DALLAS — Casual Living Patio & Fireplace has acquired the 12,135-square-foot Cornerstone Plaza in an off-market transaction. The 1.9-acre retail property is located at 2801 E. Southlake Boulevard, near the Texas State Highway 114 junction. Casual Living plans to occupy 8,000 square feet of Cornerstone Plaza and lease the balance of space to a prospective tenant. The space will be renovated for three months before Casual Living opens.
Texas
DALLAS — UBS, a Switzerland-based financial services firm, has signed a 27,948-square-foot lease at Legacy Tower. UBS will relocate from its offices at the Spectrum and 5950 Sherry Lane in Dallas to the 12th floor of Legacy Tower late this year. The new location will serve as the company’s far north Dallas wealth management office. Legacy Tower is located at the southeast corner of the Dallas North Tollway and Legacy Drive. The building is pre-certified LEED Gold.Dennis Barnes, Celeste Fowden and Hunter Lee with CBRE Dallas represented the landlord, Trammell Crow Company and Principal Real Estate Investors, in the transaction. Mike Wyatt and Bill McClung with Cushman & Wakefield represented UBS.
CEDAR HILL, TEXAS — Trademark Property Co. has agreed to manage and lease Uptown Village at Cedar Hill, a 610,000-square-foot, mixed-use center in Cedar Hill, Texas. Located 20 minutes south of downtown Dallas, Uptown Village includes 350,000 square feet of retail and 35,000 square feet of office space. The center features 72 tenants including Dillard’s, Dick’s Sporting Goods and Barnes & Noble. Trademark begins management and leasing duties immediately.
THE WOODLANDS, TEXAS — Starwood Hotels & Resorts Worldwide Inc. and The Howard Hughes Corp. have announced the Westin brand will open a fifth hotel in the Houston area. The Westin, The Woodlands will open in late 2015 inside The Woodlands, a master planned community 27 miles north of downtown Houston. The hotel will have 302 rooms, more than 15,000 square feet of meeting and pre-function space, an outdoor pool, gym, restaurant, lobby bar, pool and business center. It will be located in The Woodlands’ Waterway Development Square.
LEWISVILLE, TEXAS — City Office REIT has acquired Lake Vista Pointe in metro Dallas for a purchase price of $28.4 million. Lake Vista Pointe is a 163,000-square-foot office property in Lewisville. The property was built in 2007 and is fully leased to Ally Financial Inc. through 2021. The acquisition is expected to generate a full-year cash net operating income yield of 7.8 percent. The deal was financed with an $18.5 million mortgage with a fixed 4.3 percent interest rate for 10 years.
CARROLLTON, TEXAS — RealPage Inc., a Carrollton, Texas-based provider of property management software, is forming a partnership with Zillow Inc., which provides information on real estate. RealPage’s rental site, MyNewPlace.com, will join the Zillow Rental Network. Under the agreement, multifamily rental professionals marketing their listings on Zillow will have the option to also have listings appear on MyNewPlace.
HOUSTON — Westcreek HTX Partners LLC has closed on the final three parcels of the 30-acre Westcreek at River Oaks apartment complex in Houston. Austin-based Cypress Real Estate Advisors has been selling pieces of the property, which is located at West Loop 610 between Westheimer and San Felipe. The tracts sit next to the River Oaks District project being developed by San Diego-based OliverMcMillan. Clinton Sayers and Paul Byars with Sayers & Associates Commercial in Austin represented the buyer. CBRE represented the seller.
HOUSTON — Peska, a seafood restaurant, will open a 6,000-square-foot store at Phase II of BLVD Place, a new mixed-use development under construction in Houston’s Uptown/Galleria. Ed Wulfe, chairman and CEO of Wulfe & Co., is managing partner of the development. Stockbridge Capital Group of San Francisco serves as equity advisor in the transaction. Peska is owned by the Mexico-based Ysita family, which runs four restaurants in Mexico under the La Trainera brand. BLVD Place is located on the southwest corner of Post Oak Boulevard and San Felipe Street in Houston. The complex is 80 percent leased, with a 52,000-square-foot Whole Foods Market and a 55,000-square-foot regional headquarters for Frost Bank serving as the major tenants.
VICTORIA, TEXAS — Marcus & Millichap has announced the sale of Point Royale Apartment Homes, a 120-unit apartment complex in Victoria. Terms of the sale were not released. Joe James, Kent Myers and J. Patrick Burke, senior associates in Marcus & Millichap’s Austin office, represented the seller, developer and buyer, a limited liability company. Built in 2012, the complex is located at 4106 North John Stockbauer Drive in Victoria, approximately 30 miles from the Gulf of Mexico. The apartments are near the Citizens Medical Center, the Caterpillar Hydraulic Excavator plant, Victoria College and the University of Houston-Victoria. Apartments at Point Royale feature one-, two- and three-bedroom floor plans. Amenities include gated entry, covered parking, a swimming pool, fitness center, clubhouse and business center.
DALLAS — Drever Capital Management LLC has sold Honey Creek, a 656-unit apartment complex in north Dallas, following a $3.7 million, seven-year redesign that raised occupancy from 80 to 94 percent. The sales price was not disclosed. B.H. Management acquired the three-story complex, which is located at 11611 Ferguson Road just off Interstate 635. A team of brokers from ARA Inc.’s Dallas office included Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr. and Jakob Andersen.