Texas

Marcus & Millichap Arranges Sale of 18-Story Residential High-Rise in Downtown Fort Worth

by Katie Sloan June 28, 2016

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the Historic Electric Building Apartments, an 18-story high-rise development located at 410 W. 7th St. in downtown Fort Worth. The property features 106 loft-style apartment residences and 10,000 square feet of ground-level retail space. Listed on the National Register of Historic Places, the property was built in 1928 and converted to apartments and retail in 1994. The asset is located within walking distance of Burnett Park, the Fort Worth Convention Center and Sundance Square. John Barker of Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer, both limited liability companies.

June 28, 2016

Mixed-Use Multifamily Retail Texas

High Street Residential, Northwestern Mutual Top Out Knox Heights Mixed-Use Development in Dallas

by Katie Sloan June 28, 2016

DALLAS — High Street Residential, in partnership with Northwestern Mutual Real Estate, has topped out Knox Heights, a six-story mixed-use development located along McKinney Avenue in Dallas. The project will feature 13,500 square feet of ground-floor retail, 182 luxury residential units, a 2,400-square-foot fitness facility and lounge, a 4,500-square-foot amenity deck and pool, and a three-level, 363-space subterranean parking garage. Construction on the Class A development is scheduled for completion in early 2017. Andres Construction Services serves as the general contractor for the development, and Good Fulton & Farrell is the project’s architect.

June 28, 2016

Office Texas

K2 Construction to Build Out Three Office Spaces for Prominent Tenants in Downtown Dallas

by Katie Sloan June 28, 2016

DALLAS — K2 Construction will serve as the general contractor for new downtown Dallas offices for Chubb Insurance, Compass Professional Healthcare Services (CPHS) and El Centro College. Chubb Insurance will relocate within its current building at Bryan Tower to accommodate the company’s recent acquisition by ACE Group. Chubb will shift its offices from the 33rd and 34th floors to the 3rd, 35th and 36th floors. Dallas-based K2 Construction will collaborate with Spire Realty and moran & murphy architects to build approximately 90,000 square feet of office space for the move. Sam Williamson with Spire Realty is the construction manager for this project. Meanwhile, CPHS has leased two floors in the Bank of America Plaza. The relocation of its operations from the Centrum on Oak Lawn Avenue will require 60,000 square feet on the 57th and 58th floors of the new location. Interior Architects designed the space. Darrell Payne with Peloton Commercial and Kris Hopson with CBRE are the construction managers for this project. El Centro College, a sector of Dallas County Community College District, has leased two floors in One Main Place tower located at 1201 Main St. The 10th and 11th floors will provide El Centro with approximately 57,000 …

June 28, 2016

Retail Texas

JLL Arranges Sale of Access Self Storage Facility in Houston

by Katie Sloan June 28, 2016

HOUSTON — JLL has arranged the sale of a 94,475-square-foot Access Self Storage facility located at 650 Bay Area Blvd. in Houston. The Class A property opened in 2015 and is comprised of one three-story self-storage building consisting of 800 climate-controlled units and 39 non-climate controlled units. The facility, acquired by Simply Self Storage, offers 24-hour video surveillance and a customer service office designed for retail sales. Steve Mellon and Brian Somoza of JLL brokered the sale, and Griffin Guthneck of JLL secured acquisition financing on behalf of the buyer. The seller was undisclosed.

June 28, 2016

Restaurant Retail Texas

Vitorino Group Brokers Sale of McDonald’s Ground Lease in Frisco

by Katie Sloan June 28, 2016

FRISCO, TEXAS — The Vitorino Group has arranged the sale of a freestanding retail property ground leased to McDonald’s in Frisco. The restaurant is located on Custer Road near State Highway 121 and will eventually serve as an outparcel to a Walmart Supercenter. The buyer, a Canadian doctor, purchased the McDonald’s from a local partnership for an undisclosed price. The Vitorino Group represented the seller, and an unnamed broker based in Dallas secured the buyer.

June 28, 2016

Multifamily Oklahoma Seniors Housing Texas

Ziegler Closes $111M in Bond Financing for Construction of CCRC in Oklahoma

by Katie Sloan June 27, 2016

STILLWATER, OKLA. — Ziegler, a specialty investment bank, has arranged $111 million in tax-exempt bonds for Epworth Living at The Ranch, a continuing care retirement community (CCRC) in Stillwater, approximately 60 miles north of Oklahoma City and west of Tulsa. Local nonprofit operator Epworth Living is developing the 380,000-square-foot community on a 55-acre site near Oklahoma State University. When completed, The Ranch will consist of 114 independent living apartments, 23 independent living villas, 48 assisted living apartments, 20 memory support suites, and 40 skilled nursing beds. The Ranch was 70.1 percent pre-leased at the time of the bond issue. The bonds will be used to fund the construction and development of the community, refinance a $6.8 million predevelopment loan, fund interest for two years, establish debt-service reserve funds and pay a portion of issuance costs. Epworth Living is contributing $2 million in equity to the financing. The Weitz Company will serve as the construction manager for the project.

June 27, 2016

Restaurant Retail Texas

Dallas Cowboys, Legends Hospitality to Open Stadium Club Restaurant at AT&T Stadium

by Katie Sloan June 27, 2016

DALLAS — The Dallas Cowboys and Legends Hospitality will open the Stadium Club at AT&T Stadium this fall. The 19,000-square-foot restaurant will be open daily for lunch and dinner, serving as a place for visitors to dine before or after touring the building. The Stadium Club will be located just inside the stadium’s main entrance next to the Cowboys Pro Shop, and will host up to 650 guests. The space will feature a seamless video wall surrounding each bar, a video wall behind the host stand and 20 flat-screen televisions. Game day dining memberships will be offered at the stadium, and will provide an exclusive, members only, all-inclusive dining experience to season ticket holders and suite holders during Dallas Cowboys home games.

June 27, 2016

Industrial Texas

Miltech Business Center in Fort Worth Sells to a Personal Trust

by Katie Sloan June 27, 2016

FORT WORTH, TEXAS— Miltech Business Center, a 21,350-square-foot, multi-tenant industrial property located in Fort Worth, has been sold. The property, built in 2003, is currently fully occupied and offers units with exterior drive-up doors and 18-foot ceilings. Cody Payne of Marcus & Millichap marketed the property on behalf of the seller, an undisclosed private investor. Payne also secured the buyer, an undisclosed personal trust, in the transaction.

June 27, 2016

Office Texas

Marcus & Millichap Brokers Sale of Flex Office Building in Dallas

by Katie Sloan June 27, 2016

DALLAS — Marcus & Millichap has brokered the sale of a 20,000-square-foot flex office property located at 14209-14223 Proton Road in Dallas. Built in 1973 and renovated in 2010, the single-story asset features an exterior loading dock with 14-foot ceilings. The property was 88 percent leased at the time of sale. Ron Hebert and Joe Santelli of Marcus & Millichap’s Dallas office represented the seller, an international limited liability company, in the transaction. The buyer, a limited liability company, purchased the property in a reverse 1031 exchange.

June 27, 2016

Office Texas

Investcorp Selects Transwestern to Lease One Westchase Center in Houston

by Katie Sloan June 27, 2016

HOUSTON — New York-based owner Investcorp has tapped Transwestern to lease One Westchase Center, a 466,000-square-foot office building located at 10777 Westheimer Road in Houston’s Westchase Business District. Doug Little, Louann Paereira and Amanda Lee App of Transwestern will lead the leasing efforts. The Class A office building features a fully furnished conference facility, fitness center with men’s and women’s showers, deli, 24-hour security and on-site property management.

June 27, 2016

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