IRVING, TEXAS — Cushman & Wakefield represented Verizon Communications in a sale-leaseback transaction valued at $344 million for the 1.2 million-square-foot Verizon Hidden Ridge campus in Irving. The sale was made possible through a transfer of the property to Mesirow Financial, along with a lease agreement for a new 20-year term, which provided Verizon with $20 million worth of tenant improvement costs. Verizon subdivided the land with a portion being retained by the company for possible future development. Cushman & Wakefield acted as financial advisor and agent for Verizon in the transaction. Mesirow Realty Sale-Leaseback Inc., a division of Mesirow Financial, acquired the campus, which houses 2,800 full-time employees and contractors and is expected to increase to 3,500 by the end of the year. Verizon will continue to occupy the regional headquarters facility. The campus serves as the south-central market headquarters for Verizon. The Cushman & Wakefield investment banking team included Jim Jordan, David Wenk, Robert Elms, Mark Todrys, Maureen Kelly, Anthony Pasqual and Ben Lushing.
HOUSTON — KDC and Harbert Real Estate Fund III LLC have sold Ellington Trade Center, a three-building industrial project totaling 513,800 square feet and 18.2 acres of developable land in southeast Houston. HFF represented the sellers in the transaction. Lincoln Property Co., through its investment advisory affiliate, Lincoln Advisory Group, purchased the property on behalf of an institutional client. Situated on more than 36 acres at 12552, 12554 and 12556 Highway 3, Ellington Trade Center is located across the street from Ellington Airport. The 98.6 percent leased center is home to tenants including FedEx, Lennox Industrial, Goodman Distribution, SCP Distributors, E&G, Patrician Window Coverings and Houston Chronicle Publishing. Ellington Trade Center features 24- and 28-foot minimum clear heights, dock high configuration and 200 shared truck courts. HFF’s Rusty Tamlyn and Trent Agnew led the investment sales team.
HOUSTON — Boxer Property has extended a lease with movie theater operator Multi-Events Arena Ltd. at Arena Theatre in Houston. Multi-Events has extended its lease for an additional nine years. As part of the renewal, Arena Theatre will receive updated seating and improved audio and visual equipment. Boxer Property’s Trey Miller, Brian Hines and Melissa Kennedy worked with Multi-Events both on the lease extension and the plans for the upcoming renovations, which will exceed $500,000. Located at 7322-7326 Southwest Freeway, Arena Theatre is located within Arena Place, which features two 20-story office buildings adjoining the movie theater on either side.
IRVING, TEXAS — MJ Rome has advised the seller in the recent sale of the 163-room Holiday Inn Express & Suites located in Irving near the DFW International Airport. MJ Rome, a Dallas-based hotel broker, represented Atlas Hospitality Ltd., a local investment group, in the sale. Built in 1989, the three-story Holiday Inn Express and Suites offers oversize, one- and two-room suites, complimentary airport shuttle, 2,500 square feet of meeting space, an outdoor pool and spa, fitness room and a business center.
SUGAR LAND, TEXAS — JLL has negotiated two office subleases totaling more than 20,000 square feet at Sugar Creek on the Lake, located at 14141 Southwest Freeway in the Houston suburb of Sugar Land. JLL’s Edward Prejean negotiated the terms on behalf of the sub landlord, Money Management International Inc., a nonprofit credit counseling agency based in Houston. US Money Reserve Inc., an Austin-based rare coin seller, has leased 10,331 square feet on the second floor of the building. John Hanley of Commercial Real Estate Solutions LLC represented the subtenant in the transaction. Industrial Info Resources Inc., a Houston-based database solutions provider, has leased 10,200 square feet also on the second floor of the building. Marcus & Millichap’s Keith Lloyd represented the subtenant in the transaction. Sugar Creek on the Lake is a Class A office building located 20 miles southwest of Houston’s central business district. The property was built in 1982 and renovated in 2013.
WESTLAKE, TEXAS — Hillwood and The Howard Hughes Corp. (NYSE: HHC) have launched a 130-acre mixed-use development at Circle T Ranch, a 2,500-acre master planned community in Westlake that is part of the larger 18,000-acre AllianceTexas development. The project, which is situated at the junction of State Highways 114 and 170, will include more than 2 million square feet of office, retail and entertainment space and will be anchored by the 500,000-square-foot corporate campus for Charles Schwab Corp. The planned mixed-use development will include 1.2 million square feet of combined Class A mid-rise office space with retail and entertainment uses, as well as a 200-room hotel and residential options. The project will also include land for parks, open space and creeks. Nature trails and a fitness center in the retail district will offer individuals additional health and fitness options.
IRVING, TEXAS — KDC and Rubicon Representation will develop a 155,000-square-foot, Class A medical office project in two phases at Gateway Drive and State Highway 161 in Irving’s Las Colinas district. Phase I will break ground this fall and will consist of 95,000 square feet anchored by Healthcare Associates. Phase II will break ground shortly thereafter and will consist of 60,000 square feet. The second phase will house an ambulatory surgery center and medical office. The anchor tenant space is currently available. The development is located near DFW International Airport and is within walking distance of the DART Beltline Station. Rubicon Representation assembled the real estate transaction.
NORMAN, OKLA. — The four-story Best Western Plus Norman has opened at 3100 Medical Park Place. Located adjacent to the Norman Regional HealthPlex, the 116-room hotel includes seven extended-stay suites with kitchenettes. Amenities include a 700-square-foot conference center, fitness center, heated outdoor pool, grilling area and an electric car charging station. Designated as a rider-friendly hotel in Best Western’s national partnership with Harley-Davidson, the hotel also features a bike wash station. Developed and operated by Wichita, Kan.-based Hospitality Management LLC, a Martens Co., the $13 million project employs 25 people. Linsey Kennedy is the hotel’s general manager, and Jodi Helms-Jones is director of sales. This is Hospitality Management’s third Best Western property and its fourth hotel overall. The company operates the Best Western and EconoLodge hotels in Blackwell, Okla., as well as the Best Western Plus in Arkansas City, Kan. Wichita-based Krehbiel Architecture and Conco Construction handled the design and build of the project.
DALLAS — Broe Real Estate Group, an investment manager of commercial real estate assets affiliated with The Broe Group, has completed the $19.5 million sale of a retail property located at 2800 Forest Lane in Dallas. The 163,545-square-foot building is leased to The Home Depot on a triple-net basis under a long-term lease. Broe acquired the building and an adjacent office building in 1998. In 2014, the property was subdivided to sever off the office building and the Home Depot lease was subsequently restructured to extend the lease term.
HOUSTON — Transwestern has represented MOD Pizza in 11 new leases in Houston, bringing the restaurant chain to 15 open and planned Houston locations. Transwestern’s Grant Walker and Chris Reyes, who serve as exclusive advisors for MOD Pizza in the Houston market, represented the chain in the transactions. MOD is operating nearly 150 stores across the United States and the United Kingdom and plans to open 50 more stores by the end of 2016, including five UK locations. MOD Pizza’s most recently opened Houston locations include: Riverpark Shopping Center(3,175 square feet) at 19820 Southwest Freeway in Sugar Land; The Market at Crenshaw (2,600 square feet) at 4541 E. Sam Houston Parkway S. in Pasadena; Meadows Marketplace(2,600 square feet) at 6825 S. Fry Road in Katy; The Boardwalk at Towne Lake(2,443 square feet) at 9925 Barker Cypress Road in Cypress; and Kroger Conroe Shopping Center(2,400 square feet) at 1240 N. Loop 336 W. in Conroe.