Texas

ARA RAISES $15M IN JV EQUITY, $70M ACQUISITION FINANCING

by admin June 4, 2013

HOUSTON — In the sale of five multifamily communities in Houston, ARA's Capital Markets group in Houston raised $15 million in joint venture equity and $70 million in acquisition financing. Adam Allen of ARA led the team in the transactions. Allen raised equity from a large private equity fund in the sale of the 240-unit Hermann Park Plaza. Allen represented MM Properties in the deal. Allen also raised equity from a mid-market private equity fund in the sale of the 283-unit Palms at Walnut Creek. Allen originated a 10-year acquisition loan through Freddie Mac in conjunction with KeyBank for the 171-unit Parc Royale property in Houston's Westchase District. Allen represented Allen Harrison Co. in both the Palms at Walnut Creek and Parc Royale transactions. Allen also originated a 12-year loan through Freddie Mac in conjunction with KeyBank for the acquisition of Broadstone Uptown and Broadstone West Way in Houston's Galleria submarket. Allen represented Centennial Holdings in the deal.

June 4, 2013

ALLIANCE TOWN CENTER OPENS DICK'S, UNVEILS PHASE II PLANS

by admin June 3, 2013

FORT WORTH, TEXAS — Fort Worth-based Trademark Property Co. has opened a 50,000-square-foot Dick's Sporting Goods store at Alliance Town Center, a retail development located in north Fort Worth. Trademark also announced its plan for Phase II of the center, which includes constructing a total of 237,000 square feet of retail space and restaurants. Dick's is anchoring Phase II and construction is underway on Razzoo's Cajun Cafe, Pie Five and Cold Stone Creamery. Groundbreaking on the remainder of Phase II is slated for fall and completion is expected in spring 2014. Additionally, Alliance Town Center will undergo a “Main Street” style expansion, which will encompass 150,000 square feet of specialty retail space and dining. The expansion is expected to open in late 2014 or early 2015. Once completed, the center will consist of 1.3 million square feet of retail, restaurants and entertainment.

June 3, 2013

Multifamily Texas

COLONIAL PROPERTIES TRUST ACQUIRES DALLAS MID-RISE FOR $36.2M

by admin June 3, 2013

DALLAS — Birmingham, Ala.-based Colonial Properties Trust has purchased the 252-unit Colonial Reserve at Frisco Bridges, a Class A mid-rise apartment community in the Frisco submarket of Dallas, for $36.2 million. The community is located within a half mile of the Dr. Pepper Ballpark, home of the Texas Rangers' AA affiliate. The community features a resort-style pool, fitness center, controlled access parking and gourmet kitchens with stainless steel appliances and granite countertops.

June 3, 2013

Industrial Texas

D'AGOSTINO COS. ACQUIRES SPRING HILL BUSINESS PARK

by admin June 3, 2013

SPRING, TEXAS — The Woodlands-based D'Agostino Cos. has acquired Phase II of the Spring Hill Business Park, located at 322 Spring Hill Drive in Spring. Phase II consists of two single-story industrial buildings spanning approximately 20,000 square feet. D'Agostino purchased Phase I of the business park in 2012. Linda Crumley of The J. Beard Real Estate Co. is handling the property's leasing.

June 3, 2013

Office Texas

M&M ARRANGES SALE OF ARLINGTON OFFICE BUILDING

by admin June 3, 2013

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 19,957-square-foot office building located at 1201-1205 W. Green Oaks Blvd. in Arlington. Ebby Halliday Realtors has been the tenant at the office building since 1997. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a private investor, in the transaction. Vitorino also procured the buyer, a local limited liability company.

June 3, 2013

Office Texas

SOLOMON ASSOCIATES MOVES HQ TO ONE LINCOLN CENTRE

by admin June 3, 2013

DALLAS — Solomon Associates, a global energy performance improvement firm, has moved its headquarters to One Lincoln Centre, a 446,340-square-foot office building in north Dallas. Solomon has leased 28,860 square feet in the property. The company currently occupies 27,000 square feet in Two Galleria Tower. Matt Heidelbaugh, Billy Gannon and Bob Edge of Cushman & Wakefield of Texas Inc.'s Dallas office, along with Bob Kelley of the Cushman & Wakefield's Hartford, Conn., office, represented the tenant. Mark Dickenson, Matt Schendle and Meredith Durham, also of Cushman & Wakefield of Texas, represented the landlord, Lincoln Centre.

June 3, 2013

Market Reports Texas Texas Market Reports

Dallas Office Market Benefits from Increased Demand, Strong Submarkets

by admin June 3, 2013

Improvement in Dallas Dallas office market fundamentals has been supported by economic concentrations in the finance/insurance, energy and technology sectors, as well as the amenity-driven desirability of infill submarkets, namely Uptown and the Arts District. Yet, any discussion of Dallas area office expansions must begin with State Farm Insurance. The firm has accounted for a significant portion of activity, leasing more than 2 million square feet of office space in Richardson and Las Colinas in the past year. Banks and financial firms, including Frost Bank, Wells Fargo, Capital One and USAA, are expanding as improving economic conditions support lending and investment activity. With a 500,000-square-foot expansion by Denbury Resources in Plano and the growing presence of Crosstex Energy and Alon USA in Dallas, it is clear that the new energy boom is a positive for North Texas offices too. Leasing activity among technology firms is strong with Ericsson’s new building underway at its Plano campus being the most notable, although smaller software and telecom companies are also expanding, such as Hawkeye Communications in Uptown Dallas. Overall office vacancy in Dallas/Fort Worth has fallen 210 basis points (bps) from its peak in 2010. While this is certainly a strong recovery, it …

June 3, 2013

Office Texas

THE OFFICES AT GREENHOUSE TO BREAK GROUND IN ENERGY CORRIDOR

by admin May 31, 2013

HOUSTON — Stream Realty Partners has closed on The Offices at Greenhouse, an upcoming 203,000-square-foot office development in Houston’s Energy Corridor. The new office building is Phase I of Greenhouse, a 12-acre mixed-use project, located at the southeast corner of Katy Freeway and Greenhouse Road. The project will ultimately be comprised of 405,000 square feet of office space and 30,000 square feet of retail space with a large outdoor plaza area that includes walking trails and outside seating. The Offices at Greenhouse will be built to LEED Silver standards and will feature a structured parking garage. The project is 65 percent pre-leased to an investment grade tenant. There remains roughly 70,000 square feet of contiguous office space available on two floors. The project is set to break ground this summer and will wrap up construction by July 2014. Construction has already begun on a 14,500-square-foot retail component, which will feature high-end retail space, and will house tenants including Starbucks and Potbelly. From Stream Realty, Paul Coonrod and Adam Jackson will be in charge of development, Brad Fricks and Stewart Lyman will head up the leasing efforts and Kyle Roberson and Scott Thetford will be in charge of construction. Matt Kafka …

May 31, 2013

Office Texas

PACE-SPECTRUM BUYS SAN ANTONIO OFFICE BUILDING, TO PERFORM $3M RENOVATION

by admin May 31, 2013

SAN ANTONIO — Pace-Spectrum Associates, an affiliate of St. Louis-based Pace Properties, has purchased The Spectrum Building, a 177,000-square-foot office building located at 613 N.W. Loop 410 in San Antonio’s North Central submarket. Pace will perform a $3 million renovation on the property. This is Pace’s first commercial real estate purchase in the San Antonio market. Pace has selected Peloton Commercial Real Estate to lease the building. Christi Griggs and Scott Boynton of Peloton will handle the leasing assignment.

May 31, 2013

Multifamily Texas

MARCUS & MILLICHAP BROKERS SALE OF 48-UNIT APARTMENT BUILDING

by admin May 31, 2013

FORT WORTH, TEXAS — Marcus & Millichap has announced the sale of Veranda Court Apartments, a 48-unit apartment complex located at 8037 Elizabeth Lane in Fort Worth. Boyan Radic and Mason Green of Marcus & Millichap represented both the seller, Leipnik-Fort Worth Holdings LLC, and the buyer, a Dallas-based limited liability company, in the deal.

May 31, 2013

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