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

Multifamily Oklahoma Texas

Steadfast Apartment REIT Acquires Two Multifamily Properties for $88.5M

by Haisten Willis September 30, 2015

OKLAHOMA CITY AND EULESS, TEXAS — Steadfast Apartment REIT has acquired apartment communities in separate transactions in Oklahoma City and metro Dallas totaling 654 units for an aggregate purchase price of $88.5 million. Steadfast Apartment REIT entered the state of Oklahoma with the purchase of The Shores, a 300-unit, Class A apartment community that was constructed in 2013 on 22 acres. The complex includes a clubhouse/leasing center, 11 three-story apartment buildings and 12 two-story townhome buildings boasting one-, two- and three-bedroom configurations. Apartment homes range from 649 to 1,288 square feet with average in-place rents of $1,030. The Shores was 93.7 percent occupied at the time of sale. Monticello by the Vineyard is located in Euless, 25 miles from both Dallas and Fort Worth. Built in 2002, Monticello features 21 three-story apartment buildings, five garage buildings and a leasing office/clubhouse on approximately 20 acres. The property offers 354 one-, two- and three-bedroom apartment homes in 21 different layouts averaging 993 square feet. Average in-place rents are $1,245 and the community was 96.9 occupied at the time of sale.

September 30, 2015

Multifamily Texas

KWA Construction Completes Millennium Apartments in Metro Dallas

by Haisten Willis September 30, 2015

MCKINNEY, TEXAS — KWA Construction, a general contractor specializing in multifamily developments, has completed the Millennium, a 162,440-square-foot affordable housing project, on behalf of GroundFloor Development. Located in McKinney, 130 of the 164 residences will be reserved for low-income residents as an affordable housing option. The Millennium is KWA’s third construction assignment completed for GroundFloor Development. The four-story multifamily rental development features one-, two- and three-bedroom units that offer nine-foot ceilings, patios and balconies and high-end appliances. Amenities in the Millennium include a community center with a swimming pool, library, business and fitness centers, a porch and cookout area. The location allows for children living in the Millennium to attend schools in the Frisco Independent School District and adults to have access to financial planning and health and nutrition classes. The Millennium affordable housing project is a joint effort between not-for-profit organization Inclusive Communities Project, which works to create and expand affordable housing opportunities, and McKinney’s Housing Authority, whose mission is to serve the housing needs of low to moderate-income families in the authority’s jurisdiction.

September 30, 2015

Multifamily Texas

Greysteel Arranges Sale of Country Oaks Apartment Complex in Metro Dallas

by Haisten Willis September 29, 2015

WEATHERFORD, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Country Oaks, a 64-unit multifamily community in Weatherford. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Weatherford Country Oaks LLC, in the sale. The buyer, Mercury Metroplex Real Estate VI LLC, purchased the asset for an undisclosed price. Located on Santa Fe Drive, Country Oaks offers one- and two- bedroom units and has undergone exterior and interior renovations including new vinyl flooring, ceiling fans, resurfaced kitchen and bathroom countertops and new appliances. The property is located one mile from downtown Weatherford.

September 29, 2015

Restaurant Retail Texas

Trademark Property Co. Launches Local Micro-Restaurant Program at Waterside Mixed-Use Development

by Haisten Willis September 29, 2015

FORT WORTH, TEXAS — Trademark Property Co. is launching a micro-restaurant program dedicated to attracting unique restaurant concepts to Waterside, a 63-acre mixed-use development under construction at Bryant Irvin Road and Arborlawn Drive in Fort Worth. Trademark will lease three or four micro-restaurant spaces ranging between 600 and 1,000 square feet to local and regional businesses. The micro-restaurants will be located around The Grove, Waterside’s central public space. The Grove will serve as the heart of the development, featuring outdoor seating for restaurants, public art and the re-use of existing playground and amusement ride equipment. Waterside broke ground on its first phase of development in 2014 and later announced its first anchor tenant, a 45,000-square-foot Whole Foods Market, the first in Fort Worth. The Grove and the first 383 multifamily units will be substantially complete by spring 2016 when the retail and restaurants are projected to open.

September 29, 2015

Office Texas

Lee & Associates Negotiates 17,387 SF Office Sale in Metro Dallas

by Haisten Willis September 29, 2015

RICHARDSON, TEXAS — Lee & Associates has arranged the sale of a 17,387-square-foot office building located at 3313 Essex Drive in Richardson. Mark Graybill of Lee & Associates’ Dallas/Fort Worth represented the buyer, Denkmann Associates. Brett McMillian of Paladin Partners represented the seller, Vantage Development.

September 29, 2015

Office Texas

PMG Renews, Expands Office Lease in Dallas

by Haisten Willis September 29, 2015

DALLAS — Principal Management Group has renewed a lease of 16,527 square feet at 3 Park Central and signed a new lease for 6,683 square feet at 4 Park Central in Dallas. Al Paniagua of Swearingen Realty Group represented the tenant. Heather Shover, Kathy Permenter and Sean Dalton of Younger Partners represented the landlord.

September 29, 2015

Retail Texas

M&M Arranges Sale of 11,375 SF Retail Property in Metro Dallas

by Haisten Willis September 29, 2015

MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Cheney Center, an 11,375-square-foot retail property located in Mansfield. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Cheney Center is located at 640 W. Debbie Lane in Mansfield. The property is an 11,375-square foot multi-tenant retail center. At closing, the center was 83 percent occupied. Tenants consist of Comet Cleaners, Habaneros, Lucy Donuts, Fuji Foot Spa, Allstate, Edward D Jones and Uncle Bo’s Hamburgers. The building was constructed in 2002 and sits on 1.3 acres. The property is located on West Debbie Lane, just west of Highway 287.

September 29, 2015

Mixed-Use Retail Texas

Victory Real Estate Group to Develop Mixed-Use Asset in Little Elm

by Haisten Willis September 28, 2015

LITTLE ELM, TEXAS — Victory Real Estate Group, a commercial development and investment firm based in Dallas, has begun construction on a seven-acre tract located on the east side of FM 423, just south of Little Elm Parkway between Eldorado Parkway and FM 720/Main Street. The site will house Victory at Creekside, a mixed-use retail development that will include six pad sites, along with a 6,000-square-foot retail center. Victory anticipates completion of Victory at Creekside by the end of this year. The new retail center is 100 percent leased to tenants such as Fast Lane Car Wash, Jack in the Box, Taco Villa and Kiddie Academy Child Care.

September 28, 2015

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