Texas

JOINT VENTURE PURCHASES 4,568-UNIT MULTIFAMILY PORTFOLIO

by admin August 3, 2011

HOUSTON and AUSTIN — A joint venture of Ascension Commercial Real Estate and Moriah Real Estate Co. has purchased the 4,568-unit, Class B apartment buildings in Austin and Houston. J. Michael Lewis, Greg Austin and Chip Nash of Jones Lang LaSalle’s Capital Markets represented all parties in the transaction. Houston-based LMI Capital’s Ken Lawrence and Chris Pollard arranged the joint venture’s senior financing. Properties featured in the transaction include: Aubry Hills in Austin, 192 units Bay Crest Village in Houston, 96 units Bay Place in Houston, 193 units The Berkshire in Houston, 227 units Hayes Place in Houston, 307 units The Meadows in Houston, 480 units The Park on Burke in Houston, 160 units Pointe at Steeplechase in Houston, 316 units Princeton Club in Houston, 291 units Shadow Creek in Houston, 296 units Sheffield Square in Houston, 190 units Sierra Pines in Houston, 804 units Spring Meadows in Houston, 304 units Timber Run in Houston, 156 units Walnut Bend in Houston, 556 units

August 3, 2011

Texas

BRADFORD COMMERCIAL REAL ESTATE BROKERS OFFICE, INDUSTRIAL LEASES

by admin August 3, 2011

DALLAS and GRAND PRAIRIE — Dallas-based Bradford Commercial Real Estate Services has brokered the leases for an industrial site and an office property. Garland-based AYC Group, a salon equipment supplier, has leased 30,845 square feet of office/warehouse space in the Class A Gateway East Business Center in Dallas. The site, located at 4009 Distribution Dr., will serve as its headquarters and distribution hub, and AYC is expecting to occupy the space in early October. Bradford’s Chris Stout and Susan Singer represented the landlord, Northwestern Mutual Life Insurance Co., and Sara Fredericks of Hudson Peters Commercial represented AYC. In addition to AYC’s lease, Bradford brokered Total Turbine’s lease of 10,130 square feet of industrial space in Trinity West Business Park Building 1 at 2550 114th St. in Grand Prairie. Bradford’s Michael Spain and Jim Ferris represented the landlord, William J. Owen Trust and OMO Investment Co.

August 3, 2011

Office Texas

BEHRINGER HARVARD REFINANCES HOUSTON OFFICE PROPERTY

by admin August 3, 2011

HOUSTON — Behringer Harvard has refinanced the 502,410-square-foot One BriarLake Plaza in Houston’s Westchase district. The proceeds from the financing and cash on hand were used to repay the balance under Behringer Harvard REIT I, Inc.’s credit facility. NorthMarq arranged new financing for the property through senior lender Bank of America and mezzanine lender SBAF Mortgage Fund I/Lender. The property is 98 percent leased.

August 3, 2011

Civic Texas

ARLINGTON HIGH SCHOOL TO ADD 44,605 SF OF CAFETERIA, CLASSROOM SPACE

by admin August 3, 2011

ARLINGTON — Arlington Independent School District has hired Cadence McShane Construction Co. to build the new two-story, 44,605-square-foot expansion for Arlington High School at 818 W. Park Row Dr. in Arlington. The new addition is expected to house 14 classrooms, a kitchen and a cafeteria. The project is expected to be complete in July 2012.

August 3, 2011

Retail Texas

AGREE REALTY CORP. ACQUIRES NTB SITE FOR $2.77M

by admin August 2, 2011

DALLAS — Agree Realty Corp. has acquired a retail property net leased to National Tire & Battery (NTB) in Dallas for $2.77 million. The base term of NTB’s lease is 25 years. The store opened in May 2011.

August 2, 2011

Multifamily Texas

HEDGE FUND SELLS 798-UNIT APARTMENT COMMUNITY IN HOUSTON

by admin August 2, 2011

HOUSTON — New York-based hedge fund Petra Capital Management has sold the Palms of Westheimer, a 798-unit garden apartment community in Houston. Houston-based Situs Asset Solutions, which began servicing the property’s loan in 2006, represented Petra Capital in the transaction. David Malev and Maury Bronstein, both of Situs, helped manage and sell the lender-owned apartment community located at 6425 Westheimer Road.

August 2, 2011

Office Texas

NOVO 1 EXPANDS TO DENISON WITH 30,000 SF OFFICE FACILITY

by admin August 2, 2011

DENISON — NOVO 1 has announced it will open a 30,000-square-foot customer contact facility in Eisenhower Business Center at 2415 S. Austin in Denison. The site is expected to be operational in September and will employ up to 300 people over the next 3 years. More than $1 million is expected to be invested in the equipment and facility updates. The Denison Development Foundation owns the 30,000-square-foot space.

August 2, 2011

Office Texas

OPTIMAL BLUE SIGNS RENEWAL, EXPANSION LEASE IN PLANO

by admin August 2, 2011

PLANO — Plano-based Optimal Blue has signed a renewal and expansion lease for 9,419 square feet of office space in the Parkwood Place building in Plano’s Legacy Park. Optimal Blue signed the lease with Newport Beach, Calif.-based KBS Realty Advisors, which owns the Parkwood Place building. Chris Morrow of Dallas-based Finely Morrow negotiated the lease on Optimal Blue’s behalf and Steve Everbach, Conor McCarthy and James Esquivel of Jones Lang LaSalle’s Dallas office represented KBS. The three-story Parkwood Place building is located at 5601 Democracy Dr. and is now 88 percent occupied.

August 2, 2011

Retail Texas

THE OUTLET SHOPPES AT OKLAHOMA CITY OPENING FRIDAY

by admin August 2, 2011

OKLAHOMA CITY — CBL & Associates Properties, Inc. and Horizon Group Properties Inc. have announced The Outlet Shoppes at Oklahoma City will open on Friday. The center is fully leased with 83 stores and is located at the intersection of Interstate 40 and Council Road. The center is the only outlet center in Oklahoma and features a food court, play area for children, center stage with fountains and an additional parcel of land that can house 60,000 square feet of retail space. The center’s tenants include Nike, Banana Republic, J. Crew and Levi’s.

August 2, 2011

Texas

CBRE FACILITATES INDUSTRIAL, RETAIL SALES IN TEXAS

by admin August 1, 2011

TEXAS — CB Richard Ellis (CBRE) has facilitated sales negotiations in the following transactions: Ibmak Investments Inc. has purchased 72,400 square feet of industrial space at 1417 and1433 Wainwright in Carrollton. CBRE’s Dave Anderson represented the seller, Genuine Parts Co. Inland Western College Station Gateway I has purchased 43,989 square feet of retail space in College Station from Delmar Baronhead I. CBRE’s Chris Cozby and Chris Gerard represented Delmar Baronhead in the retail space at 1505 University Dr. Corinthian Real Estate has purchased 72,000 square feet of retail space from Forest Hill Loop. CBRE’s Stroud Arthur represented Forest Hill Loop in the transaction. The property is located at 3300 S.E. Loop 820 in Forest Hill.

August 1, 2011

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