PRAIRIE VIEW, TEXAS — General contractor The Linbeck Group and architect Overland Partners have broken ground on the new 96,000-square-foot Agriculture & Business Multipurpose Classroom Building at Prairie View A&M University, located approximately 45 miles northwest of Houston. The structure, slated to open in the fall of 2015, will house both the College of Agriculture and Human Sciences and the College of Business. Amenities will include a 400-seat auditorium, student lounge, teaching laboratories, meeting rooms and wireless internet. Overland Partners designed the first two floors as collaborative spaces and selected transparent materials to enhance the open feeling. Other members of the project team include interior designer Studio 8 Architects, landscape architect Coleman & Associates and civil engineer Cude Engineering.
Texas
FORT WORTH, TEXAS — Trademark Property Co. is redeveloping a portion of the WestBend mixed-use development in Fort Worth. Demolition of a parking garage began on March 3 to make way for a new 81,150-square-foot mixed-use building. The new structure will house a retail anchor on the ground floor and 57,650 square feet of Class A office space directly above. WestBend is located on the Trinity River in Fort Worth’s University District, across from University Park Village and University Drive. Upon completion of the redevelopment in spring 2015, the property as a whole will include 95,000 square feet of retail and dining space and 183,000 square feet of office space.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Brownstone Park, a 152-unit multifamily property in Austin. Constructed in 1966, the garden-style complex offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center and laundry facility. Located at 5106 N. Lamar Blvd., the Class C asset is in proximity to the Triangle mixed-use development, the University of Texas intramural fields and several major area employers. Forrest Bass and George Deuillet of Hendricks-Berkadia negotiated the transaction, in which Parker Lamar LP was the buyer.
WYLIE, TEXAS — Henry S. Miller Brokerage has arranged the acquisition of a 17,220-square-foot industrial building in the Dallas suburb of Wylie. The buyer, event and party planning company Jumper Bee Entertainment, will use the facility as its new corporate headquarters. The property is located at 11 Regency Drive, in close proximity to I-78 and FM 544. The occupant is relocating from a 3,000-square-foot site in Plano. Scott Axelrod of Henry S. Miller represented Jumper Bee in the transaction.
OKLAHOMA CITY — Glimcher Realty Trust has acquired three retail properties and 12 acres of undeveloped land in Oklahoma City for $51.8 million. The retail properties, which total 290,000 square feet, include Classen Curve, Nichols Hills Plaza and The Triangle @ Classen Curve. Combined, the three are averaging $500 in sales activity per square foot and house the market’s only Anthropologie, lululemon athletica and Whole Foods locations. Glimcher is tentatively planning mixed-use shopping and entertainment developments for the open land, which is located in the Northern Oklahoma City and Nichols Hills neighborhoods. Tom Blanton of Blanton Property Co. will retain leasing duties at the properties.
DALLAS — A joint venture between Mill Creek Residential and AEW Capital Management LP has acquired Lakewood on the Trail, a 352-unit multifamily property in Dallas. The garden-style community offers one- and two-bedroom apartments, as well as three pools, a fitness center, clubhouse, outdoor kitchen and covered parking. Located at 101 N. Brookside Drive, the community is in close proximity to Lakewood Country Club, Lakewood Village Shopping Center and the major thoroughfares of I-30 and U.S. Highway 75. Mill Creek Residential is also developing the Avenue H Apartments in the nearby Knox neighborhood, and the acquisition of Lakewood on the Trail is part of the company’s “buy where we build” strategy.
BUDA, TEXAS — HFF has brokered the sale of Silverado Crossing, a 300-unit multifamily property in the Austin suburb of Buda. The complex, which was constructed in 2013, is located at 1480 Cabelas Drive, just west of I-35. The community includes one-, two- and three-bedroom units averaging 852 square feet each, plus amenities including a swimming pool, fitness center, movie theater and sand volleyball court. Sean Sorrell of HFF represented the seller, JCI Residential, in the transaction. The Meagher Family Trust acquired the asset free and clear of debt.
HURST, TEXAS — Marcus & Millichap has brokered the sale of Gables of Notting Hill Apartments, a 176-unit multifamily property in the Fort Worth suburb of Hurst. Constructed in 1968, the garden-style complex is located at 601 Brown Trail, in proximity to the Bell Helicopter plant, a major area employer. The community offers one-, two- and three-bedroom residences, as well as two laundry facilities and two swimming pools. Al Silva of Marcus & Millichap represented the seller, Notting Hill Partners LP, and also secured the buyer, a Texas-based limited liability company. The property, which was 90 percent occupied at the time of the sale, attracted eight offers during a three-week marketing period.
HOUSTON — HFF has brokered the sale of Interwood Business Center I and II, two industrial facilities totaling 200,086 square feet in Houston. Constructed in 1999, the properties are located at 14430-14440 John F. Kennedy Blvd. and 14469 Heathrow Forest Parkway within the Interwood Business Park, which is immediately south of the George Bush Intercontinental Airport between I-45 and U.S. Highway 59. Tenants include International Seal, Nippon Express, Goodman Distribution and Top Notch Solutions. Rusty Tamlyn and Trent Agnew of HFF represented the seller, KTR Capital Partners LLC, in the transaction. Stockbridge Real Estate Funds acquired the assets free and clear of existing debt.
SAN ANTONIO — Investment and management firm Presidium Group LLC has acquired Towne Oaks, a 123-unit apartment property in San Antonio. The community, which is located at 8623 Starcrest Drive, includes one- and two-bedroom residences, plus amenities such as a swimming pool and clubhouse. The complex is in close proximity to the San Antonio International Airport, North East Baptist Hospital, North Star Mall and MacArthur Park, as well as the major thoroughfares of I-35, Loop 410 and U.S. Highway 281. Presidium Group plans both interior and exterior upgrades, as well as enhancements to the property’s signage. With the purchase of Towne Oaks, Presidium has now acquired three assets in San Antonio in the past six months.