DALLAS — CBRE | UCR has brokered the sale of 94 acres at the northwest corner of Lancaster Road and I-20 in southern Dallas. Centurion American, based in Farmers Branch, purchased the tract from Sun NLF for an undisclosed price. The parcel will be added to an assemblage of land, currently spanning 294 acres, for a proposed mixed-use development called University Hills. The development will include townhomes, multifamily units, entertainment and retail. Lots should be available beginning in summer 2017. Thurston Witt of CBRE | UCR represented the seller in the transaction. Robert Maxey of MetroCom Properties represented the buyer.
ARLINGTON, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Southwest Plaza, a 104,766-square-foot neighborhood retail center located in Arlington. PRA represented the seller, Bo Avery SWP Enterprises, in the transaction. Manuel Ramon of Green Earth Realty, who will also lease and manage the center, represented the buyer, Ravi Randal Investment Group. The asset is shadow-anchored by Albertsons with a mix of national, regional and local tenants. The property sits on a hill and is visible from I-20. Southwest Plaza was 98 percent leased at the time of sale to tenants such as Office Depot, Sears Outlet, Ace Hardware, H&R Block, Cato Fashions and CiCi’s Pizza. The entire team at Pierson Retail Advisors in Dallas handled the sale.
AUSTIN, TEXAS — Lionstone–Hermes Real Estate Venture, a joint partnership, has purchased University Park, a Class A office building located in central Austin near the University of Texas. The eight-story, 206,657-square-foot building was 94 percent leased at the time of sale to tenants such as Google, WeWork, ESPN and Evernote. Launched in 2014, the primary objective of the Lionstone–Hermes Investment Management joint venture is to invest in office properties in high-growth U.S. markets such as Austin. HFF brokered the sale. Aquila Commercial Properties will continue to manage leasing, and Transwestern will provide property management.
HOUSTON — Communications Test Design Inc. has leased a 114,467-square-foot industrial facility located at 6215 West by Northwest Blvd. in Houston. Mike Spears of Lee & Associates’ Houston office represented the tenant in the lease transaction. Ed Frantz from CBRE represented the landlord, DCT West by Northwest LP.
DALLAS — Stream Realty Partners, a real estate investment, development and services company, has hired Victoria Knudson as executive vice president and leader of the company’s national industrial property management division. Knudson will be responsible for expanding and leading the direction and operations of Stream’s industrial property management platform. Prior to joining Stream, Knudson served as senior managing director and national property management leader at Cushman & Wakefield. Prior to her time at Cushman & Wakefield, Knudson was with AMB Property Corp. and Trammell Crow Co. Knudson will be based in Stream Realty Partners’ Dallas office.
KENNEDALE, TEXAS — Align Auto Collision & Painting has leased a 9,060-square-foot industrial building located at 7204 Mansfield Highway in Kennedale. The property will serve as a temporary location for the business following the sale of its previous location, 2235 Michigan Ave. in Arlington. Align will relocate by the end of March to the temporary location. The new site is zoned for industrial use and has a large parking area to accommodate Align Auto Collision’s customers. Coldwell Banker Commercial Alliance arranged the transaction. The temporary location was the only vacancy in a four-building complex situated 3.5 miles south of I-20. Jim Eaton of RDS Real Estate in Haltom City represented the landlord, Tarrant County-based investor Ron Sturgeon, in the lease transaction. Align Auto’s owner, Anastasio Favila, is concentrating the company’s permanent site search on the mid-cities between Dallas and Fort Worth.
HOUSTON — Local investment group Quasar Galleria Ltd. has acquired 5433 Westheimer, an 11-story, 123,477-square-foot office building located in Houston’s Galleria area. Dan Miller and Martin Hogan of HFF marketed the asset on behalf of the seller, a joint venture partnership of funds managed by Songy Highroads LLC and Edens. The property, built in 1967, was acquired for an undisclosed amount free and clear of existing debt. On-site amenities include Ruth’s Chris Steakhouse, an 11,000-square-foot common area with meeting space and an attached two-level structured parking garage. The building recently underwent a renovation program and was 81.2 percent leased at the time of sale.
AUSTIN, TEXAS — Ten-X, formerly Auction.com, has launched its new transaction platform, Ten-X Commercial, at the South by Southwest Interactive Festival in Austin. The platform was developed specifically for buyers, sellers and real estate brokers to buy and sell commercial real estate online. Ten-X Commercial offers three transaction options: Live Bid, Ten-X’s signature online auction format; Managed Bid, a two-step process whereby interested buyers submit sealed indicative bids to qualify for a short list that will compete for a property in a scheduled online auction event; and Offer Select, Ten-X’s non-auction offering, which brings the more traditional real estate transaction process online. Ten-X has partnered with a group of sellers to offer the first properties available for sale on the new platform beginning today. The Offer Select platform allows sellers to set their preferred list terms, including price, due diligence and escrow period, hard money deposit and contingencies; privately communicate with buyers to offer guidance to improve their offers; create shortlists and request best and final offers; and easily view and compare offers on a “Seller Dashboard.” Offer Select provides buyers with search and filtering capabilities; the ability to submit offers that include financing and due diligence contingencies online; a …
HOUSTON —Architects-Plus and Three Square Design Group have announced that the Houston-based architecture firms will merge in 2016, launching Method Architecture. The firm will be led by four partners — Keith Holley and Eric Hudson, principals and co-owners of Architects-Plus; Jake Donaldson, founder and principal of Three Square; and Vanessa Ortega, director of projects at Three Square. Both firms specialize in commercial architecture. Collectively, the two firms employ nearly 40 staff members and completed a combined 700 projects in 2015. Method Architecture will specialize in a wide-array of project types, including industrial, corporate interiors, healthcare, hospitality, breweries and retail. In June, Method will move into and occupy the entire 10,000-square-foot second floor of a redeveloped industrial building in the EaDo neighborhood of Houston.
LAKE JACKSON, TEXAS — LMI Capital has secured $7 million in acquisition financing for a three-property multifamily portfolio located in tertiary markets outside of the greater Lake Jackson area, a suburb of Houston. The three garden-style communities total 315 units. Brandon Brown of LMI Capital secured three acquisition loans, each featuring a five-year term with floating interest rates that convert to fixed rates after the initial interest-only period. The undisclosed borrower, which owns a number of assets in metro Houston, plans to renovate and reposition the assets and then refinance into permanent loans upon stabilization.