WEBSTER, TEXAS — Cushman & Wakefield Texas Retail Advisors has arranged the sale of Baybrook Gateway, a 236,854-square-foot regional power center in Webster, a suburb of Houston. Baybrook Gateway is located at the southeast corner of Bay Area Boulevard and I-45. The property was built in 1995 and is 65 percent occupied. Tenants include Ashley Furniture, Michaels, World Market, Aaron Brothers and Barnes & Noble. Tom Salanty, Chris Harden and Kris Von Hohn of Cushman & Wakefield Texas Retail Advisors represented the unnamed seller.
MCKINNEY, TEXAS — The Woodmont Co. has completed a seven-year, 10,709-square-foot lease with Dollar Tree within a 27,182-square-foot retail building in McKinney. The property is located at 1970 Central Expressway. Karen Mitchell and Dorinda Cavender of The Woodmont Co. completed the lease on behalf of the owner, a Texas-based limited liability company. Jim Weir of The Retail Connection represented Dollar Tree. The store will open in July and will occupy 39.4 percent of the property, bringing the asset to 80 percent leased. The property is located off Central Expressway (Highway 75) and Highway 380.
DALLAS — CBRE has brokered the sale of Citymark, a Class A office building in Dallas’ Uptown submarket. The asset is located at 3100 McKinnon St. on a 3.7-acre site and compromises an 11-story office tower, four-level parking garage and half-acre developable parcel with roughly 200 feet of frontage along McKinnon Street. The office asset offers a total of 218,926 rentable square feet and is 73.6 percent leased. Bradford Commercial Real Estate Services purchased the asset from Hines Real Estate Investment Trust Inc. for an undisclosed price. CBRE’s Gary Carr, John Alvarado, Eric Mackey and Robert Hill represented the seller. On-site amenities include a full-service deli with indoor and outdoor seating, a fitness center and a landscaped plaza with a half-court basketball court and jogging trail. Citymark houses the U.S. headquarters of its largest tenant, Balfour Beatty Construction.
AUSTIN, TEXAS — KeyBank Real Estate Capital has secured a $27.9 million Freddie Mac loan for Renaissance at North Bend, an apartment complex located in Austin. The 366-unit, garden-style apartment community was built in 1999. Alex Buecking of KeyBank’s commercial mortgage group arranged the financing, which was used to pay off an existing Fannie Mae Loan scheduled to mature in 2017.
HOUSTON — HFF has arranged the sale of Copperfield Village Shopping Center, a 165,293-square-foot, dual-anchored retail center in northwest Houston. HFF arranged the sale of the property on behalf of the seller, Copperfield Village Investors LP. Kimco Realty Corp. purchased the asset for an undisclosed amount and assumed an existing loan. Copperfield Village Shopping Center is situated on 16.4 acres at 7081 State Highway 6 N. The property is located in the Copperfield master-planned community and is 92 percent leased to anchors Sprouts Farmers Market and Ross Dress for Less, in addition to tenants Goody Goody Liquor, Dollar Tree, Five Below, Panera Bread and Leslie’s Pool. Rusty Tamlyn, Ryan West, Matt Berry and Robbie Kilcrease led the HFF investment sales team in representing the seller.
CEDAR HILL, TEXAS — Trademark Property Co., the operating partner for Uptown Village at Cedar Hill, has announced a multi-million dollar renovation of the 610,000-square-foot shopping center. The renovation includes a rebrand, enhanced entrances, upgraded landscaping, common area improvements, a new children’s play area, new amenities for adults and children and new signage throughout the property. After acquiring a minority interest in Uptown Village at Cedar Hill in the summer of 2014, Trademark conducted market research with research firm Alexander Babbage to gather information about the center’s shoppers, including demographics, trade area and what customers wanted. Uptown Village at Cedar Hill currently includes 350,000 square feet of specialty stores and restaurants, as well as 31,000 square feet of office space. The center has more than 65 tenants including Charming Charlie, Chico’s, Hollister, James Avery, Old Navy, Papaya, The Children’s Place and Victoria’s Secret. The anchor retailers are Barnes & Noble, Dillard’s and Dick’s Sporting Goods.
HOUSTON — NAI Partners represented Stag Industrial Holdings LLC in the acquisition of a 185,000-square-foot manufacturing building located on 16.8 acres at 1020 Rankin Road in Houston. STAG Industrial is a real estate company focused on the acquisition, ownership and management of single-tenant industrial properties. John Ferruzzo and Clay Pritchett of NAI Partners represented the buyer, STAG Industrial, while Bill Rudolf and Gray Gilbert of CBRE represented the seller, Texas Best Land LP, in the transaction.
Everyone is buzzing about the significant amount of speculative construction all over Texas. For the first time since 2008, San Antonio’s office construction is picking up the pace with 928,395 square feet of speculative development underway. Local developers with conservative land positions are taking the lead on all of these developments as they respond to an increasing need for relevant office building options for corporate firms—something San Antonio has not had since 2009, when Concord Park II, Overlook at the Rim, Plaza Las Campanas and others were delivered. Both the Far North Central and Northwest submarkets have witnessed the bulk of recent absorption activity, offering newer, more efficient office options near the more modern residential subdivisions and retail developments. The Northwest submarket also accounts for one-third of San Antonio’s total rentable building area for office space. As of Q4 2014, the Northwest submarket absorbed 342,927 square feet, while the North Central submarket absorbed 312,856 square feet. Two great examples of success in these submarkets are WestRidge One at La Cantera (completed in Q4 2014) and Éilan Buildings I and II (completed in Q1 2011). These two projects are responsible for 253,976 square feet of absorption in the past two years …
RICHARDSON, TEXAS — BC Station Partners LLC has purchased 54 acres in Dallas from the W.W. Caruth Jr. Foundation at Communities Foundation of Texas. The land is located at the southeast corner of Central Expressway and the President George Bush Turnpike. The site is for a new mixed-use project. The development will include office, retail and residential components. Upon completion, it is expected to include more than 1.35 million square feet of office space, 100,000 square feet of retail, 1,250 multifamily units and two hotels. The approximately $500 million, transit-oriented development will be immediately west of the CityLine project and adjacent to DART’s Bush Turnpike light rail station. Trammell Crow Residential (TCR) is scheduled to break ground on the first phase of the multifamily and retail section at the site in March. The first units are scheduled for delivery in late summer of 2016. Transwestern Development Co. is also in the planning phase for the site’s office component, which would be located at the northeast corner of Central and Renner Road.
DALLAS — AWH Partners LLC, a privately held real estate investment, development and management firm, has acquired the Westin Dallas Park Central. AWH Partners’ plans to complete more than $20 million in renovations to the 536 rooms and 42,000 square feet of meeting and event space. Spire Hospitality will oversee the renovation of the property and manage operations under a franchise agreement with Starwood Hotels & Resorts. The Westin Dallas Park Central is near two, premier Dallas shopping destinations, NorthPark Center and The Galleria Dallas, and the Dallas Arts District. Dallas/Fort Worth International Airport and Dallas Love Field Airport are within 30 miles. The hotel features 42,000 square feet of event space within a total of 30 flexible meeting rooms. Amenities include a fitness center, an outdoor pool, complimentary transportation within a five-mile radius, a Café In The Park restaurant and a lobby bar.