Texas

Fairfield Advisors Arranges $5.2M Sale of Medical Office Building in Houston

by Haisten Willis May 9, 2016

HOUSTON — Fairfield Advisors has arranged the $5.2 million sale of the University of Texas Physicians medical office building located at 11476 Space Center Blvd. in Houston. University of Texas Physicians is the anchor tenant in the medical building on a long-term, triple net lease. The other tenant in the building is the Memorial Hermann Health System, which is the largest nonprofit hospital system in Texas. The seller is a local developer in Houston. The buyer is a private equity group from California.

May 9, 2016

HSM Brokers Sale of Lucky 7 Plaza in Dallas

by Haisten Willis May 9, 2016

DALLAS — Max Tsai and Peter Kosley of Henry S. Miller’s retail division have brokered the sale of Lucky 7 Plaza in Dallas. Located at 11252 Harry Hines Blvd., the 51,726-square-foot shopping center sits on 2.5 acres and is located near new DART stations along the green line. The property is part of the Asian Trade District. The buyer and seller were unnamed.

May 9, 2016

200-town-center-blvd-garland-texas-panera-bread

Restaurant Retail Texas

InvestCore Commercial Brokers $3.2M Sale of Panera Bread in Metro Dallas

by Haisten Willis May 6, 2016

GARLAND, TEXAS — InvestCore Commercial has brokered the $3.2 million sale of a 4,315-square-foot retail building in Garland, which is triple-net leased to Panera Bread. The 0.9-acre pad is located at 200 Town Center Blvd., directly adjacent to an In-N-Out Burger. The eatery is situated at the entrance to Firewheel Town Center, a more than 1 million-square-foot shopping center owned by Simon Property Group. Panera Bread opened on Feb. 8. The fast-casual bakery-café holds a 15-year ground lease, with three, five-year renewal options. Rent schedules include increases of up to 7.3 percent. An out-of-state investor purchased the asset from Next Play Firewheel LLC in an all-cash, 1031 tax-deferred exchange transaction. The deal closed at a 4.25 percent cap rate. Michael Campbell and Ed Colson of InvestCore Commercial represented the seller.

May 6, 2016

Loans Office Texas

Versant Completes $32.5M Bridge Recapitalization of Met Center 15 in Austin

by Haisten Willis May 6, 2016

AUSTIN, TEXAS — Versant Commercial Brokerage Inc. has recapitalized the 256,000-square-foot Met Center 15 office building located in Austin. Versant assisted the tenant-in-common (TIC) investors by originating new senior debt and preferred equity, overseeing structural remediation and utilizing Internal Revenue Code Section 721 to roll up the TIC structure into a limited liability company on a tax-deferred basis. In 2010, the TIC owners discovered that there was a construction defect at the property. Expansive soils underneath the slab were causing the building to shift. At the same time, their loan was maturing and lenders were unwilling to refinance the property due to the construction defects. In addition, the owners did not have the financial resources to pay for the $4 million remediation cost. Versant designed a financing package to maximize returns for the TIC investors. With the assistance of Ethan Schelin of Landmark Capital Advisors, Versant originated new debt of $28 million and $4.5 million of preferred equity through Versant’s network of investors. The new sponsor is Virtua Partners, which also provided the loan guarantees.

May 6, 2016

Office Texas

Savills Studley Arranges Office Lease in Austin

by Haisten Willis May 6, 2016

AUSTIN, TEXAS — Savills Studley has represented Accruent LLC in the company’s relocation and consolidation to 104,448 square feet of office space at 3110 Esperanza Crossing in Austin. The real estate and facilities management software company is currently located at Braker Pointe II and Quarry Oaks and will consolidate into its new space by October. Steve Walbridge, Marcus Arredondo, John Scoblick and Alecia Burdick of Savills Studley represented Accruent in the negotiation. Jonathan Tate of Endeavor represented the landlord, TR Domain LLC.

May 6, 2016

Hospitality Texas

M&M Secures Sale of 98-Room Hawthorn Suites in Dallas

by Haisten Willis May 6, 2016

DALLAS — Marcus & Millichap has secured the sale of Hawthorn Suites, a 98-room hotel located in Dallas. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Gomes, Miller and Joseph Jaques, an associate in Marcus & Millichap’s Dallas office, also procured the buyer, a private investor. Hawthorn Suites is located at 7900 Brookriver Drive, less than three miles from Dallas Love Field Airport. Built in 1984, the midscale extended stay hotel is situated on four acres. Amenities include a free hot breakfast buffet with a dining area, business center, on-site exercise facility and outdoor swimming pool. Each suite provides a full kitchen, sitting area and flat-screen TV.

May 6, 2016

Retail Texas

Vitorino Group Negotiates Sale of Family Dollar in Metro Dallas

by Haisten Willis May 6, 2016

GLENN HEIGHTS, TEXAS — The Vitorino Group has negotiated the sale of a Family Dollar store just south of Dallas. The property is situated on a hard corner lot in Glenn Heights. James Mangum of the Vitorino Group sourced the unnamed buyer. The seller, an entity based in the Northeast, originally purchased the asset from the developer five years ago. The buyer resides in Houston and secured local bank financing.

May 6, 2016

Market Reports Office Retail Texas Texas Market Reports

Strong Demand, New Developments in Store for Fort Worth Office & Retail

by Haisten Willis May 6, 2016

In 2016, uncertainty in the oil and gas industry has made a major impact on the Fort Worth commercial real estate market. While each submarket is affected differently, the need for relocations and renovations will lead to a rising demand for quality office and retail spaces across the area. Development of Fort Worth real estate is expected to remain strong in 2016, with growing opportunities that create a strong and healthy market. Office Opportunity Downtown Fort Worth has become a hub for major players in the oil and gas industry, such as Holland Services, Forestar Oil & Gas and FTS International. Within the last 180 days, these tenants have put over 125,000 square feet of office space up on the market for sublease. However, the rest of the office sector has been consistently absorbing large blocks of space, proving healthy despite oil and gas concerns. We have seen at least six transactions totaling over 385,000 square feet within the last six months. Transactions included Charles Schwab’s 130,000-square-foot lease at Circle T in Westlake, and Teague Nall & Perkins’ 42,000-square-foot lease of the former Everest College building at the Mercantile Center in Fort Worth. The consistently strong demand for quality office …

May 6, 2016

Office Texas

Drever Capital Acquires 50-Story Downtown Dallas Skyscraper

by Haisten Willis May 5, 2016

DALLAS — Drever Capital Management has acquired 1401 Elm St., a 50-story office tower in downtown Dallas. The property was bought out of bankruptcy. The building will be renovated into 335 rental apartments, a 225-room luxury hotel and spa, multi-level retail shops and restaurants. The iconic building was constructed in 1965 by oilman H.L. Hunt for the First National Bank of Dallas, and was designed to look like a banker’s pinstriped suit. It was also the fictional leather-floored office of J.R. Ewing of the “Dallas” TV series. The 1.5 million-square-foot landmark, vacant for the last five years, was sold by a partnership between New York-City based Olympic Property Partners and BDRC Partners, a Dallas-based development company. Drever Capital has appointed Dallas-based Andres Construction as construction manager. There are 450 underground parking spaces at 1401 Elm and another 450-plus spaces will be added by converting four of the bank’s storage floors to parking.

May 5, 2016

Office Texas

Jamba Juice Relocates Headquarters to Frisco’s Hall Office Park

by Haisten Willis May 5, 2016

DALLAS — Jamba Inc., a health and wellness brand, has leased 25,000 square feet of space in Hall Office Park. The 16-building, 2.2 million-square-foot office park is located in Frisco. The company will relocate its headquarters from Emeryville, Calif. The new “Jamba Whirl’d Center” will be situated within an eight-story, Class A office building located at 3001 Dallas Parkway. The new Jamba headquarters will include 19,000 square feet of office and meeting space, as well as a 6,000-square-foot test kitchen and storefront. The center will house the company’s operations, business development, sales and marketing, finance, supply chain, technology and human resources divisions. Cushman & Wakefield’s Robbie Baty and Bill McClung brokered the lease on behalf of Jamba Juice and negotiated municipal and state incentives, securing grants from both the city of Frisco and the Texas Enterprise Fund. Hall Group’s Kim Butler, Brad Gibson and Tammy Nellis completed the lease on behalf of Hall Office Park.

May 5, 2016

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