DALLAS — Bilingsley Co. has broken ground on a 31,450-square-foot build-to-suit office property at Cypress Waters, a master-planned development in Dallas. The single-story structure will serve as the new corporate headquarters of Cheddar’s Casual Café, a chain of restaurants with more than 150 locations in 28 states nationwide. Slated for completion in May, the project will be the first office building at Cypress Waters, which totals 1,000 acres along I-635 and stretches into the adjacent city of Irving. The new Cheddar’s facility will feature a test kitchen and training wing in addition to traditional workspaces.
Texas
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 — Colliers has brokered the sale of Western Place I and II, a pair of office towers totaling 427,000 square feet in southwest Fort Worth. The Class B assets, which are located at 6000 and 6100 Western Place along I-30, are leased to institutional tenants such as Lockheed Martin and BAE Systems. Western Place I stands 11 stories, while Western Place II stands 10 stories. Creighton Stark, Mark McEwen and Ben Lurie of Colliers represented both the seller, Sovereign Capital, and the buyer, TLC Urban, in the transaction. The acquisition required the assumption of an existing CMBS loan.
AUSTIN, TEXAS — HFF has brokered the sale of the Aspen Lake, Tower of the Hills and Tower Point office buildings, which total 380,000 square feet in northwest Austin. Fortis Group of New York acquired the properties in the transaction. Andrew Levy and Todd Savage of HFF represented the sellers, Crimson Real Estate Fund (CREF) and its co-investment partners Admiral Capital Group and USAA Real Estate Co. CREF originally purchased the assets in 2011.
OKLAHOMA CITY — Full-service real estate company Binswanger has brokered the sale of a six-building industrial complex totaling 215,290 square feet in Oklahoma City. The structures, located on approximately 15 acres at 3810 N. Tulsa Ave., feature reinforced concrete floors, 23 total loading doors, fluorescent lighting and 38,338 square feet of air-conditioned office space. Situated on the northwest side of the city, the assets are in proximity to I-44, I-40, I-35, I-235, Northwest Expressway and Lake Hefner Parkway, in addition to Will Rogers World Airport. Kipp Collins of Binswanger represented the seller, Franklin Electric Co. Inc., in the transaction. The buyer, Orton Development Inc., plans to market the property for sale or lease to a variety of users.
SAN ANTONIO — Berkeley Point Capital LLC has arranged a $9.8 million refinance loan for Aguila Oaks Apartments, a 346-unit multifamily community in San Antonio. The affordable housing property includes 25 garden-style apartment buildings, two swimming pools, two laundry facilities, a leasing office and a learning center. Mickey Rist of Berkeley originated the 35-year, FHA 223(a)(7) loan. California-based Cesar Chavez Foundation, which has built or renovated 42 communities in California, Arizona, New Mexico and Texas, is the sponsor. Funds from the refinancing will be used for near-term capital improvements and a large initial deposit to reserves for future capital needs.
DALLAS — Developer Cawley Partners and architect BOKA Powell have broken ground on Knoll Trail Plaza, a 120,000-square-foot office building in Dallas. The four-story Class A structure is located at 16400 N. Dallas Parkway and will feature amenities, such as a fitness center, rooftop deck, café and bike racks. The property, designed for LEED Silver certification, is 40 percent pre-leased and will serve as the headquarters of Sundown Energy. Completion is slated for November.
BRENHAM, TEXAS — Marcus & Millichap has brokered the sale of Dixie Street Storage, a 44,150-square-foot self storage facility in Brenham, a city on U.S. Highway 290 between Houston and Austin, for $1.1 million. The property, located at 405 N. Dixie Street, includes 284 units and an office on a five-acre parcel. Justin Miller and David Knobler marketed the property on behalf of the seller, a Texas-based partnership. Miller and Knobler also secured the buyer, a private investor.
SAN ANTONIO — Blakeley Commercial Real Estate (BCRE) has arranged a 12,446-square-foot medical office lease for the Center for Health Care Services in San Antonio. The tenant will occupy space at Legacy Oaks, a seven-building development located on Fredericksburg Road within the South Texas Medical Complex. Lynn Blakeley of BCRE represented the Center for Health Care Services in the negotiations. Lindsey Tucker and Carl Salvato of CBRE represented the undisclosed landlord.
IRVING, TEXAS — Coldwell Banker Commercial (CBC) Alliance DFW has arranged a 10,525-square-foot office lease for Pegasus Info Tech Inc. in Irving. The larger single-story building, which was acquired and renovated over the past two years by Life Is A Skyway LLC, is located at 3001 N. Skyway Circle and includes 20,090 square feet. The tenant, a software company, will use the space as its new headquarters, relocating from 122 W. John Carpenter Freeway. Bret Messer of CBC Alliance DFW, who oversaw the recent upgrades, will continue to manage the property. Sharon Friedberg and Melanie Hughes of Bradford Commercial Real Estate represented Pegasus in the negotiations.