HOUSTON — Cobalt Industrial REIT III has purchased a 96,285-square-foot warehouse facility at 14516 Heathrow Forest Parkway. John Ferruzzo of NAI Houston and Michael Morgan of Interstate Tenant Advisors represented the seller, Primesource Building Products, in the transaction. Ed Bane and Jon Michael, also of NAI Houston, represented the buyer.
DALLAS — Stockdale Investment Group has purchased The Shops of Highland Park, a 45,000-square-foot retail property located at 4200 Oak Lawn Ave. in Dallas. The center is home to retailers and restaurants including La Duni, Carbone’s, Flywheel and The Dry Bar. The property also includes an adjacent 50,000-square-foot parking lot. The Shops of Highland Park has undergone two major renovations since its original development in 1940. The seller was Corrigan Properties, the original owner of The Shops for more than 70 years.
DALLAS — Netherland, Sewell & Associates Inc. (NSAI) and Turner Construction Co. have signed leases with Cousins Properties Inc. at 2100 Ross, an 844,000-square-foot, Class A office tower located at Ross Avenue and Pearl Street in the Dallas Arts District. The two leases will total 90,000 square feet and take up three floors of the 33-story building. The property is currently 81 percent occupied, and 130,000 square feet of the complex is still available for lease. Construction is currently underway on new amenities, such as a complimentary Pulse Fitness center, an improved conference center, updated common areas in the lobby and restaurant improvements. Bill Brokaw, Cynthia Cowen and Mark Dickenson of Cushman & Wakefield represented 2100 Ross in the two lease deals. Sanders Thompson and Alan Harrington of Transwestern represented NSAI, and Phil Puckett and Harlan Davis of CBRE represented Turner Construction.
STEPHENVILLE, TEXAS — Balfour Beatty has entered into an agreement to develop a 514-bed, four-story student housing project located adjacent to the University Dining Center on Tarleton State University’s main campus in Stephenville. Tarleton State is a member of the Texas A&M University System. BOKA Powell Architects is in charge of design. Balfour Beatty Campus Solutions is the lead developer on the $25 million project, and Balfour Beatty Construction will act as construction partner. The university will operate and maintain the building, which includes management of all resident activities. The building will feature community spaces, kitchens and study areas on each floor. The project has been financed through the issuance of tax-exempt bonds underwritten by RBC Capital Markets. An affiliate of Collegiate Housing Foundation owns the on-campus project under a 32-year ground lease with the university. The project is scheduled to break ground later this month and open in August 2014.
AUSTIN, TEXAS — CBRE has arranged a 2,200-square-foot lease for VERTS, an Austin-based Mediterranean-style restaurant, located at 1801 E. 51st St. in Austin’s Mueller Market District. The restaurant will open in late July. John Heffington with CBRE represented the tenant. Britt Morrison with the Weitzman Group represented the landlord, Catellus. This restaurant will be VERTS seventh location in the Mueller neighborhood.
FORT WORTH, TEXAS — Brewsters Burger Bar and Chiro One Wellness Centers have signed leases to occupy space at West 7th, a mixed-use development located at the intersection of West Seventh Street and University Drive in Fort Worth. Brewsters Burger Bar will open a 2,969-square-foot location on Crockett Street across from LA Fitness. The Duncan Design Group of Dallas will design the space. Steve Brown of the BPSB Corp. will operate the restaurant, which is slated to open in December. Roger Smeltzer of Vision Commercial Real Estate represented the tenant, and Perren Gasc of Centennial Retail Services represented the landlord in the transaction. Chiro One Wellness Centers will occupy a 2,563-square-foot space situated between Moda Aveda SalonSpa and the Boardroom Salon for Men on Seventh Street. The center is slated to open in the fourth quarter of this year. Travis Ewert with Colliers International represented the tenant, and Karly Kilroy of Cypress Equities represented the landlord in the transaction.
ARLINGTON AND WICHITA FALLS, TEXAS — SkyWalker Property Partners has acquired two commercial properties in off-market transactions. The properties include the 28,211-square-foot Vandergriff Town Center at 200 N. Mesquite St. in Arlington and the 22,100-square-foot Wichita Falls Shopping Center at 2600 Central Freeway in Wichita Falls. Vandergriff Town Center features 13,327 square feet of street-level restaurant and retail space and 14,694 square feet of office space formerly occupied by a single tenant. SkyWalker Property has partnered with General Assembly Inc. on the acquisition. General Assembly plans to move its headquarters into a 5,893-square-foot space on the upper floor in September. The property is 63 percent occupied. Current ground-floor tenants of the space include a 4,100-square-foot Grease Monkey Burger Shop, a 2,580-square-foot Capital One Bank and a 1,577-square-foot Maren Karsen Salon. SCM Real Estate Services will be in charge of leasing. The 2.6-acre Wichita Falls Center was acquired from a community bank. The property is currently 20 percent occupied by a 2,400-square-foot H&R Block and a 1,800-square-foot GameStop. Chris Mendez with SCM will be the new leasing agent.
ATLANTA — Atlanta-based Cortland Partners has acquired three apartment communities totaling 1,037 units in Texas and Florida. Cortland purchased the communities for $130.3 million in three separate transactions. Cortland worked with Berkadia Commercial Mortgage LLC and Ares Commercial Real Estate Corp. to place the debt capital for these transactions. The first acquisition is Saxon Woods, a 510-unit community located in Dallas, for a total capital investment of $60.4 million. The second acquisition is Halstead, a 301-unit complex located in Houston, for a total capital investment of $47.4 million. The final acquisition is the Reserve at Deerwood, a 226-unit multifamily community located in Jacksonville, for a total capital investment of $22.5 million.
IRVING, TEXAS — Colliers International has arranged the sale of Allstate’s Irving campus, a three-building office community comprising 458,338 square feet. The buildings are located at 8701-8711 and 8675 Freeport Parkway and 8901 Esters Blvd. in Irving. Cole Real Estate purchased the property from Allstate Insurance Co. in a sale-leaseback transaction. Creighton Stark and Ben Lurie of Colliers’ Dallas office, along with Bill Fausone of Colliers’ Chicago office, represented the seller. The buyer did not have a representative. Allstate has committed to a new, long-term lease at its Irving campus as part of the transaction.
HOUSTON — Angelic Real Estate has arranged a $24.4 million loan on a seven-property industrial portfolio in Houston known as the Jaymar portfolio. The three-year, floating rate loan includes an extension option for up to two additional years. Interra Properties has taken over property management and leasing responsibilities and has increased occupancy to 90 percent as of the loan closing. Gabriel Silverstein and Louis D’Lando of Angelic Real Estate led the financing team. Northstar Realty Finance Corp. was the lender in the transaction.