WESTLAKE, TEXAS — Echo Locum Tenens Inc. has leased 34,188 square feet of office space in Solana at 7 Village Circle in Westlake. Josh White and Neal Puckett of CBRE represented Echo Locum Tenens Inc. Chris Taylor, Rodney Helm, Trey Smith and Layne Mayfield with DTZ represented the landlord, Equity Office Properties, an affiliate of The Blackstone Group.
DALLAS — Henry S. Miller Cos. has negotiated the sale of a 49 percent ownership interest in two of its largest North Dallas shopping centers to a private family trust. The two properties are Market at Pepper Square, a 281,153-square-foot shopping center anchored by Stein Mart, Hobby Lobby and Trader Joe’s located at the southeast corner of Preston Road and Beltline Road; and Central Forest Shopping Center, a 94,879-square-foot shopping center anchored by Office Depot located at North Central Expressway and Forest Lane. Jim Brownlow of HSM Equities arranged the sale. Robert DuBois of Henry S. Miller negotiated the terms of the transaction on behalf of the seller.
COLLEGE STATION, TEXAS — The Texas A&M University System has selected Servitas LLC to develop 48 acres on the west side of Texas A&M University’s campus into student housing. According to school officials, the project will cost approximately $360 million to build and develop. The land will be ground leased to NCCD-College Station Properties LLC, a Texas nonprofit corporation, which will engage Servitas to develop the property, and contract with Servitas Management Group LLC to serve as manager of the development. Under the terms of the ground lease, NCCD-College Station will pay $18.5 million upfront to Texas A&M University, and future revenues are projected to average $20 million annually over 30 years. The facilities will revert to The Texas A&M University System upon termination of the ground lease. Raymond James served as the underwriter for the project and managed the financing process, which included coordinating the legal, structural and approval process through the issuer, The New Hope Cultural Education Facilities Finance Corp. Once the transaction was structured, Raymond James took the bonds to market garnering an overall cost of funds of 4.82 percent with a final maturity in 2047. The 48-acre site, which is currently pasture, is adjacent to a …
TULSA, OKLA. — KeyBank Real Estate Capital has provided a $7.2 million non-recourse, CMBS first mortgage for Park Villas Apartments, an apartment community located in Tulsa. The Class B property was 95 percent occupied at the time of financing. John Loshbaugh of KeyBank’s Commercial Mortgage Group arranged the financing.
SUGAR LAND, TEXAS — A report from SmartAsset, a personal finance technology company, ranks Fort Bend County, a county in the Houston metropolitan area, as No. 1 in Texas and No. 5 in the United States as the area with the most incoming investments. The data, aggregated from various sources including the U.S. Census Bureau, showed that the county ranked highly in several further categories including gross domestic product (GDP) growth, new building permits and municipal bonds. The county ranked No. 10 in Texas with a GDP growth of over $3.5 million from 2013 to 2014. Fort Bend also ranked No. 1 in Texas and No. 2 in the United States for the highest number of new building permits granted per 1,000 homes. From 2013 to 2014, the county had a municipal bonds index of 2.13, earning the No. 8 spot in Texas. These bonds have been used to enhance quality of life such as mobility, water and safety, and are responses to the high growth in employment and residential opportunities available in the county.
DALLAS — CBRE Capital Markets has arranged the sale of Brandywine Apartments, a 100-unit, value-add multifamily community in Dallas. 4710 Lake LLC purchased the complex from Brandywine Investments LLC. Chris Deuillet of CBRE’s Dallas office represented the seller. The property is located at 4710 Lake Ave., east of Parkland Hospital and the Dallas Medical District, and is 95 percent occupied. Current growth at Parkland Hospital and in Uptown Dallas is driving demand for upper end and workforce-level housing in the area. Planned improvements could support increased rental rates and property value. The average rental rate at Brandywine is approximately 23 percent less than the average rental rate in the immediate area.
LEWISVILLE, TEXAS — New tenants have signed on at Castle Hills Village Shops, part of the master-planned Castle Hills community in Lewisville. FroYo Smoo-licious recently opened a 1,026-square-foot store in the Village Shops. Long-time tenant Umi Umi sushi restaurant has moved to a larger space within the shops, adding a hibachi grill to the menu. Re-opening as Kanzi Sushi & Hibachi, the new 2,561-square-foot space added 1,200 square feet to the restaurant, plus a porch for outdoor dining that overlooks Lake Avalon. Kerry Assa of Bright Realty represented the landlord, Bright Realty, in both transactions. Kevin Park, of Coldwell Banker, represented Kanzi Sushi & Hibachi in its upgrade. Sean Conner, who opened PI.E 3.14 Everyday Eatery pizza kitchen in Castle Hills, is opening a second restaurant in the Village Shops. T.B.D. Kitchen is a chef-driven taco concept with craft cocktails that will occupy 1,779 square feet. Conner’s PI.E 3.14, with local chef Brent Hammer, also added more than 200 square feet to its space at the shops. Hammer will also oversee the menu at T.B.D. Kitchen. Assa represented the landlord in these transactions. Al Panigua with Swearingen Realty Group represented the tenant.
HOUSTON — Texoz E&P I, Inc., a subsidiary of Talon Petroleum Limited, has subleased their office space at Three Chasewood in northwest Houston to Huff Energy Holdings. Ryan Dierker with Newcor Commercial Real Estate represented the sublessor, Texoz E&P I, Inc. and the subtenant, Huff Energy Holdings, in the 2,235-square-foot office sublease transaction located at 20405 State Highway 249 in Houston. Newcor is a full-service commercial real estate company headquartered in The Woodlands. With a focus on north Houston and the area around the new Exxon Mobil campus, Newcor is positioned to maximize their clients’ opportunities in and around Houston’s new energy corridor.
AUSTIN, TEXAS — Karlin Real Estate has closed out the 1 million-square-foot first phase of PARMER Technology and Office Park with the sale of Parmer 6.2, a 292,000-square-foot office/flex building, to Casa Marco. Located at 301 Howard Lane, the building is one of three similarly sized institutional quality buildings that make up PARMER’s first phase, known at Sector 6. Karlin acquired the buildings from Dell in December 2012 when the computer maker moved to consolidate its operations to a 350-acre complex in Round Rock. Since then, the Los Angeles-based investor has backfilled 100 percent of the vacant buildings with a variety of companies including GM, Allergan and Met Labs. CBRE’s Mark Emerick and John Barksdale represented both parties in the transactions. Karlin and Dallas-based Trammell Crow Co. are developing the 400-acre technology and office park.
DALLAS — SHOP Cos. Investment Sales has arranged the sale of three retail properties in metro Dallas totaling 47,476 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented three different sellers in each transaction. The sales included: Custer Plaza, a 29,152-square-foot retail center located in Frisco. At the time of closing, the property was 100 percent leased to tenants including Texas Family Fitness, Subway, Rosatti’s, Asiana Biztro, Life Changing Chiropractic and Serene Dentistry. SHOP Cos. represented the seller, a Dallas-based limited partnership. SHOP Cos. also procured the buyer, a private investor from metro Dallas; Ridgeview Village, a 16,474-square-foot shopping center located in Allen on Watters Road off of its intersection with Highway 121. The property was 100 percent leased to tenants including The Brass Tap, The Cryo Center of Allen, Max Muscle, Nail Trends, Laser Beauty Medical Spa, Shaiwase Japanese Restaurant and S J Lee Taekwondo. SHOP Cos. represented the seller, a Texas limited liability company, and procured the unnamed buyer; Starbucks, a new-construction 1,850-square-foot restaurant as a pad to a new Kroger Marketplace in Granbury. Starbucks signed a 10-year lease and sits along the frontage of U.S. Hwy 377 and FM 4/Acton Highway.