LUFKIN — A 37,000-square-foot medical outpatient clinic building in Lufkin, which is 100 percent occupied by the GSA/Department of Veterans Affairs, has been sold to Pomona, N.Y.-based RJ Block Properties. Located on seven acres at 2216 N. John Redditt Dr., the property was built in 2009 and has a long-term, 20-year modified gross lease with the GSA/Department of Veterans Affairs. Brett Butler of Stan Johnson Co. represented both the buyer and the seller, Lufkin-based LD Lyndon Properties.
DALLAS — The 255,378-square-foot CompuCom world headquarters campus, located at 7171 Forest Ln. in Dallas near the intersection of Forest Lane and Central Expressway, has changed hands. W.P. Carey & Co.'s (NYSE:WPC) non-traded REIT affiliates, CPA®:14 and CPA®:15 have sold the property to Optima Ventures for an undisclosed price. The office property is situated on nearly 20 acres and includes an eight-story, 162,138-square-foot office building and a three-story, 93,240-square-foot data center facility. Both buildings are fully leased on a triple net basis to CompuCom, an IT outsourcing company. Holliday Fenoglio Fowler (HFF) represented the seller.
AUSTIN — Holliday Fenoglio Fowler (HFF) has opened an office in Austin that focuses on multi-housing investment sales. Executive Managing Director Jody Thornton is overseeing HFF's Texas expansion from its Dallas office. Sean Sorrell, senior managing director, has joined HFF from Montecito Investment Co., where he was chief investment officer, and will run HFF's Austin office on location. Sorrell co-founded Montecito Property Co., which focused on acquiring multifamily rental property, renovating the properties and selling the units as condominiums. Prior to Montecito, Sorrell was a senior vice president at CB Richard Ellis.
HOUSTON — NAI Houston has acquired Campbell/English Commercial Brokerage Co., an independent brokerage company specializing in land brokerage services. Joel English and Scott Cowan, two of the company's producers, will be joining NAI Houston. Campbell/English Commercial Brokerage Co. was founded in 2005 by English, a veteran commercial real estate broker with experience at New Quest Properties and Henry S. Miller Commercial. The company has transacted more than $75 million in commercial property and presently has listings on property in excess of $120 million.
SAN MARCOS — A joint venture between URDANG, the real estate investment manager of BNY Mellon Asset Management, and Falcon Southwest has acquired The Palazzo, a 300-unit, Class A multifamily community in San Marcos. Located at 1011 Wonder World Dr., the property is visible from Interstate 35. The joint venture will focus on improving property operations, addressing deferred maintenance and implementing a moderate renovation program. URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P., a closed-end private real estate fund managed by Urdang Capital Management. The property was purchased from a private seller.
AUSTIN — An Austin-based investor, represented by SRS Real Estate Partners, has purchased Austin's Westcreek Crossing Shopping Center from Dallas-based developer Crestview Real Estate. The 10,000-square-foot, Class A retail property was 100 percent occupied at the time of the transaction. It is located at 4220 W. William Cannon Dr.
MANSFIELD — A 7,500-square-foot medical office, located in the southeast quadrant of FM 157 and Highway 287 at 1788 FM 157 in Mansfield, has traded. St. George Medical Office, represented by independent broker Sami Ebrahim, sold the property to an undisclosed local investor, represented by Jim Turano of Henry S. Miller Brokerage's Dallas-Fort Worth office and industrial division. The medical office is 100 percent occupied by a single medical user.
DALLAS AND HOUSTON — An affiliate of San Antonio-based USAA Real Estate Co. has entered into a joint venture agreement with Gables Residential to develop Class A multifamily properties at urban infill sites as well as purchase an interest in several of Gables' best-in-class stabilized properties. The development and acquisitions have the capacity to equal more than $400 million of Class A multifamily assets. Two of the first three stabilized properties under development include Gables Fairmount, which will comprise 333 apartments in Dallas' Uptown neighborhood, and Gables Bering, which will consist of 306 apartments and 11,200 square feet of retail space in Houston.
SAN ANTONIO — Memphis, Tenn.-based Mid-America Apartment Communities, an apartment-only REIT, has acquired the 340-unit Alamo Ranch apartment community, located in the Westover Hills corridor of northwest San Antonio. Completed in 2009, Alamo Ranch is part of a newly developed mixed-use, master-planned community with more than 900,000 square feet of retail and restaurant space, anchored by JC Penney and Lowe's Home Improvement Warehouse. Amenities at the gated Alamo Ranch include nine-foot ceilings, attached garages and a resort-style pool.
ADDISON — Tom Burns, Jay Gunn and Tom Warren of Hendricks & Partners' Dallas office have represented Frisco-based Hall Financial Group in its sale of a three-property apartment portfolio totaling 628 units in Addison. Bent Tree Brook, located at 4820 Westgrove Dr., Bent Tree Fountains, located at 16400 Ledgemont Ln., and Bent Tree Oaks, located at 4815 Westgrove Dr., have been sold to a joint venture between Crossbeam Capital and Concierge Asset Management. The buyers plan to invest $5.9 million to upgrade the properties.