DALLAS — NorthMarq Capital has arranged $2.4 million in first mortgage financing for the 68,874-square-foot Parkway North, an office building located at 16800 N. Dallas Pkwy. in Dallas. Ronald Reese of NorthMarq's Dallas office arranged the 10-year loan with a 25-year amortization schedule through Government Personnel Mutual Life Insurance Co. on behalf of the borrower, RMB Parkway North.
KATY — Houston-based My Fit Foods will open a 2,600-square-foot store in the 77,589-square-foot Highland Knolls Shopping Center, located at 1505-1565 S. Mason Rd. in Katy. The center is 90 percent leased to tenants such as Randalls, Washington Mutual, Skeeters, Quizno's Subs and AT&T. The store will be My Fit Foods' 17th location in the Houston area. Shawn Ackerman and Cyrus Chen of Henry S. Miller Brokerage's Houston office represented the landlord in the transaction.
When we look back at the last couple of years in the Dallas/Fort Worth industrial real estate sector, it is absolutely certain that it’s been great to be a tenant. Landlords have been fighting for new deals and trying to keep the ones they have. But is next year going to be better or worse than this year? In the past year, there have been glimmers that the real estate market and the economy might be on the rebound. With a complete lack of any notable new speculative industrial construction in the past 3 years in DFW, we’ve all been working to fill up the existing vacant inventory. In the past 4 quarters, we’ve seen positive absorption of approximately 10 million square feet. We’ve moved the needle in DFW from 11.5 percent vacancy, to 10.5 percent in one year’s time. While that’s significant compared to where we’ve been, it’s approximately half of where we were in 2007 when we saw more than 20 million square feet of industrial absorption in 2007 in DFW alone. While it seems that the market is positioning itself for some sustained growth, the flex sector of the industrial market still seems to be flagging. Vacancy …
HOUSTON, SPRING AND KATY — ARA has brokered the sale of a 940-unit multifamily portfolio featuring the 318-unit Piney Creek in Houston, the 304-unit Spring Creek in Spring and the 318-unit Downs at Cinco Ranch in Katy. David Mitchell, David Oelfke, Matt Rotan and David Wylie of ARA's Houston office represented the undisclosed seller in the transaction. Camden Property Trust was the buyer.
PARIS — Paris Junior College, located at 2400 Clarksville St. in Paris, has selected Plano-based SHW Group to design its $11 million, 41,800-square-foot Science and Technology Center. The new facility will provide classrooms, laboratory space and departmental offices. Construction began in October of this year and is slated for a December 2012 completion.
DALLAS AND FORT WORTH — Nebraska Furniture Mart has purchased four parcels of land, located south of Highway 121 and east of Plano Parkway in the Dallas/Fort Worth area, totaling 433 acres,to develop its fourth and largest store in the country. Larry Leon, Jonathan Cooper and Bob Moore of Venture Commercial Real Estate's Dallas office represented the buyer in the purchase of a 308-acre tract. The seller was Maharishi Global Development Fund. David Davidson Jr. of Venture's Dallas office and David Davidson Sr. of Davidson Real Estate helped Leon, Cooper and Moore in the purchase of the surrounding three parcels.
THE WOODLANDS — The Woodlands Development Co. has secured a $55 million loan for two office buildings, the 216,000-square-foot 4 Waterway Square and the 95,078-square-foot 9303 New Trails, located in The Woodlands. Both properties are well-occupied — 4 Waterway Square is 98.8 percent leased and 9303 New Trails is fully leased. The Woodlands Development Co. arranged the 12-year loan through Prudential Mortgage Capital Co. on behalf of Dallas-based The Howard Hughes Corp. The loan will refinance a maturing construction loan at 9303 New Trails.
MIDLAND — Dallas-based Annandale Real Estate has purchased a 29,000-square-foot retail property formerly occupied by Circuit City, located at 4110 W. Loop 250 in Midland. The facility has been vacant for more than 2 years. Parker Carroll of Coldwell Banker's Lubbock office represented the buyer in the transaction. The seller, a bank, was represented by Lynn Cook of Odessa-based The Havens Group.
DALLAS — Dallas-based Compatriot Capital, a subsidiary of Sammons Enterprises, has acquired a 50 percent ownership of Farmington Hills, Mich.-based Village Green, a privately held luxury apartment developer and manager. Village Green owns and operates $4.5 billion in assets across 14 states, and plans to invest approximately $50 million for the development or acquisition of $250 million in apartment assets in the next 2 to 3 years. The Village Green acquisition is Compatriot's first action in developing a $1 billion real estate business during the next decade.
DALLAS — Fort Worth-based Crescent Real Estate Holdings will develop a 600,000-square-foot mixed-use project on its 3.1-acre parcel at McKinney Avenue and Olive Street in Dallas. Pelli Clarke Pelli Architects, designer of the World Financial Center in New York City, the Petronas Towers in Malaysia and the International Finance Centre in Hong Kong, will design the project. The property will feature 400,000 square feet of office space, 60,000 square feet of retail space and 50 luxury residences. The project will break ground once it has been successfully pre-leased.