Texas

LAW FIRM LEASES OFFICE SPACE IN ROLEX BUILDING

by admin April 30, 2013

DALLAS — Cassin & Cassin LLP, a Manhattan-based law firm, has leased 3,060 square feet of office space at the Rolex building, a seven-story, 155,550-square-foot office building in Uptown Dallas. The building, built in 1984, is credited as the first office building in Uptown Dallas. The landlord, Harwood International, was self-represented by Jihane Boury. Phil Puckett of CBRE represented the tenant, along with Joseph Cassin and Ron Uretta of Cassin & Cassin. With the new lease, the Rolex building is 86 percent occupied.

April 30, 2013

HUFFINES BUYS 593 ACRES FOR MASTER-PLANNED COMMUNITY

by admin April 29, 2013

COLLINS COUNTY, TEXAS — Huffines Communities, a Dallas-based neighborhood and master-planned community developer, has purchased 593 acres of land in Collins County for a master-planned community called Parker Lakeside. The tract of land features four miles of frontage along the west side of Lake Lavon. Huffines purchased the land from the Hanover Group. The new site will offer approximately 1,400 lots for homes ranging from $260,000 to $1 million. Huffines will soon begin building streets, utilities, a club house with pools, trails and a grand monument entrance. The developer will also sell builders tracts of land ranging from 50 to 100 acres, as opposed to selling fully constructed home lots. The community will eventually house an elementary school, tennis courts, a fitness center, parks, hike/bike trails and commercial components. Road construction is slated to begin in 2014.

April 29, 2013

Retail Texas

MARTIN ROBERTS DESIGN COMPLETES $4.4M SWANN'S STORE

by admin April 29, 2013

TYLER, TEXAS — Martin Roberts Design, a Stamford, Conn.-based retail design company, has completed the flagship store for Swann's Furniture & Design in Tyler. The $4.4 million store is located at 7328 Old Jacksonville Highway. In addition to Martin Roberts design, the project team includes general contractor Abby Developments and structural engineer Mike Marler of P.E./Engineering & Safety Consultants. Swann's Furniture & Design has been in business for 117 years and is now under its fifth generation of ownership.

April 29, 2013

Office Texas

LAURUS CORP. ACQUIRES GATEWAY I AND II IN HOUSTON

by admin April 29, 2013

HOUSTON — Laurus Corp., a private real estate investor and developer, has acquired the Gateway I and II office buildings in Houston. The two Class A buildings total 270,000 square feet and are located at 15333 John F. Kennedy Drive. The six-story and eight-story office buildings feature a courtyard, vaulted ceilings and marble floors in the lobby, covered driveway, full service cafe and a five-story parking structure. Laurus will invest capital for upgrades and renovations to the lobby, corridors and bathroom facilities.

April 29, 2013

Office Texas

GOODSON ACURA ACQUIRES NEW CORPORATE OFFICES IN DALLAS

by admin April 29, 2013

DALLAS — Goodson Acura has purchased a 12,000-square-foot office building, located at 2710 Oak Lawn Ave. in Dallas, for its corporate offices. Eliza Solender of Solender/Hall represented the seller, Cancer Support Community, in the transaction. Russell Cosby and Doug Carignan of Jones Lang LaSalle represented Goodson Acura.

April 29, 2013

Market Reports Texas Texas Market Reports

Austin's Office Market is Now a Magnet for National Investors

by admin April 29, 2013

Austin has quickly become one of the hottest office investment markets in the country. In fact, many local market players say they’ve never seen this market more active, and for good reason. For Austin, it’s all about the strong combination of both outsized job growth and limited new development activity. On the jobs front, Austin gained 150,000 new residents over the past two years, according to the Census Bureau. In terms of construction starts, only three buildings were delivered to the market in the fourth quarter, and only 171,468 square feet of space was still under construction. These factors contributed to the Austin office market ending the fourth quarter of 2012 with a vacancy rate of 10.1 percent, down from 11.3 percent in the third quarter, with net absorption totaling positive 824,646 square feet in the fourth quarter. This year will see continued improvement in occupancy growth in Austin, though property performance will vary by submarket. For example, in the Round Rock/Georgetown/Cedar Park area, where a substantial amount of space was delivered during the recession, vacancy will tighten but will remain above 30 percent. As a result, rents in the area will continue to languish nearly 20 percent below the …

April 29, 2013

Industrial Texas

M&M BROKERS INDUSTRIAL SALE IN GARLAND FOR $10.7M

by admin April 27, 2013

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of a 336,499-square-foot manufacturing and distribution facility for $10.7 million in Garland. The property is net-leased to Apex Tool Group and is located at 3000 W. Kingsley Road. John Glass of Marcus & Millichap's San Francisco office, along with James Bell of the firm's Houston office, represented the seller in the transaction. Glass and Scott Pertel, also of Marcus & Millichap's San Francisco office, represented the buyer. The facility is expected to be upgraded with a new roof this year.

April 27, 2013

Multifamily Texas

SWBC REAL ESTATE SELLS THREE APT. COMMUNITIES FOR $100M

by admin April 26, 2013

SAN ANTONIO AND NORTHLAKE, TEXAS — Dallas-based SWBC Real Estate LLC has sold three of its multifamily communities in Northlake and San Antonio for approximately $100 million. The communities include the 288-unit Dry Creek Ranch in Northlake, the 304-unit Mission Hills in San Antonio and the adjacent 329-unit Evans Ranch. Will Balthrope and Drew Kyle of Institutional Property Advisors represented the seller in the Dry Creek Ranch sale. Calgary-based Western Securities Limited purchased Dry Creek Ranch. Boston-based TA Associates purchased both Mission Hills and Evans Ranch. Additionally, SWBC plans to break ground on Overlook Ranch later this year. The Class A, 318-unit community will be located in the AllianceTexas development in north Fort Worth.

April 26, 2013

Industrial Texas

NORTHMARQ ARRANGES $15M REFINANCING FOR BRAKER CENTER

by admin April 26, 2013

AUSTIN, TEXAS — NorthMarq Capital has arranged a $15 million loan for the refinancing of Braker Center 6, 7 and 11, three flex office buildings located in Austin. The properties total 218,301 square feet and are located at 11100 and 1212 Metric Blvd. and 2205-2229 W. Braker Lane. Steve Bye, Dale Stewart and Dan Lucchesi of NorthMarq's Denver office arranged the loan on behalf of the borrower.

April 26, 2013

Multifamily Texas

CRITERION PROPERTY CO. OPENS 1800 BROADWAY IN SAN ANTONIO

by admin April 26, 2013

SAN ANTONIO — Criterion Property Co. LP has opened a new luxury living community in midtown San Antonio called 1800 Broadway, located at its namesake address. The 230-unit community is more than 50 percent leased and is located close to downtown San Antonio, the revitalized Pearl Brewery development, the River Walk, Alama Heights neighborhood and Fort Sam Houston. The community features one- and two-bedroom plans, as well as townhomes. Amenities include three outdoor living areas, a resort-style pool courtyard, oversized fireplace, outdoor grilling kitchen and a courtyard next to a river. The community also features “The Cave,” a covered space with a wet kitchen, flat screen TVs, bar games and free Wi-Fi.

April 26, 2013

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