GARLAND, TEXAS — The Retail Connection has arranged a lease of 51,796 square feet for Fitness Connection at Shiloh Square, a shopping center in the northeast Dallas suburb of Garland. Located at 2334 W. Buckingham Road, the property is in proximity to the Bush Turnpike, Highway 75, Interstate 635 and Interstate 30. Sherman Hinkebein and Wyatt Russo of The Retail Connection, along with Bob Ginsberg and Amy Nott of CBRE, represented the tenant, a gym. AVG Partners is the landlord.
Texas
Saying that Austin's multifamily market has been a strong performer for the past several years would be stating the obvious and hardly newsworthy, considering that all of the well-reported economic rankings list Austin at or near the top. Nevertheless, the numbers from the past five years are remarkable. While 2013 will go into the record books as one of the best years for multifamily landlords, the real story for 2014 — and beyond — is how the market responds to the two forces that have clearly started to change: supply and financing. Supply Surge There is no hiding the fact that a building boom is occurring in central Austin, as the cranes for multi-family construction easily outnumber the activity in hospitality and office properties combined. Completions for 2014 are expected to be approximately 12,000 units, with the highest concentration (more than 3,000 units) in the central sub-markets. This is a dramatic increase in new supply in a market that has been significantly under supplied due to the collapse of the capital markets in 2008. After a couple of years focused on urban, in-fill projects, the recent third quarter reports indicate that developers are returning to the suburbs, with over 18,000 …
ADDISON, TEXAS — Gaedeke Group LLC has acquired the Millennium Tower, a 351,683-square-foot office asset in the suburb of Addison, part of the Far North Dallas submarket. Developer Wynn Jackson completed the 14-story structure and adjacent seven-story parking garage, located at 15455 N. Dallas Parkway, in 2000. It will be 97.8 percent occupied as of January, and General Electric subsidiary Dresser Inc. is the largest tenant, occupying 44,115 square feet. KBS Realty Advisors sold the LEED-certified building after investing approximately $1.6 million in capital improvements since 2009. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE marketed the property on behalf of the seller. Belinda Dabliz of Gaedeke will handle leasing going forward, while Debra Spears is responsible for on-site management.
GRAND PRAIRIE, TEXAS — Developer Weeks Robinson Properties, general contractor The Conlan Company and architect Alliance Architects Inc. have completed the construction of new 880,000-square-foot distribution center for home accessory and furniture retailer Restoration Hardware in the Dallas suburb of Grand Prairie. The build-to-suit facility, located on 50 acres at the corner of Pioneer Parkway and State Highway 161, features 38-foot clear heights, painted tilt wall panels, 48,000 square feet of office space and an employee fitness center. An adjacent park area includes enhanced landscaping and walking trails. Pacheco Koch Consulting Engineers, Hunt & Joiner Consulting Structural Engineers and AOS Engineering provided civil engineering, structural design and MEP design services, respectively.
TEXAS AND OKLAHOMA — Tilted Kilt Franchise Operating LLC and Kilt Management LLC, both based in Tempe, Ariz., will develop 15 new Tilted Kilt pubs in Texas and Oklahoma during the next five years, including five locations in the Dallas/Fort Worth Metroplex. New locations in nearby Frisco and Las Colinas are already operating. The development marks the brand’s entry into the Sooner State, though a specific location has yet to be announced. Kilt Management is acting as developer of the new properties and will also oversee operations and management.
AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Wilshire West, a 90-unit apartment community in Austin. Originally constructed in 1963, the garden-style property consists of 12 two-story buildings and offers one- and two-bedroom layouts. Amenities include landscaped courtyards, a swimming pool and two barbecue areas. Located at 4411 Airport Blvd., the complex is in proximity to major area employers Dell’s Children Medical Center, Seton Hospital headquarters and the University of Texas research campus. Andrew Shih and Matt Pohl of ARA represented the seller in the transaction, Santa Barbara, Calif.-based M3 Multifamily. West Hollywood-based Reliance Capital Management purchased the property, which was 95 percent occupied at the time of the sale, as part of a 1031 tax-deferred exchange.
HARKER HEIGHTS, TEXAS — HFF has arranged the sale of and acquisition financing for Market Heights, a 412,645-square-foot retail power center in Harker Heights, a suburb of Killeen. The property, which was completed in 2007, is anchored by Ross Dress for Less, Dick’s Sporting Goods, Bed Bath & Beyond, Barnes & Noble, Cinemark, Old Navy, ULTA and Petco. Market Heights is shadow-anchored by Target. Located at 201 E. Central Expressway, the asset offers proximity to State Highway 190, as well as the nearby cities of Fort Hood and Temple. HFF both represented the seller, Direct Development, and secured the buyer, Cole Credit Property Trust IV. Kevin MacKenzie and Adam Herrin of HFF led the team that arranged the acquisition financing through Bank of America Merrill Lynch.
AUSTIN, TEXAS — Drawbridge Realty Trust has acquired the 76,910-square-foot Stonecreek Park, an office asset in Austin, for $16.9 million. The two-story, Class A property is located in the Northwest Corridor submarket at 3300 Duval Road, in proximity to the MoPac Expressway and Interstate 35, and was completed in 2000. Amenities include underground parking. Myriad Genetics Inc., a molecular device producer serving the healthcare industry, anchors the facility. Lionstone Group arranged the acquisition financing.
MANSFIELD, TEXAS — Full-service real estate company Advenir has acquired Advenir@Walnut Creek, a 256-unit multifamily community in the Dallas/Fort Worth suburb of Mansfield. The property is located at 3251 Matlock Road. Completed in 2002 and formerly known as Spyglass, the complex offers one-, two- and three-bedroom floor plans plus communal amenities such as a swimming pool, fitness center, business center and media room. Fifty units have undergone interior improvements since May 2013, and the new ownership plans to upgrade the remainder of the units by 2015. Advenir represented itself in the transaction, while Drew Kile and Will Balthrope of Institutional Property Advisors represented the seller, Kaplan Management Co. Braden Harmon of Berkeley Point Capital arranged the acquisition financing.
KATY, TEXAS — Developer Myers, Crow & Saviers Ltd. has leased the 135,000-square-foot Mason Creek Office Center I in the Houston suburb of Katy to Geico. Completed in July, the building is located at 21420 Merchants Way. Griff Bandy and Jon Silberman of NAI Houston represented the tenant in the negotiations, while Bob Cromwell and Kevin Nolan of Moody Rambin and Mark Saviers of Myers, Crow & Saviers represented the developer. With this lease, Myers, Crow & Saviers announces the construction of the 129,600-square-foot Mason Creek Office Center II, set to begin in March.