Texas

CBRE ARRANGES SALE OF THANKSGIVING TOWER

by admin July 11, 2013

DALLAS — CBRE has brokered the sale of Thanksgiving Tower, a 50-story office building comprising 1.4 million square feet in Dallas, to a partnership led by Woods Capital Management LLC. John Alvarado, Gary Carr and Eric Mackey of CBRE arranged the transaction on behalf of the seller, Berkadia. The tower is located at Elm and North Ervay streets in Dallas’ revitalized central business district. The building held a 55 percent occupancy rate at the time of sale. The property is anchored by Gardere Wynne Sewell LLP and serves as the headquarters of Petro-Hunt. It is also home to the Tower Club Dallas and XTO Energy, Inc.

July 11, 2013

LEE & ASSOCIATES ARRANGES SALE OF INDUSTRIAL BUILDING

by admin July 11, 2013

IRVING, TEXAS — Lee & Associates has secured the sale of a 43,400-square-foot industrial building at 1420 W. Walnut Hill Lane in Irving. Nathan Denton of Lee & Associates represented the seller, Felder Property Group, in the transaction with the buyer, Glasswerks.

July 11, 2013

Multifamily Texas

HFF ARRANGES $7.75 MILLION REFINANCING FOR PARK CREEK MANOR

by admin July 11, 2013

DALLAS — HFF has arranged a $7.75 million refinancing for Park Creek Manor, a 322-unit multifamily community located near the northwest corner of West Illinois Avenue and South Westmoreland Avenue in Dallas. HFF worked on behalf of AmeriSouth Realty to secure a seven-year, fixed-rate loan through Southwest Securities FSB. The property is 99 percent leased and offers a mix of one-, two- and three-bedroom units as well as a swimming pool. John Brownlee led the HFF team representing the borrower.

July 11, 2013

Retail Texas

TANDY LEATHER OPENS RETAIL STORE IN FORT WORTH

by admin July 11, 2013

FORT WORTH, TEXAS — Tandy Leather has opened a new 23,000-square-foot flagship retail store located along the I-20 Freeway in Fort Worth. The new store is the first stand alone retail property for Tandy. Bob Moore Construction acted as contractor, and Alliance Architects served as architect for the property. The retail facility features a fully glass front and tilt-up construction. This building will act as the prototype for future Tandy properties.

July 11, 2013

Office Texas

SHORENSTEIN INVESTS IN DEVELOPMENT OF TWO AUSTIN OFFICE BUILDINGS

by admin July 10, 2013

AUSTIN, TEXAS — Shorenstein Properties LLC has entered into a new venture to capitalize the development of two office buildings located within The Domain, a 304-acre mixed-use community in northwest Austin. The venture was completed with Deutsche Asset and Wealth Management and its developer, Endeavor Real Estate Group. The two buildings, Domain 2 and Domain 7, are five and six stories and total 139,675 and 221,886 square feet, respectively. Domain 2, which will break ground later this month, has preleased 100 percent of the office space to HomeAway Inc. Domain 7 will break ground later this summer.

July 10, 2013

Multifamily Texas

MUSKIN COMMERCIAL ARRANGES SALE OF VISTA LAGO APARTMENTS

by admin July 10, 2013

AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Vista Lago, a 102-unit multifamily complex in the Lakeshore District of Austin. A local partnership purchased the property. The complex will undergo extensive renovations and a full reopening. The property was traded at an undisclosed price, but was listed for $5.6 million. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, The Cornerbrook Cos. Brannin Prideaux and Ben Joyce of IBC Bank provided financing. Roscoe Properties will manage the property.

July 10, 2013

Office Texas

TRANSWESTERN BROKERS DISPOSITION OF NORTHVIEW BUSINESS CENTER

by admin July 10, 2013

AUSTIN, TEXAS — Transwestern has brokered the sale of Northview Business Center on behalf of UNUM Life Insurance of America to TriGate Capital. Northview Business Center is a 262,067-square-foot, multi-tenant office building located at 9001 Interstate 35 in northeast Austin. Hale Umstattd, Leah Gallagher and Luke Wheeler of Transwestern represented the seller, Portland, Maine-based UNUM Life Insurance. The property was 70 percent leased at the time of sale.

July 10, 2013

Retail Texas

RAYFORD RIDGE RETAIL SHOPPING CENTER SELLS

by admin July 10, 2013

SPRING, TEXAS — The Rayford Ridge Retail Center, a 23,100-square-foot retail center in Spring, has sold. J. Beard Real Estate Co. LP represented the seller, an individual owner, in the transaction. Jim Bayne of Investar represented the buyer, a private partnership. The center is located at 440 Rayford Road and was fully occupied at the time of sale.

July 10, 2013

Multifamily Texas

TRAMMELL CROW BREAKS GROUND ON ALEXAN CREEKSIDE

by admin July 9, 2013

TOMBALL, TEXAS — Dallas-based Trammell Crow Residential has broken ground on Alexan Creekside, a 380-unit multifamily community at 8627 Hufsmith Road in Tomball. The community will sit on a 20.5-acre lot on the southwest corner of Kuykendahl and Hufsmith roads, adjacent to the Village of Creekside Park addition in The Woodlands. Trammell Crow plans to open the first group of units, ranging from 691 to 1,396 square feet, later this year. The craftsman-style community will feature a brick and stone facade, staggered rooflines and varying elevations between two and three stories. Amenities will include a fitness center, resort-style courtyard, two swimming pools, fenced-in dog park with wash station and a clubhouse with WiFi access, a demonstration kitchen and a game room.

July 9, 2013

Multifamily Texas

BEECH STREET CLOSES $30.9M FREDDIE MAC LOAN

by admin July 9, 2013

HOUSTON — Beech Street Capital LLC has closed a $30.9 million Freddie Mac CME loan for the acquisition of The Westheimer, a 244-unit multifamily community in Houston. Brian Sikes of Beech Street's Boston office originated the 10-year loan with 10-years of interest only payments and a 30-year amortization schedule. Boston-based Intercontinental Real Estate Corp. manages the borrower, U.S Real Estate Investment Fund. The property was built in 2008 and includes a security gate, pool, barbecue plaza, fireplace plaza, storage, coffee bar, massage room, dry cleaning, room service and pool-side cabanas.

July 9, 2013

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