DALLAS — General contractor Hill & Wilkinson and developers Gencap Partners and Spyglass Equities will break ground on a 180-unit multifamily complex in Dallas this month. The construction contract was worth a reported $32.5 million. The nine-story apartment building will include amenities such as a business center, exercise facility and outdoor pool, as well as space for a restaurant at street level. Located at 1900 Cedar Springs Road, the property is in proximity to Klyde Warren Park and Woodall Rodgers Freeway, which connects Interstate 35 and Interstate 45. Good Fulton & Farrell is serving as architect on the project, which is slated for completion in June 2015.
Texas
HOUSTON — CBRE has brokered the sale of Atascocita Commons, a 316,395-square-foot power center in northeast Houston. Located at 7061 FM 1960 East, the Class A retail property was 99.2 percent leased at the time of the sale to tenants including Ross, Kohl’s, TJ Maxx, HomeGoods, Party City, Office Depot and Petco. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the buyer, New York-based Kimco Realty. Cole Real Estate Investments, based in Phoenix, sold the asset.
HOUSTON — Churchill Capital Co. has arranged a $12.8 million permanent mortgage for a 157,800-square-foot office property in Houston. The Class B property, a 12-story tower, is located at 1415 N. Loop West, in the northwest quadrant of the city. The undisclosed Brooklyn, N.Y.-based borrower acquired the asset in early 2012 and, in conjunction with property manager Boxer Property, increased occupancy from 60 percent to 92.3 percent. Brad Donnell and Duke Stone of Churchill secured the 10-year, fixed-rate CMBS loan, which includes one year of interest-only payments and a 30-year amortization, through Jamie Ruggiero of MC Five Mile.
ARLINGTON, TEXAS — SkyWalker Property Partners has acquired the Chase Bank Center, a 108,170-square-foot office building in west Arlington. Located at 1301 S. Bowen Road, the four-story structure was 90 percent leased at the time of the sale to tenants including the Texas Department of Health & Human Services, Keller Williams and JPMorgan Chase. SkyWalker is planning $600,000 in upgrades to the facility, which was built in 1982 and last renovated in 2001. Beaux Riley and Gigi Grubbs of Coldwell Banker Commercial Alliance DFW will lease and manage the property going forward. SkyWalker purchased the asset from Dallas-based Rosemont Realty on behalf of Hangover Opportunity Fund LP.
HOUSTON — The Worthing Companies will develop The Heights at Park Row, a 342-unit multifamily property, in Houston. The property will be located within Central Park, a 78-acre mixed-use development of Wolff Cos. on the north side of Interstate 10 in the Energy Corridor submarket. Jeff Peden of Cushman & Wakefield represented Atlanta-based Worthing in the negotiations. Parker Associates is serving as design architect on the project, which is slated to open late this year.
EL PASO, TEXAS — Henry S. Miller Brokerage has arranged the sale of an 18,750-square-foot industrial property in El Paso. Built in 2006, the warehouse facility features 1,320 square feet of office space, metal construction, two dock-high doors and heavy three-phase power. Local businessman Jesus Velasquez purchased the property from Wells Fargo Bank NA. Tom Grunnah and Rick Stoes of Henry S. Miller represented the seller in the transaction. Jose Loya of Exit West Realty represented the buyer, who will use the property as a distribution center.
SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of Bonaventure Plaza, an 18,702-square-foot shopping center in the Houston suburb of Sugar Land, for $5.9 million. Constructed in 2008, the property is located at 636 State Highway 6, sharing an intersection with HEB, Walmart, Sam’s Club and Chase Bank. Derek Hargrove and Justin Miller of Marcus & Millichap represented the seller, a Houston-based partnership, in the transaction. Hargrove and Miller also secured the buyer, a Houston-based private investor.
HOUSTON — Commercial real estate firm Studley has arranged a 13,500-square-foot office lease in Houston’s Galleria submarket for the national law firm of Wilson Elser. The tenant will occupy space on the 33rd floor of Two Houston Center, located at 909 Fannin Street. Wilson Elser will relocate from Houston’s CBD, a move necessitated by the firm’s merger with Powers & Frost at the beginning of 2013. Chris Taarzon and David Endelman of Studley represented the tenant in the lease negotiations. Debbie Wilson of CBRE represented the property owner, Crescent HC Investors.
ADDISON, TEXAS — Holt Lunsford Commercial has arranged a 9,403-square-foot flex space lease in the northern Dallas suburb of Addison. The larger property, Addison Tech Center, is located at 4505 Excel Parkway, in close proximity to Addison Airport, Dallas North Tollway and President George Bush Turnpike. Josh Barnes and Lauren Halstedt with Holt Lunsford represented the landlord in the negotiations. Mike Gravitt of Mike Gravitt & Co. represented the tenant.
AUSTIN, TEXAS — Muskin Commercial LLC has brokered the sale of the 200-unit Mira Vista Apartments in the North Central submarket of Austin. Located on approximately nine acres at 9601 Middle Fiskville Road, the garden-style community offers one- and two-bedroom layouts plus a swimming pool, clubhouse and management office. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, Austin-based Mira Vista-PCF Ltd., in the transaction. Omninet Capital LLC, a private investment firm based in Beverly Hills, Calif., purchased and will manage the property going forward.