FLOWER MOUND, TEXAS — Cushman & Wakefield has arranged a 154,000-square-foot lease expansion at an industrial facility in the Dallas-Fort Worth suburb of Flower Mound for natural and organic food wholesaler-distributor Nature’s Best. The tenant now occupies the entirety of the 462,000-square-foot building, which opened in 2011 and is LEED Gold-certified. Mark Collins, Dean Collins, Kirk Collins, Jeff Chiate, Rick Ellison and Cheryl Ballentine of Cushman & Wakefield represented Nature’s Best in the negotiations, while Toby Rogers and Bates Arnot of Hillwood Properties represented the landlord, Clarion Partners.
Texas
DALLAS — CBRE has arranged the lease of 104,064 square feet in Dallas for law firm Jackson Walker LLP. The tenant will occupy four floors of the KPMG Plaza at Hall Arts office building, which is located at 2323 Ross Ave. in the Dallas Arts District. Jeff Ellerman and Phil Puckett of CBRE represented Jackson Walker in the negotiations, while landlord Hall Financial Group was represented internally by Kim Butler.
The boom is back and stronger than ever in Austin, making the city a top destination for retailers and investors. Bass Pro Shops, H&M, Trader Joe’s, Fresh Plus, In-N-Out Burger, Gander Mountain and Five Below are among the list of well-known national retailers that have opened or announced plans to open their first Austin area stores within the last year. Meanwhile, a growing list of retailers in the Central Texas market are expanding, including Whole Foods Market, H-E-B, Walmart and Alamo Drafthouse, a locally-based chain of movie theaters. As host of the U.S. Grand Prix, the Austin City Limits Music Festival, the SXSW music festival and conferences, and ESPN’s Summer X Games (starting in 2014), Austin enjoys a certain cachet and glowing national and international media, but the coolness factor isn’t nearly as important as hard numbers for expanding retailers, and Austin’s numbers are impressive. The Central Texas economy is expected to add more than 35,000 jobs this year, including thousands of well-paying positions at Apple, GM, Samsung, National Instruments and Visa. More than 70 people move to Central Texas each day, and the Austin MSA is now the 11th-largest city in the nation, according to the U.S. Census. Signs …
SAN ANTONIO — Tryperion Partners and Presidium Group have formed a joint venture to acquire Oakwell Springs, a 252-unit apartment complex in the northeast submarket of San Antonio. The partnership plans renovations for the property including new interior finishes, enhanced amenities and landscaping and refurbished exteriors. Tryperion is a Los Angeles-based private real estate investment firm focusing on value-add opportunities in the office, retail, hospitality and multifamily sectors in secondary markets in western states. Presidium is an investment and management firm specializing in Texas multifamily properties and currently has more than 6,000 units under management.
HOUSTON — Marcus & Millichap has brokered the sale of a 23,024-square-foot retail property located at 4505 Highway 6 N. in Houston. The asset commanded a list price of $1.7 million. Gus Lagos and Alex Bouchard of M&M’s Houston office marketed the property on behalf of the seller, a private investor. The name of the buyer was not disclosed.
THE WOODLANDS, TEXAS — The Howard Hughes Corporation (NYSE: HHC) and its wholly owned subsidiary, The Woodlands Development Company, have opened One Hughes Landing, the first office building at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Tenants of the 197,719-square-foot property include Strike LLC, Layne Christensen Co., PetroQuest Energy Inc., Summit Midstream, Sterling Construction, Wells Fargo Bank, GMA Garnet and Post Oak Bank. The developer is pursuing LEED Silver Certification for One Hughes Landing, which is an eight-story Class A tower. The Howard Hughes Corporation plans a total of 11 office buildings plus shopping, dining, entertainment and multifamily properties for the Hughes Landing development.
ROUND ROCK, TEXAS — CBRE will market Boardwalk Shopping Center, a super-regional power shopping center totaling 184,598 square feet in Round Rock, a northern suburb of Austin. The property, built in 1996 at the interchange of Interstate 35 and State Highway 45, is currently 98.6 percent occupied by tenants including Ross Dress for Less, PetSmart, Office Max and Party City. Boardwalk boasts a weighted average historical occupancy of 11.8 years and limited rollover, as 69 percent of the current tenants signed to leases through 2018 or later. Chris Cozby, Chris Gerard and Kevin Holland of CBRE are representing the seller, the name of which was undisclosed.
STILLWATER, OKLA. — The Dallas regional office of NorthMarq Capital has secured $13.4 million in construction financing for a new 194-unit student housing facility near Oklahoma State University. The mid-rise property, to be located at 213 W. Elm Ave., offers one- and two-bedroom floorplans. The loan includes a three-year term with one year of interest-only payments and a 30-year amortization schedule. Stephen Whitehead of NorthMarq arranged the terms for borrower Elsey Partners LLC.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Lowden Terrace, a 40-unit apartment complex in Fort Worth. Located at 2200 W. Lowden St., the four-building property is in close proximity to Texas Christian University. Lowden Terrace offers one- and two-bedroom floorplans as well as a communal laundry facility. Boyan Radic, Mason Green and Doug Banerjee of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, Clarus Investment 4 LLC, and also secured the buyer, a Fort Worth-based limited liability company.
FORT WORTH, TEXAS — Hillwood Development company has selected architectural firm BOKA Powell to design the first Class A office building at Alliance Town Center, part of the larger AllianceTexas development. The speculative property, which will total 157,000 square feet over three stories, is slated for completion in mid 2014. Green design elements to be implemented include low-emissivity coated glass, exterior passive sun-shading devices and high-albedo roofing and paving to reflect light. Rogers-O’Brien Construction will serve as general contractor on the project.