BURLESON — LIG Assets' non-wholly owned subsidiary, World SeniorCare Services, has entered into a contract to purchase a 13-acre parcel for the development of a $20 million, 10-building senior housing property in Burleson. The project is slated to be constructed over a 2-year span.
HOUSTON — NorthMarq Capital has arranged first mortgage financing for the 117,893-square-foot The Shops of Hilshire Village, a shopping center located in Houston. The center's major tenants include Kroger, Walgreens and Blockbuster. Warren Hitchcock and Kristi Johnson of NorthMarq's Houston office arranged the 10-year loan with a 30-year amortization schedule through Guardian Life.
The downtown San Antonio office sector is shining brightest when compared to the second quarter. Vacancy has declined from 29 percent to 24 percent and absorption is in the black. “The downtown San Antonio office market experienced a big win in the third quarter,” says Kim Gatley, senior VP and director of research for NAI REOC San Antonio. Some of the major transactions for the CBD include HVHC Inc. leasing 112,652 square feet and Argo Group US Inc. leasing 77,000 square feet at the IBC Centre I & II complex. Transactions like these have lead to 265,034 square feet of positive absorption this quarter. But it's at the expense of the suburban market, which is struggling with 99,504 square feet of negative absorption this quarter. Year-to-date, San Antonio's non-CBD properties have posted 62,580 square feet of negative absorption. Citywide, there is 165,530 square feet of positive absorption in the third quarter, but the year-to-date total sits at 129,871 square feet of negative net absorption. Vacancy, however, remained relatively stable at 19.9 percent. Rental rates citywide have risen 2.1 percent from last quarter to sit at $21.11 per square foot. Bright areas for San Antonio: • Domicilio Conocido purchased Pacific Plaza …
The Dallas-Fort Worth office market is currently in a recovery phase helped along by the limited supply of new speculative construction projects and an increasing demand for space. The region has experienced slow, steady employment growth across diverse industry segments, which translated to positive net absorption for 2011. Asking rental rates are beginning to bottom out and concessions have reached their peak. Regardless of the sense of uncertainty for businesses on a national level, local tenants are making longer term decisions to take advantage of the current leasing environment. From the tenant’s perspective, two recurring trends are to optimize space efficiency and to create a positive environment aimed at recruiting and retaining employees. The need to meet these goals has prompted a number of relocations within the market. Office spaces that provide a multitude of area amenities within walking distance are likely to be in higher demand in 2012. Other tenants are looking for more efficient office space configurations and consequently properties with higher parking ratios will be increasingly important as tenants occupy denser, more efficient spaces. Access to public transportation also continues to become more important for corporations making long-term decisions. In 2011, the market saw the return of …
FORT WORTH — Cypress Equities has arranged a $14.5 million construction loan for Phase III of West 7th, a mixed-use property located on the southeast corner of West 7th Street and University Drive North in Fort Worth. The property features 441 residential multifamily units, 254,107 square feet of retail space and a 103,220-square-foot office building. Phase III will add 32,000 square feet of retail space and 96 multifamily units to the property, which is currently leased to tenants such as Bar Louie, Sweet Tomatoes, The Boardroom Salon for Men, Keena's of Fort Worth, Peruvian Atelier and Wink. Cypress arranged the loan through OmniAmerican Bank and Southwest Bank on behalf of the owner, CRP Cypress West 7th LLC.
SAN ANTONIO — The Spine & Pain Center of San Antonio has opened a 9,622-square-foot medical office at Brooks City-Base, located at 3124 Sidney Brooks, 570B in San Antonio. Brooks City-Base is a 400,000-square-foot master-planned community developed by the Brooks Development Authority.
DALLAS — LA Fitness has signed a long-term lease for a 50,000-square-foot facility within Cityville at Cityplace, a mixed-use development at the northeast corner of North Haskell Avenue and U.S. Highway 75 in Dallas. John Zikos and Jonathan Cooper of Venture Commercial Real Estate's Dallas office represented the tenant in the lease transaction, along with Walt Brown of Scottsdale, Ariz.-based Diversified Partners. Jack Gosnell of United Commercial Realty's Dallas office represented the landlord, Cityville Dallas Haskell Limited Partnership. This transaction marks the 27th LA Fitness location in the Dallas/Fort Worth area.
EL PASO — Mimco has signed 10 leases with Texas Car Title & Payday Loan Services in El Paso for a total 26,143 square feet. Mimco was self-represented in the leasing transactions, and Spencer Peterson of Peterson Commercial Real Estate represented the tenant.
DALLAS — Dunhill Partners and RioCan, Canada's largest REIT, have purchased the 485,000-square-foot Timbercreek Crossing, a Class A shopping center located at 6185 Retail Rd. in Dallas, from owner and developer Trammell Crow Co. The center includes a two-story Walmart/Sam's Club, JC Penney, Whataburger, Chick-fil-A, Sears, Verizon Wireless, Bank of America and DelTaco. Dunhill Partners will manage the center. Chris Cozby, Chris Gerard and Brandon Ferguson of CBRE's Dallas office represented the seller in the transaction. Mike Bryant, Scott Lewis and Matt Ballard of CBRE's Dallas office arranged the acquisition financing on behalf of the buyers.
HOUSTON — CyrusOne, a subsidiary of Cincinnati Bell, has acquired 175,000 square feet of data center space in Houston from owner and developer Panattoni Development Co. The acquisition includes the LEED-Silver building that CyrusOne currently occupies as well as an adjacent data center under construction. Stan Johnson Co. represented the seller in the transaction, and Dallas-based Lincoln Rackhouse represented the buyer.