Texas

M&M Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis December 2, 2014

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Park Row East, a 205-unit apartment complex located in Arlington. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, PPA Group of Austin. Silva also secured the buyer, a local limited liability company. Park Row is located at 3201 E. Park Row Drive, just east of U.S. Highway 360 and south of I-30. The property was built in 1972 and consists of 28 buildings. The new owner plans to make improvements to the property to make it more competitive in the rental market.

December 2, 2014

Griffis Residential Purchases Apartment Complex in Metro Austin for $55.5M

by Haisten Willis December 1, 2014

ROUND ROCK, TEXAS — Griffis Residential has purchased The Orchard Apartments, a 512-unit Class A apartment complex located in Round Rock, for $55.5 million. The complex is located in the city’s La Frontera commercial business, retail and housing center. With the acquisition, Griffis Residential now owns and manages 5,658 multifamily units. The Orchard Apartments is the first Austin area complex the company owns, and will be renamed Griffis La Frontera as part of the transaction. The complex was built in 1997 and Griffis plans to invest more than $4 million in upgrades.

December 1, 2014

Industrial Texas

CBRE NEGOTIATES SALE OF BUSINESS PARK IN DALLAS

by Haisten Willis December 1, 2014

DALLAS — CBRE Capital Markets has negotiated the sale of Cedar Springs Business Park, a newly constructed office and industrial complex in Dallas. Dallas-based Berlin Interests purchased the 33,248-square-foot building from Dallas-based Carlisle Interests. Cedar Springs is located near the corner of Mockingbird Lane and Cedar Springs Road close to Dallas Love Field Airport. The building is 100 percent occupied by a variety of tenants including Park Cities Petals, Oxshott, SEI Metal Tek and TLC Events Rentals. Jennifer Pierson, Beth Pierson and Cameron Deptula of CBRE’s Dallas office represented the seller.

December 1, 2014

Multifamily Texas

ARA Arranges Sale of Mid-Rise Apartment Complex in Austin

by Haisten Willis December 1, 2014

AUSTIN, TEXAS — ARA has arranged the sale of Tree, a 335-unit Class A community located in south Austin. Pat Jones of ARA Austin represented the sellers, Greystar and The Carlyle Group. A private Canadian investment group was the buyer. Tree was built in 2014 and consists of one- and two-bedroom floor plans as well as a five-story concrete garage. Amenities include a swimming pool, gym, bocce ball court, meditation fountain and an outdoor kitchen. Tree sits next to Highway 290 and was 94 percent leased at the time of sale.

December 1, 2014

Retail Texas

Construction Begins on Retail Property in Metro Houston

by Haisten Willis December 1, 2014

KATY, TEXAS — Hunington Properties has begun construction on Shops at Mason Creek, a 23,000-square-foot retail center in Katy. The project is being built in conjunction with the recently completed Mason Creek Corporate Park office development. The park is located at the intersection of the Katy Freeway and Mason Road, with a mix of restaurants and retail storefronts.

December 1, 2014

Retail Texas

Verizon Destination Store Opens at BLVD Place in Houston

by Haisten Willis November 26, 2014

HOUSTON — The third Verizon Destination Store in the United States has opened at BLVD Place in Houston. The store is four times the size of a typical Verizon store and is designed to showcase Verizon’s newest devices. The two-story Houston store spans 12,224 square feet, with consumer products on the first floor and business products located on the second floor. BLVD Place is a mixed-use project under development in Houston’s uptown district. The project includes a Whole Foods Market, Frost Bank’s Houston headquarters, shops and restaurants, office space and high-rise residences.

November 26, 2014

Office Texas

CBRE Arranges Sale of Office Building in Metro Dallas

by Haisten Willis November 26, 2014

RICHARDSON, TEXAS — CBRE Capital Markets has arranged the sale of Collins Square, a 213,864-square-foot office building in Richardson. Pillar Commercial, a Dallas-based real estate investor and operator, teamed with Origin Capital Partners to purchase the asset from StreamCo for an unnamed price. The newly formed joint venture is seeking additional investment. The four-story office building is 87 percent leased to The Travelers Indemnity Co., a wholly owned subsidiary of The Travelers Cos. Inc. Eric Mackey, Gary Carr, John Alvarado and Robert Hill with CBRE Capital Markets’ Dallas office represented the seller.

November 26, 2014

Industrial Texas

Stream Realty to Develop Industrial Property in Metro Dallas

by Haisten Willis November 26, 2014

NORTHLAKE, TEXAS — Stream Realty Partners, a real estate services, development and investment firm, has closed on a 61-acre site in Northlake. Stream will develop three Class A industrial buildings totaling 945,035 square feet. The project, Northport 35 Business Center, will be located near the Union Pacific and BNSF rail lines, Alliance Airport and many logistics and industrial companies. Albert Jarrell of Stream’s construction division will oversee the project. Cannon Green and Bob Hagewood of Stream Realty will oversee leasing.

November 26, 2014

Office Texas

NorthMarq Arranges $18.3M Refinancing of Office Property in San Antonio

by Haisten Willis November 25, 2014

SAN ANTONIO — NorthMarq Capital’s San Antonio office has arranged the $18.3 million refinancing of Concord Park II, a 121,698-square-foot office property located at 401 E. Sonterra Blvd. in San Antonio. The seven-year loan included a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with AIG, a life insurance company. Tenants at the property include Baker Hughes, Microsoft Corp., Weatherford International, Liberty Mutual and Raymond James Financial, Inc.

November 25, 2014

Hospitality Texas

Henry S. Miller Brokers Sale of Former Hotel Property in Metro Dallas

by Haisten Willis November 25, 2014

CARROLLTON, TEXAS — Bill Bledsoe and Muhammed Patel of the Henry S. Miller Investments/Land Division recently brokered a land transaction in Carrollton. Pack Properties X LLC purchased the property, which sits on 4.3 acres at 1735 S. I-35 E., from Dalcom Corp. The property formerly was the site of the Royal Inn. Sam Pack will build a new Chevrolet dealership at the location.

November 25, 2014

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