MCALLEN, TEXAS — Hunington Properties has arranged the sale of a 5,000-square-foot Burger King restaurant located at 700 W. Nolana St. in McAllen. The tenant operates 275 Burger King restaurants in Texas and Florida. The premises are subject to a long-term triple net lease.
PLANO, TEXAS — Regent Properties plans to redevelop Legacy Central, a mixed-use campus located at Legacy Drive and Central Expressway in Plano. Regent acquired the property on Dec. 17, 2015. The $100 million campus renovation will accommodate office tenants ranging from 25,000 to 1 million square feet in four existing buildings on 84 acres. The buildings will be retrofitted while undeveloped land will be readied for complementary uses, such as restaurants, a hotel and retail, as well as additional mid-rise office buildings in the future. The site is entitled for up to 3.7 million square feet, allowing office tenants an expansion opportunity via additional office buildings on a build-to-suit basis. A ground breaking is planned for the second quarter of 2016. The property was acquired from Texas Instruments (TI), which had owned the site since the 1980s and built the four office buildings and fitness center for its own use. TI will lease back two of the buildings through 2016, finalizing a phase-out from the campus. The renovations will include indoor and outdoor conference rooms, a 150-seat auditorium, 30,000-square-foot fitness center, yoga rooms, lap swimming pool, sand volleyball court, tennis court, rock climbing wall, indoor basketball court, one-mile jogging/biking trail, …
WACO, TEXAS — Central Texas Medical Investments, a physician-owned limited partnership, through a joint sale, has transferred ownership of two medical office buildings in Waco. The Class A assets are located at 601 W. Highway Six and 6600 Fish Pond Road and are known as the Six West and Fish Pond Medical office buildings. They were built in 2006 and 2000 and span 107,744 and 54,901 square feet, respectively. Six West is 100 percent occupied, while Fish Pond is 94 percent occupied. HP Waco Six Medical is the new owner. Triliji Group of Waco served as the listing broker and advisor to Central Texas Medical Investments, while Medical Real Estate, with cooperation from Stealth Realty Advisors of Houston, procured HP Waco.
MESQUITE, TEXAS —Binswanger has negotiated an industrial lease of 300,283 square feet at Skyline Business Park Building 1, located at 951 Town E. Blvd. in Mesquite. The lease was arranged on behalf of the tenant, We Pack Logistics. We Pack Logistics is a national supply chain management firm providing clients with contract packaging and distribution services. The company is launching operations in the facility this month for a new client contract in the food and beverage industry. Skyline Business Park Building 1 is a rail-served, 457,076-square-foot warehouse/distribution facility located on 27.7 acres. The property is located at Chase Road and Skyline Drive, adjacent to the Union Pacific Railroad Intermodal yard with access to I-635 and US-80. Holmes Davis of Binswanger’s Dallas office handled the transaction for the tenant. John Hendricks with CBRE represented the landlord, LIT Industrial.
HOUSTON — Faris Lee Investments has completed the $25.1 million sale of Westgate Market, an 80,690-square-foot shopping center in Houston. The property is anchored by a freestanding LA Fitness, and is 91 percent occupied by tenants including The Vitamin Shoppe, Massage Envy, Panera Bread and Applebee’s. Nicholas Coo, Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the seller, a Los Angeles-based private investor. The buyer, an Argentina-based private real estate holding company, represented itself in the transaction. Built in 2004 and 2005, Westgate Market is located at 19504 to 19740 Katy Freeway (I-10) and 19950 Restaurant Row, at the intersection of I-10 Frontage Road and Foxlake Drive.
HOUSTON — Marcus & Millichap has arranged the sale of an office property located in Houston. The building consists of 53,472 rentable square feet on a 2.4-acre parcel. Keith Lloyd of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Derek Hargrove and Justin Miller, also of the firm’s Houston office, secured the buyer, a Houston-based investor. The property is located at 2411 Fountain View Drive just to the north of Westheimer Road in Houston’s Uptown/Galleria area.
Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …
CARROLLTON, TEXAS — PM Realty Group (PMRG) has completed First Texas Hospital in Carrollton on behalf of Adeptus Health. Located at 1401 E. Trinity Mills Road, First Texas Hospital totals 76,500 square feet and includes 50 inpatient beds, three operating rooms, an emergency department and an imaging department. Along with PMRG as the developer, the First Texas Hospital team included architect Ascension Group Architects, civil engineer Bury Partners and general contractor Hill & Wilkinson Construction Group.
LEWISVILLE, TEXAS — Bright Realty has held a topping out ceremony for its upcoming multifamily project known as Discovery at The Realm. The first of Discovery at The Realm’s 423 apartment units are on track to deliver in April. The topping out party celebrated the completion of the three apartment buildings’ major structural and environmental construction, which includes a lake with promenade pedestrian access. Members of Bright Realty development, leasing and marketing teams, general contractor Andres Construction, project architects from Charlotte, N.C.’s LandDesign, local officials and Bright Realty’s business partners attended the celebration. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins. Located south of Windhaven Parkway at Castle Hills Drive in Lewisville, Discovery at The Realm’s first phase features three podium-style buildings on 20.4 acres. All Phase I units should be delivered by October. Total project costs are $75 million. Discovery at The Realm is the first project in The Realm at Castle Hills, a mixed-use project to be built along State Highway 121 frontage. At completion, Discovery at The Realm will include more than 4,000 apartment units, with another 800 units planned within other parts of The Realm at …
SAN ANTONIO — Draper and Kramer, a Chicago-based real estate property and financial services company, has acquired the Sonterra Blue apartment community in San Antonio. Carleton Residential Properties was the seller. Located at 922 E. Sonterra Blvd. in San Antonio’s Stone Oak submarket, Sonterra Blue includes 342 units offering 17 one-, two-, and three- bedroom floor plans. Built in 2014, the 304,152-square-foot property is situated on a 14-acre site located across from Methodist Stone Oak Hospital. Institutional Property Advisors (IPA) managed the transaction on behalf of the seller.
