DALLAS — CBRE Capital Markets has secured acquisition financing on behalf of CBRE Global Investors for Signature Place, a Class A office property consisting of two buildings totaling 437,363 feet in the Far North Dallas submarket. The multi-tenant office complex is situated on a 10.12-acre site just south of Preston Road and Belt Line Road. CBRE Global Investors, which purchased the property from DRA Advisors, plans to include its complimentary amenity package as part of its improvement program for the buildings. Greg Greene, Matt Ballard and Patrick Benoist of CBRE Capital Markets represented the borrower.
Texas
Houston has long been characterized by its energy presence, earning titles such as “The Energy Capital of the World” and the “Petro Metro.” The American drilling renaissance has brought about significant changes on a national and international scale, and the boom is projected to be sustainable for decades. As a result, energy companies are shifting operations back to the U.S. Houston is at the heart of the American oil industry, and as companies grow and expand their footprint in the U.S., the Houston office market is positioned to experience significant growth. The economic impact of the shale boom has been felt throughout Texas. The Eagle Ford Shale, one of the most significant oil and gas plays in the country, spans 14 producing counties and had an economic impact of $46 billion in 2012. Surrounding cities, such as San Antonio and Corpus Christi, are experiencing growth in all product types to accommodate the population and employment gains in the region. Midland has become one of the most expensive places in Texas thanks to the Permian Basin, while the Dallas/Fort Worth metro area, with the Barnett Shale in its backyard, continuously tops various economic health indices. But Houston, home to 87,418 headquarters, …
DALLAS — Jones Lang LaSalle (JLL) has brokered the sales of four Dallas/Ft. Worth-area multifamily properties for a combined purchase price of $120 million. The properties include Park Gates at City Place in Dallas, Republic Park Vista in Ft. Worth and Silverado Apartments and The Albion at Frisco Bridges in Frisco, a northern suburb of Dallas. Jeff Price, JLL’s managing director, and Bill Simmons, senior vice president, led the brokerage team in all four transactions.
HOUSTON — AEW Capital Management, a Boston-based real estate investment firm, has purchased Eldridge Oaks, a 350,000-square foot office building and an adjacent seven-acre lot in Houston’s Energy Corridor. The 14-story, Class A facility was 100 percent leased at time of sale. A second building of similar size is under consideration for the currently empty parcel, but no construction plans have yet been released. The seller is a joint venture that includes Hartford, Conn.-based Cornerstone Real Estate Advisers LLC acting on behalf of an institutional client.
GRAND PRAIRIE, TEXAS — Marcus & Millichap Real Estate Services has arranged the sale of Windridge, a 720-unit apartment complex in Grand Prairie, to Milwaukee-based MLG Capital. Built in 1987 at 2301 East Avenue H, the property includes amenities such as three swimming pools, two spas, an executive business center and lighted mailboxes. William Jarnagin and Michael Ware of Marcus & Millichap’s Dallas office represented the buyer as well as the seller, an out-of-state property owner.
HOUSTON — Cadence McShane Construction has completed a 181,067-square-foot build-to-suit for GAC Energy & Marine Services LLC at Central Green Business Park. The facility was built to meet LEED-CS (core and shell) certification and includes 31,309 square feet of office space and three acres of outdoor storage in addition to warehouse and distribution space. This was the fourth project built at Central Green Business Park by Cadence McShane on behalf of property owner Liberty Property Trust.
SOUTHLAKE, TEXAS — A holding company and development subsidiary of billionaire brothers Farris and Dan Wilks has purchased an undeveloped property in the Solana Business Park of Southlake, north of Fort Worth. The 122-acre lot was part of a larger 900-acre development that Wells Fargo & Co. foreclosed on in November 2011. Redus Texas Land, a subsidiary of Wells Fargo & Co., sold the land to the brothers, who made their fortunes of $1.4 billion each through hydraulic fracturing and oil field services, according to Forbes magazine.
AUSTIN — Construction of the new Forest Park Medical Center, a $90 million, 145,000-square-foot facility, is underway in Austin. Neal Richards Group is the project developer, Adolfson & Peterson Construction is the general contractor and Page Southerland Page is the architect. Some 66 Austin-area physicians will own the facility, which is slated for completion in the fourth quarter of 2014. Similar centers, all known by the same name, are currently operating in Dallas, Frisco and Southlake and under development in San Antonio and Fort Worth.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has brokered the sale of Sutter’s Mill, a 128-unit multifamily community in San Antonio. The property includes 16 two-story buildings located at 11955 Parliament Drive. Moses Siller, Scott Lamontagne and Will Balthrope of Marcus & Millichap’s San Antonio, Austin and Dallas offices represented the seller, an individual/personal trust. Siller, Lamontagne and Balthrope also secured the buyer.
BRYAN, TEXAS — CBRE Hotels has arranged the sale of the historic LaSalle Hotel in downtown Bryan on behalf of Bryan Commerce and Development Inc., a local government corporation. Paul Clark Hospitality Group paid $2.6 million, according to local newspaper The Bryan Eagle. The 55-unit property, originally constructed in 1928, underwent an extensive renovation in 2000, prior to which it was vacant for more than 20 years. Bert Stevens, first vice president of CBRE Hotels in Dallas, represented the seller.