COLLEGE STATION, TEXAS — CBRE'S National Retail Investment Group has arranged the sale of Bryan Towne Center, a 52,268-square-foot retail center in College Station. New Jersey-based Lamar Cos. purchased the property, which is 66 percent leased to retailers such as Dollar Tree, Rack Room Shoes, Maurice's and rue21. The center is also shadow-anchored by Target. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, a subsidiary of BMO Harris Bank N.A., in the transaction.
MARBLE FALLS, TEXAS — The Scott & White Specialty Clinic-Marble Falls, a 66,000-square-foot medical office building (MOB) in Marble Falls, has opened for business. Scott & White Healthcare partnered with the Dallas office of Duke Realty to develop the three-story medical office building, which is located on the campus of a planned 46-bed hospital in Marble Falls. The MOB will house multiple primary care and specialty and diagnostic clinics. Duke Realty Limited Partnership owns the property. The project team includes architect Jacobs Engineering Group and general contractor DPR Construction.
FORT WORTH, TEXAS — The General Services Administration (GSA) has selected a joint venture between Trammell Crow Co. and USAA Real Estate Co. to develop the southwest region headquarters for the Federal Aviation Administration (FAA). The six-story, build-to-suit office development will be located in the Alliance Park in Fort Worth. The headquarters building will span 357,214 square feet. Construction is slated to begin in September and wrap up in October 2015. The project team includes Gensler, Manhattan Construction Co., B & A Consulting Engineers, Haynes Whaley Associates, Mycoskie Mcinnis Associates, Pacheco Koch and Weidlinger Associates. GSA was self-represented in the 20-year build-to-suit lease by Nancy Lopez, along with Kelly Winn of Studley.
PLANO, TEXAS — Trammell Crow Co. and Principal Real Estate Investors (PREI) have formed a joint venture to develop Legacy Towers, a two-phase speculative office building project located at the southeast corner of the Dallas North Tollway and Legacy Drive in Plano. The joint venture has begun the demolition of the former Stacy Furniture headquarters building at the site. Phase I of Legacy Towers includes a 13-story, 342,066-square-foot office tower and six-story parking structure, which will be connected via an air-conditioned walkway. Trammell Crow and PREI expect the tower will be available for occupancy in third quarter 2014. The joint venture and the architect, HKS Inc., are designing Legacy Towers to achieve LEED Gold certification. Wells Fargo is the project lender, and CBRE Dallas is marketing and leasing Legacy Towers.
SAN ANTONIO AND HOUSTON — Dallas-based Fountain Residential Partners has broken ground on two student housing projects in Texas, which will house students from The University of Texas at San Antonio (UTSA) and The University of Houston (UH). Occupancy is slated to begin for fall 2014 for both Prado near UTSA and The Vue on MacGregor near UH. Prado, a 498-bed community with a 6,000-square-foot restaurant and 10,000-square-foot, two-level amenity center, will be located across the street from UTSA. The development will include granite countertops, open floor plans, wood-like flooring, stainless steel appliances, 50-inch flat-screen TVs with DVR and WiFi throughout. The Vue on MacGregor, a five-story, 347-bed community, is the first privately owned, off-campus student housing community serving UH. The project is located within walking distance to campus and near two new light-rail stations. Dallas-based Centerpoint Builders will be the general contractor for both projects. Dallas-based Grand Campus Living will provide leasing and management services for both communities. Stuart Roosth Architects designed Prado, and 5G Studio designed The Vue on MacGregor.
DALLAS — David Disney, formerly with UCR Investment Sales, has closed on the sale of Preston Oaks, a 103,000-square-foot grocery-anchored shopping center in Dallas. The center is located at the southeast corner of Preston Road and Royal Lane in the Preston Hollow neighborhood. H-E-B's Central Market grocery concept anchors Preston Oaks. Other tenants include White House | Black Market, Gap, Pier 1 Imports, Francesca's, Neighborhood Services and McDonald's. Jacksonville, Fla.-based Regency Centers acquired the center in an off-market transaction from a partnership controlled by Trademark Property Co. Disney, along with Stuart Brackenridge of Regency Centers, represented the buyer in the transaction. The seller was self-represented.
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.
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.
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.
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.
