Texas

HFF Arranges Sale, Financing of Office Property in Uptown Dallas

by Haisten Willis December 2, 2014

DALLAS — HFF has arranged the sale and financing of 3811 Turtle Creek, a 296,000-square-foot Class A office tower in Uptown Dallas. HFF marketed the asset on behalf of the seller, MetLife Real Estate Investors. KBS Capital Advisors purchased the property for an undisclosed amount. HFF’s debt placement team also secured a seven-year, 3.6 percent, fixed-rate loan on behalf of the new owner through a life insurance company. The property sits on five acres at the intersection of Turtle Creek Boulevard and Blackburn Street near the Turtle Creek Village mixed-use development, which is under construction. The 21-story property was recently renovated and features a gym and 899-space parking garage. The building was 81 percent leased at the time of sale to tenants including Eagle Materials Inc., Prosperity Bank, Estes Okon Thorne & Carr and Gables Residential.

December 2, 2014

Home2 Suites by Hilton Hotel Opens in College Station

by Haisten Willis December 2, 2014

COLLEGE STATION, TEXAS — Home2 Suites by Hilton has opened in College Station. The hotel is a mid-tier, all-suite property designed for business travelers and extended stay guests. The College Station location is the 45th Home2 Suites property to open nationally. The 111-suite hotel is located at 300 S. Texas Ave., one block from the Texas A&M University campus. Amenities include laundry and fitness areas, continental breakfast, pool and outdoor grills.

December 2, 2014

Office Texas

Harwood Arranges Office Lease in Dallas’ Rolex Building

by Haisten Willis December 2, 2014

DALLAS — Harwood International has arranged a new office lease in the Harwood district of Dallas. Collett is expanding its offices to the Rolex Building, occupying 4,000 square feet. Collett was established in 1987, employs 50 real estate professionals, manages six million square feet of commercial space in eight states and has developed more than 95 projects totaling 14 million square feet. The Rolex building, built in 1984, spans seven stories and 155,550 square feet.

December 2, 2014

Multifamily Texas

BMC Provides $1.1M Loan for Apartment Complex in San Antonio

by Haisten Willis December 2, 2014

SAN ANTONIO — Brian Gramlich of BMC Capital’s Dallas office has arranged a $1.1 million purchase loan for an apartment complex in San Antonio on behalf of an unnamed borrower. The loan was cross collateralized on two properties at a 65 percent loan-to-value ratio with a 4.9 percent rate and 30-year amortization schedule.

December 2, 2014

Multifamily 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

Multifamily Texas

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

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