DALLAS — Granite Properties, Inc. has purchased a 240,088-square-foot Class A office building at 3333 Lee Pkwy. in the Turtle Creek submarket of Dallas. The property is more than 90 percent leased and sits across from Lee Park. CB Richard Ellis' Gary Carr, Russell Ingrum, Eric Mackey, Josh McAtor and Jack Fraker represented the seller, La Jolla, Calif.-based Equastone.
BELTON — SHW Group has completed construction of South Belton Middle School, a 149,346-square-foot facility that serves the Belton Independent School District's sixth- through eighth-graders. SHW constructed the classrooms into grade-level pods with four classrooms clustered around a community multipurpose flex space. The classrooms feature glass walls, and the school's corridors and stairways feature 7-foot high marker boards for interactive lessons outside the classroom. The facility includes sustainable features, including a highly reflective white roof, south-facing windows, smart walls and daylight controls. Funding for construction came from residents voting for a $29 million bond.
DENTON — The Denton City Council has approved a $9.5 million Economic Development Program Grant Agreement for MGHerring Group and Cencor Realty Services for the redevelopment of Golden Triangle Mall at 2201 Interstate 35 E. in Denton. MGHerring and The Weitzman Group, an affiliate of Cencor, have been jointly leasing the mall since September 2010, and Cencor currently manages the property. MGHerring and Cencor have decided to form a joint venture known as GTM Development, Ltd. for the purchase/redevelopment of the mall. The $9.5 million grant is a piece of the $60 million expected for the redevelopment's total cost. The 765,000-square-foot mall is anchored by JC Penney, Dillard's, Macy's and Sears, and it houses tenants such as Ross Dress for Less, Hollister, Barnes & Noble, DSW, American Eagle, Aeropostale, Bath & Body Works, Victoria's Secret, The Limited, El Chico and Starbucks. The redevelopment will include a new exterior facade, redesigned entrances, updated tenant storefronts, new food court, new tenants, new flooring, new interior amenities (benches, landscape, fixtures, directories) and new exterior and interior graphics and lighting. The renovations are slated to be finished in time for a grand re-opening in fall 2012.
FORT WORTH — NorthMarq Capital has arranged $37.17 million in first mortgage financing for Broadstone Centreport, a 452-unit multifamily property at 14301 Centre Station Dr. in Fort Worth. Greg Duvall from Northmarq's Kansas City office arranged the financing on a 7-year term with a 30-year amortization schedule through NorthMarq's seller-servicer relationship with Freddie Mac.
BAYTOWN — E.E. Reed Construction has recently broken ground on AmeriPort Building II, a 168,480-square-foot distribution facility in the AmeriPort Industrial Park in Baytown. The facility was designed by Powers Brown Architecture and developed by National Property Holdings. The building is the first tilt-wall and structural steel building to be developed in the 723-acre industrial park.
RICHARDSON — Stream Data Centers has broken ground on a new data center development totaling 72,500 square feet at Renner Road and Wyndham Lane in Richardson. The project is expected to be delivered and ready for occupancy in May. Stream Data Centers is hoping to achieve LEED Gold certification for the facility. The building is the first purpose-built wholesale data center built from the ground up in north Texas.
MANSFIELD — Arch-Con Construction has recently broke ground on a 12,000-square-foot multi-tenant retail center at Hwy. 287 at FM 157 in Mansfield for Pittsburgh-based Kossman Development Co. The retail center is part of a planned 400,000-square-foot retail development. The retail center is slated to be finished in December.
AUSTIN — Berkadia Commercial Mortgage originated $19.89 million in construction financing through its HUD/FHA program for Lotus Village Apartments, a 222-unit apartment community that will be located at 300 Ferguson Dr. in Austin. The community will consist of 10 three- or four-story buildings with an average 922 square feet per unit. Berkadia’s Steve Mentesana and Tim Nunan originated the 4.4 percent fixed interest loan on a 40-year term with a 40-year amortization schedule.
DALLAS — Elm Place, a 1,293,586-square-foot office property at 1401 Elm St. in downtown Dallas, has been sold. David Glasscock of Colliers International represented the owners of both the 43-story, 864,702-square-foot tower, SCI ROEV, and the owner of the lower nine stories comprising 428,884 square feet, LNR Partners. The buyers are investors from Eastern Europe. The 52-story building used to house First National Bank, but has been vacant since 2010 because of the recession.
AUSTIN — A newly formed joint venture between Brennan Investment Group and TriGate Capital has acquired a 137,635-square-foot industrial portfolio in Austin, marking the joint venture’s first acquisition. Transwestern’s Luke Wheeler and Hale Umsted represented the seller, Unum Group, and CB Richard Ellis’ John Barksdale and Greg Marberry represented the joint venture. The portfolio includes three buildings in three separate submarkets of Austin that are currently 76 percent occupied by 11 tenants. The joint venture received acquisition financing from Aetna, Inc. and they plan to make capital improvements to the facility in the near future.