for a 50-50 split between the Texas Rangers and the city of Arlington. If the council takes action to designate the venue project, the city will ask the Texas Office of the Comptroller to review the fiscal impact to the state before calling a Nov. 8 …

May 23, 2016

Office Texas

M&M Negotiates Sale of 54,000 SF Office Building in Dallas

by Haisten Willis May 23, 2016

DALLAS — Marcus & Millichap has negotiated the sale of Walnut Hill West, a 54,000-square-foot office property located in Dallas. Ron Hebert and Zachary Ryan of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hebert and Ryan also procured the buyer, a limited liability company based in California. The buyer acquired the asset through a 1031 tax-deferred exchange. Walnut Hill West is located at 2639 Walnut Hill Lane near Shady Trail and Harry Hines Boulevard. The two-story office asset was built in 1971 on 2.8 acres and has been periodically updated between 2001 and 2015. At the time of listing, Walnut Hill West was 75 percent leased.

May 23, 2016

Retail Texas

Misuma Holdings to Redevelop Highland Village Retail Center in Austin

by Haisten Willis May 23, 2016

AUSTIN, TEXAS — Highland Village, a 120,000-square-foot retail center located at 6929 Airport Blvd. in Austin, will be renovated and rebranded as the Crescent. The center will receive façade and exterior improvements, parking lot upgrades, a new pylon sign, monument and directional signage and updated landscaping. Supermarket chain 99 Ranch Market will anchor the project, opening its first Austin location at the Crescent in early 2017. The California-based supermarket offers fresh produce, meat and seafood, along with Chinese, Korean, Japanese and American specialty grocery items. 99 Ranch Market was established in 1984 and has grown to become one of the largest Asian supermarket chains in the United States, with more than 43 locations in California, Nevada, Texas, New Jersey and Washington state. Kula Revolving Sushi Bar will also open inside the center. Eric DeJernett and John Heffington of CBRE’s Austin office are the exclusive retail leasing advisors for the project, and CBRE also manages the property.

May 23, 2016

Office Texas

Rick Clark Joins BMC Capital’s Houston Office

by Haisten Willis May 23, 2016

HOUSTON — Rick Clark will join BMC Capital’s Houston office as a vice president. Clark brings over 20 years of commercial real estate financing experience to the job, all of it in the Southwest. Prior to joining BMC Capital, Clark worked for Realty Mogul, Integrity Bank and Washington Mutual. Clark is a key contributor on various panels and industry events, holds a CCIM designation and is a graduate of Texas Christian University.

May 23, 2016

Industrial Texas

Lee & Associates Brokers Sale of Industrial Development in Metro Houston

by Haisten Willis May 23, 2016

LEAGUE CITY, TEXAS — 1251 Butler Road LLC has purchased a 9,000-square-foot multi-tenant industrial building from Owl Freeway Properties LLC. The property is located at 1251 Butler Road in League City and was 100 percent occupied at the time of sale. Lee & Associates’ Reed Vestal and Taylor Schmidt represented the seller, and NAI’s John Ferruzzo represented the buyer.

May 23, 2016

Northeast Pennsylvania Texas Top Stories

C-III Capital Partners Agrees to Acquire Resource America for $207M

by John Nelson May 23, 2016

IRVING, TEXAS AND PHILADELPHIA — C-III Capital Partners LLC, a commercial real estate investment manager and property services firm, has agreed to purchase Resource America Inc. (NASDAQ: REXI), an asset management company that specializes in commercial real estate and credit investments. Under the terms of the agreement, Resource America stockholders will receive $9.78 per share in cash, for a total of approximately $207 million. Resource America’s board of directors unanimously approved the agreement. The price per share represents a 51 percent premium over Resource America’s closing price on May 20. “Having undertaken a thorough strategic review, during which we evaluated a wide variety of options, the board has unanimously concluded that partnering with C-III is the best way to maximize value,” says Jonathan Cohen, president and CEO of Resource America. “C-III is a highly regarded real estate services and investment management organization with outstanding leadership.” Philadelphia-based Resource America is the external manager of one publicly traded REIT, four non-traded REITS and two other registered investment companies and focuses on capital-raising activities through the independent broker-dealer network. Irving-based C-III Capital Partners currently manages $3.8 billion on behalf of institutional investors in both debt and equity funds, a separate account and several …

May 23, 2016

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