All indications are Fort Worth’s office market has turned the corner and is improving. The beginning of the year started out with activity and transaction levels that have not been experienced since early 2008. While activity has slowed down, we are still on pace for a good year. With limited new supply and increased activity, we are now seeing rates firm up, reduced free rent and positive net absorption. Currently, there are a few options outside of the Central Business District for large blocks of Class A space. One lease that helped tighten the market further was the Alcon lease for 87,000 square feet in the Wilcox Plaza. Vacancy rates for suburban Class A space stands at a record low of 3.88 percent. As a result, several developers are actively looking for sites to build new projects. Hillwood recently announced two new office buildings that will be built in the Alliance corridor totaling more than 160,000 square feet. Construction on the first of the two buildings should break ground in January 2013. In addition, by year end, we expect one or two additional projects to be announced in the Fort Worth suburban market. For tenants looking for space, downtown Fort …
NEWPORT BEACH, CALIF. — Newport Beach-based Sabal Financial Group has acquired a $121.5 million loan portfolio including 44 loans in Texas, Florida, North Carolina, South Carolina, Georgia, Virginia and Missouri, from a Southeast-based regional bank. Sabal will provide loan servicing and asset management for the portfolio.
PLANO — A public-private partnership between Franklin, Tenn.-based Southern Land Co., Chicago-based NXT Capital and the City of Plano have plans to develop a $30 million mixed-use development in downtown Plano. The transit-oriented development will feature 279 multifamily units and 9,000 square feet of retail space, including an urban 7-Eleven store. Residents of the development will have access to a fitness facility, swimming pool and be within walking distance of Historic Downtown Plano. The project is slated for a spring 2014 completion.
GARLAND — Westmount Realty Capital has purchased Garland Business Park, a 1.13 million-square-foot distribution and warehouse center located at 2600 McCree Road in Garland, near Dallas. The dry storage and freezer/cooler center is situated on a 66-acre, rail-served site. Westmount plans to rebrand the center as Garland Logistics Park and spend approximately $12 million in improvements during the next three years. The center is currently 70 percent leased to national and regional tenants. David Sours, Kevin Kelly and Jack Fraker of CBRE Group represented the seller in the transaction, and Sours and Kelly will be the new leasing brokers for the project.
HOUSTON — Brixmor has sold five shopping centers totaling 262,755 square feet in the Houston MSA. The centers include North 45 Plaza, Tidwell Place Shopping Center and Lazybrook Shopping in Houston, as well as Parkview West Shopping Center and Parkview East Shopping Center in Pasadena. Jerry Goldstein of Marcus & Millichap's Houston office represented the seller in the transaction. A Dallas-based private investor group acquired North 45 Plaza, Tidwell Place and Parkview West. A Houston-based investor purchased Lazybrook and an Amarillo-based partnership acquired Parkview East.
FRISCO — Three firms have signed new leases at Hall Office Park, a 2 million-square-foot office development located in Frisco. Bolinger & Hogue has renewed its lease for 2,816 square feet at 2595 Dallas Parkway; Jordan, Houser & Flournoy has renewed its lease for 1,103 square feet at 2591 Dallas Parkway; and Maxim Management has signed a new lease at 2801 Network Blvd. Kim Butler, Tammy Nellis and Brad Gibson of Boyer Group represented the landlord, Hall Financial Group, in the lease transactions. Greg Whittington of Cresa Partners represented Bolinger & Hogue and Alexis Martinez of Stream Realty represented Maxim Management Group.
SAN ANTONIO — USAA Real Estate Co. and Houston-based Cambridge Development Group have begun construction on The Residences at La Cantera, a high-end, 323-unit multifamily property located at 6215 Via La Cantera in San Antonio. The development will also include 4,000 square feet of retail space and a three-acre park with an urban plaza, lawn, playground, pond and shaded picnic areas. The development is the first phase of a mixed-use development called Town Center at La Cantera, which will feature hotel, office, retail and multifamily components. The development will eventually be linked to San Antonio's planned Leon Creek Hike & Bike Trail. The Residences at La Cantera will feature a clubhouse, cyber cafe, resort-style swimming pool, Jacuzzi, fitness center with yoga classrooms, an outdoor kitchen, fire pit and rooftop terrace. Dallas-based CF Jordan Construction served as general contractors, San Antonio-based Pape-Dawson Engineers served as the civil engineers, Looney Ricks Kiss Architecture designed the project, J. Robert Anderson was the landscape architect and San Antonio-based Riverstone Residential Group will manage the property upon completion. The property is designed to meet Texas Green certification standards.
SUGAR LAND — PM Realty Group has acquired the 515,000-square-foot Sugar Creek on the Lake, a Class A office building located at 14141 SW Freeway in Sugar Land. The purchase also included a parking garage and 14.72-acre parking lot. PM Realty plans to invest $13 million in capital improvements and additional parking with its equity partners, PCCP and Fuller Realty Partners. The building was fully occupied by Chevron until its lease expired in March 2010. The property is currently 20 percent occupied by Money Management International and Hightower Deli.
HOUSTON — Transwestern has secured the sale of the 161-unit Mirabella, a multifamily community located at 3001 Hillcroft St. in Houston. Ed Cummins of Transwestern represented the seller, G.I.C. Investments, in the transaction. The buyer was Vende Capital. Transwestern's Houston Multifamily Group has completed 11 sales transactions totaling 3,288 units in the past three months.
HOUSTON — Jones Lang LaSalle has arranged a 116,000-square-foot lease for an industrial property, located in the Hempstead Highway Distribution Center at 11850 Hempstead Highway in Houston. The tenant, Dal-Tile, is renewing its existing 75,000-square-foot lease and is expanding an additional 41,000 square feet. John Talhelm and Kevin Erck of Jones Lang LaSalle represented the tenant in the lease transaction. Brian Gammill of Transwestern represented the landlord.