Texas

IPA SECURES SALE OF MULTIFAMILY PORTFOLIO

by admin October 16, 2012

DALLAS — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of a two-property apartment portfolio totaling 560 units in Dallas. The properties include the 328-unit Pace's Cove Apartment Homes, located at 13100 Pandora Drive, and the 232-unit Brookfield Apartment Homes, located at 4060 Preferred Road. Will Balthrope and Drew Kile of IPA represented the seller, Landmark Residential, in the transaction. Balthrope and Kile also represented the buyer, Peak Capital Partners.

October 16, 2012

FORMER MOVIE THEATER AND SYMPHONY HALL TO HOUSE H&M

by admin October 16, 2012

MIAMI BEACH, FLA. — Miami Beach-based Savitar Realty Advisors has converted South Beach’s Lincoln Theatre from a historic movie theater and symphony hall into a 35,000-square-foot retail property. It is scheduled to open in November and will house Swedish retailer H&M’s 30,000-square-foot flagship store as well as smaller tenants like Swatch; Sabon; 4D Gelato; and 100 Montaditos, a Spanish tapas and sandwich style restaurant. Savitar Realty Advisors and a group of investors acquired Lincoln Theatre for $21.5 million in February 2010. The historic building was designed and built in 1935 by cinema architect Thomas Lamb in classic art deco style.

October 16, 2012

Office Texas

JLL ARRANGES SALE OF IMPERIAL SQUARE OFFICE BUILDING

by admin October 16, 2012

IRVING — Jones Lang LaSalle has brokered the sale of the 129,321-square-foot Imperial Square, a one-story office building located at 2401-2477 Gateway Drive in Irving. Bo Bond and Larry McCorkle of Jones Lang LaSalle represented the seller, Rushmore Imperial Square LP, in the transaction. The buyer was Red River Imperial Square LLC.

October 16, 2012

Retail Texas

UCR BROKERS SALE OF REO SHOPPING CENTER

by admin October 16, 2012

HOUSTON — UCR Investment Sales has arranged the sale of The Shops at Copper Crossing, a 19,949-square-foot REO shopping center located at FM 529 and Highway 6 in west Houston. The property is shadow-anchored by a Hobby Lobby and Walmart Supercenter. Cooper Crossing is fully leased to tenants such as Payless Shoes, Ace Cash Express, Cricket Wireless and Home Smart. Tommy Tucker of UCR represented the seller in the transaction.

October 16, 2012

Office Texas

MASON CREEK OFFICE CENTER UNDER CONSTRUCTION

by admin October 15, 2012

KATY — Myers Crow & Saviers has begun development of the 135,716-square-foot Mason Creek Office Center, a new two-story office building located at 21420 Merchants Way in Katy. The new office building will be part of the 110-acre Mason Creek Corporate Park. Mood Rambin has been retained as the property's leasing agent. The property is slated for a May 2013 completion.

October 15, 2012

Mixed-Use Texas

ARCH-CON BREAKS GROUND ON MIXED-USE PROPERTY

by admin October 15, 2012

HOUSTON — Arch-Con Construction has commenced construction on the 23,500-square-foot Museum Point Professional Building, a Class A medical office building with a retail component located at 1401 Binz St. in Houston's Museum District. The ground floor will be designated for retail and healthcare tenants such as the Dermatological Association of Texas and The Center for Clinical Studies will occupy the second floor. Dermedica Property Group is the project's developer.

October 15, 2012

Civic Texas

NEW ACTON ACADEMY CAMPUS BEGINS CONSTRUCTION

by admin October 15, 2012

AUSTIN — Austin-based Hatch + Ulland Owen Architects has designed Acton Academy's new 15,600-square-foot campus, which has broken ground at 2201 Alexander Ave. in east Austin. Phase I of the new campus will have elementary, middle and high school facilities for the blended school. The new school is slated for an August 2013 opening.

October 15, 2012

Retail Texas

M&M BROKERS SALE OF EL CHICO CAFE

by admin October 15, 2012

GARLAND — Marcus & Millichap has arranged the sale of a 6,500-square-foot El Chico Cafe, located at 1902 Eastgate Drive in Garland. Jason Vitorino and Nicholas Farris of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the transaction. Vitorino and Farris also represented the buyer, a local private investor.

October 15, 2012

Mixed-Use Texas

NORTHMARQ ARRANGES $2M MIXED-USE LOAN

by admin October 15, 2012

DALLAS — NorthMarq Capital has secured $2 million in first mortgage financing for the 41,000-square-foot Harry Empire Ltd. building, an office/warehouse/restaurant property located at Harry Hines Boulevard and Empire Central in Dallas. Bart Dickinson of NorthMarq's Dallas office arranged the 25-year loan with a 25-year amortization schedule through a life insurance company lender.

October 15, 2012

Multifamily Texas

29-STORY HIGH-RISE COMING TO BLVD PLACE

by admin October 12, 2012

HOUSTON — The Hanover Company has purchased a 1.2-acre site on Post Oak Lane in BLVD Place, a new mixed-use development located in Houston's Galleria/Uptown district, that will house a 29-story high-rise apartment tower known as Hanover Post Oak. The upscale community will contain 355 apartment units designed by Chicago-based Solomon Cordwell Buenz. The community will feature a clubhouse on the eighth floor with WiFi, a movie theater, fitness center, catering kitchen and private function room. The community will also feature a swimming pool with sunning shelf, private cabanas, an outdoor fire pit, outdoor kitchens and outdoor living rooms. Hanover was self-represented in the land acquisition by John Garibaldi. The seller, Wulfe & Co., was self-represented by Bob Sellingsloh. Construction is slated to begin in the first quarter of 2013 and will open by the third quarter of 2014.

October 12, 2012

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