ALLEN, TEXAS — A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Bethany Center, a 10,000-square-foot strip shopping center in the Dallas/Fort Worth suburb of Allen. Located on the northwest corner of Bethany Boulevard and Highway 5, the recently remodeled property houses tenants including Royal Chopstix and Lucky Paws Pet Lodge. Sean Byrne of The Byrne Company represented the seller. Jose Thankachan of Beam Real Estate represented the unnamed buyer.
Texas
FLOWER MOUND AND MANSFIELD, TEXAS — Disney Investment Group (DIG) has brokered the sale of two Dallas/Fort Worth Metroplex shopping centers for approximately $35 million. The properties include Cross Timbers Village, located in Flower Mound at the intersection of FM 1171 and Brutan Orand Blvd.; and Mansfield Pointe, located in Mansfield on the corner of Highway 287 and Debbie Lane. The 19,333-square-foot Cross Timbers Village is shadow-anchored by a Tom Thumb grocery store and is in proximity to the Wellington Estates community. The 148,529-square-foot Mansfield Pointe was 97 percent occupied by tenants including Sports Authority, Bed Bath & Beyond, PetSmart and Party City. In the sale of Cross Timbers Village, David Disney and Adam Crockett of DIG represented the seller, an entity controlled by Direct Development and Thackeray Partners, and also procured the buyer, a private buyer. In the sale of Mansfield Pointe, David Disney brokered the deal between the seller, The Retail Connection, and the buyer, Inland Real Estate Acquisitions.
DALLAS — HFF has brokered the sale of the 300-room DoubleTree Dallas – Campbell Centre. Constructed in 1980 and renovated in 2008, the full-service hotel includes 15,000 square feet of meeting space, a full-service restaurant, lobby lounge, fitness center, business center, gift shop and complimentary shuttle. Located at 8250 N. Central Expressway, the property is in proximity to the Dallas central business district, NorthPark Center Mall, the George W. Bush Presidential Library and Southern Methodist University. Bill Stadler and John Bourret led the HFF team representing the seller, a joint venture between GTIS Partners and Aimbridge Hospitality. Black Forest Ventures was the buyer.
CEDAR HILL, TEXAS — Compass Self Storage has acquired a 63,000-square-foot self storage facility in the Dallas/Fort Worth suburb of Cedar Hill. Located at 1150 U.S. Highway 67, the recently constructed property will be operated by Compass Self Storage LLC as the brand’s first Texas location. Compass, a member of the Amsdell family of companies, now operates 45 self storage facilities nationwide.
FORT WORTH, TEXAS — Cassidy Turley has brokered a 38,550-square-foot industrial lease in Fort Worth for Southside Trim, which installs factory and aftermarket car upgrades. The tenant will occupy space at CentrePoint 4, located at 4300 Buckingham Road in the CentrePoint Business Park. Blake Anderson and David Eseke of Cassidy Turley represented Southside Trim in the negotiations.
There is no denying the Houston commercial real estate market is one of the strongest in the nation, and all indications are it will remain on this upward trajectory — especially the industrial sector. The Urban Land Institute (ULI) recently ranked Houston as the second best market to invest in industrial real estate in the country in its Emerging Trends in Real Estate 2014 report, and the organization predicts we will continue to build on this momentum. While energy-related businesses and healthcare have certainly fueled the overall real estate growth in recent years, we are now seeing more consumer goods and e-commerce tenants take occupancy in industrial properties. This activity will ramp up even more as we move closer to the Panama Canal expansion opening in 2015, as well as the enlargement of the Port of Houston. Larger Trends In the first quarter of 2014, we saw 2.4 million square feet of industrial space delivered, and more than 8 million square feet of industrial construction underway. Vacancy remains low at 5.4 percent, and net absorption is at 1.6 million square feet for the first quarter of 2014. A steady increase in job creation and homebuilding are also contributing factors. Houston’s …
HOUSTON — Fountain Residential Partners has broken ground on Campus Vue, a 465-bed off-campus student housing property to serve the University of Houston. The five-story community, which is being constructed on the former site of the Beall Village apartment complex, will offer one-, two- and four-bedroom units, as well as a parking garage, swimming pool, fitness room and fifth-floor overlook of the university campus. Centerpoint Builders is serving as general contractor on the project, and the design team includes 5G Studio Collaborative, Domus Studio Group and Kimley-Horn Associates. Campus Vue is Fountain Residential’s second off-campus student housing property serving the University of Houston, the first being Vue on MacGregor, which is fully preleased for the fall semester of 2015.
PLANO, TEXAS — Mainstreet, Greenbrier Development LLC and Adolfson & Peterson Construction have commenced construction of a new 100-unit, 66,500-square-foot seniors housing property in Plano. Designed by PRDG Architecture, the two-story facility will feature a community room, movie theater, salon, fitness center, game room, spa and four different dining venues. Ninety percent of the community’s apartments will be one-bedroom, private-bath residences. Indiana-based Mainstreet and Dallas-based Greenbrier are partnering on the development, while Adolfson & Peterson Construction is serving as general contractor. The Ensign Group will operate the soon-to-be-named property upon its completion in the first quarter of 2015.
DALLAS — Frazier Revitalization Inc., Parkland Health & Hospital System and BOKA Powell have broken ground on a new $19.8 million, 44,300-square-foot outpatient clinic in the Fair Park area of Dallas. The facility, to be located on a seven-acre site on the corner of Scyene Road and Hatcher Street, will serve geriatric and behavioral health patients in addition to providing on-site diagnostic imaging and lab services. The property, which will meet the city’s Green Building guidelines, will be situated adjacent to the Hatcher Station of the Dallas Area Rapid Transit (DART) system. Construction is slated for completion in the first quarter of 2015.
MIDLAND, TEXAS — A new 118-suite Homewood Suites by Hilton has opened in Midland. The first Homewood suites property in the Midland/Odessa area, the four-story, extended-stay hotel is located at 1401 Tradewinds Blvd., in proximity to Midland International Airport and several major oil and gas company facilities. NewcrestImage LLC owns and manages the hotel.