Texas

ARA Newmark Brokers Sale of 300-Unit Apartment Property in Austin for Fourth Time in Eight Years

by Christina Cannon July 6, 2016

AUSTIN — ARA Newmark has brokered the sale of a 300-unit apartment property in Austin. The Current, formerly known as Bluffs at Town Lake and Longhorn Station, was 93 percent occupied at the time of sale. Austin-based Thrive FP sold the asset to Avesta for an undisclosed price. This transaction is the fourth time in eight years that ARA Newmark has led the sale of the property. Constructed in 1974, the garden-style community offers studio, one- and two-bedroom units. Amenities at The Current include an indoor sports court, electric vehicle charging stations, a fitness center, swimming pool with grill and picnic area and sand volleyball court. Andrew Shih and James Young of ARA Newmark represented the seller in the transaction.

July 6, 2016

Phillips Edison Acquires 218,598 SF Grocery-Anchored Shopping Center in Murphy

by Christina Cannon July 6, 2016

MURPHY, TEXAS — Phillips Edison Grocery Center REIT I Inc., a non-traded retail REIT, has acquired Murphy Marketplace, a 218,598-square-foot, Sprouts-anchored shopping center located in Murphy, a suburb 25 miles northeast of Dallas. The center is home to tenants including Michaels, 24 Hour Fitness, Tuesday Morning, T-Mobile, Chick-fil-A, Einstein Bros. Bagels, Chipotle Mexican Grill, Firehouse Subs and Dunkin’ Donuts. As of June 29, Phillips Edison Grocery Center REIT I owns and manages a retail portfolio consisting of 149 shopping centers totaling approximately 15.9 million square feet.

July 6, 2016

Texas

DPR Construction Delivers Data Center in Richardson

by Christina Cannon July 6, 2016

RICHARDSON, TEXAS — DPR Construction has delivered a 70,000-square-foot data center at 907 Security Row within Digital Realty’s Data Center Campus in Richardson. Alliance Architects designed the facility, which is the sixth project that Alliance has designed on the Richardson campus. The facility features 33,000 square feet of exterior equipment yard, an on-site power substation, 2MW generators and air-cooled chillers. The facility provides access to over 100 provider networks and dual authentication access with biometric and card key access control. Alliance Architects’ team members included Chad Michel and Tegene Mariam. DPR Construction provided general construction and construction management services.

July 6, 2016

Texas

Cushman & Wakefield Brokers Sale of Self Storage Facility in Texarkana

by Christina Cannon July 6, 2016

TEXARKANA, TEXAS — Cushman & Wakefield’s Self Storage Practice Group in San Diego has brokered the sale of New Boston Storage, a newly constructed, 50,100-square-foot self storage facility in Texarkana. Greg Wells and Jim Lewis of Cushman & Wakefield represented the seller, the original developer of the property. A regional operator that owns several stores in the Texarkana area purchased the property for an undisclosed price.

July 6, 2016

Office Texas

IMG Financial Signs 12,127 SF Lease Renewal for Office Space in Houston

by Christina Cannon July 6, 2016

HOUSTON — IMG Financial Group Inc. has signed a 12,127-square-foot lease renewal for its headquarters at 4550 Post Oak Place in Houston. IMG Financial is the largest tenant in the building, which recently underwent a $1.5 million renovation that included upgrades to the lobby, hallways and restrooms, as well as the addition of a digital directory board. Marshall Clinkscales of Colliers International represented IMG Financial in the transaction. Steve Rocher, Kristen Rabel and Parker Duffie of CBRE represented the landlord, Unilev Management Corp.

July 6, 2016

Loans Multifamily Texas

CBRE Arranges $34.5M Acquisition Loan for Apartment Community in Lewisville

by Christina Cannon July 5, 2016

LEWISVILLE, TEXAS — CBRE has arranged a $34.5 million loan for the acquisition of Provenza at Windhaven, a 324-unit, Class A apartment community located at 4900 Windhaven Parkway in Lewisville. Built in 2015, the property’s units feature granite countertops, kitchen islands, stainless steel appliances, wood-style flooring and wood cabinetry. Community amenities include a resort-style swimming pool with cabanas, grilling stations, a fitness center, private courtyards, club lounge, dog park with a wash station and a game room. Christopher Apone and Charles Foschini of CBRE’s Miami office arranged the eight-year loan through USAA on behalf of the borrower, Momentum Real Estate Partners.

July 5, 2016

Multifamily Student Housing Texas

29th Street Capital Acquires Student Housing Property Near Texas State University

by Christina Cannon July 5, 2016

SAN MARCOS, TEXAS — 29th Street Capital (29SC) has purchased The Villagio Apartments, a 180-unit, 492-bed student housing property located near Texas State University at 1850 Aquarena Springs Drive in San Marcos. Built in 2005, The Villagio features two-, three- and four-bedroom apartments. Each fully furnished unit has a bathroom for every bedroom, private patios and a full-size washer and dryer. Community amenities include a resort-style pool with fountains and a hot tub, outdoor grilling areas, 24-hour fitness center, clubhouse, private study center, movie theater and volleyball and basketball courts. The Villagio is on Texas State University’s bus route. 29SC plans to invest about $2 million ($4,100 per bedroom) in capital improvements. Interior renovations will include new faux hardwood vinyl flooring, granite countertops, kitchen backsplashes, upgraded lighting and plumbing fixtures and new paint schemes. Amenity improvements include the expansion of the fitness center and adding new exercise and spin equipment, as well as updating the exteriors. The community is 100 percent pre-leased for the upcoming academic year. The bulk of the capital improvements will begin immediately with future phases planned during school breaks.

July 5, 2016

Mixed-Use Texas

RED Development Breaks Ground on 800,000 SF Union Dallas Mixed-Use Project

by Christina Cannon July 5, 2016

DALLAS — RED Development has broken ground on The Union Dallas, an 800,000-square-foot office, residential and retail project that is scheduled to be completed in 2018. RED Development, the project developer, is leading the overall design, development and construction of the two-tower, mixed-use project that will offer 417,000 square feet of premier Class A office space, a 309-unit residential high-rise building and 87,000 square feet of retail space. StreetLights Residential, the strategic project partner, is leading the design and development for the 23-floor residential tower. The name of the residential tower will be “The Christopher.” The Union will welcome Dallas’ first restaurant location of The Henry, a Sam Fox Restaurant that will serve breakfast, lunch and dinner. The approximately 10,000 square foot restaurant will be the first location outside Phoenix, where the restaurant group is based. The Henry will be the second Sam Fox restaurant in Dallas, joining True Food Kitchen. Two premier professional services firms previously announced they would be moving to The Union Dallas. One of the nation’s largest law firms, Vinson & Elkins, announced plans late last year to move its firm to the project in 2018. Vinson & Elkins will lease approximately 82,000 square feet and occupy three floors …

July 5, 2016

Retail Texas

M&M Arranges Sale of Building Net Leased to Wells Fargo in Dallas

by Christina Cannon July 5, 2016

DALLAS — Marcus & Millichap has arranged the sale of a building net leased to Wells Fargo near the Southern Methodist University (SMU) campus in Dallas for an undisclosed price. The property is located at 6900 Snider Plaza. Originally constructed in 1931, the property is located within Snider Plaza and is near Highland Park, SMU and uptown Dallas. Vincent Knipp and Ryan Wolf, both in Marcus & Millichap’s Dallas office, represented the seller, a limited liability company. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap’s Manhattan office represented the buyer, another LLC.

July 5, 2016

Retail Texas

NewQuest Brokers More Than 25,000 SF of Retail Leases in Greater Houston in Seven Transactions

by Christina Cannon July 5, 2016

HOUSTON — NewQuest Properties has arranged more than 23,000 square feet of retail leases in greater Houston. In the first transaction, Daiso has leased 9,675 square feet of retail space in the Market at Westchase, located at Westheimer at Wilcrest in Houston, from Weingarten Realty Investors. Heather Nguyen and John Nguyen of NewQuest Properties represented the tenant. John Wise of Weingarten Realty Investors represented the landlord. In the second transaction, King’s Biergarten LLC has leased 6,090 square feet of retail space at 2036 E. TC Jester in Houston from 2036 TC Jester LLC. Ashley Williams and Chris Dray of NewQuest Properties represented the landlord. Hugh Ruggles and Mac Ruggles of NewQuest Properties represented the tenant. In the third deal, Sherwin Williams has leased 4,072 square feet of retail space at 14106 Mueschke Road in Cypress from Arbed Mueschke LP. Ashley Williams and David Meyers of NewQuest Properties represented the landlord. Tami Pearson of Waterman Steele Group represented the tenant. In the fourth transaction, Shogun Japanese Grill & Sushi Bar has leased 4,002 square feet of retail space at the intersection of Texas 146 and Interstate 10 in Baytown from NewQuest Properties. Brad Elmore of NewQuest Properties represented the landlord. Bob Conwell …

July 5, 2016

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