Texas

M&M Brokers Sale of 205,771 SF Office Complex in Metro Dallas

by Haisten Willis May 10, 2016

ADDISON, TEXAS — Marcus & Millichap has arranged the sale of The Forum at Beltline, a three-building, 205,771-square-foot office complex in Addison. Hebert Lawrence and Michael Lawrence of the firm’s Newport Beach, Calif., office represented the seller, a Delaware-based limited liability company. The complex is located in the far north Dallas office submarket at 4002, 4004 and 4006 Belt Line Road. The location, on the southwest corner of Belt Line and Surveyor roads, is known as Addison’s “restaurant row.” The buildings are 1.5 miles west of the Dallas North Tollway, 2.4 miles north of I-635 and four miles south of the George Bush Turnpike. A Dallas Area Rapid Transit (DART) bus stop and many restaurants are nearby. Built in 1983, The Forum at Beltline was 94 percent leased at the time of the sale.

May 10, 2016

Daiso Inks Inaugural Lease for 12-Store Rollout in Greater Houston

by Haisten Willis May 10, 2016

HOUSTON — Daiso California LLC has signed its first lease for retail space in the Houston area, where the company plans to open 12 stores in the next two years. Japan-based Daiso Industries Inc. designs and manufactures private-label products, offering more than 90,000 items ranging from $1.50 to $10 in its stores. Daiso has jump-started its push into Houston with a 10,998-square-foot lease in Mason Park Shopping Center at 501 S. Mason Road in Katy. Currently, five other leases are at various stages of negotiation. Heather Nguyen and John Nguyen of Houston-based NewQuest Properties are Daiso’s tenant representatives in Texas.

May 10, 2016

Restaurant Retail Texas

Malawi’s Pizza to Open First Location in Metro Houston

by Haisten Willis May 10, 2016

MISSOURI CITY, TEXAS — Malawi’s Pizza has leased 5,000 square feet of retail space at 8731 Highway 6 Center in Missouri City for its first Houston-area location. The center is located at Highway 6 and Sienna Parkway in Sienna Plantation, a master-planned development. Malawi’s Pizza plans to eventually open 22 restaurants in the greater Houston market. Doug Hermann, Edward Heap and Randy Hopper with The Weitzman Group handled negotiations as tenant representatives for the restaurant. The newly constructed center is shadow-anchored by H-E-B and serves the growing Sienna Plantation market. For each meal purchased at Malawi’s Pizza, the restaurant donates a meal to a child in Malawi, Africa.

May 10, 2016

Office Texas

Bob Moore Breaks Ground on GM Financial’s Regional Service Center in San Antonio

by Haisten Willis May 9, 2016

SAN ANTONIO — Bob Moore Construction has broken ground on a regional financial servicing center in San Antonio for GM Financial Credit Inc. The servicing center is the fifth in North America for GM Financial. The new facility is projected to employ up to 700 people in the Westover Hills area of the city. The project received a $2.5 million grant from the Texas Enterprise Fund, as well as tax incentives from the city of San Antonio and Bexar County. San Antonio-based RVK Architects is the architect and Pape-Dawson Engineers Inc. is the civil engineer. The new building will include 100,000 square feet of office and call center facilities over two floors. The building will also include 720 parking spaces for employees and guests. The building is projected to go into operation in mid-2017.

May 9, 2016

Hospitality Mixed-Use Multifamily Office Texas

Seguin Main Street Program Buys Historic Hotel in Downtown Seguin

by Haisten Willis May 9, 2016

SEGUIN, TEXAS — The Seguin Main Street Program has purchased the historic Aumont Hotel located at 301 N. Austin St. in Seguin. The hotel, which was built in 1916, is vacant but is designed with retail space and an event venue on the first floor, apartments on the second and third floors and office suites on the fourth floor. The almost 20,000-square foot building is celebrating its centennial this year. Suzanne Puente of Berkshire Hathaway Home Services – Don Johnson Realtors represented the buyers, Gregg Woodall and Amy Woodall of New Braunfels, in the sale. Kelley Rose of Heritage Texas Properties represented the seller, Thomas Giles, who purchased the building in 2003 and rehabbed it into its current form. The buyers plan to renovate the apartments and offer premier residential rental space, as well as maintain the retail and office space with minor upgrades.

May 9, 2016

Loans Multifamily Texas

Old Capital Secures $9.2M Acquisition Loan for Apartment Complex in Metro Dallas

by Haisten Willis May 9, 2016

IRVING, TEXAS — Paul Peebles of Old Capital has secured a $9.2 million loan for the purchase of Silverado Apartments in Irving. An unnamed local ownership group purchased the 184-unit property from an unnamed seller. Old Capital provided the 12-year Fannie Mae loan at an 80 percent loan-to-value ratio. The non-recourse loan includes a 30-year amortization schedule.

May 9, 2016

Office 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

Retail Texas

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

Newer Posts

Older Posts