DALLAS — SRS Real Estate Partners and Cresa have signed an agreement to form a new company to perform lease administration services for office, industrial and retail clients. The new company will be known as SRS-Cresa Lease Administration LLC. The arrangement allows Cresa to provide retail services to its office and industrial clients, and it provides SRS's retail clients with experience in the office and industrial sectors. The new company will provide services including critical data management, CAM audits and occupancy cost reconciliations. The new company will operate out of the established offices in Dallas and Chicago.
PASADENA, TEXAS — Silver Eagle Distributors has begun construction on a $25 million Anheuser-Busch distribution center in Pasadena. The 400,000-square-foot facility will be located at 3503 Pasadena Freeway. Silver Eagle expects to wrap up construction in the second quarter of 2014. The new facility will be able to handle the distribution of 6 million to 8 million cases of beverages annually. The Pasadena facility is Silver Eagle's eighth Anheuser-Busch distribution center in Texas and is expected to employ 200 people.
RED OAK, TEXAS — KBR Building Group has been awarded a design/build contract to construct a 730,000-square-foot aircraft manufacturing facility in Red Oak. Triumph Aerostructures-Vought Aircraft Division, a subsidiary of Triumph Group Inc., awarded the contract to KBR Building Group. The assembly and composites fabrication facility will handle the manufacturing of aerostructures for commercial, military and business jet aircraft. Site work is underway and occupancy is slated to begin in the second half of 2013.
GARLAND, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 235,000-square-foot industrial facility, located at 1111 S. Shiloh Road in Garland. Greg Trout and Jerry Averyt of Henry S. Miller handled the marketing and sales negotiations for the seller, Grand Six LLC. Jack Godhwani of Beam Real Estate represented the buyer, an owner/user that will use the property as the Dallas headquarters for a commercial copier refurbishing business.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of the 240-unit Austin Commons, an apartment complex located at 1630 Rutland Drive in north central Austin. The complex was built in 1971 and includes two swimming pools, a clubhouse, business center, fitness center, picnic areas and on-site laundry facilities. Joe James and Kent Myers of Marcus & Millichap's Austin office represented the seller, a California-based partnership, in the transaction. The buyer is also a California-based partnership.
FORT WORTH, TEXAS — NAI Robert Lynn has arranged the purchase of 39,750 square feet of office/warehouse space at 1201 and 1225 Forum Way S. in Fort Worth. Michael Newsome of NAI Robert Lynn represented the buyer, Cowart Properties LLC, in the transaction. Noel Hutcheson of Colliers International represented the seller.
PLANO, TEXAS — Aragon Holdings, a real estate investment and fund management company based in Beverly Hills, Calif., has acquired two Class A multifamily properties in Plano through its $50 million Aragon Multi-Family Cash Flow Fund II. The two communities are the 208-unit Reserve at Pebble Beach and the 208-unit Somerset at Spring Creek. Freddie Mac provided acquisition financing.
DALLAS — Dallas-based 7-Eleven Inc. has retained NRC Realty & Capital Advisors to sell 139 gas stations/convenience stores across the U.S. The stores are located in Texas (83), Florida (31), Ohio (11), Pennsylvania (eight), Utah (five) and Wisconsin (one). Of the Texas stores, 43 are located in Dallas/Fort Worth, 10 in San Antonio, 10 are near Austin and remainder are located throughout east Texas. The store's lot sizes range from 10,000 square feet to 75,000 square feet and the store sizes range from kiosks to 6,700 square feet. All sites are being sold without 7-Eleven branding.
RICHARDSON, TEXAS — Stream Realty has arranged a 170,000-square-foot lease expansion and extension with Texas Capital Bank at 2350 Lakeside in Richardson. Tommy Nelson and Jeff Schweitzer of Stream Realty represented the landlord, Lakeside Tower, in the transaction. Terry Quinn of Cresa Dallas represented Texas Capital Bank.
HOUSTON — Transwestern's Houston office has been awarded the office leasing assignment for a new 125,000-square-foot, Class A office building slated to begin construction in Houston. The office building will be part of LaCenterra at Cinco Ranch, a 34-acre Main Street-style town center development located in the master-planned community of Cinco Ranch. The mixed-use center is fully leased to more than 50 retailers and restaurants and includes 90,000 square feet of office space. Houston-based Vista Cos. and Denver-based Amstar formed a partnership to develop and manage the mixed-use development. The new office building is part of Phase II of development, which will include the addition of 130,000 square feet of retail space and a 300-unit luxury residential project. Phase II will also include the construction of an outdoor event center called Central Green, which is being developed in partnership with the Willow Fork Drainage District.