DALLAS — Sidley Austin LLP has preleased 75,000 square feet at the new McKinney & Olive office building in uptown Dallas. Crescent Real Estate Holdings LLC broke ground June 19 and construction is underway at the development located at 2021 McKinney Avenue. The office space will include 480,000 square feet, with Sidley Austin occupying the top 2.5 floors. Cassidy Turley executive managing director Craig Wilson and vice chairman Randy Cooper represented Sidley Austin in the transaction. Developer Crescent Real Estate Holdings was represented in-house by John Zogg. McKinney & Olive will be adjacent to the Ritz-Carlton and a few blocks from The Crescent. The McKinney Trolley service will provide access to Klyde Warren Park, the Dallas Arts District and other nearby attractions.
Texas
STAFFORD, TEXAS — HFF has secured refinancing for Shadowbrooke and Silverbrooke, two apartment complexes totaling 552 units in Stafford. HFF worked on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions. The company negotiated five-year, fixed-rate loans at 3.1 percent with two years of interest-only payments through Freddie Mac’s CME program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company first bought the assets in 2011. Shadowbrooke and Silverbrooke are located at 1025 Dulles Avenue and 1020 Brand Lane in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke has 240 units and is 95.8 percent leased. Silverbrooke has 312 units and is 96.2 percent leased.
HOUSTON — Embrey Partners LTD of San Antonio and Texas-based Stonelake Capital Partners LLC have opened a four-story apartment complex at the southwest corner of Highway 249 and Cypresswood Drive in northwest Houston. The project includes 336 units on 15.4 acres. Highpoint at Cypresswood consists of two, four-story buildings with six elevators. Rents on one- and two-bedroom units, which range from 574 to 1,188 square feet, start at $900 per month. The complex features a 6,500-square-foot clubhouse, pool, grilling areas, a dog park, bike station and fitness room.
HOUSTON — Baker Katz, a Houston-based commercial real estate brokerage firm, has negotiated 59,608 square feet of Mattress One leases in the Houston area during the first half of 2014. Clay Alberts of Baker Katz negotiated the leasing of 16 Mattress One locations with a number of brokers. The leases are at both freestanding structures and shopping centers. Five stores are in Houston proper, while the others are in suburbs including Nederland, League City, Spring, Port Arthur, Beaumont, Tomball, Katy and Cypress.
BEDFORD, TEXAS — TNA Realty LP has acquired 1.1 acres of land in Bedford, Texas for development of a 6,000-square-foot office building. Jim Turano, executive vice president of the Dallas-Forth Worth office/industrial division of Henry S. Miller Brokerage, represented TNA in the sale. The land is north of Highway 183 on Industrial Boulevard, less than 10 miles from Dallas-Forth Worth International Airport. Ledyard GC Jr Trustee bought the site from TNA and construction is projected to start this summer. Freddy Vestal of Vestal Investments represented Ledyard.
HUMBLE, TEXAS — HFF has brokered the sale of Atascocita Shopping Plaza, a 158,613-square-foot retail center in Humble anchored by a grocery store. HFF marketed the property on behalf of the seller, Red Tail Acquisitions. A private investor bought the building. Atascocita Shopping Plaza sits on 16.7 acres at 6900-7072 FM 1960 in Humble, less than seven miles from I-69. The property is 94.7 percent leased to tenants including Aldi, Dollar Tree, Specs and Goodwill. HFF’s sales team included senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.
HOUSTON —The United Way of Greater Houston has renewed and expanded its lease at 1300 Bay Area Blvd. in Houston. The charitable organization expanded its footprint from 31,770 square feet to 34,906 square feet. Trey Miller negotiated the lease on behalf of Boxer Property, while Jeff Lindenberger of Avison Young represented the tenant.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Embassy Apartments, a 111-unit multi-family property in Irving, Texas. John Barker, vice president of investments, and Alexander Skotarek, associate in Marcus & Millichap’s Fort Worth office, marketed the property on behalf of the seller, an unnamed limited liability company. Barker and Skotarek also represented the buyer, an unnamed private investor. Embassy Apartments is located at 1415 W. Airport Freeway in Irvin and is more than 95 percent occupied. It includes nine, two-story buildings with 83,340 square feet of rentable space. Average unit size is 750 square feet. Amenities include a swimming pool and on-site laundry.
DALLAS — Dougherty Mortgage LLC has arranged a $2 million Fannie Mae loan for the acquisition of Hyacinth Apartments, a 40-unit apartment complex in Dallas. The 10-year loan, amortized over 30 years includes one-year of interest-only payments and was arranged by Dougherty’s Dallas office.
HOUSTON — ARA has arranged the sale of 2411 Washington Ave., a 222-unit apartment complex on the eastern end of Houston’s Washington Corridor. ARA principals David Mitchell, Matt Rotan, David Oelfke and David Wylie arranged the transaction on behalf of the seller, M-M Properties. Adam Allen, managing director of capital markets, arranged financing on behalf of the buyer, AIMS Real Estate, a business unit of Goldman Sachs Asset Management. The complex is located near downtown Houston and Memorial Park. It was 92 percent occupied at the time of sale.