DALLAS — Developer Billingsley Co. has broken ground on a new 340,000-square-foot warehouse within the Mercer Business Park in Dallas. Designed as a distribution center, the structure will offer highway frontage and excellent visibility. The speculative building will be the first at the development, which is situated at the northwest corner of the interchange of Interstate 635 and Interstate 35 and stretches northward into the adjacent city of Farmers Branch. Billingsley is also planning build-to-suit structures for the 225-acre site.
Texas
COLLEGE STATION, TEXAS — NorthMarq Capital has arranged a $25.8 million refinancing loan for The Trails at Wolf Pen Creek, a student housing property serving Texas A&M University in College Station. The 404-unit complex, located at 950 Colgate Drive, offers one-, two- and four-bedroom apartments, plus amenities such as two swimming pools, a fitness center, basketball court and clubhouse. Stephen Whitehead of NorthMarq negotiated the terms of the three-year loan, which includes a 25-year amortization schedule and two years of interest-only payments.
TOMBALL, TEXAS — HFF has brokered the sale of Tomball Crossing, a 164,348-square-foot power center in the northwest Houston suburb of Tomball. Completed in 2006, the property is located at 22485-22549 Tomball Parkway, near the interchange of State Highway 249 and Spring Cypress Road. The center was 94 percent leased at the time of the sale to tenants including Ross Dress for Less, Old Navy, Petco, Famous Footwear, Lupe Tortilla, Red Robin and Panera Bread. Ryan West and Rusty Tamlyn of HFF marketed the asset on behalf of the seller, Metro-National. Kimco Realty Corp. purchased the property with the exception of the North Cypress Emergency Room pad site, which was purchased by North Cypress Medical Center.
HOUSTON — Finial Group has arranged a 15,000-square-foot office lease in Houston for Texan Bank. The tenant will occupy the majority of a two-story, Class A building located at 12941 Gulf Freeway and use the space as its corporate headquarters. The first floor of the LEED Platinum-certified structure will house a branch of the bank. Reed Vestal, Taylor Schmidt and Greg Marconi of Finial Group represented both the tenant and the undisclosed landlord in the lease negotiations.
DALLAS — General contractor Hill & Wilkinson will break ground this month on the 165-unit Lincoln Knox apartment complex in Dallas. The contract is worth a reported $38.6 million. The new six-story community will be located at 4501 Cole Ave. and will feature a retail component, including a specialty grocer, in addition to residences. Sarofim Realty Advisors owns the construction site, Lincoln Property Co. is construction manager and developer, and Womack + Hampton Architects LLC is serving as project architect. Completion is slated for September 2015.
HALTOM CITY, TEXAS — Bradford Commercial Real Estate Services has brokered the sale of a 56,666-square-foot flex property and an adjacent 6.9-acre tract in the Fort Worth suburb of Haltom City. The building, the former headquarters of Progressive Concepts Inc., includes 24,000 square feet of office space, 3,000 square feet of retail/showroom space and approximately 30,000 square feet of warehouse space. Features include one acre of paved parking and two generators. The structure is located at 5718 Airport Freeway, and the undeveloped land is located at 5722 Airport Freeway, both in close proximity to Loop 820, Interstate 35 and the Fort Worth CBD. Nick Talley of Bradford marketed the property, while Leland Prowse and Alex Bryant of Transwestern represented the buyer, Blackmon Mooring, a property restoration company which will use the property as its new headquarters.
SAN ANTONIO — Ryan Cos. US Inc. has broken ground on a 58,000-square-foot office building in San Antonio. Avnet Technology Solutions, an IT division of Avnet Inc., will occupy the two-story, Class A structure. Located on five acres within RidgeWood Business Park, the property will be situated in proximity to the intersection of Loop 1604 and Highway 281. Ryan Cos. is partnering with RVK Architects, Big Red Dog Civil Engineering, Colliers International, Pruitt Realty and Travis Commercial Real Estate Services Ltd. on the project, which is slated for completion in August.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Willowick Apartments, a 53-unit multifamily community in Fort Worth. Built in 1963, the property offers one- and two-bedroom floor plans ranging from 852 to 1,145 square feet plus amenities including a laundry facility, swimming pool and community center. Located at 2323 Ridgmar Blvd., in close proximity to Ridgmar Mall, the complex was 98 percent occupied at the time of the sale. Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a Fort Worth-based limited partnership, and also secured the buyer in the transaction, a Dallas-based limited liability company completing a 1031 tax-deferred exchange.
SAN MARCOS, TEXAS — Atlantic | Pacific Cos. (A | P) has acquired The Palazzo, a 300-unit multifamily community in San Marcos. Located on Wonder World Drive, the garden-style property offers one- to three-bedroom apartments plus amenities such as two swimming pools, a fitness center, game room and basketball court. A | P is planning upgrades to common areas and unit interiors. Atlantic | Pacific Management will manage the property. San Marcos, home to Texas State University and the Central Texas Medical Center, is situated between Austin and San Antonio along the Interstate 35 corridor.
HOUSTON — Marcus & Millichap has brokered the sale of a 5,362-square-foot net-leased property in Houston occupied by Bikinis Sports Bar & Grill. The restaurant, located at 17117 Tomball Parkway, is in proximity to Willowbrook Mall. Jason Vitorino of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Jared Aubrey, also of Marcus & Millichap, secured and represented the buyer in the transaction, an institutional investor.