Texas

Kennedy Wilson Arranges Sale of Historic Aztec Theatre in San Antonio

by Haisten Willis February 6, 2015

SAN ANTONIO – Kennedy Wilson represented both the buyer and the seller in the sale of the 112,000-square-foot building known as the Aztec Theatre, a historic mixed-use building located at 201 E. Commerce Street in San Antonio. The structure was recently renovated and is located in the central business district. Suzanne Havekost of Kennedy Wilson’s brokerage group in the firm’s San Antonio office represented the buyer, Aztec Family Group LLC, and the seller, Aztec Project Development Ltd., in the transaction. Built in 1926, the theatre underwent more than $20 million in restorations and renovations, first in 1998 when Belgian Baron Theodore Bracht of Aztec Project Development Ltd. purchased the property . In 2013, Sam Panchevre of the Aztec Family Group LLC leased the facility and made an additional investment to increase the seating capacity and upgraded the venue to accommodate live music and entertainment.

February 6, 2015

M&M Arranges Sale of 220-Unit Apartment Building in Dallas

by Haisten Willis February 6, 2015

DALLAS — Marcus & Millichap has arranged the sale of The Villas of Sorrento, a 220-unit apartment property located in Dallas. Norman Eastwood, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a partnership. Eastwood also procured the buyer, a limited liability company. The Villas of Sorrento is located at 3130 Stag Road, just east of I-45 and south of Loop 12. Built in 1996, features one-, two- and three-bedroom floor plans ranging from 624 square feet to 1,039 square feet. At the time of listing, the occupancy was 96 percent.

February 6, 2015

Market Reports Office Texas Texas Market Reports

What Does Oil Price Fallout Mean for Houston?

by Haisten Willis February 6, 2015

It’s safe to say that the recent drastic drop in oil prices is a hot topic everywhere, and it certainly dominates the discussion in Houston real estate. As we read market predictions of how long it will take for the price of oil to rebound and the impact it will have on the economy, we must try to predict on a micro level what the consequence will be to tenants and landlords. With the price of oil below $50 per barrel and still declining, it is understandable why the uncertainty of the market is causing many tenants to put their space requirements on hold or reconsider their occupancy plans altogether. Despite the Greater Houston Partnership’s projection for 63,000 new jobs to be added in Houston in 2015 and the countless construction cranes that can be seen all over the city, the daily announcements of layoffs, reduced capital expenditure plans and mergers leave considerable room for doubt and uncertainty about the market. Although the Houston economy is more diverse today than it was 30 years ago, a strong correlation between the price of oil and office rental rates remains. The Houston employment and real estate market will, however, benefit from its …

February 6, 2015

Office Texas

Stream Realty Partners Breaks Ground on Office Development in Dallas

by Haisten Willis February 5, 2015

DALLAS — Stream Realty Partners has broken ground on the first phase of its latest office development, Connection Park. Situated at the intersection of Freeport Parkway and LBJ Freeway, Connection Park will include at least 301,000 square feet of office space across two buildings. Stream is partnering with Alex Brown Realty on the project. Dallas-based American Bank of Texas is providing construction financing. Located on 18.3 acres of real estate fronting LBJ Freeway, Phase I of the Connection Park campus includes a 3.5-story building and 141,219 square feet of Class A office space. The top floor will feature a patio-ready rooftop, which tenants can convert to an indoor/outdoor cafe or executive amenity. Design firm Powers Brown is the project’s architect and EMJ Corp. is the general contractor for Phase I. Construction on the 160,000-square-foot second phase of Connection Park will begin later this year.

February 5, 2015

Loans Multifamily Texas

BMC Capital Provides $2.8M Loan for Apartment Complex in San Antonio

by Haisten Willis February 5, 2015

SAN ANTONIO — BMC Capital’s Austin office has arranged a $2.8 million refinancing loan for a multifamily property located in San Antonio. The non-recourse bridge loan includes a 60 percent loan-to-value ratio, a three-year fixed rate of 6 percent with full-term interest-only payments. The loan was arranged through one of BMC Capital’s correspondent banking relationships and closed in less than 30 days.

February 5, 2015

Office Texas

Bright Realty Brokers Two Land Sales in Metro Dallas

by Haisten Willis February 5, 2015

LEWISVILLE AND PROSPER, TEXAS — Bright Realty has brokered land sales in the Dallas suburbs of Prosper and Lewisville. Tim McNutt and Britton Lankford of Bright Realty brokered the sale of one acre near Nebraska Furniture Mart at State Highway 121 and West Essex in Lewisville. McNutt and Lankford represented the seller, CHPC Commercial Ltd., in the transaction. Tom Paredes of John T. Evans Co. Inc. represented the buyer, TRD Enterprise LLC. In Prosper, Blake Davis and McNutt of Bright Realty represented a local investor in the purchase of .689 acres on Coit Road.

February 5, 2015

Office Texas

CBRE Arranges Sale and Financing of Office Property in Dallas

by Haisten Willis February 5, 2015

DALLAS — CBRE Capital Markets has arranged the sale and financing for AT&T Pinnacle Park, a 206,040-square-foot office building in Dallas. The Aztec Fund purchased the asset from American Realty Capital Properties Inc. for an undisclosed price. The four-story office building is fully leased to AT&T Services Inc., a wholly owned subsidiary of AT&T Inc. Operations housed at AT&T Pinnacle Park include a customer service center for U-verse, the company’s three-pronged suite of broadband Internet, voice-over-Internet protocol telephone and Internet protocol television services. AT&T is headquartered in nearby downtown Dallas. Eric Mackey, Gary Carr, John Alvarado, Robert Hill and Jack Fraker of CBRE represented the seller. Greg Greene, Scott Lewis and Matt Ballard, also of CBRE, arranged financing on behalf of the borrower. Pinnacle Business Park is an 880-acre, master-planned business park located along the south side of I-30 at Cockrell Hill Road, five miles west of downtown Dallas.

February 5, 2015

Retail Texas

Cushman & Wakefield Arranges Sale of 179,122 SF Retail Center

by Haisten Willis February 5, 2015

ABILENE, TEXAS — Cushman & Wakefield’s Capital Markets group has arranged the sale of Shops at Abilene, a 179,122-square-foot power center located at 3517 Catclaw Drive in Abliene. Cronacher Corp. sold the asset to American Realty Capital Partners. Tom Salanty, Chris Harden and Kristopher Von Hohn of Cushman & Wakefield represented Cronacher Corp. in the transaction. National and regional retailers anchor 97 percent of Shops at Abilene’s gross leasable area. Major tenants include Bed Bath & Beyond, Michael’s, Old Navy, PetSmart, Ross, Shoe Carnival and TJ Maxx.

February 5, 2015

Office Texas

Lee & Associates Arranges Office Leases in Metro Dallas

by Haisten Willis February 4, 2015

GRAND PRAIRIE, TEXAS — Lee & Associates has arranged the lease of five industrial properties in OakRidge Business Center in Grand Prairie. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, IndCor Properties, on the leases. The arrangements include renewal and expansion of Lennox Industries’ lease of 9,674 square feet at 1201 WN Carrier Parkway. New leases include Elegant Accents’ 6,000-square-foot flex space located at 1201 WN Carrier Parkway; Easy Sale’s lease of 5,000 square feet; and Veteran Garage Door’s lease of 2,500 square feet located at 1209 WN Carrier Parkway. NAWF will expand to 14,400 square feet at 1213 WN Carrier Parkway. OakRidge Business Center has recently undergone remodeling with new construction and make-ready suites.

February 4, 2015

Loans Multifamily Seniors Housing Texas

Grandbridge Arranges $6M Loan for Seniors Housing Property in Dallas

by Haisten Willis February 4, 2015

DALLAS — Grandbridge Real Estate Capital has arranged a $6 million loan for Acadia Assisted Living, an 88-unit seniors housing community located in Dallas. BB&T Real Estate Funding’s Structured Loan Program provided funding for the acquisition. Richard Thomas and Meredith Davis of Grandbridge originated the transaction. Grandbridge’s seniors housing and healthcare finance team offers construction, non-recourse acquisition/bridge and permanent financing options to seniors housing owners nationwide.

February 4, 2015

Newer Posts

Older Posts