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.
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.
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.
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.
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.
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.
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.
HOUSTON — Jones Lang LaSalle's Capital Markets has arranged the sale and financing of Ashford Place, a two-building, 143,505-square-foot office portfolio in Houston's Energy Corridor. Insite Realty Partners LP purchased the property from CW Capital Asset Management LLC. The two Class B properties are located at 950 Threadneedle St. and 14800 St. Mary's Lane along Katy Freeway (Interstate 10). The properties are 86 percent leased. Rudy Hubbard, Paul House and Kevin McConn of Jones Lang LaSalle led the team in the deal.
HOUSTON — CBRE has brokered the sale of One Oak Park, a fully leased, Class A office building located in Houston's Westchase District. The 153,342-square-foot property was constructed in 2009 and is LEED Gold-certified. A four-level parking garage adjoins the six-story office building. Bernard Branca and Jared Chua of CBRE represented the sellers, The Carlyle Group via Carlyle Realty Partners V and Means-Knaus Partners. Clarion Partners, real estate investment manager, purchased One Oak Park.
SAN ANTONIO — Dallas-based Frontline Holdings, a private investment firm, has purchased the 164-unit Whispering Hills Apartments in northeast San Antonio. The Class B, garden-style community is 95 percent occupied. The property features one-, two- and three-bedroom floor plans, as well as a business center, two swimming pools and barbecue grill areas. Casey Fry of ARA's San Antonio office represented the seller, Commerce Capital, in the transaction.
