Texas

Axis Realty Group Arranges Sale of Retail Center in Metro Dallas

by Haisten Willis October 2, 2015

PILOT POINT, TEXAS — Alex Payne of Denton, Texas-based Axis Realty Group has arranged the sale of Northstar Center, a 42,040-square-foot, grocery-anchored retail center in Pilot Point. Payne represented the unnamed seller in the transaction. PD Capital, a Dallas-based retail investment group, was the buyer. Tenants at the property include Brookshire Brothers, Anytime Fitness, Pizza Hut and Golden Chick. Located at 750 US-377, Northstar Center was built in 2006 and the Brookshire Brothers space was completely renovated earlier this year.

October 2, 2015

Corazon Development in Austin Earns LEED Gold Certification

by Haisten Willis October 2, 2015

AUSTIN, TEXAS — The U.S. Green Building Council (USGBC) has awarded LEED Gold certification to East Austin’s Corazon apartment and retail development. Developed by Austin-based Argyle Residential, the project utilizes high-efficiency heating and cooling systems, and each unit features energy-efficient lighting, appliances and hot water heaters. The project also used recycled materials during the construction process, and took steps to minimize construction waste. The LEED scoring system also recognized the walkability and public transit access provided by Corazon’s central location, the project’s drought-tolerant landscaping and its use of materials and finishes that promote a healthy indoor environment.

October 2, 2015

Hospitality Texas

Hill & Wilkinson Breaks Ground on $175M Redevelopment Project in Downtown Dallas

by Haisten Willis October 1, 2015

DALLAS — Hill & Wilkinson General Contractors has broken ground on a $175 million redevelopment project in downtown Dallas. Both the historic Statler Hilton Hotel, built in 1956 and located at 1900 Commerce St., and the adjacent Old Dallas Central Library will be renovated to create an entertainment hub. The 702,615-square-foot project includes complete restoration of the buildings’ exteriors and the conversion of the upper 11 stories into 229 residential units. The five middle stories will be converted into 164 hotel rooms. Two lower floors will be converted into ballrooms, meeting rooms, hotel services, lobbies, restaurants and retail space. The Jackson Street and basement levels of the Statler Hilton and the library will be converted into a 250-car parking garage. Centurion American Development Group is the owner and developer. Merriman Associates/Architects Inc. is the architect, and Besharkhah Engineering Inc. is the engineer for the project. Centurion plans to apply for Historic Tax Credits, and the city of Dallas has provided $43.5 million in tax increment financing for the redevelopment, which is slated for completion in December 2016.

October 1, 2015

Retail Texas

SHOP Cos. Investment Sales Arranges Sale of Retail Properties in Metro Dallas

by Haisten Willis October 1, 2015

DALLAS, FLOWER MOUND AND WICHITA FALLS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of three retail properties totaling 22,733 square feet in metro Dallas. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the three different sellers in each transaction. The transactions included Jack in the Box, a 2,481-square-foot net leased restaurant located at the corner of Royal Lane and I-35 East in Dallas. The property is located 15 miles northwest of downtown Dallas and eight minutes east of the Dallas/Fort Worth International Airport. Jack in the Box has been a tenant at the property for more than 18 years. SHOP Cos. represented the seller, a Texas-based limited liability company. A private investor from California was the buyer. SHOP Cos. also brokered the sale of a 2,661-square-foot Dairy Queen located on a 1.5-acre pad site in Flower Mound. Dairy Queen signed a 20-year lease prior to closing. SHOP Cos. represented the seller, a private Texas-based limited partnership. A private investor from Louisiana was the buyer. The last transaction was Gabriella’s Square, a 17,591-square-foot shopping center in Wichita Falls. The property fronts I-44/U.S. Route 277. At the time of closing, the property was 44.3 percent leased to tenants including …

October 1, 2015

Industrial Multifamily Office Retail Texas

Vitorino Group Launches in Dallas

by Haisten Willis October 1, 2015

DALLAS — After 12 years with Marcus & Millichap, a team of commercial real estate agents has started its own firm, the Vitorino Group. The team aims to build on its track record of retail investment sales throughout Texas and the Southwest, but will expand its business model to include all facets of a commercial real estate firm. Jason Vitorino leads the company, which opened Sept. 28. Vitorino Group also includes Jared Aubrey, Michael Austry, Adam Gottschalk, Anthony Pucciarello, Bryce Gissler and James Mangum. The Vitorino Group also employs a transaction coordinator, financial analyst, marketing coordinators and research analysts.

October 1, 2015

Mixed-Use Restaurant Retail Texas

Howard Hughes Corp. Opens Restaurant Row at Hughes Landing in The Woodlands

by Haisten Willis October 1, 2015

THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its wholly-owned subsidiary The Woodlands Development Co. have officially opened Restaurant Row at Hughes Landing, a mixed-use development including restaurants, retailers, multifamily residences, entertainment venues, office buildings and an Embassy Suites by Hilton hotel. California Pizza Kitchen, Del Frisco’s Grille, Escalante’s Fine Tex-Mex & Tequila and Local Pour are now open in Restaurant Row, with Truluck’s and Fogo de Chão under development. Retailers now open include Cadence Bank, CUPS Frozen Yogurt, KB Kasuals, Kriser’s Natural Pet, Pier 1 Imports, Starbucks, Venetian Nail Spa and Whole Foods Market. Other retails, including 18|8 Fine Men’s Salons, Macaron by Patisse and Willa Boutique, will open at Hughes Landing soon.

October 1, 2015

Multifamily Texas

29th Street Capital Acquires Apartment Community in Metro Houston

by Haisten Willis October 1, 2015

PASADENA, TEXAS — 29th Street Capital (29SC), a privately held real estate firm, has acquired Casa Palmas, a 308-unit apartment community in the southeast Houston suburb of Pasadena. The transaction closed Sept. 29. 29SC purchased the asset from a Dallas-based investment group on an off-market basis. The asset, built in 1970, has undergone capital upgrades over the last 10 years, including new roofs and siding, as well as improvements to the amenities and interiors. 29SC plans to invest an additional $700,000 ($2,200 per unit) to install black appliances and upgrade plumbing, light fixtures and cabinet hardware. Casa Palmas, located at 3500 Red Bluff Road, is located near Beltway 8 and the Pasadena Freeway.

October 1, 2015

Mixed-Use Retail Texas

Thor Equities Secures Construction Financing for Kirby Collection in Houston

by Haisten Willis September 30, 2015

HOUSTON — Thor Equities has secured construction financing for Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot residential, office, retail and entertainment development is located in the River Oaks neighborhood of Houston, bounded by Kirby Drive and West Main, Colquitt and Lake streets. The project features a 25-story, 385,000-square-foot residential tower with 199 apartments comprising seven two-story townhomes and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities, including a pool with cabanas, fire pits and a bar area. Kirby Collection’s 13-story, 210,000-square-foot, Class A office building is located near downtown Houston, the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. The development is scheduled to break ground in October and open in the fourth quarter of 2017. Richard Keating is the design architect for Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.

September 30, 2015

Healthcare Office Texas

Stage Equity Partners Acquires 37,000 SF MOB in Dallas

by Haisten Willis September 30, 2015

DALLAS — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has purchased a 37,000-square-foot, multi-tenant medical office building in Carrollton, a northern suburb of Dallas. The property is Stage Equity’s fourth medical office acquisition in Dallas and its fifth overall in Texas. The single-story, Class A building was acquired in an off-market transaction from the physician owners of OrthoTexas, an orthopedic practice based in Dallas. As part of the transaction, OrthoTexas leased back the majority of the building under a long-term lease. MetroCrest Surgery Center — a joint venture between USPI, Baylor Scott & White Health and Tenet Health — leases the remainder of the building for the operation of an ambulatory surgery center. American Momentum Bank provided financing for the project. The property, located at 4780 North Josey Lane isfully leased. OrthoTexas has 27 physicians and more than 250 employees, and MetroCrest is a prominent surgery center in the region. The property is within 10 minutes of Baylor Carrollton Hospital and Texas Health Resources Presbyterian Plano Hospital.

September 30, 2015

Industrial Texas

Liberty Property Trust Acquires Three Industrial Buildings, 139 Acres in Metro Houston for $93M

by Haisten Willis September 30, 2015

LA PORTE, TEXAS — Liberty Property Trust has acquired three industrial buildings and 139 acres of additional land in La Porte, a suburb of Houston, for $93 million. The 100 percent leased buildings consist of two rail-served facilities and a cross-dock building totaling 921,196 square feet, and are located in the Port Crossing Commerce Center. The buildings are located in close proximity to both the Bayport container terminals and the Barbour’s Cut terminal at the Port of Houston. Tenants in the park include Anheuser-Busch, Gulf Winds, Ferguson Enterprises and Overland Distribution. Liberty plans to add an additional 2 million square feet of space to Port Crossing Commerce Center. Phase I of development, which could include a 408,000-square-foot cross-dock building and a 105,000-square-foot rear-load building, could commence in 2016.

September 30, 2015

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