GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Savannah Square, a 56-unit multifamily property located at 321 SW 5th St. in Grand Prairie. Doug Banerjee, Mason Green, John Barker and Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller and the buyer, both private investors, in the transaction. The property was 60 percent occupied at the time of sale.
RICHARDSON, TEXAS — Citadel Partners has arranged a 45,732-square-foot lease in Cardinal Park 7 in Richardson. The property is located at 1705 N. Plano Road. Scott Morse and Scott Jessen of Citadel Partners represented the tenant, Electronic Transaction Consultants, in the lease transaction. Byron McCoy and Josh Barnes of Holt Lunsford Commercial represented the landlord.
SAN ANTONIO — CBRE has arranged a 14,500-square-foot lease for ground-floor space at One Riverwalk Place in downtown San Antonio. The property is located at 700 N. Saint Mary's St. The tenant, South Texas Money Management Ltd., (STMM) is moving is headquarters from Olmos Park in midtown San Antonio. STMM will work with CBRE's Project Management Group to remodel the space before occupancy. The new office will serve as the firm's headquarters and will also house its multifamily office subsidiary. Taylor Dorris of CBRE's San Antonio office represented STMM in the lease.
DALLAS — Brookwood Financial Partners LLC, a real estate investment and asset management firm, has acquired Interchange Office Center, a three-story, Class A office building in Dallas. The 150,596-square-foot office building is located at the intersection of the Dallas North Tollway and the George Bush Turnpike. The property was 88 percent leased at the time of sale. Michael McDonald and Kennedy Hicks of Eastdil Secured represented the seller in the transaction. Brookfield was self-represented.
HOUSTON — ARA has arranged the sale of Fairfield Creek, a 696-unit multifamily community in Houston's Gulfgate submarket. The property was 93 percent occupied at the time of sale. David Wylie, Russell Jones, Matt Saunders and Zach Springer of ARA represented the seller, Harbor Group International, a Norfolk, Va.-based real estate investment company, in the transaction. RB Associates, a Houston-based multifamily owner/operator, purchased the property and plans to divide the asset into two separate apartment communities, complete interior upgrades and raise rents by $50 to $75 per month. The property features four swimming pools, four spas and a jogging trail.
PEARLAND, TEXAS — Gaia Real Estate Investments has partnered with Grand China Fund to acquire Whispering Winds, a 286-unit apartment community in Pearland. The property was built in 1986 and renovated in 2005. Gaia intends to renovate the property's common areas, amenity package and apartment units. Whispering Winds' amenities include two swimming pools, courtyards, barbecue grills, laundry facilities, clubhouse and business center, playground, dog park and lighted tennis court. Gaia owns 6,548 apartment units in 23 properties in Houston, Dallas and Corpus Christi.
HOUSTON — Moody Rambin has arranged the sale of a 8,354-square-foot office/industrial building, located at 6807 Wynnwood Lane in Houston. Christopher Dray of Moody Rambin represented the seller, The Daily Court Review, in the transaction. Steven O'Connor of Southwest Realty represented the buyer, Matex Property Group LLC. The property served as The Daily Court Review's corporate headquarters until last year when it moved to 8 Greenway Plaza.
The Houston metro retail market is attracting retailers and investors from across the world because of its booming economy and impressive job growth, primarily in the energy and healthcare sectors. Since 2012, Houston’s local employment has grown, on average, around 4 percent year over year. As developers continue building and leasing large office and medical developments, notably in The Woodlands and Energy Corridor, retail space has been and will continue to be in high demand. ExxonMobil is currently developing its 385-acre campus near the intersection of Interstate 45 and the Hardy Toll Road in The Woodlands. The development alone has more than 3,000 workers on site every day. With completion slated for 2015, nearly 10,000 workers will re-locate to the campus from the Houston area, as well as from Virginia and Ohio. Another notable development recently announced is ConocoPhillips’ 850,000-square-foot lease of Trammell Crow’s Energy Center Three and Four in the Energy Corridor. Energy Center Three, with expected occupancy in the second quarter of 2015, and Energy Center Four, with expected delivery in the second quarter of 2016, will house approximately 2,100 employees in the submarket. In addition to ConocoPhillips, The University of Texas MD Anderson recently acquired approximately 35 …
DALLAS — McCarthy Building Cos. Inc. has completed the AT&T Performing Arts Center Information Center, a 1,800-square-foot facility located on the west end of Sammons Park in the Dallas Arts District. Foster + Partners is the architect for the project. The facility features a box office, AT&T Experience Wall and a café operated by Pearl Cup Coffee. Justin Nunn of McCarthy is the project manager.
AUSTIN, TEXAS — CBRE has brokered the sale of Austin Industrial Park and Wall Street Business Park, two complexes totaling 163,750 square feet, to Industry Capital Advisors LLC. Austin Industrial Park is a 93,750-square-foot, 54-unit complex located at 5214 Burleson Road in Austin’s Southeast submarket. The property is currently 84 percent occupied. Wall Street Business Park is a 70,000-square-foot, 44-unit complex located at 8900-8906 Wall St. within the Walnut Creek Business Park in Austin. The property is currently 81 percent occupied. Mark Emerick and John Barksdale of CBRE represented the seller, RLA Real Estate.