DALLAS — Uplift Education has purchased a seven-acre tract of land located at the northwest corner of I-30 and Ferguson Road in east Dallas. Horizons Hospitality was the seller. Eddie Liebman with The Weitzman Group handled negotiations for the seller in cooperation with Craig Phelps of JLL, who represented the buyer. Uplift Education, which operates a network of public charter schools serving 14,000 students in under-served areas across north Texas, will develop an elementary school at the site.
RICHARDSON, TEXAS — MBP Capital Inc. has purchased Frances Way Villas in Richardson. The Class B multifamily property includes 200 units with an average size of 968 square feet. The majority of units include two or three bedrooms. The property will be rebranded as “The Beverly” and will undergo a $2.5 to $2.7 million renovation, averaging about $12,000 per unit. Renovations will include new signage, a fully remodeled office, security gates, fitness center, sand volleyball pit, splash pad, dog park, patio and balcony cedar fencing. The interiors will also be renovated with the addition of washer and dryer connections, new paint, black appliances, wood-style flooring, new cabinetry and brushed nickel fixtures. The MBP team includes Mike Phillips, Ryan Heddleston, Cathy Finn and Mark Christ. A new DART rail line is located less than two miles away from Frances Way Villas. The property is also near the new CityLine mixed-use development, which when complete will house 12,800 employees.
DALLAS — Law firm Palmer & Manuel LLP has leased 9,006 square feet of office space in Campbell Centre North Tower, located at 8350 N. Central Expressway in Dallas. Cribb Altman, Robbie Baty and Bill McClung with Cushman & Wakefield represented Palmer & Manuel in the transaction.
RICHARDSON, TEXAS — KBS Strategic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed an 8,373-square-foot lease with NeuroCare Outpatient Rehabilitation at the Greenway I office building in Richardson. Amenities at Greenway I include a renovated lobby, corridors and restrooms, on-campus security and fiber optics. The property is located two miles from The University of Texas at Dallas. NeuroCare Outpatient Rehabilitation is a division of NeuroCare Rehab Hospitals LLC. Laura Maczka and Mark Jordan of Sooner Management represented KBS Strategic Opportunity REIT in the transaction. Michael Collins of MedCore Partners represented NeuroCare Outpatient Rehabilitation.
HOUSTON — Marcus & Millichap has arranged the sale of a 9,180-square-foot, net leased Family Dollar located in Houston. Gus Lagos and Nik Kapetanakis of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership. The unnamed buyer utilized a 1031 tax-deferred exchange. Family Dollar is located at 8303 Calhoun Road.
CARROLLTON, TEXAS — Lee & Associates has negotiated a lease transaction for a 25,000-square-foot industrial space located at 3400 Wiley Post Road in Carrollton. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Dallas Auto Sales. Greg Cannon of Colliers International represented the landlord, Futerfas Family LP.
AUSTIN, TEXAS — Equitable Commercial Realty (ECR) has arranged the sale of an office property in Austin. 2512 Partners LLC purchased Summit Point, a 24,000-square-foot building located at 2512 S. I-35, for an undisclosed price. Jason Steinberg and Matt Levin with ECR represented the seller.
AUSTIN, TEXAS — Austin-based Threshold Agency, along with Asset Campus Housing, Collegiate Development Group and Kayne Anderson, has won the 2016 Best Marketing and Lease-Up Program award from Student Housing Business, a publication covering the student housing industry. The award highlights the company’s work with TODD Student Living, which helped the community become one of the fastest lease-ups in the Columbia, Mo., market. In 2014, Houston-based Asset Campus Housing, along with Collegiate Development Group and Kayne Anderson Real Estate Advisors, hired Threshold to create a brand for their new development. The Threshold team proposed the TODD name after coming across the term “transit-oriented development,” or TOD, in their initial research. The term refers to mixed-use communities within walking distance of a transit station or key points of interest. As a result of the team’s efforts, TODD Student Living leased up in just two months, with a waiting list before many other properties in the market had even reached 50 percent.
HOUSTON — CityCentre Five is now open in Houston’s CityCentre district. The 192,357-square-foot, Class A office building features 8,216 square feet of ground-floor retail/restaurant space, as well as 690 parking spots. The pedestrian-oriented CityCentre district attracts nearly 15,000 visitors per day. Houston-based Kirksey Architecture and Munoz + Albin designed the 15-story building, which is located at 825 Town & Country Way. Linbeck served as the general contractor. Tenants already committed include Ascot Underwriting, Relevant Solutions and University Lands. Colvill Office Properties is overseeing leasing.
WACO, TEXAS — Allergan, a pharmaceutical company, has begun construction on a $200 million expansion of its Waco facility. The expansion will add 322,000 square feet of manufacturing space to the current facility, nearly doubling its current footprint. Once completed, the expansion is expected to add 100 full-time employees, with the potential for the expanded operations adding as many as 250 jobs as the facility reaches full utilization. New positions that will be added include chemists, microbiologists, process engineers and production and maintenance technicians. The expansion will add a new raw material dispensary, an automated bulk formulation suite, 10 new production lines and warehousing space. Upon completion, the Waco facility will be capable of producing more than 40 different product formulations and will increase its production capacity by more than 50 percent. The construction, commissioning and validation of the facility expansion and production processes are expected to be completed by 2020. Allergan’s Waco facility is the company’s flagship manufacturing facility for its leading eye care products, including Restasis, Lumigan, Combigan, Refresh Plus, Refresh Tears and Latisse.