FRISCO, TEXAS — Hall Financial Group has signed Con-way Multimodal to a 9,821-square-foot lease in the 2 million-square-foot Hall Office Park. The freight brokerage firm's office is located at 2611 Internet Blvd. in Frisco. The lease deal includes a 3,240-square-foot expansion and an extension for the 6,581-square-foot current lease. Kim Butler, Tammy Nellis and Brad Gibson were the in-house representation for Hall Financial Group in the lease deal.
HOUSTON — Davis Commercial has arranged the sale of three mixed-use buildings totaling 6,870 square feet near Rice University in Houston. The properties are located at 1840 and 1842 Bissonnet St. The buyer, Mary Rutherford, intends to use the buildings as an art studio and residence. Tracy Etie of Texas Real Estate & Co. represented the buyer in the transaction. Jonathan Hicks of Davis Commercial represented the seller, Key Maps Inc.
HOUSTON — KeyBank Real Estate Capital has closed two Fannie Mae multifamily deals totaling $57.5 million in the Houston area. The two loans include $29.3 million for the 336-unit Century Westway and $28.2 million for the 223-unit Century Galleria Lofts. Jane Harrison and Joe Fadus of KeyBank arranged the acquisition financing on behalf of the borrower, Centennial Holding Co. LLC.
HIDALGO, TEXAS — Los Angeles-based BH Properties LLC has purchased the 313,120-square-foot Tres Puentes Distribution Center for $8.6 million. The property is located at 1501 International Blvd. in Hidalgo. The purchase falls in line with BH Properties' focus on acquiring industrial properties near the Mexican border. The company plans on adding border facilities in Texas, Arizona and California in the next two years.
DALLAS — CBRE | Hotels has arranged the sale of the 129-room Staybridge Suites in Dallas, located at 16060 Dallas Parkway. The seller, Driftwood Hospitality Management, sold the hotel to a Texas-based buyer that plans to implement a full renovation of the property. Bert Stevens of CBRE | Hotels in Dallas represented the seller in the transaction. This sale is the 12th hotel closing for CBRE | Hotels in Dallas.
SAN ANTONIO — Austin-based Linsalata Realty Services has brokered the sale of the 10,012-square-foot Old Pearsall Road Shopping Center in southwest San Antonio. The property is located at 6388 Old Pearsall Road. Joe Linsalata of Linsalata Realty Services represented the buyer, Studio City, Calif.-based Manhattan-Pearsall LLC, in the transaction. Alan Rust and Ryan Hoff of Retail Solutions represented the seller.
The Dallas/Fort Worth industrial market has performed very well during the past three years. Healthy market fundamentals have created an environment in DFW that is highly conducive for robust growth, though the sluggish national economic recovery will cause some volatility in the pace of that growth. Strong job gains, an expanding position as a global distribution hub and local market confidence are all characteristics driving industrial market performance. The warehouse/distribution sector drove demand in the DFW industrial market during the first quarter of 2013, with flex space also in demand. Net absorption of industrial space across the Metroplex totaled 1.3 million square feet during the first quarter of 2013, with warehouse/distribution product accounting for 62 percent of the space taken. This compares to 2012 when net absorption of warehouse/distribution space totaled 8.8 million square feet, making up for move-outs in the manufacturing sector. Total net absorption for all product types was 8.3 million square feet during 2012. Industrial inventory is expanding in DFW with approximately 3.7 million square feet of industrial space under construction or renovation as of March 2013. This compares to 2.1 million square feet under construction or renovation one year ago. Developers are responding to a lack …
CEDAR PARK, TEXAS — The Ainbinder Co. and Costco Wholesale Inc. have broken ground on Cedar Park Town Center, a 49-acre retail project located at the intersection of U.S. Highway 183A and Whitestone Boulevard in Cedar Park, just north of Austin. Seventeen acres of the land will house a 154,000-square-foot Costco warehouse. The center is expected to include over 350,000 square feet of retail and restaurant space upon completion. Phase I of the project will open this fall, and house tenants including In-N-Out Burger and BJ’s Restaurant & Brewhouse. Rodger Anderson and Neal Kieschnik of UCR’s Austin office represented Ainbinder, and Steve McArthur of Northwest Atlantic, along with David Darr of The Place Commercial Real Estate in San Antonio, represented Costco in the transaction. Lee Mitchell and Zack Harris of Whitney Bank in Houston are providing construction financing. Hermes Architects of Houston and Mulvanny G2 of Bellevue are the architects for the complex, Kimley-Horn is the project engineer and Parkes Construction is the project’s general contractor.
WOODWAY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Marriott’s SpringHill Suites Waco Woodway, located at 200 Colonnade Parkway in Woodway. The four-story hotel contains 82 guestrooms, two meeting rooms, a full-service bar, an indoor swimming pool and spa and fitness center. Chris Gomes, Allan Miller, Jake Gaddy, David Greenberg and Skyler Cooper of Marcus & Millichap represented the seller, a Texas-based investor. Jonathan Ruprai of Marcus & Millichap’s Tampa, Fla., office represented the buyer, an investment group from Ohio.
AUSTIN, TEXAS — ARA has arranged the sale of Promesa, an 82 percent occupied, 289-unit multifamily development in Austin. Constructed in 2012, Promesa is comprised of one-, two- and three-bedroom units and its amenity package includes a tech/business center, media room, resort-style swimming pool, fitness center and a fireside lounge and grilling area. Patton Jones of ARA represented the seller, Forestar Group, in the transaction. A large pension fund advisor acquired the community from Forestar Group.
