HOUSTON — Dallas-based Spire Realty Group has acquired the 342,000-square-foot 1177 West Loop South, an 18-story office tower located in Houston's Galleria submarket. The Class A property is 96 percent leased to tenants including Cornerstone Mortgage Co., Brown Sims and Heritage Texas Properties. The seller was URDANG, a partnership sponsored by Houston-based Griffin Partners.
COPPELL — Archway SCM has leased 90,118 square feet of office/warehouse space, located in KTR's Freeport Crossing Project at 777 Freeport Pkwy. in Coppell. John Lancaster and Rick Medinis of Dallas-based NAI Robert Lynn represented the tenant in the lease transaction. J. Denton Shamburger of Lincoln Property Co.'s Atlanta office represented the landlord.
AUSTIN — The 477,102-square-foot Capital Plaza, a regional shopping center located at 400 N. Interstate 35 and Highway 290 in Austin, has recently added three national tenants to its merchant roster. Shepler's Western Wear has leased 25,269 square feet, Champs Sports leased 5,937 square feet and Anna's Linens leased 13,600 square feet. Michele Gary and Terri Twomey of The Weitzman Group's Austin office represented the shopping center in all three lease transactions. Daren Nix of Edge Realty Partners' Austin office represented Shepler's, Charlie Quisenberry of Austin-based Steve T. Matthews Co. represented Champs and Russ Howard The Weitzman Group's Austin Office, along with Marc Marrocco of the firm's Dallas/Fort Worth office, represented Anna's Linens. Other tenants in the shopping center include Target, Ross Dress for Less, Fallas Paredes, Melrose, Walgreens, Mattress Firm and Chase Bank.
HOUSTON — Birmingham, Mich.-based Bloomfield Capital has funded a $5 million senior bridge loan, which is collateralized by a 300-unit multifamily complex. The borrower used the loan to acquire the REO property.
IRVING — NorthMarq Capital has secured first mortgage refinancing for the 390-unit Woodland Ridge Apartments, located at 3725 W. Northgate Drive in Irving. Greg Duvall of NorthMarq's Kansas City, Mo., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
The land market in Austin, like the rest of the country, is driven by future expectations throughout the real estate product types from new home construction and apartments to office, retail and industrial development. Therefore, the same underlying fundamentals driving demand for new construction will also drive the demand for land development. Fortunately, Austin, like much of Texas, continues to outperform the nation economically. While the recovery has been sluggish elsewhere, Austin continues to gain economic momentum. Most metro areas throughout the country have yet to recover the employment losses sustained through the Great Recession. Austin with a net job growth of 16,300 in 2011 has now surpassed its pre-recession employment peak of 770,000 in August 2008. Current estimated employment is more than 787,000, according to the Bureau of Labor Statistics. Austin remains attractive to a variety of employers because of its educational infrastructure, young educated workforce, IT infrastructure and concentration of technology industries. While not the lowest cost of living or the lowest cost of doing business it is far and away more affordable than other tech centers such as San Jose, California, Boston and northern Virginia. Consistently ranked high by top economic development, relocation and business consultants, Austin …
HURST — Marcus & Millichap has brokered the sale of the 77-unit Dakota Place, a multifamily property located at 450 E. Hurst Blvd. in Hurst. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented both parties, both limited liability companies, in the transaction. A local bank financed the acquisition of the property, which was 98 percent occupied at the close of escrow.
NORTH RICHLAND HILLS — Woodcrest LP has purchased the 33,000-square-foot Tarrant Parkway Plaza, a shopping center located at the intersection of North Tarrant Parkway and Davis Boulevard in North Richland Hills. Eddie Liebman of The Weitzman Group's Dallas office represented the seller, LNR Partners, in the transaction.
LANCASTER — Dallas-based Hudson Peters Commercial has brokered the sale of a 18,301-square-foot retail center, located at 404 N. Interstate 35 in Lancaster. Michelle Hudson with Hudson Peters Commercial represented the buyer, a local investor, in the transaction. Jason Vitorino of Marcus & Millichap's Dallas office represented the seller, Lancaster Venture No. One.
FARMERS BRANCH — Lee & Associates has arranged the sale of a 10,400-square-foot industrial property, located at 13700 Diplomat Dr. in Farmers Branch. Mark Graybill and Donnie Rohde of Lee & Associates' Dallas office represented the seller, Jambros Partners Limited, in the transaction. The buyer was Smooth-On.
