Texas

McCarthy Breaks Ground on Phase I of the Museum of Fine Arts in Houston

by Haisten Willis November 4, 2015

HOUSTON — McCarthy Building Cos. has broken ground on a project to expand the Museum of Fine Arts, Houston, one of the largest museums in the United States and the oldest art museum in Texas. The project is located in Houston’s museum district, which attracts more than 8 million visitors each year. The redevelopment of the 14-acre campus consists of a new exhibition building, art school, below ground, two-level parking garage and a rooftop garden. Phase I of the $350-million campus expansion project includes the construction of the Glassell School of Art. The new facility will replace a building constructed in 1979. Nearly doubling the size of the previous building, the new Glassell School will include 80,000 square feet and will feature space for the junior and adult schools, which serve 7,000 students each year. Features of the new facility include fully digital studios and classrooms, exhibition space, an auditorium and street-level café.

November 4, 2015

Westmount Realty Capital Acquires Apartment Community in Metro Dallas

by Haisten Willis November 4, 2015

GRAND PRAIRIE, TEXAS — Westmount Realty Capital has acquired the Colonnade Apartments, a Class A, garden-style apartment property located at 2815 Osler Drive in Grand Prairie. Westmount is rebranding the apartment community as Westmount at the Colonnade. The project, constructed in 2001, consists of 192 units on an 11-acre site, for an average of 17 units per acre. Westmount at the Colonnade is located adjacent to Highway 360. The Colonnade is a mixture of two- and three-story buildings with sizes ranging from one-bedroom units of 772 square feet to three-bedroom units up to 1,258 square feet. The complex includes 382 parking spaces, 9-foot ceilings with crown molding, a clubhouse, swimming pool with fountain, media and business center, fitness center and gated access. FNMA financing for the acquisition was arranged by the Dallas office of Marcus & Millichap.

November 4, 2015

Multifamily Texas

Olympus Property Acquires Alexan Arts Apartment Complex in Dallas

by Haisten Willis November 3, 2015

FORT WORTH, TEXAS — Olympus Property has acquired Alexan Arts, a Class A mid-rise apartment community situated on over 3.5 acres and including 368 units. Built in 2015, Alexan Arts offers amenities including a clubhouse with social lounge, swimming pool with outdoor grills and TVs, poolside cabanas, three fireside lounges and a fitness center. Situated in the Dallas Arts District, the property is positioned near the Dallas central business district. Floor plans include quartz countertops, stainless steel appliances, 10-foot ceilings, tile backsplash, private balconies and optional Sonos audio system and private yard upgrades. Alexan Arts is the third property to be added to Olympus Property’s fifth fund, WW Olympus Property V LLC.

November 3, 2015

Healthcare Texas

M&M Arranges Sale of Medical Office Portfolio in Metro Houston

by Haisten Willis November 3, 2015

KATY, TEXAS — Marcus & Millichap has arranged the sale of a 108,066-square-foot, two-building medical office portfolio anchored by a Memorial Hermann Rehabilitation Hospital and Ambulatory Surgery Center. The facilities are located in the Houston suburb of Katy. Scott Niedergang and Gino Lollio of Marcus & Millichap’s Healthcare Real Estate Group represented the seller, a partnership of local private investors and physicians practicing in the facilities. The pair also procured the buyer, a publicly traded real estate investment trust. Memorial Hermann is the largest not-for-profit healthcare system in Southeast Texas with 13 hospitals and numerous specialty programs and services in the Greater Houston area.

November 3, 2015

Industrial Texas

Mohr Capital Begins Construction on 430,188 SF Industrial Property in Grand Prairie

by Haisten Willis November 3, 2015

GRAND PRAIRIE, TEXAS — Mohr Capital, a privately held real estate investment firm headquartered in Dallas, has broken ground on a Class A industrial development totaling 430,188 square feet on 20.7 acres, located in Grand Prairie on Bardin Road. Mohr’s development team has the designed the project to accommodate tenants from 100,000 square feet up to 430,188 square feet. Cannon Green and Blake Kendrick of Stream Realty Partner’s Dallas office, along with Sarah Ozanne, senior associate, will oversee the leasing of the project. Other members of the development team include Lisa Swift of GSO Architects, Jared Bratz of RLG Consulting Engineers and Will Pender of Rogers-O’Brien Construction. The project is expected to deliver in the second quarter of 2016.

November 3, 2015

Industrial Texas

Somervell, Soho to Break Ground on 266,450 SF Industrial Facility in Dallas

by Haisten Willis November 3, 2015

DALLAS — Co-developers Somervell Commercial Realty and SOHO Realty Partners are set to begin construction on Trinity 161 Trade Center, a 266,450-sqaure-foot industrial facility in Grand Prairie. The pair recently closed on 15 acres located at 3100 State Highway 161 and Trinity Boulevard. Michael Stanzel, Patrick Embry and John Leinbaugh of NAI Robert Lynn will lease the building. Located along the highway frontage road, the property includes 390 car parks. Company signage on the property will be visible from State Highway 161.

November 3, 2015

Multifamily Texas

Greysteel Arranges Sale of Orchard Hills Apartment Complex in Metro Dallas

by Haisten Willis November 3, 2015

GARLAND, TEXAS — Greysteel has arranged the sale of Orchard Hills, a 50-unit multifamily community in Garland. Greysteel’s Texas multifamily investment sales team of Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss represented Meadows Denison Investments LLC in the sale of Orchard Hills to Oyster Rock LLC. Located along West Kingsley Road, Orchard Hills is a garden-style community featuring 24 one-bedroom units and 26 two-bedroom, two-bathroom units. The property offers residents a blend of urban amenities and outdoor activities with a playground, 1.6 miles of trails, a disc golf course, baseball and soccer fields, as well as swimming and recreation at Audubon Park.

November 3, 2015

Las-Terrazas-14018-Brookgreen-Drive-Dallas

Multifamily Texas

Performance Properties Buys 230-Unit Apartment Complex in North Dallas

by Haisten Willis November 2, 2015

DALLAS — Performance Properties has acquired the 230-unit Las Terrazas apartment complex. The 98 percent leased property is located at 14018 Brookgreen Dr. With the acquisition, Performance now controls 35 acres within blocks of the High Five stacked interchange bisected by the Cottonwood Trail, a city-maintained hiking and biking amenity. The buyer plans to spend $1.3 million to update Las Terrazas, focusing on the exteriors of the 21 buildings to create an entirely new look for the late 1960s-era complex set on 9.8 acres. Work will start immediately on new roofs, stairwells, landings and landscaping. It will take nine months to one year to complete the renovation. Amenities include a courtyard with barbecue areas, swimming pool, playground, four laundry facilities and clubhouse with a fitness room, business center and community room. Las Terrazas is also located near a bus stop, a light rail station and the Cottonwood Trail. Las Terrazas contains 98 two-bedroom, two-bath units and the balance consists of efficiencies and one-bedroom, one-bath floor plans. Units average 745 square feet and rents average $627 per month. Todd White and David McQuaid of Performance Properties represented the investment group in the acquisition of Las Terrazas. Taylor Snoddy and Philip Wiegand …

November 2, 2015

Retail Texas

M&M Arranges Sale of 42,004 SF Retail Property in Fort Worth

by Haisten Willis November 2, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Woodmont Plaza North, a 42,004-square-foot retail property located in Fort Worth. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy also secured the buyer, a private investor. Woodmont Plaza North is located at 6200 McCart Ave. The property is a multi-tenant retail center that is 91 percent occupied. Tenants include EZ Money Payday Loans, Schlotzsky’s Deli, Krispy Catfish, Evolution Games, Agape Church, Maya’s Furniture & More, Century 21, Supercuts, H & R Block, Little Caesar’s, Eddie Bermea State Farm and Cousin’s Barbecue. The center was built in 1982 and sits on 4.1 acres. Woodmont Plaza North is located on McCart Avenue about two miles south of Interstate 20.

November 2, 2015

Retail Texas

HFF Arranges Sale of Power Center in Metro Dallas

by Haisten Willis November 2, 2015

FLOWER MOUND, TEXAS — HFF has arranged the sale of Robertson’s Creek, a 336,402-square-foot power center in the Dallas suburb of Flower Mound. HFF arranged the sale of the property on behalf of the seller, a partnership between TFG Crown Partners and Ball Ventures. Dunhill Partners purchased the asset for an undisclosed amount. Completed in 2007, the 97 percent leased property includes tenants such as Belk, Hobby Lobby, Dick’s Sporting Goods, Old Navy and ULTA Beauty. Situated on 39 acres at 5801-5861 Long Prairie Road, Robertson’s Creek is located less than 30 miles northwest of downtown Dallas and less than 33 miles northeast of downtown Fort Worth. Doug Hazelbaker and Ryan Shore led the HFF investment sales team representing the seller.

November 2, 2015

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