COLLEYVILLE, TEXAS — Baylor Healthcare and Emerus, an emergency facility operator based in The Woodlands, have partnered to bring the first hospital to the city of Colleyville, approximately 18 miles northeast of Fort Worth. Construction has begun on the Baylor-Emerus Emergency Medical Center, which will total 16,719 square feet and includes seven exam room beds and eight inpatient beds. The new hospital, scheduled to open in August 2014, will also provide X-ray, CT scan and ultrasound services.
Texas
CARROLLTON, TEXAS — Lee & Associates has arranged an 11,200-square-foot lease for Dallas Label & Packaging in Carrollton, situated about 20 miles north of Dallas. The lease is for industrial space located at 2502-2510 Camp Avenue, which is in close proximity to the interchange of President George Bush Turnpike and Interstate 35. Nathan Denton of Lee & Associates represented the landlord, Marks Property Management, while Rosana Shekman of Dallas Prestige Realty represented the tenant.
Population and employment growth are providing a substantial boost to the Austin apartment market. Metro-wide vacancy is hovering in the mid-4 percent range and is 150 basis points below the average historical rate. Rents also increased measurably. In addition to rising job and resident totals, limited new apartment product in recent years supported an average quarterly rent growth of 1.2 percent, compared to three-month gains of roughly 1 percent in the year prior to the recession. The most notable economic news in the metro is Apple Inc.’s substantial expansion. Over the next eight years, the company will construct and staff a 1 million-square-foot, 39-acre development in Austin’s Far Northwest submarket. Day-to-day operations will yield more than 3,600 new hires, doubling the metro’s number of Apple employees. In the near-term, LegalZoom Inc. plans to add 600 new employees before the end of the year. Additionally, Accenture and General Motors hired a combined 700 workers during the first half of 2013. Beyond the large job announcements, both small and large businesses are hiring, attracting new residents and fueling apartment demand. In the 12-month period ending in the second quarter of this year, total nonfarm employment in Austin increased by 28,900 positions, a …
DALLAS — Financial services firm Civitas Capital Group has secured $53.5 million in construction financing for The Alexan Skyline, an apartment complex planned for Goat Hill, located northwest of downtown Dallas. Trammell Crow Residential, in collaboration with Behringer Harvard Multifamily REIT I Inc., is developing the 10-story property. The Alexan Skyline will offer 365 units ranging from 436 to 1,865 square feet, plus amenities such as two swimming pools, abundant outdoor patio space and ground-floor retail. This is the eighth investment for Civitas, which focuses on alternative investments, EB-5 funds and wealth management.
FORT WORTH, TEXAS — Realty Capital Management LLC (RCM) has brokered the sale of Eagle Mountain Plaza, a 17,000-square-foot retail property in Fort Worth. Located at 8455 Boat Club Road, the strip was 100 percent leased at the time of sale by tenants including Double Eagle Liquors, Gaskey’s Sports Grill, Papa John’s Pizza and Martini Tan. Mark Boone, director of commercial sales and leasing for RCM, represented the seller in the transaction.
HOUSTON — Cushman & Wakefield has arranged leases for Cameron International Corp. and Produced Water Absorbents Inc. (PWA) at Northwest Place Industrial Park, located in Houston’s Northwest submarket. Cameron will occupy the 22,942-square-foot flex building located at 6511 West Little York Road, and PWA will occupy the 18,000-square-foot flex building at 6795 Bingle Road. The complex, a project of full-service real estate company Levey Group, comprises five buildings: the two just leased, one previously leased and two that are still being constructed.
SAN ANTONIO —Investment firm Silver Ventures Inc. and three: living architecture plan the extensive renovation of the historic Pearl Brewery brew house. The property, part of the 22-acre Pearl Brewery campus that now serves as a mixed-use development, will relaunch as Hotel Pearl in the summer of 2014. Designed by three in collaboration with Roman and Williams, the new hotel will offer 146 rooms plus dining, social and meeting spaces. Kimpton Hotels will manage Hotel Pearl.
CARROLLTON, TEXAS — Harbor Group International LLC has sold the Bella Vida at Coyote Ridge apartment complex, a 528-unit Class A+ property in Carrollton, a northern suburb of Dallas. Situated on 35.5 acres at 4253 Hunt Drive, the property boasts an occupancy of 97 percent and amenities such as a sand volleyball court, tanning bed and theater room. Units at Bella Vida, which come in one- to four-bedroom layouts, average 1,322 square feet. Harbor Group is a private real estate investment and management firm headquartered in Norfolk, Va. According to the Dallas Morning News, the buyer was an affiliate of Pensam Capital of Miami.
HOUSTON — HFF has brokered the sale of a 105,619-square-foot office building in Houston’s Energy Corridor. The asset, located at 15915 Katy Freeway and across from the 550-acre master-planned Park 10 mixed-use development, was 88 percent leased at the time of sale to tenants in various industries including engineering, technology, real estate, energy and healthcare. Dan Miller and Marty Hogan of HFF represented the seller, Downtown Properties, a real estate associate of Gaw Capital Partners. Dornin Investment Group purchased the building for an undisclosed amount, free and clear of debt.
DALLAS — Marcus & Millichap has brokered the sale of Bachman Glen, a 77-unit multifamily property in Dallas, for $1.3 million. Located at 2555 Webb Chapel Extension and in close proximity to Love Field Airport, the property attracted five offers during a brief marketing period. Al Silva of M&M’s Fort Worth office represented the seller, a national lender, and also secured the buyer, Bachman Glen Joint Venture. The new owner plans renovations to the two-building complex.