MIDLAND AND ODESSA, TEXAS — Related Real Estate Recovery Fund has acquired a 21-property, 3,000-unit multifamily portfolio in Midland and Odessa. Orion Residential sold the assets, according to the local newspaper Odessa American. New ownership will invest in capital upgrades at the properties and expects to begin renovations within six months. An arm of New York-based Related Cos., Related Real Estate Recovery Fund closed in January 2012 after raising $825 million in equity commitments and has since invested in markets including Boston, Chicago and New York City.
Texas
FARMERS BRANCH, TEXAS — Developer Billingsley Co. will break ground this quarter on a 165,000-square-foot office structure in Farmers Branch for home security system provider Monitronics International Inc. The building, which Monitronics will use as its new headquarters, is the first office project at Billingsley’s Mercer Business Park, a 225-acre development at the northwest corner of I-635 and I-35. Architect Good Fulton & Ferrell designed the three-story facility, which is slated for completion in the summer of 2015. Rick Hughes and Dean Collins of Cushman & Wakefield represented Monitronics in the build-to-suit deal.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodstone Apartments, a 200-unit multifamily property in Fort Worth. Built in 1984, the garden-style complex offers one- and two-bedroom apartments, as well as amenities including laundry facilities, a clubhouse, swimming pool and spa. The community was 95 percent occupied at the time of the sale and is located at 6051 Bridge St., in proximity to the interchange of Loop 820 and I-30. Al Silva of Marcus & Millichap marketed the asset on behalf of the seller, British Columbia-based Ergas Group, and also procured the buyer, a California LLC. The property garnered 10 offers over a four-week marketing period. The new owner received a 10-year Fannie Mae loan for funds to upgrade both building exteriors and residence interiors.
AUSTIN, TEXAS — BBL Medical Facilities has completed a 127,000-square-foot medical office building on the Dell Children’s Medical Center of Texas campus in Austin. The four-story structure includes an imaging center and six-operating room ambulatory surgery center on the first floor, as well as an attached 650-space parking garage. The property is anchored on the second and fourth floors by tenant ‘Specially for Children, a 26-physician multi-specialty practice. Developer BBL Medical Facilities finished the project four months ahead of schedule.
AUSTIN, TEXAS — Clarion Partners LLC has acquired Las Cimas IV, a 138,008-square-foot office building in Austin’s Southwest submarket. Constructed in 2008, the five-story structure is located at 900 S. Capitol of Texas, in proximity to Loop 360 and Bee Cave Road. The property, which features a two-story lobby and on-site showers, was 93.5 percent occupied at the time of the sale. Clarion Partners is a New York-based real estate investment firm with approximately $30 billion in total real estate assets under management.
COPPELL, TEXAS — CBRE has brokered the sale of Coppell Market, a 90,225-square-foot shopping center in the Dallas suburb of Coppell. Located at the corner of North Denton Tap Road and State Highway 121, the property is fully occupied by tenants including anchor Market Street Grocery. Chris Gerard, Chris Cozby and Kevin Holland of CBRE represented the seller, United Commercial Development, in the transaction. Philips Edison & Co. purchased the asset.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 21,680-square-foot medical office building in the Dallas suburb of Lewisville. Constructed in 2003, the structure is located at 571 W. Main St., in proximity to I-35 and across from the Medical Center of Lewisville. The property, known as Main Street Medical, was not fully occupied at the time of the sale. Ron Hebert and Wayne Bares of Marcus & Millichap marketed the asset on behalf of the seller, a private investor. Hebert also secured the buyer, another private investor. The transaction closed within 77 days of the original listing.
AMARILLO, TEXAS — Plains Builders has begun the $6 million remodeling of Wolfin Square Shopping Center, a 200,000-square-foot retail property in Amarillo. Originally constructed in 1960, the strip center is located at the intersection of I-40 and Georgia Street. The remodeling will include the installation of new building facades, extensive landscaping upgrades, the creation of outdoor dining space and the construction of a new pad site for Texas Tea. The project is slated for completion in late 2015. General contractor Plains Builders is locally based.
HOUSTON — Developer Skanska has broken ground on a 280,000-square-foot data center facility in Houston for CyrusOne, an information technology infrastructure provider serving more than 600 clients in a variety of industries. The building, which will include 34,000 square feet of shell office space, will be the third at CyrusOne’s Houston West campus. Upon the building’s completion, the Houston West campus will comprise more than 1 million square feet. Kirksey Architecture provided design services for the project.
RICHMOND, TEXAS — Marcus & Millichap has brokered the sale of Waterside Commons, a 39,779-square-foot shopping center in the southwest Houston suburb of Richmond, for $8.9 million. Constructed in 2008, the property is located at 9825 S. Mason Road and was 96 percent leased at the time of the sale to tenants including Ace Hardware, Las Mananitas Mexican Restaurant, Waterside Dental, Strong Martial Arts and Friendship Animal Hospital. Jerry Goldstein of Marcus & Millichap marketed the property on behalf of the seller, the original developer.