IRVING, TEXAS — Developer Trammell Crow Residential has completed the 317-unit Alexan Urban Center apartments in Irving. Located at 850 Lake Carolyn Parkway, the property offers one- and two-bedroom apartments plus amenities including two swimming pools, two conference rooms, a business center, a fitness center and a clubhouse. Residence interiors feature wood vinyl flooring, granite countertops and stainless steel appliances. The nearby Orange Line expansion of the Dallas Area Rapid Transit system offers access to dining, retail and entertainment options. Meeks + Partners served as architect on the project, and Faulkner Design Group worked as interior designer.
Texas
DALLAS — HREC Investment Advisors has brokered the sale of the 227-room DoubleTree Market Center in Dallas. Located at 2015 Market Center Blvd., the property is in proximity to Interstate 35 and within a five-minute drive from downtown, as well as Dallas Love Field airport. The hotel features an outdoor pool, fitness center, café, bar, business center and 7,500 square feet of meeting and event space. Axle Capital Group acquired the asset. Hank Wolpert and Geoff Davis of HREC represented the seller, Rolf Tweeten of Alliance Hospitality Management. Tweeten will continue to manage the property.
MESQUITE AND FRISCO, TEXAS — Venture Commercial has brokered the sale of two retail properties previously leased by Albertsons totaling 117,693 square feet in the Dallas/Fort Worth suburbs of Mesquite and Frisco. Dallas Retail Associates sold the properties. The 61,395-square-foot Mesquite property is located at 2106 N. Galloway Road, in proximity to Town East Mall. John Zikos, Charlotte Cooper, Chris Corbin and Chris Booras of Venture represented the seller in this transaction. The buyer, Paso Vista Properties, represented itself. The 55,728-square-foot Frisco property, partially occupied by an Aldi grocery store, is located at 6951 Preston Road. Zikos, Booras and Tonya Hagood of Venture represented the seller in this transaction. The buyer, The Tana Group, represented itself.
DALLAS — Marcus & Millichap has brokered the sale of Park Place, an 82-unit apartment community in Dallas. Located at 2115 and 2116 N. Garrett Ave., the property offers studio, one- and two-bedroom floor plans ranging from 475 to 960 square feet, as well as proximity to Central Expressway. At the time of the listing, the complex was 94 percent occupied. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. Crittenden also secured the undisclosed buyer.
HEMPSTEAD, TEXAS — Marcus & Millichap has brokered the sale of a 108,000-square-foot industrial building in the far northwest Houston suburb of Hempstead. Constructed in 2009 and expanded in 2013, the tilt-wall facility features crane-ready space and includes climate-controlled labs and finished office space. Logan Industries International Corp, a provider of hydraulic repair, field and design services for the offshore oilfield industry, holds an extended triple-net lease for the property. Located at 1000 Blasingame Road, the asset is in proximity to a Southern Pacific rail line near the intersection of U.S. Highway 290 and State Highway 6. Christopher Jones of Marcus & Millichap represented the seller, a private investor, in the transaction. Charlie Hampton, also with Marcus & Millichap, represented the buyer, a limited liability company.
LONGVIEW, TEXAS — CBRE Hotels has brokered the sale of the 60-unit Comfort Suites in Longview. Located at 3307 N. 4th St., the hotel is in proximity to the Lake O’ the Pines reservoir. The three-story property features an indoor swimming pool, hot tub, exercise facility, meeting space, complimentary breakfast and wireless internet. Bert Stevens, Nate Sahn and James Johnson of CBRE represented the seller, Heritage Inn XII LP, in the transaction. Breiton Hospitality LLC, which purchased the asset, plans to maintain the current branding and will invest in upgrades.
HOUSTON — Moody Rambin has arranged a 10,016-square-foot office lease at the 363 N. Sam Houston Parkway building of Houston. Construction and engineering firm Day & Zimmerman Group Inc. will occupy the space. The larger property, a tower totaling nearly 400,000 square feet, is in proximity to the interchange of Sam Houston Parkway and Interstate 45. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, 363 Northbelt LP, in the negotiations. Jon Lee of CBRE represented the tenant.
GRAND PRAIRIE, TEXAS — McRoberts & Co. has brokered the sale of a 75,127-square-foot tract in the Dallas suburb of Grand Prairie. The buyer, QuikTrip Corp., will construct a 5,900-square-foot store at the site, which is located at the northeast corner of Interstate 30 and Beltline Road. David Tarrant of McRoberts & Co. represented the seller, 1111 Beltline. QuikTrip Corp. was internally represented.
The Corpus Christi regional economy has been pushed into overdrive with the South Texas oil boom, which is resulting mainly from the Eagle Ford Shale play. The main area of Eagle Ford is located about 90 miles to the north, but the impact to the Corpus Christi economy is tremendous. The Port of Corpus Christi is at the center of this growth, with billions of dollars foreign and domestic being spent on projects throughout the Port and the area. China-based Tianjin Pipe Corporation (TPCO) is under construction on their $1.3 billion plan that will manufacture oil and gas pipes. Switzerland-based Trafigura AG is spending around $500 million to build crude oil and natural gas storage docks, and Cheniere Energy is planning a $10 billion plant that liquefies natural gas to sell it abroad. All of the above and several other projects are bringing workers and money into our economy. The refineries (Valero, Citgo, Lyondell and more) are operating at capacity with continual upgrade projects on their board. Of course, with the industrial growth, you can expect retail growth, and 2013 was indeed been a strong year for Corpus Christi. To list just a few of the national and regional tenants …
FORT WORTH, TEXAS — CBRE has arranged an $11 million loan for the acquisition of Ridge Rock Plaza, a 114,495-square-foot power center in Fort Worth. Thackeray Partners purchased the property, which is located on Overton Ridge Boulevard in close proximity to Hulen Mall. The center was fully occupied at the time of the loan closing with a tenant roster including Bed Bath & Beyond, Michaels, Pier 1 Imports, Sun & Ski Sports and Sleep Experts. The eight-year loan includes a fixed rate for the first five years and a floating rate based on LIBOR for the remainder of the term.