ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of a 19,957-square-foot office building located at 1201-1205 W. Green Oaks Blvd. in Arlington. Ebby Halliday Realtors has been the tenant at the office building since 1997. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, a private investor, in the transaction. Vitorino also procured the buyer, a local limited liability company.
DALLAS — Solomon Associates, a global energy performance improvement firm, has moved its headquarters to One Lincoln Centre, a 446,340-square-foot office building in north Dallas. Solomon has leased 28,860 square feet in the property. The company currently occupies 27,000 square feet in Two Galleria Tower. Matt Heidelbaugh, Billy Gannon and Bob Edge of Cushman & Wakefield of Texas Inc.'s Dallas office, along with Bob Kelley of the Cushman & Wakefield's Hartford, Conn., office, represented the tenant. Mark Dickenson, Matt Schendle and Meredith Durham, also of Cushman & Wakefield of Texas, represented the landlord, Lincoln Centre.
Improvement in Dallas Dallas office market fundamentals has been supported by economic concentrations in the finance/insurance, energy and technology sectors, as well as the amenity-driven desirability of infill submarkets, namely Uptown and the Arts District. Yet, any discussion of Dallas area office expansions must begin with State Farm Insurance. The firm has accounted for a significant portion of activity, leasing more than 2 million square feet of office space in Richardson and Las Colinas in the past year. Banks and financial firms, including Frost Bank, Wells Fargo, Capital One and USAA, are expanding as improving economic conditions support lending and investment activity. With a 500,000-square-foot expansion by Denbury Resources in Plano and the growing presence of Crosstex Energy and Alon USA in Dallas, it is clear that the new energy boom is a positive for North Texas offices too. Leasing activity among technology firms is strong with Ericsson’s new building underway at its Plano campus being the most notable, although smaller software and telecom companies are also expanding, such as Hawkeye Communications in Uptown Dallas. Overall office vacancy in Dallas/Fort Worth has fallen 210 basis points (bps) from its peak in 2010. While this is certainly a strong recovery, it …
HOUSTON — Stream Realty Partners has closed on The Offices at Greenhouse, an upcoming 203,000-square-foot office development in Houston’s Energy Corridor. The new office building is Phase I of Greenhouse, a 12-acre mixed-use project, located at the southeast corner of Katy Freeway and Greenhouse Road. The project will ultimately be comprised of 405,000 square feet of office space and 30,000 square feet of retail space with a large outdoor plaza area that includes walking trails and outside seating. The Offices at Greenhouse will be built to LEED Silver standards and will feature a structured parking garage. The project is 65 percent pre-leased to an investment grade tenant. There remains roughly 70,000 square feet of contiguous office space available on two floors. The project is set to break ground this summer and will wrap up construction by July 2014. Construction has already begun on a 14,500-square-foot retail component, which will feature high-end retail space, and will house tenants including Starbucks and Potbelly. From Stream Realty, Paul Coonrod and Adam Jackson will be in charge of development, Brad Fricks and Stewart Lyman will head up the leasing efforts and Kyle Roberson and Scott Thetford will be in charge of construction. Matt Kafka …
SAN ANTONIO — Pace-Spectrum Associates, an affiliate of St. Louis-based Pace Properties, has purchased The Spectrum Building, a 177,000-square-foot office building located at 613 N.W. Loop 410 in San Antonio’s North Central submarket. Pace will perform a $3 million renovation on the property. This is Pace’s first commercial real estate purchase in the San Antonio market. Pace has selected Peloton Commercial Real Estate to lease the building. Christi Griggs and Scott Boynton of Peloton will handle the leasing assignment.
FORT WORTH, TEXAS — Marcus & Millichap has announced the sale of Veranda Court Apartments, a 48-unit apartment complex located at 8037 Elizabeth Lane in Fort Worth. Boyan Radic and Mason Green of Marcus & Millichap represented both the seller, Leipnik-Fort Worth Holdings LLC, and the buyer, a Dallas-based limited liability company, in the deal.
DENTON, TEXAS — Movie Trading Co. has leased 13,084 square feet of retail space in Colorado Square, a retail center located at 2305-2311 Colorado Blvd. This will be the company’s first Denton location. Blake Shipp with the Commercial Retail Division of The Weitzman Group acted as the leasing agent for the shopping center. Colorado Square is also home to tenants including Dollar Tree. Colorado Square shadow anchors Conn’s, Staples and Party City and is located near Golden Triangle Mall.
HOUSTON — Colliers International has arranged the sale of the 75,289-square-foot Northwest Central Plaza, located at 5500 N.W. Central Drive in Houston. The two-story office building is located in the Northwest Far submarket. David Carter and Jay Kyle of Colliers International represented the seller, MLCW NWC LP, in the transaction.
CORPUS CHRISTI, TEXAS — Baker Katz has arranged the sale of a 47,395-square-foot Gold’s Gym property, located at 6643 S. Staples St. in Corpus Christi. The freestanding property has been leased to Gold’s Gym since 2007. Jamie Weaver of Baker Katz represented the seller, an individual investor, and the buyer, an institutional investor, in the transaction.
MANSFIELD, TEXAS — Johnson Capital has arranged a $6 million equity and mezzanine debt raise for the development of a 308-unit, Class A multifamily community in Mansfield. The project, Dolce Mansfield on the Green, will feature one-, two-, and three-bedroom units on 17 acres in the suburban Dallas-Fort Worth Metroplex. Jason Pumpelly of Johnson Capital facilitated the transaction on behalf of DLC Residential. Trinity Private Equity Group (TPEG) provided the joint venture equity and mezzanine financing.
