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 …
DENTON — Stan Johnson Co. has brokered the $5.3 million sale of a 13,100-square-foot medical office building, located on the campus of North Texas Hospital at 2805 S. Mayhill Rd. in Denton. Toby Scrivner, Jeff Matulis and Karen Vinsko of Stan Johnson Co.'s Tulsa, Okla., office represented the buyer, a New York-based institutional REIT, in the transaction.
FRISCO — The Connor Group has purchased the 262-unit Lodge at Frisco Bridges, a luxury apartment community located at 8568 Warren Parkway in Frisco, for an undisclosed price to an undisclosed seller. This is the company's second property in Frisco, the other one being The Residences at Starwood.
HOUSTON — The Houston Humane Society has purchased an 11-acre site, located in the Beltway Business Park in Houston, for the development of a full-service veterinary clinic and its associated pet adoption programs. Joel Michael of NAI Houston represented the seller, Houston-based National Property Holdings, in the transaction. David Carter of Colliers International's Houston office represented the buyer.
CORPUS CHRISTI — BLL Holdings has sold the 121-room Days Inn of Corpus Christi, located at 901 Navigation Blvd. in Corpus Christi, to Corpus Christi Hospitality in a cash transaction. The buyer plans on making capital improvements to the two-story hotel. Bryan Blanchard and Randy Lee of The Mumford Company's Dallas office represented the seller in the transaction.
FORT WORTH — Marcus & Millichap has arranged the sale of the 82-unit Woodlake Apartments, located at 1404 Weiler Blvd. in Fort Worth. Boyan Radic and Brian Roosth of Marcus & Millichap's Fort Worth office represented the seller, a Chicago-based limited liability company, and procured the buyer, a New York-based limited liability company, in the transaction. The buyer plans to renovate the property's interior rooms as well as upgrade the exterior with new roofs, landscaping and paint.
HOUSTON — Houston-based NewQuest Properties has secured the lease of 51,499 square feet of industrial space, located at 7170 W. 43rd St. in Houston. Joey Lumsden of NewQuest represented the tenant, Image Engine, in the lease transaction. Travis Land of NAI Industrial in Houston represented the landlord.
HOUSTON — Hines has brokered the lease of 33,394 square feet of office space at the 629,000-square-foot Phoenix Tower, a 34-story office building located at 3200 Southwest Freeway in Houston. The building is now 82 percent leased. Chip Horne of Cushman & Wakefield of Texas' Houston office represented the tenant, New York Life, in the lease transaction. Tyler Garrett and Paula Bruns of Hines' Houston office represented the building owner, FSP Phoenix Tower Limited Partnership.
ADDISON — The $3.5 million makeover of the 547-room Dallas/Addison Marriott Quorum has been completed. The renovation includes the creation of the Marriott Great Room, expanded meeting space at The Quorum Ballroom and the Blueprint meeting room, a new bar and restaurant (Addison Grill and Texas Food and Cocktails), a new We Proudly Brew Starbucks outlet, an upgraded front desk, a business center and retail space.
LAS COLINAS — TMG-C Decor has purchased a 118,000-square-foot industrial building, located at 1411 W. Walnut Hill Ln. in Las Colinas. The building will serve as the company's corporate headquarters. Larry Robbins of Dallas-based Capstone Commercial and Allen Gump of Colliers International's Dallas office negotiated the transaction.