PLANO, TEXAS — Marcus & Millichap has brokered the sale of Woodburn Corners Medical Park, a 31,760-square-foot medical office property located at 3700 W. 15th St. in Plano. The asset is adjacent to The Medical Center of Plano. Terms of the sale were not released. Ron Hebert, vice president of investments in Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a limited liability company. Hebert also procured the buyer, a private investor.
AUSTIN, TEXAS — CBRE Auction Services is facilitating the online auction of 4266 Felter Lane — a combined 22,750-square-foot warehouse and office space on a two-acre site in Austin — as part of a bankruptcy court order. The property is situated two miles from the intersections of U.S. Route 183 and McKinney Falls Parkway, 3.6 miles from I-35 and Texas State Highway 71, and four miles from U.S. Route 183 and Texas State Highway 71. The property will be sold to the highest bidder at or above $400,000. The online auction will be held on Wednesday, March 11. Built in 1984, the one-story property’s warehouse space is approximately 16,750 square feet with an additional 6,000 square feet of office space. The site is currently zoned I-RR (Interim Rural Residence District Designation) and has fenced inside storage.
HOUSTON — NAI Partners has arranged a 45,185-square-foot industrial lease for Columbus McKinnon in Houston.The Amherst, N.Y.-based company is a worldwide designer, manufacturer and marketer of material handling products, systems and services. The industrial space is located at 845 Greens Parkway. Chris Kugle of NAI Partners represented the tenant, Columbus McKinnon. Richard Quarles and Mark Nicholas of JLL represented the landlord, DCT Greens Parkway LP.
BURLESON, TEXAS — Texas Land Group LLC has purchased two-thirds of an acre at Burleson Commons shopping center for a proposed Golden Chick Restaurant. The popular fast food chain, which specializes in fried chicken, has grown to more than 120 stores. The property is located at Highway 174 and FM 731 in Burleson, approximately 16 miles south of Fort Worth. The sellers were Cullinan Properties Ltd. and Burleson Commons LP. Golden Chick will join a future Kroger Marketplace, which is under construction and slated to open later this year, along with Qdoba Mexican Grill, Smashburger, Panda Express, and Roscoe’s BBQ. Neighboring tenants at the intersection include Target, Home Depot, H-E-B and Premier Cinema. Mark Reeder and Tyler Isbell with SRS Real Estate Partners represented Cullinan Properties in the transaction. Cody Lee with Wilco Realtors LLC represented Texas Land Group.
OKLAHOMA CITY — The new DoubleTree by Hilton Oklahoma City Airport hotel is now open. Renovations on the 134-room, full-service hotel included updates to the design and furnishings throughout the lobby, guest rooms and public areas. Suenos LLC owns the hotel. HP Hotels, the same team that owns and operates Hilton Garden Inn North Quail Springs in Oklahoma City, manages the property. The hotel’s guest rooms feature HDTVs, a refrigerator and microwave and complimentary WiFi. Community amenities include an indoor heated pool and hot tub, 24-hour fitness center, business center, on-site parking and shuttle service to and from the airport. Three meeting rooms span more than 1,600 feet of event space. The hotel is located off I-40 and is four miles from Will Rogers World Airport (OKC).DoubleTree by Hilton Oklahoma City Airport is located at 4410 SW. 19th Street.
DALLAS — Mill Creek Residential will renovate the Lakewood on the Trail apartment complex in Dallas as part of its value-add joint venture with AEW Capital Management. Mill Creek purchased the 352-unit complex in September 2013 and completed a renovation of the clubhouse. The company plans to renovate the units. Each apartment unit at the complex, built in the 1980s, will undergo an extensive upgrade package, including the addition of custom cabinets, granite countertops, modern lighting and new faucets. The new clubhouse and leasing office features a brand-new fitness studio and a Starbucks coffee station. Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail and is adjacent to the Lakewood Country Club. Mill Creek owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.
HOUSTON — NAI Partners has negotiated the sale of 2610 W. Sam Houston Parkway,a 24,300-square-foot office building located just north of Westheimer Road. A local law firm purchased the two-story, multi-tenant office property. Doug Pack and Sam Hansen with NAI Partners negotiated the sale on behalf of the unnamed seller.
HOUSTON — HFF has secured $15 million in financing for the Trails of Ashford, a 514-unit apartment property in southwest Houston. HFF worked on behalf of the borrower, Bayshore Properties, to secure the 10-year, fixed-rate loan with Jefferies LoanCore LLC. Loan proceeds were used to refinance and recapitalize the asset. The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet. There are nine different floor plans with an average unit size of 751 square feet. The property features a fitness center, two swimming pools, sand volleyball court, a lighted tennis court and limited gate access. The property is situated on nearly 29 acres at 12710 Brant Rock Drive. The property is within 10 miles of both the 610 Loop and the Sam Houston Tollway (Beltway 8), which provides access to all other major highways in and around Houston. Jason Bond and Dan Kearns led the HFF debt placement team representing the borrower.
KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.
The Amarillo Economic Development Corp. (EDC) is celebrating its 25th anniversary this year and it’s amazing to compare the state of our local economy in 1989 to today. Back then, Amarillo’s unemployment rate was higher than the national average and consumer activity was in a state of decline. What job opportunities did exist in Amarillo in the late 1980s were in a limited number of industry sectors. We were in a state of economic inertia. I joined the Amarillo EDC twenty years ago and thus have been able to witness and participate in the transformation that has followed. Legislation allowing the establishment of a local economic development sales tax, enacted in Texas in 1989, was overwhelmingly adopted by Amarillo voters that fall. Early on, that economic development sales tax revenue stream brought us about $6 million per year. Next year we expect those revenues will approach $18 million. That statistic alone is testament to the extent Amarillo’s economy has grown in 25 years. As Texans, we’ve been fortunate to have the nation’s strongest economy for several years and Amarillo has definitely contributed, having engaged in projects with companies like Tyson, AIG, Blue Cross Blue Shield and Atmos Energy. One of …
