DESOTO — SPAR Five Group has purchased a 17,090-square-foot office/warehouse investment property, located at 201 Executive Way in DeSoto. Jim Turano of Henry S. Miller Brokerage's Dallas/Fort Worth office represented the seller, U.S. National Bank Group, in the transaction. The buyer was represented by Graham Sparrow of Hi View Real Estate's Ellis County office.
RICHARDSON — The Institutional Property Advisors (IPA) group of Marcus & Millichap has brokered the sale of the 285-unit The Venue, a 283,577-square-foot multifamily development located in the Telecom Corridor at 2301 Performance Dr. in Richardson. The development also includes 6,000 square feet of retail space. Will Balthrope and Lindsay Allen of Marcus & Millichap's Dallas office represented the sellers, Foster City, Calif.-based Legacy Partners Residential Development and Boston-based The General Investment & Development Companies in the transaction. The buyer was Chicago-based Amli Residential.
MARSHALL — Deerfield Beach, Fla.-based SIKON Construction has commenced construction on the $13 million, 500-bed Wiley Hall Student Housing Facility, located at Wiley College in Marshall, on behalf of Student Suites of Independence. The three-story facility was designed by Dallas-based Randall Scott Architects and is slated for occupancy in the fall of 2012.
PEARLAND — Houston-based Kelsey-Seybold has been chosen to build a 170,000-square-foot office building on an 18-acre site on the corner of Kirby Drive and Shadow Creek Parkway in Shadow Creek Ranch, a submarket of Pearland. The healthcare organization worked with the Pearland Economic Development Corp. for the building's development. The four-story building is being designed by Houston-based Powers Brown Architecture and will be constructed by E.E. Reed Construction. The new facility will serve as Kelsey-Seybold's administrative offices and is slated for completion in 18 months.
DENTON — The University of North Texas has acquired the 117,000-square-foot Woodhill Square, a multi-building office complex located at the intersection of Dallas Drive and Teasley Lane in Denton. The school will occupy approximately 30,000 square feet, and eventually the school will occupy the complex in phases. Teri Dorazil of CBRE's Dallas office represented the buyer in the transaction. The undisclosed seller was self-represented.
BASTROP — Plano-based Rent-A-Center has opened a 6,000-square-foot showroom, located at 67 Loop 150 W. in Bastrop. The new store marks the business' 281st location in Texas. San Antonio-based GLM Construction built the store, which was designed by Dallas-based Dimension Group.
HOUSTON AND OKLAHOMA CITY — Chicago-based Harrison Street Real Estate Capital has acquired an eight-property senior housing portfolio, with properties in Texas and Oklahoma, from E-Quest Management for $125 million in an off-market transaction. Harrison Street's partners, Houston-based Bridgewood Property Co., will manage the portfolio, which includes Village on the Park – Houston; Village on the Park – Friendswood; Village on the Park – Oklahoma City; Carriage Inn – Conroe; Carriage Inn – Bryan; Carriage Inn – Lake Jackson; Carriage Inn – Huntsville and Carriage Inn – Katy.
TEXAS — Murfreesboro, Tenn.-based National Health Investors has completed a $49.8 million sale-leaseback transaction with Legend Healthcare for four skilled nursing facilities in Texas, which are leased to Legend for 15 years. Legend has the option to purchase the facilities after 7 years.
HOUSTON — Los Angeles-based Pacific Retail Capital Partners has committed $24 million for the redevelopment of its 1.07 million-square-foot West Oaks Mall, located at 1000 West Oaks Mall in Houston. The redevelopment includes a new grand entrance, lighting and furniture upgrades, a new pedestrian plaza, the addition of a 14-screen Edwards Theatre and several new restaurants. The redevelopment is slated for a fall 2012 completion.
DEL RIO — McShane Construction has commenced construction on the 48-unit Las Brisas Manor Senior, an independent living facility, on behalf of the developer, The Paces Foundation. The 60,229-square-foot property will feature a brick exterior and individual porches and balconies. Martin Riley Associates – Architects is designing the facility to achieve Green Built Texas designation. Funding for the project came from the Texas Department of Housing and Community Affairs through its HOME Investment Partnerships Program. The facility is slated for a June 2012 completion.
