Texas

Trademark Begins Multi-Million Dollar Renovation of Hillside Village

by Katie Sloan September 1, 2015

CEDAR HILL, TEXAS — Trademark Property Co. has begun its multi-million dollar renovation of Hillside Village shopping center, formerly known as Uptown Village at Cedar Hill. The first phase of renovations will include updated signs at property entrances, a new children’s play area, a new promenade section with a bocce ball court, a covered stage area, enhanced landscaping and lighting and additional shaded seating around the village green. Completion of the first phase is scheduled for this fall. Hillside Village is currently home to 350,000 square feet of retail and restaurants, with tenants including Barnes & Noble, Dillard’s, Dick’s Sporting Goods, Charlotte Russe, Charming Charlie, Buckle, Papaya and Victoria’s Secret.

September 1, 2015

IPA Brokers Sale of Apartment Community in Austin

by Katie Sloan September 1, 2015

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap that serves institutional and major private real estate investors, has brokered the sale of Springs at Tech Ridge, a 342-unit apartment community located at 1200 E. Parmer Lane in Austin. The newly constructed property features 21 different one-, two- and three-bedroom floor plans with an average unit size of 967 square feet. Springs at Tech Ridge’s community amenities include a fitness center, resort-style swimming pool and a community garden. Will Balthrope and Drew Kile of IPA represented the seller and procured the buyer. The terms of the sale were not released.

September 1, 2015

Multifamily Texas

Greysteel Arranges Sale of Pioneer Villas Multifamily Community in Arlington

by Katie Sloan September 1, 2015

ARLINGTON, TEXAS — The Greysteel Co. has arranged the sale of Pioneer Villas, a 90-unit, garden-style multifamily community in Arlington. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel worked on behalf of the seller, Katz Matlock Place LLC, to complete the transaction. Agorazo I LLC acquired the property, which offers one-, two-, three- and four-bedroom units.

September 1, 2015

Office Texas

Moore & Associates Buys 60,338 SF Office Building in Austin

by Katie Sloan September 1, 2015

AUSTIN, TEXAS — CBRE Investment Properties has arranged the sale of Westlake Place, a 60,338-square-foot, multi-tenant office building in Austin. Maryland-based Moore & Associates purchased the asset from a California-based partnership for an undisclosed price. Westlake Place is a five-story building located at 1515 S. Capital of Texas Highway in the Southwest Austin submarket. Tenants at the Class B property, which is 94 percent occupied, include Sotera Defense Solutions, Frontier & Associates and Vertex Software Corp. Walter Saad, Cathy Nabours and Logan Reichle of CBRE’s Austin office represented the seller.

September 1, 2015

Retail Texas

Baker Katz Arranges 1,200 SF Lease for Scout & Molly’s Retail Boutique in Houston

by Katie Sloan September 1, 2015

HOUSTON — Baker Katz has arranged a 1,200-square-foot lease on behalf of Scout & Molly’s boutique in the Plaza in the Park shopping center in Houston. The shopping center is located at the intersection of Buffalo Speedway and Westpark Drive. The boutique features upscale women’s clothing and offers original, rustic chic designs. The store’s opening is slated for January 2016. Founded in 2002 by Lisa Kornstein, Scout & Molly’s has grown to more than 10 locations in the United States. Baker Katz broker Lunden McGill represented Scout & Molly’s in the lease transaction. Edens’ Bruce Wallace represented the landlord.

September 1, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis August 31, 2015

FORT WORTH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a 248-unit apartment community on Hulen Drive in Fort Worth. Will Balthrope, Drew Kile and Al Silva of Marcus & Millichap advised the seller and procured the buyer, an investment consortium organized by LumaCorp Inc., in the transaction. Southern Oaks was completed in 1983 and features 15 different one- and two-bedroom floor plans totaling 188,512 rentable square feet. The apartment community is located in southwest Fort Worth, seven miles from Near Southside Medical District.

August 31, 2015

Industrial Texas

Cornerstone RPC Storage Begins Construction on $75M Self-Storage Development Plan

by Haisten Willis August 31, 2015

DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on phase one of a $75 million self-storage development plan. The first phase of the firm’s plan includes four projects in total, all of which are located in Texas markets. Cornerstone RPC Storage Development has broken ground on the first project, a 94,475-square foot, 656-unit self-storage facility at 9485 LBJ Freeway in Dallas. Cornerstone also plans to break ground within weeks on a 116,400-square-foot storage facility in Houston at 1200 Park Row Drive. The 832-unit center will offer 80 parking spaces and climate control in the majority of units. The development company has closed on two additional properties in San Antonio this month with plans to develop more than 200,000 square feet of self-storage facilities. The first, located at 9652 Huebner Road, will span 103,575 square feet and include 731 units, 710 of which will be climate controlled. The second, located at 7413 N. Loop 1640 W., will be 98,625 square feet and offer 693 units, 644 of which will be climate controlled. The new developments will be managed by and branded as Extra Space Storage.

August 31, 2015

Retail Texas

Oldham Goodwin Negotiates Sale of Shopping Center in Metro Houston

by Haisten Willis August 31, 2015

PEARLAND, TEXAS — Oldham Goodwin Group represented the buyer, a Houston investment group, in the acquisition of Discovery Bay Shopping Center in Pearland. Discovery Bay Shopping Center is a 16,350-square-foot retail center in Pearland. The shopping center is located at the southwest corner of Highway 288 Frontage Road and Discovery Bay Boulevard. It is located in close proximity to the entrance of Shadow Creek Ranch, a 3,300-acre master planned development. Oldham Goodwin Group will oversee property management and retail leasing of Discovery Bay Shopping Center. Bill Pyle of Oldham Goodwin’s Houston office represented the buyer in the negotiation and acquisition of the property.

August 31, 2015

Office Texas

Triten, Convexity Purchase Office Portfolio in Dallas

by Haisten Willis August 31, 2015

DALLAS — A joint venture between Triten Real Estate Partners and Convexity Properties has purchased a two-building office portfolio totaling 270,499 square feet at 6060 and 6080 N. Central Expressway in Dallas. Jack Crews, Evan Stone and Lauren Zimmer of JLL sold the property to Triten and its Chicago-based investment partnership on behalf of the previous owner, Dallas-based Prescott Realty Group. Wells Fargo provided financing for the purchase. 6060 N. Central Expressway is an eight-story office property spanning 224,682 square feet. The property was constructed in 1972 and renovated in 2008. In addition, the portfolio includes 6080 N. Central Expressway, with 45,817 square feet on the first floor, topped by three levels of parking. The structure offers an expansion opportunity that could potentially add 290 parking spaces. At the time of sale the office property was 88 percent leased and the parking structure was 100 percent leased to Zenith Education Group

August 31, 2015

Healthcare Texas

Beck Group Marks Milestone in Construction of Texas Health Huguley Hospital

by Haisten Willis August 28, 2015

FORT WORTH, TEXAS — The final steel beam has been placed on the new Texas Health Huguley Hospital, signifying the project has reached its maximum height. The facility is both designed and constructed by Dallas-based The Beck Group and will be completed in summer 2016. The six-story facility will total 234,300 square feet and include a new public lobby on the ground floor, a women’s services floor with two C-section suites, eight labor and delivery rooms, 20 postpartum rooms and a nursery, three levels with medical/surgical units and 36 inpatient beds per floor.

August 28, 2015

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