Texas

Kennedy Wilson Arranges $1.3M Sale of Retail Property in New Braunfels

by Danielle Everson November 19, 2014

NEW BRAUNFELS, TEXAS — Kennedy Wilson has arranged the sale of a 6,000-square-foot retail building in New Braunfels, 15 miles north of San Antonio, for $1.3 million. The property is located at 490 S. Business IH-35 and is fully leased to Advance Auto Plus, a provider of aftermarket automotive parts. Ernest Brown and Jorge Rodriguez of Kennedy Wilson’s San Antonio office represented the unnamed buyer. John Heeren of SMPO Real Estate LLC represented the seller, Mitchell Leigh Potash, trustee of the Mitchell Leigh Potash Dynasty Trust. Retailers located near the property include Sears, Hobby Lobby, CVS Pharmacy and Domino’s Pizza.

November 19, 2014

CBRE Brokers Sale of Homewood Suites Hotel in Brownsville

by Danielle Everson November 19, 2014

BROWNSVILLE, TEXAS — CBRE Hotels has brokered the sale of the 86-room Homewood Suites hotel in Brownsville, 15 miles north of the Mexico border. Blue Star Hospitality LLC purchased the property, which is located at 3759 N. Expressway from an unnamed California-based company. The new owner plans to renovate the hotel and maintain the Homewood Suites brand. Bert Stevens of CBRE Hotels’ Dallas office represented the seller. The hotel features a business center, 630-square-foot meeting room, gym, pool, sports court and barbecue area. The property is located near the Port of Brownsville, Brownsville-South Padre Island International Airport and the University of Texas at Brownsville.

November 19, 2014

Multifamily Texas

Phoenix Capital Partners Purchases Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Phoenix Capital Partners LTD, a Dallas-based private equity firm, has purchased The Villas at West Oaks, a 342-unit apartment complex located in Houston. This will be the first acquisition investment for Phoenix Capital Realty Fund VI LP, which is sponsored by Phoenix Capital.

November 19, 2014

Multifamily Texas

Lubert-Adler Sells 320-Unit Apartment Complex in Houston

by Danielle Everson November 19, 2014

HOUSTON — Lubert-Adler has sold Tiburon, a 320-unit Class A apartment complex in Houston, to a private individual. ARA Real Estate Investment Services represented Lubert-Adler in the transaction. Lubert-Adler acquired Tiburon in 2011 from its original developer, UDR Inc., as part of a larger value-add multifamily investment strategy. Tiburon was built in 2008 and is located just off Beltway 8, less than two miles from U.S. Highway 290. Amenities include a clubhouse, business center, gym and swimming pool.

November 19, 2014

Office Texas

Cassidy Turley to Develop Office Space in Uptown Dallas

by Danielle Everson November 18, 2014

DALLAS — Cassidy Turley’s project and development services team will oversee the design and construction of Sidley Austin LLP’s 73,600-square-foot office space at the new McKinney & Olive office building in uptown Dallas. Sidley Austin is a law firm with more than 1,800 attorneys in 18 offices around the world. The company has leased the top three floors McKinney & Olive, a new office tower owned by Crescent Real Estate Holdings LLC. The space is located next to the Ritz-Carlton and a few blocks from The Crescent. Brad Blankenship, Dale Martin, Kyle Griffith, Randy Cooper and Craig Wilson of Cassidy Turley arranged the transaction on behalf of the tenant. Gensler is the architect for the project.

November 18, 2014

Mixed-Use Texas

New Businesses Opening in Colleyville

by Danielle Everson November 18, 2014

COLLEYVILLE, TEXAS — A host of new businesses are set to open in the Dallas suburb of Colleyville. Teddy’s Bigger Burgers, Jersey Mike’s and Colleyville Smiles have all signed leases to open in Colleyville Stampede, a 12,847-square-foot retail building under construction at 4712 Colleyville Boulevard. Tey Tiner of United Commercial Realty represented Standridge Cos. in the lease negotiations. In addition, Luna Grill and Tea2Go have signed leases at Town Center Colleyville. Luna Grill has signed a 10-year lease for 2,443 square feet at 5505 Colleyville Blvd and Tea2Go has signed a 10-year lease for 2,000 square feet at 5611 Colleyville Blvd. Easley Waggoner of Venture Commercial Real Estate LLC represented Velocis Partners in lease negotiations.

November 18, 2014

Mixed-Use Texas

New Tenants Set to Join Mixed-Use Development in Metro Dallas

by Danielle Everson November 18, 2014

FLOWER MOUND, TEXAS — Realty Capital Management LLC, developer of the Lakeside DFW mixed-use development in Flower Mound, has leased 76 percent of the project’s first phase. Lakeside DFW is located at the intersection of FM 2499 and Lakeside Parkway. Phase I consists of six buildings with 50,000 square feet of commercial space on the ground floor, plus a 45,000-square-foot movie theater. Tenants who have signed leases include Cavaro Prime Brazilian Steakhouse, Paradise Bistro and Coffee Co., Taverna del Lago, Bottle & Bottega, Elite Pups Luxury Dog Daycare & Spa, Majestic Nail Spa, The Lodge Barbershop, Amber Michelle Salon, Engel & Volkers and State Farm Insurance. Phase I is set for completion early next year, with businesses opening throughout the first and second quarters of 2015.

November 18, 2014

Office Texas

Hudson Peters Arranges Office Lease in Dallas

by Danielle Everson November 18, 2014

DALLAS — Hudson Peters Commercial has arranged a 51,400-square-foot lease at the Pyramids Office Tower for Shackelford, McKinley, Melton & Norton LLP, a Dallas law firm. The property is located at 9201 N. Central Expressway and is part of the Pyramids at Park Lane complex. Healthcare Realty Trust Inc. owns the complex. Cincha Kostman and Sanober Syed of Hudson Peters represented the landlord. The Amend Group represented the tenant.

November 18, 2014

Multifamily Texas

M&M Arranges Sale of 59-Unit Apartment Building in Metro Dallas

by Danielle Everson November 18, 2014

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Kent Apartments, a 59-unit apartment complex located in Garland. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Denninger also procured the buyer, an individual/personal trust. Kent Apartments is located at 3810 W. Walnut St., less than three miles north of I-635. The complex features 18 one-bedroom units and 31 two-bedroom units. Floor plans range in size from 625 to 825 square feet. The complex is pet friendly and includes a gated playground for children.

November 18, 2014

Mixed-Use Texas

Construction Begins on Mixed-Use Project near Texas A&M

by Danielle Everson November 17, 2014

COLLEGE STATION, TEXAS — Midway, a Houston-based real estate and development firm, has begun construction on a mixed-use development known as Century Square. The project is being built in partnership with Texas A&M University. The development will feature more than 290,000 square feet of shopping, dining, office and entertainment space, along with two hotels. Century Square will occupy a 60-acre tract along University Drive between Texas Avenue and College Avenue. The project is scheduled for completion in fall 2016.

November 17, 2014

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