Texas

CBRE Negotiates Sale of Multifamily Property in Arlington

by Haisten Willis December 3, 2015

ARLINGTON, TEXAS — CBRE Capital Markets’ Investment Properties has negotiated the sale of Serena Vista Apartments, a 120-unit, value-add multifamily community in Arlington. Des Moines, Iowa-based BHE Acquisitions purchased the asset from Cascades 120 LLC for an undisclosed amount. Dirk Goris and Chris Deuillet of CBRE’s Dallas office represented the seller. The 105,636-square-foot asset, located at 1519 San Francisco Court, was built in 1980. The complex consists of 15 different floor plans and offers efficiency, loft, one-, two- and three-bedroom options. It was 97 percent occupied at closing. Most of the units have received flooring and/or countertop and cabinet upgrades. Five units were recently updated with stainless steel appliances, kitchen backsplashes and fans.

December 3, 2015

Port of Houston Selects McCarthy for $38.7M Upgrade of Wharf 2 at Barbours Cut Terminal

by Haisten Willis December 2, 2015

HOUSTON — McCarthy Building Cos. has been awarded the contract for the $38.7 million upgrade of Wharf 2 at the Port of Houston Authority’s Barbours Cut Terminal located in Morgan’s Point. Barbours Cut is considered to be one of the premier container handling facilities in the country. The project will upgrade the existing Wharf 2 to support larger wharf cranes that can accommodate post-panamax vessels. McCarthy will upgrade 1,000 linear feet of wharf, installing new foundations and crane rails, and construct a new stevedore support building, mast poles and the electrical infrastructure required for three new 100-foot gauge electric dock cranes. Wharf 2 is adjacent to McCarthy’s recently completed Wharf 1 project, which included the rehabilitation of a 1,333 linear foot structure used for the receipt and shipment of containerized freight intended for both foreign and domestic trade. The project was completed in fall 2014. The upgrade of Wharf 2 is scheduled to begin in January 2016. Completion is scheduled for early 2017.

December 2, 2015

Industrial Texas

Hillwood Acquires 200,000 SF Distribution Center in Metro Dallas

by Haisten Willis December 2, 2015

GARLAND, TEXAS — Through its U.S. Industrial Fund II, Hillwood Investment Properties has acquired 3838 W. Miller Road, a Class A distribution building totaling 200,000 square feet located in Garland. The property is located on Miller Road, a named exit off of I-635, and provides access to U.S. 75 and I-35E. The cross-dock facility is available for lease and offers 31-foot clear heights, T-5 lighting, a sprinkler system and 140-foot truck courts. The building provides up to 30,000 square feet of office and showroom areas along with parking for 260 cars.

December 2, 2015

Industrial Texas

CBRE Arranges Sale/Leaseback Between Hilti, Educational Development Corp. in Tulsa

by Haisten Willis December 2, 2015

TULSA, OKLA. — CBRE Capital Markets’ Investment Properties has arranged the sale of a complex including 180,000 square feet of warehouse space and 220,000 square feet of office space at the Hilti North America Operations Center in Tulsa. Educational Development Corp. (EDC), an educational children’s book publishing company based in Tulsa, purchased the warehouse and office space from Hilti for an undisclosed price. Hilti will lease back 180,000 square feet of the office space to house its North America Operations Center, which includes customer service, accounting, training and other functions. Hilti will continue to be located in Tulsa after the company’s headquarters relocated to Plano, Texas in June. Located at 5404 S. 122 E. Ave., the remaining 221,000 square feet will house EDC’s new headquarters, including a 180,000-square-foot warehouse operation. Adam Rumsey, Bob Pielsticker, Angela West and Matt Reese of CBRE represented the seller. EDC sells children’s books, including Usborne Books and the Kane Miller line of international children’s titles, through a sales organization of independent consultants, through 5,000 retail stores and online. Hilti is a manufacturer and supplier of tools and fastening systems.

December 2, 2015

Multifamily Texas

Berkadia Negotiates Sale of Multifamily Property in Austin

by Haisten Willis December 2, 2015

AUSTIN, TEXAS — Berkadia has negotiated the sale of Villas del Sol Apartments, a multifamily property located in Austin. Forrest Bass and George Deuillet of Berkadia’s Austin office completed the sale. Austin-based ACA Villa del Sol LLC was the buyer, and San Diego-based LLJ Quez Rutland Place LLC was the seller. Built in two phases during 1978 and 1982, Villas del Sol Apartments is located at 1647 and 1711 Rutland Drive. The 294-unit property consists of studio, one- and two-bedroom floor plans and is 96 percent occupied. Unit amenities include fully equipped kitchens, walk-in pantries, faux-wood vinyl flooring, built-in desks and bookshelves, ceiling fans, walk-in closets, linen closets and patios or balconies. Select units also include fireplaces and vaulted ceilings. Community amenities include a swimming pool, clubhouse, fitness center, business center, playground, picnic areas with barbeque grills, two laundry facilities and a dog park. Accessible from U.S. Highway 183 and I-35, Villas del Sol Apartments is less than three miles from The Arboretum shopping center and less than two miles from The Domain shopping center.

December 2, 2015

Multifamily Texas

CIM Group Funds Partnership’s Land Acquisition for The Independent in Downtown Austin

by Haisten Willis December 2, 2015

AUSTIN, TEXAS — CIM Group has funded the acquisition for the purchase of 1.7 acres located at the northeast corner of West Third Street and West Avenue in downtown Austin. The transaction marks a milestone in the development of The Independent, a 58-story, 370-unit condominium tower. The property was acquired from the city of Austin under the terms of a master development agreement. Demolition and site work activity will commence this month. The Independent will be located in downtown Austin, surrounded by shopping, dining and entertainment destinations, offering retailers, casual and fine dining, daily needs services and grocers. CIM Group, Aspen Heights and Constructive Ventures are co-developers of The Independent.

December 2, 2015

Retail Texas

Sands Investment Group Secures Grocery Store Portfolio Sale Totaling $28.6M

by Haisten Willis December 1, 2015

GROVE, JENKS AND BIXBY, OKLA. — Sands Investment Group (SIG), a net lease firm, has arranged the sale of a portfolio of three grocery stores located in Oklahoma, including a Harps in Grove, a Reasor’s in Jenks and a Reasor’s in Bixby. Dan Hoogesteger and Andrew Chana of SIG’s Santa Monica, Calif., office represented the seller in all three transactions to the buyer, Ladder Capital Finance LLC. The triple net sales include the $5.03 million sale of a 31,500-square-foot Harps grocery store located at 1310 S. Main St. in the Harbor Point Shopping Center in Grove. Sold by WHLR-HPA-1 LLC, the Harps transaction was completed at a cap rate of 7.25 percent. The second transaction was the $12.16 million sale of an 81,000-square-foot Reasor’s grocery store located at 446 S. Elm St. in Jenks. Sold by WHLR JENKS LLC, the Reasor’s sale was completed at a cap rate of 7.5 percent. The final deal was the $10.97 million sale of a 74,889-square-foot Reasor’s grocery store located at 11116 S. Memorial Drive in Bixby. Sold by WHLR-BIXBY COMMONS LLC, the Reasor’s sale was completed at a cap rate of 7 percent. All three grocery stores were built in 2012 and have 17 …

December 1, 2015

Industrial Texas

Lee & Associates Houston Adds 17 Industrial Brokers to Roster

by Haisten Willis December 1, 2015

HOUSTON — A group of 17 industrial specialists from The National Realty Group (TNRG) have joined Lee & Associates Houston. With this addition, the Houston office of Lee & Associates, the largest broker-owned commercial real estate firm in the nation, increases its brokerage team to 28 members. “I am incredibly excited about what this means to our office and our national outreach,” says Chris Lewis, managing partner of Lee & Associates Houston. “The transition to Lee & Associates Houston has been an amicable split by both the brokers and TNRG, and we anticipate our relationship with TNRG to remain strong and fruitful.” Jeffrey Rinkov, CEO of Lee & Associates, echoed Lewis’ comments. “This is one of the single-largest broker moves in our company’s history,” says Rinkov. “To have the opportunity to gain this much expertise and experience is incredibly satisfying. I am looking forward to the dynamics this team will bring to not only our Texas brokerage but our national network, as well.” Mike Spears, former president of TNRG Brokerage Services, will serve alongside Lewis as the co-managing principal of the Houston office. Spears was the catalyst in the decision and managed the transition, according to Lee & Associates. “TNRG, which …

December 1, 2015

Office Texas

Accesso Partners Acquires 913,000 SF Office Campus in Austin

by Haisten Willis December 1, 2015

AUSTIN, TEXAS — Accesso Partners has acquired 7700 Parmer Lane, a 913,000-square-foot, 94 percent leased technology office campus in northwest Austin. The property is leased to Google, Oracle, eBay/Pay Pal, Electronic Arts, Polycom and Dun & Bradstreet. The 129-acre, four-building office complex is the second Austin acquisition in the last five months by the Hallandale Beach, Fla.-based real estate investment firm. There are two vacancies in the complex, a 31,436-square-foot space adjacent to Oracle in Guilding B, and 23,693-square-foot space in Building C adjacent next to Electronic Arts. Additionally, there is a value-add opportunity to develop a fifth office building within the campus footprint. Michael McDonald of Eastdil Secured’s Atlanta office represented the seller and procured Accesso Partners. The amenities at 7700 Parmer include an auditorium, full-service cafeteria, baseball field, basketball courts, soccer field, volleyball court and a day care service. Susan Hill of HFF’s Houston office arranged acquisition financing on behalf of Accesso Partners.

December 1, 2015

Multifamily Texas

HFF Arranges Sale of 411-Unit Apartment Community in San Antonio

by Haisten Willis December 1, 2015

SAN ANTONIO, TEXAS — HFF has arranged the sale of The Place at Overlook, a 411-unit apartment community in San Antonio. HFF marketed the asset on behalf of MC Cos. My Residential, a private company based in Denver, purchased the property on a loan assumption basis for an undisclosed price. The Place at Overlook is situated on 16 acres at 4934 Woodstone Drive near the intersection of I-10 and Huebner Road in northwest San Antonio. The 31-building property includes 294,000 rentable square feet and offers a mix of one- and two-bedroom units. Community amenities include a swimming pool, full-size sport court, sand volleyball court, fitness center and a clubhouse. Matt Pohl and Sean Sorrell led the HFF investment sales team representing the seller.

December 1, 2015

Newer Posts

Older Posts