Texas

HFF Arranges Sale of Two Metro Dallas Retail Sites

by Haisten Willis July 10, 2015

CROSS ROADS, TEXAS — HFF has arranged the sale of two multi-tenant buildings totaling 24,000 square feet that are part of Village at Cross Roads shopping center in the Dallas suburb of Cross Roads. HFF arranged the sale of the property on behalf of the seller, Lovett Commercial. The assets consist of two outparcels located at the corner of U.S. Highway 380 and FM 424. The 100 percent-leased outparcels are home to Mattress Firm, Starbucks, UPS, Supercuts, Sally Beauty Supply, Fuzzy’s Taco Shop and T-Mobile. The asset is shadow-anchored by an 185,900-square-foot Walmart Supercenter. Ryan West, Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.

July 10, 2015

Healthy Demand Jumpstarts Construction Activity in Dallas Industrial Market

by Haisten Willis July 10, 2015

The Dallas/Fort Worth industrial market is one of the biggest and most strategically important in North America. With an inventory of more than 500 million square feet of warehouse and distribution space, the DFW industrial market serves a metro area of 6.8 million people and a larger region that stretches to Mexico. More than 70 percent of goods exported to Mexico roll through the metro area, and the North American Free Trade Agreement (NAFTA) has been a huge driver of those exports. These days, the industrial market is buoyed by a local economy that is outpacing most of the nation’s major metros. In March, Dallas/Fort Worth registered an unemployment rate of 4 percent, compared to 5.9 percent in Atlanta, 6 percent in New York, 6.4 percent in Chicago and 6.6 percent in Los Angeles, according to the U.S. Bureau of Labor Statistics. The GDP also grew by a healthy 2.2 percent in 2014. Dallas/Fort Worth’s economic momentum has heightened demand for industrial space. The first quarter of 2015 marked the 18th consecutive quarter of positive absorption, according to CBRE. The DFW industrial market has been among the top five markets in absorption over the past several years, and this impressive …

July 10, 2015

Multifamily Texas

Allied Orion Group Breaks Ground on Apartment Complex in Metro Houston

by Haisten Willis July 9, 2015

MANVEL, TEXAS — Allied Orion Group has broken ground on Southfork Lake, a 328-unit apartment complex located in Manvel. Scheduled to open in summer 2016, Southfork Lake is the first multifamily property Allied Orion Group has built in the Manvel/Pearland area. Steinberg Design Collaborative Architects designed the complex. Southfork Lake will be located at 3333 Southfork Parkway, near local retail, dining and entertainment destinations. Floor plans range from one to three bedrooms and will feature granite countertops with under-mount sinks, stainless steel appliances and nine-foot ceilings. Amenities will include a swimming pool with cabanas, courtyard with grilling stations and a fitness center. The community will also offer a pond and walking track, an air-conditioned pet care center, a dog park with 6,000 square feet of space with separate areas for large and small dogs and both attached and detached garages.

July 9, 2015

Loans Multifamily Student Housing Texas

LMI Capital Closes $7M Loan for Refinancing of Student Housing Property in Bryan

by Haisten Willis July 9, 2015

BRYAN, TEXAS — Kurt Dennis and Ken Lawrence of LMI Capital has arranged $7 million in debt for the refinancing of a student housing complex in Bryan. The Class B property is located a few blocks from the Texas A&M campus. On behalf of the borrower, Dennis obtained a 10-year, fixed-rate nonrecourse loan that provided cash out proceeds to the client and features a three-year interest-only period.

July 9, 2015

Retail Texas

M&M Arranges Sale of 22,286 SF Retail Property in Metro Houston

by Haisten Willis July 9, 2015

LEAGUE CITY, TEXAS — Marcus & Millichap has arranged the sale of Laurel Bay Center, a 22,286-square-foot retail property located in League City. Nik Kapetanakis, Gus Lagos and Keith Lloyd of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a bank/financial institution. Laurel Bay Center is located at 2660 Marina Bay Drive.

July 9, 2015

Industrial Texas

CBRE Arranges Sale of Industrial Portfolio in Metro Austin

by Haisten Willis July 9, 2015

ROUND ROCK, TEXAS — CBRE has arranged the sale of five freestanding tilt-wall industrial buildings in the Forest Commons Business Park at 3912 – 3920 Gattis School Road in Round Rock. Long View Equity Partners, an Austin-based real estate investment firm, acquired the assets from HOWMAT Development LP. Totaling 160,830 square feet, the buildings were designed and built by HOWMAT’s parent company, Central Texas Tiltwall LP, an Austin-based design-build firm. Long View expects the transaction to be immediately accretive for its third co-mingled investment fund. The facilities are 100 percent leased to a variety of industrial and flex office tenants. Long View plans to hold the property long-term. Greg Marberry of CBRE represented the seller in the transaction.

July 9, 2015

Retail Texas

Four Tenants Sign on at Village On The Parkway Retail Center in Dallas

by Haisten Willis July 9, 2015

DALLAS — Four new retailers are joining Village on the Parkway, a 357,731-square-foot retail center situated on 31 acres in Dallas, and will open their doors at the property over the next few months. Vestar, a privately held real estate company, currently handles property management, leasing and marketing at the center. Leasing for this project is done in partnership with Venture Commercial brokers Easley Waggoner and Tim Henson. The new retailers include: Soma, a women’s intimate apparel boutique which will occupy 2,549 square feet; Francesca’s, a women’s clothing and accessory store which will occupy 1,400 square feet; Chico’s, offering branded clothing and accessories for women which will occupy 3,453 square feet; Beauty Brands, a salon and spa superstore which will occupy 6,844 square feet. With these four tenants, Village on the Parkway is now 92 percent leased. Additional major tenants include Whole Foods Market, AMC Theatres, Ra Sushi, Gloria’s Latin Cuisine, Yard House, AT&T and 24 Hour Fitness.

July 9, 2015

Office Texas

Champion Partners to Renovate Parkside Tower in Dallas

by Haisten Willis July 8, 2015

DALLAS — Champion Partners has rebranded 3500 Maple, an 18-story office building in Dallas, as Parkside Tower at 3500 Maple. Along with the name change, the tower has undergone a renovation focused on health, wellness and convenience to better accommodate the professional class in the Uptown market. Champion, a Dallas-based commercial real estate investment and development firm, will work with Gensler and Building & Land Technology on the renovation. The redevelopment of the 376,000-square-foot building will include transformed entry elements and a new lobby, a new outdoor plaza and courtyard area, new common lounge and seating areas off the building lobby with WiFi connectivity, a fitness center, café and new front door drop-off area along Maple Avenue. Other amenities will include wood furnishings and green technology. Located in Uptown, the building will offer a full-service experience on health, wellness and convenience with easy access to the Katy Trail.

July 8, 2015

Retail Texas

M&M Arranges Sale of 31,686 SF Retail Property in Metro Dallas

by Haisten Willis July 8, 2015

CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Frankford Point Plaza, a 31,686-square-foot retail property located in Carrollton. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Chad Knibbe of the firm’s San Antonio office secured the buyer, a private investor. Frankford Point Plaza is located at 1837 W. Frankford Road. The center is 94 percent occupied, and all leases are triple-net. Tenants include Villa Mediterranean Grill, Carrollton PMT Center, Corporate Caterers, Allstate Insurance, Two Men Music, US Healthworks, The Daiquiri Shoppe, Big Slick Poker Academy and Renegade Classics DFW. The building was constructed in 2002 and sits on 4.3 acres.

July 8, 2015

Office Texas

Gaedeke Group Begins Construction on One Legacy West Office Tower in Dallas

by Haisten Willis July 8, 2015

DALLAS — Gaedeke Group LLC has begun construction on the 327,856-square-foot One Legacy West, a speculative five-star office building beside the future headquarters campuses of Toyota Motor North American and FedEx Office & Print Services Inc. The 11-acre development site is located at the southeast corner of Sam Rayburn Tollway and Legacy Drive. The office building will be part of the $2 billion Legacy West, a 240-acre urban mixed-use development that is spearheaded by Karahan Cos., KDC and Columbus Realty Partners. One Legacy West and its attached six-level parking structure will be completed in the fourth quarter of 2016. Designed for LEED Gold certification, the project will be the first multi-tenant office space to deliver in Legacy West. Mark Dilworth, principal of Dallas-based Morrison Dilworth + Walls, designed One Legacy West. Austin Commercial is the general contractor and Andres Construction is the construction manager.

July 8, 2015

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