DALLAS — Marcus & Millichap has brokered the sale of Forest Green Office/Medical Complex, a four-building, 173,790-square-foot asset located along Greenville Avenue near Interstate 635 and the LBJ Freeway in Dallas. Ron Hebert and Michael Lawrence of Marcus & Millichap represented the seller, a California-based investment group. The property, which was built in 1985, was 82 percent leased at the time of sale.
DALLAS — Colliers International has secured an 88, 084-square-foot office lease on behalf of marketing agency Ansira Partners at Three Galleria Tower in north Dallas. Daniel Rudd and Billy Vahrenkamp of Colliers represented Ansira in the lease negotiations. Shannon Brown, Kenzie Killgore and Celeste Fowden of CBRE represented Galleria Towers. Ansira employees are scheduled to move into the property, which is located at 13155 Noel Road, in November.
HOUSTON — As e-commerce continues its siege of brick-and-mortar retail, shopping center developers in Houston are re-evaluating and repurposing the space currently allotted for parking. Virtually all centers are seeing reduced need for parking space, which creates opportunities to reclaim that space for more efficient uses, like adding another in-line store. At the InterFace Houston Retail conference on April 18, moderated by David Luther of Marcus & Millichap, industry experts spoke at length about how retail developers are cutting their parking allotments in strip centers and power centers alike, largely because of convenience-oriented technologies. Apps like Postmates and TaskRabbit have made it possible to outsource running errands to other people. Online grocery delivery services like Instacart and Shipt allow customers to do their shopping with a few quick clicks. Even Uber has gotten into the game with delivery features like UberRUSH for errands and UberEATS for meals. According to Tom Lile, president of retail development firm Gulf Coast Commercial Group and a conference panelist, such products and services have already begun to influence Houston developers’ thoughts on parking. “Fifteen years ago, if you were building a power center, you absolutely had to have five parking spaces per 1,000 square feet …
DALLAS — Granite Properties has acquired a 163,861-square-foot, Class A office building located at 8235 Douglas Ave. in the University Park neighborhood of north Dallas. The 13-story building, which will be rebranded “The Douglas,” was built in 1980 and recently received $3 million in interior renovations and $1.5 million in system upgrades. Granite plans to develop a customer lounge and conference center that will feature a coffee bar, grab-and-go food service and a putting green. Transwestern Investment Group sold the property to Granite for an undisclosed price.
GARLAND, TEXAS — Dallas-based development partners Langford Property Co. and Flaherty Development have begun pre-construction demolition and remediation of asbestos for Jupiter Miller Business Park, a 40-acre industrial development in Garland situated within the former campus of defense contractor Raytheon. The first phase of construction, which will begin in June, will deliver a two-building, 800,000-square-foot distribution center.
BALCH SPRINGS, TEXAS — Hunt Mortgage Group has secured a $21 million Fannie Mae loan for the refinancing of Glenshire Villas Apartments, a 484-unit multifamily complex in the eastern Dallas suburb of Balch Springs. Located at 12222 Quail Drive, the garden-style property spans 89 two-story buildings. The 10-year loan, which was placed on behalf of an undisclosed borrower, features a 30-year amortization schedule and five years of interest-only payments.
FARMERS BRANCH, TEXAS — Dougherty Mortgage LLC has arranged an $8.7 million Fannie Mae loan for the refinancing of Villa Creek, a 161-unit apartment property located at 2835 Villa Creek Drive in the Dallas-Fort Worth metro of Farmers Branch. Dougherty arranged the 10-year loan with a 30-year amortization schedule through a partnership with Old Capital Lending on behalf of the borrower, 2835 Villa Creek Drive LLC.
ABILENE, TEXAS — Bright Realty has negotiated a 10,020-square-foot retail lease at a former Big 5 Sporting Goods store at 2365 S. Danville Drive in the west Texas city of Abilene. Tim McNutt and Britton Lankford of Bright Realty represented the landlord in the lease negotiations. Jennifer Frank and Brian Frank of Segovia Retail Group represented the tenant, Skechers.
OKLAHOMA CITY — A joint venture between The Outlet Resource Group (TORG) and Singerman Real Estate has acquired The Outlet Shoppes at Oklahoma City, a 400,000-square-foot retail center located in Oklahoma City, for $130 million. The mall is the only outlet center in the state of Oklahoma, according to TORG. The center — which opened in 2011 — is home to more than 90 retail outlets, including Nike, Vera Bradley, Michael Kors, Polo Ralph Lauren, Brooks Brothers, Disney, Forever 21, The North Face, Bath & Body Works and Under Armour. A joint venture between Michigan-based Horizon Group Properties Inc. and Chattanooga, Tenn.-based CBL & Associates Properties Inc. sold the property. Richard Frolik of CBRE represented the sellers in the transaction. “We are excited to enter the Oklahoma City market,” says Lisa Wagner, principal of TORG. “The previous ownership established the center as a shopping destination, and we look forward to optimizing and improving the experience for shoppers and retailers.” The new ownership is currently reviewing all aspects of operations, and expects to rebrand the center in the coming months. Avison Young will handle property management. The Outlet Resource Group is a global alliance of experts focused on the acquisition, management, …
NORTHLAKE, TEXAS — Farmers Brothers Coffee, a wholesaler and distributor of coffee, tea and culinary products, has opened a $90 million, 538,000-square-foot headquarters in the Fort Worth suburb of Northlake. Located at 1912 Farmers Brothers Drive, the headquarters includes a 125,000-square-foot roasting plant with the capacity to roast 24 to 28 million pounds of coffee per year and a 258,000-square-foot distribution center. Stream Realty Partners developed the facility, which will house approximately 175 employees as the company begins its complete relocation from California to Texas.
