ADDISON, TEXAS — A joint venture between Dallas-based Quadrant Investment Properties and Fort Worth-based Tug Hill Real Estate Partners has acquired Parkside Corporate Center, a 97,995-square-foot office property located in Addison. The acquisition was the first transaction between Quadrant and Tug Hill. Fletcher Cordell and Will Nelson of Transwestern will lease the project. Transwestern will also manage the project.
SAN ANTONIO — Travis Commercial Real Estate Services has arranged the sale of the two-story 5859 Farinon, a Class A, 96,000-square-foot office building located in University Park in San Antonio. The property was developed by Milam Real Estate Investors in 2008. The building is fully leased to two tenants. Travis Commercial, along with HFF, represented the seller in the transaction. The buyer, a subsidiary of New York City-based CapLease Inc., a public REIT, was self-represented. Stream Realty will manage the property on behalf of the new ownership.
HOUSTON — Marcus & Millichap has brokered the sale of Devon Professional Building, a 26,735-square-foot retail and office building located at 17300 El Camino Real in Houston. The list price for the property was approximately $2.56 million. Justin Miller of Marcus & Millichap's Houston office represented the seller, a local partnership, in the transaction. Eric Guerrero, Rahul Bijlani and Michael Yu, also of Marcus & Millichap's Houston office, secured and represented the buyer, a partnership.
SOUTHLAKE, TEXAS — Transwestern's Dallas office has arranged the sale of the 129,333-square-foot Cedar Ridge Office Park, a two-building office complex located in Southlake. The property is fully leased to tenants such as American Specialty Health, Keller Williams and Regus. Transwestern represented the buyer, a private investor, in the transaction.
SAN ANTONIO — San Antonio Commercial Advisors, an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of Portofino and Montage at North Point Apartments, a 480-unit, Class B apartment portfolio located in northwest San Antonio. The multifamily team of Brandon Lo Porto and Scott Weems of San Antonio Commercial Advisors represented the seller, a New York City-based financial institution, in the transaction. Lo Porto and Weems also procured the buyer, a California-based private investor.
AUSTIN, TEXAS — Stan Johnson Co. has arranged the $30.64 million sale of a new 66,095-square-foot, 60-bed rehabilitation hospital located in Austin. The hospital sits near St. David's South Austin Medical Center, South Austin Cardiac Rehab, Austin Regional Clinic and Texas Oncology South Austin. The hospital is fully leased to Reliant Hospital Partners. Toby Scrivner, Jeff Matulis and Karen Vinsko of Stan Johnson Co. represented the seller, a Dallas-based developer. The buyer was an institutional entity.
LEWISVILLE, TEXAS — IDI has closed a 50/50 joint venture with IIT for the development of Valley Parkway Distribution Center, a 529,155-square-foot cross-dock industrial property located in Lewisville. The property will be located in the Dallas-Fort Worth International Airport submarket. Construction is slated for an August 2013 completion.
FORT WORTH, TEXAS — Midtown Medical, a 60,000-square-foot medical office property, has broken ground at the corner of West Rosedale and Forest Park Boulevard in Fort Worth's Medical District. The medical office property is a component of Midtown, a mixed-use development project that includes Southwest Bank, Hilton Garden Inn and the site of the new Homewood Suites by Hilton, which is set to open this summer. Raymond Management Co. is the developer of Midtown. Sarah Teel of San Antonio-based MSL Investments is handling pre-leasing responsibilities for Midtown Medical.
PARIS, TEXAS — Binswanger has arranged the sale of a single-story, 311,000-square-foot manufacturing and distribution center, located at 2320 Loop Highway 286 NW in Paris. The buyer, We Pack Logistics LP, is a full-service third-party logistics firm. Kipp Collins of Binswanger's Dallas office represented the seller, General Foam Plastics Corp., in the transaction.
CYPRESS, TEXAS — ARA has brokered the sale of the 273-unit Greystar Cypress Village, an apartment community located in Cypress, a suburb of Houston. The apartment community is 97 percent occupied. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA's Houston office represented the seller, Charleston, S.C.-based Greystar, a national multifamily real estate owner, in the transaction. Miami-based Momentum Real Estate Partners, a private equity real estate investment management firm, was the buyer. Greystar Cypress Village is part of Houston's first transit-oriented mixed-use lifestyle development that includes 100,000 square feet of retail space and a 1,500-space parking facility.
