ARLINGTON — Marcus & Millichap has arranged the sale of the 40,230-square-foot Matlock Mayfield Village, a retail center located at 3330 Matlock Rd. in Arlington. The property is currently 70 percent occupied. Bill Jordan of Marcus & Millichap's Fort Worth office represented the seller, a local limited liability company, in the transaction and procured the buyer, an out of state limited liability company.
EL PASO — The 461,000-square-foot Freedom Crossing at Fort Bliss, the first-ever open-air shopping center to be part of a U.S. military base, is adding A'GACI, O'shoes and Texas Roadhouse to its tenant roster. A'GACI will open an approximately 8,000-square-foot store with O'shoes, its sister store, and Texas Roadhouse will open a 7,900-square-foot location. Other tenants include The Exchange, Commissary, Grand Theatre Fort Bliss 10, Under Armour, Buffalo Wild Wings, Smashburger, Shamrocks Irish Pub and The Sushi Place. There are several new tenants about to open new stores in the center as well, including Things Remembered, Chi Town Bar-B-Que, Auntie Anne's, Cinnabon and Old Fort Bliss Cigar. ServiceStar Property Management manages the center, which is open to civilians.
SAN ANTONIO — The 176-unit Las Brisas, located at 12549 Vista View St., and the 72-unit Lexington, located at 12635 Scardale Rd., both in San Antonio, have been purchased. The buyers, based in Chicago, are partners of Omaha, Neb.-based Seldin Co., which assumed management and leasing responsibilities upon closing. Jon Pesce of Omaha-based World Group advised the buyers in the transactions.
SAN ANTONIO — The 170,000-square-foot KCI Tower, an office tower located at 8023 Vantage Dr. in San Antonio, has been sold. Todd Gold of NAI REOC San Antonio represented the buyer, Callaghan Tower Ltd., in the transaction. The seller was Greenville, S.C.-based TIC Properties.
DALLAS AND FORT WORTH — Dunkin' Donuts has partnered with former Dallas Cowboys quarterback Troy Aikman and Dallas Cowboys owner Jerry Jones to open 50 Dunkin' Donuts locations in the Dallas/Fort Worth area during the next 5 years. There are currently 19 restaurants in the north Texas area. Under the agreement, Dunkin' Donuts, Jones and Aikman will share ownership of the 50 new locations and 11 of the existing 19 locations. Dunkin' Donuts will operate all 69 locations, while Aikman, Jones and Dunkin' Donuts are jointly responsible for strategic planning, expansion and marketing.
PLANO — Newport Beach, Calif.-based KBS REIT III has purchased the 522,043-square-foot Town Center Office Park, a three-building office complex located at the intersection of Legacy Drive and the Dallas North Tollway in Plano. The complex is part of the 2,665-acre Legacy Town Center, a master-planned community. The office complex is 87.5 percent leased to 51 tenants. KBS was self-represented by Bill Rogalla in the transaction.
PLANO — The 138,514-square-foot Legacy Drive Village, a community shopping center located at the northeast corner of Legacy Drive and Independence Parkway in Plano, has been purchased. The buyer, an out-of-state pension fund, purchased the grocery-anchored center from Legacy Village Associates, a joint venture assembled by Cencor Realty Services. Kroger Signature anchors the center, which includes Mooyah Burgers & Fries, Einstein Bros. Bagels, Optical Zone, Subway, Rita's, AAA Texas, Dunkin' Donuts, Angelo Vito's, Fantastic Sams, Texas Family Fitness and Palm Beach Tan. The Weitzman Group will continue to market the center under the new ownership and Cencor Realty Services will manage the center.
HARKER HEIGHTS — Ross Stores will be opening a new 28,000-square-foot Ross Dress for Less store at the 650,000-square-foot Market Heights Shopping Center in Harker Heights. Other tenants include Target, Bed Bath & Beyond, Dick's Sporting Goods, Barnes & Noble, Old Navy, Ulta and Petco. Dallas-based Direct Development owns the property. Former Dallas Cowboy Troy Aikman serves as principal of the group.
AUSTIN — Austin-based Muskin Commercial has brokered the sale of the 124-unit Summer Grove Apartment Homes, located on a 5.38-acre site at 7905 San Felipe Blvd. in Austin. Ellen Muskin of Muskin Commercial represented the seller, Santa Rosa, Calif.-based Summer Grove Properties, in the transaction. The buyers were entities controlled by Los Angeles-based Latitude Management Real Estate Investors. Eliav Dan of Los Angeles-based Verona Capital Markets arranged financing for the property.
2011 was a good year for the Dallas office market with above average demand, minimal new construction and two quarters of rising overall asking rates. If you look at the Dallas office market since 2001, a typical year net absorption is usually about 800,000 square feet. In 2011, the Dallas market recorded more than 1.6 million square feet. New construction (excluding owner-occupied properties) averages 2.5 million square feet for that same time period, but a little more than 200,000 square feet was completed in 2011. Still, the overall total vacancy rate remains higher than normal at 22.5 percent. Keep in mind Dallas, with its abundance of land and pro-development climate, rarely dips below 20 percent vacancy. The average total vacancy since 2001 is 21.4 percent. Typically if it nears 20 percent, the construction cycle picks up again and more new product is brought to the market. That’s about where the market is headed at this point. Developers have not made any official announcements for new construction yet, but more than a few are prepared to break ground on potential projects in a few submarkets (Far North Dallas and the Dallas CBD being two of the more likely submarkets). Unless there …