Texas

Cordish Begins $250M Phase I of Texas Live! in Arlington

by Jeff Shaw October 24, 2016

ARLINGTON, TEXAS — The Cordish Companies has started construction of the first phase of Texas Live!, a $250 million mixed-use project located between the Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium in Arlington. The project will include 200,000 square feet of dining and entertainment space; a 5,000-capacity outdoor event pavilion; a full-service 300-room convention hotel; and a 35,000-square-foot meeting/convention facility. Texas Live! will bring more than 3,000 new jobs and three million new visitors to Arlington when it is completed in 2018, according to the developers. The dining and entertainment portion of the project will open in the spring of 2018. The hotel/convention facility will open the following fall. Anchors of the retail portion will include Rangers Republic fan clubhouse; Live! Arena, a multi-level central gathering place; Arlington Backyard, a 5,000-capacity outdoor event pavilion; and a flagship restaurant by Guy Fieri. The first phase of Texas Live! is part of a greater $4 billion vision of the Arlington stadium district, which includes additional phases of Texas Live!, the new Rangers Ballpark and the preservation and repurposing of Globe Life Park. “It is the Rangers’ intent to preserve the beautiful exterior façade of Globe Life Park,” says …

October 24, 2016

Office Texas

Trusource Labs Signs 32,500 SF Office Lease at Parmer 3.2 in Austin

by Haisten Willis October 21, 2016

AUSTIN, TEXAS — Karlin Real Estate has signed Trusource Labs, a technical support services company, to a long-term lease for 32,500 square feet at Parmer 3.2. The 192,500-square-foot, Class A office building is located within Parmer, a 300-acre technology and life science park in north-central Austin. The lease at Parmer 3.2 allows Trusource Labs to consolidate 250 employees working from the offices of two of its local clients. The company will continue to maintain its south Austin corporate headquarters. Trusource will occupy the property next February. Mark Emerick and John Barksdale of CBRE’s Austin office represented Karlin in the lease transaction. Jesse Weber of Newmark Grubb Knight Frank’s Austin office represented Trusource.

October 21, 2016

Office Texas

Service First Mortgage to Relocate Headquarters to McKinney Corporate Center I

by Haisten Willis October 21, 2016

McKINNEY, TEXAS —Service First Mortgage, a full-service mortgage lending company, has leased 25,000 square feet of office space in McKinney Corporate Center I, a Class A office building located at 6800 Weiskopf Ave. in McKinney. The deal will relocate the company’s corporate headquarters from Richardson. Cushman & Wakefield’s Craig Wilson, Dan Harris and Randy Cooper arranged the lease. Located within the 2,200-acre Craig Ranch community between the Dallas North Tollway and U.S. Highway 75, the office complex provides access to the cities of Plano, Allen and Frisco. Craig Ranch is also within a 30-minute drive of DFW International Airport and Dallas Love Field.

October 21, 2016

Healthcare Office Texas

Byrne Investment Brokers Sale of Medical Office Building in Dallas

by Haisten Willis October 21, 2016

DALLAS — Byrne Investment Co. brokered the sale of a medical office building to a partnership controlled by Roger Gault of Gault Co. and Robert Gunby of RTG Capital LLC. The property is located at 4844 Greenville Ave. in Dallas. The 4,000-square-foot building is under a long-term lease by urgent care clinic MedSpring. The building sits on a 9,500-square-foot site located between Lovers Lane and University Avenue.

October 21, 2016

Retail Texas

M&M Arranges Sale of Shopping Center in Austin

by Haisten Willis October 21, 2016

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Oak Hill Centre, a 43,261-square-foot retail center in Austin. Michael Buckner and Richard Mireles of Marcus & Millichap represented the seller, a Texas-based limited partnership, and procured the buyer, another Texas-based limited partnership. Built in 1984, Oak Hill Centre is located at the intersection of William Cannon Drive and Highway 290. At the time of the sale, the property was 96.5 percent occupied.

October 21, 2016

Market Reports Multifamily Texas Texas Market Reports

Dallas Multifamily Market Has Staying Power

by Haisten Willis October 21, 2016

Success breeds success. That adage, more than any other, defines the Dallas-Fort Worth economy and its strong multifamily market. In the last five years, a number of companies, such as Toyota North America and Nationstar Mortgage, impressed by the advantages of doing business in Dallas-Fort Worth, have relocated their headquarters here. These companies were attracted by the area’s central location, equidistant from both coasts, as well as an educated workforce, a diverse economy and a favorable business climate. This year Jamba Juice, among other companies, took notice and announced that they are joining the migration to north Texas. Even companies not choosing to uproot their headquarters are expanding their presence in Dallas-Fort Worth. Early this year, JPMorgan Chase picked Plano’s Legacy West development for a new 6,000-employee campus, next door to Toyota as well as Liberty Mutual, which itself will add 5,000 workers to a huge new service center it is building there. Also this year, Fannie Mae announced it would move more than 1,000 workers to Plano, the medical giant McKesson revealed plans to add 1,000 office jobs in Irving and Pegasus Foods chose Rockwall for a new plant that will employ 300. The Federal Reserve Bank of Dallas’ …

October 21, 2016

Office Texas

AmerisourceBergen Leases 300,000 SF Corporate Campus in Carrollton

by Haisten Willis October 20, 2016

CARROLLTON, TEXAS — AmerisourceBergen Specialty Group has completed negotiations for a 300,000-square-foot office lease in Carrollton. The corporate campus will be the largest build-to-suit office campus at the Offices of Austin Ranch and will serve as AmerisourceBergen’s regional headquarters. JLL’s Jeff Staubach, Greg Biggs, Torrey Littlejohn and Chase Monroe negotiated the lease on behalf of AmerisourceBergen, an American drug wholesale company. Billingsley’s Marijke Lantz represented the landlord. AmerisourceBergen joins Freddie Mac, Quest, Sanyo, Orthofix and Edward Don at the 1,700-acre master-planned development.

October 20, 2016

Retail Texas

CBRE Brokers $15M Sale of West Road Collection Shopping Center in Houston

by Haisten Willis October 20, 2016

HOUSTON — CBRE Group Inc. has brokered the sale of West Road Collection, a neighborhood shopping center in Houston, to Hass Holdings LLC for $15 million. CBRE’s Richard Rizika represented the seller, JW Rich Investment Co., and JLL represented the buyer. The shopping center spans 65,798 square feet with a mix of restaurant and service tenants. West Road Collection is 98 percent leased, with an average occupancy rate of 95 percent over the last five years.

October 20, 2016

Loans Multifamily Texas

Old Capital Provides $9.3M Acquisition Loan for Apartment Complex in Denton

by Haisten Willis October 20, 2016

DENTON, TEXAS — Old Capital has provided a $9.3 million loan for the purchase of The Loop Apartments in Denton. The loan includes $500,000 for renovations to the 160-unit property. The eight-year loan includes a 75 percent loan-to-value ratio and a 30-year amortization schedule. The buyer was unnamed.

October 20, 2016

Multifamily Texas

Greysteel Arranges Sale of Wexford Townhomes in Metro Dallas

by Haisten Willis October 20, 2016

DUNCANVILLE, TEXAS — Greysteel has arranged the sale of Wexford Townhomes, a multifamily property located in Duncanville, a suburb of Dallas. Greysteel represented the seller, Virtue Wexford Owner LLC, in the transaction. PC Wexford LLC was the buyer. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller, Ryan Hill and Andrew Hanson represented the seller and procured the buyer. Built in 1984, Wexford Townhomes includes 17 two-story buildings totaling 122 units on nearly seven acres. Property amenities include attached garages, 24-hour maintenance and a swimming pool. The property is located at 600 Wembley Circle.

October 20, 2016

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