RICHARDSON — KDC, a commercial real estate and investment firm based in Dallas, has acquired two corporate offices and a warehouse, a total of 460,000-square-feet, from Fossil, a design, marketing and distribution company. The offices and warehouse are located in Richardson. “We see the purchase of the Fossil buildings as another great redevelopment opportunity. There is tremendous potential with the buildings,” said John Brownlee, KDC senior vice president. KDC will unveil its redevelopment plans for the sites once they’re vacated later this year. The offices sit at 2280 N. Greenville and 2323 N. Central and the warehouse sits at 2155 Campbell Creek.
Texas
HOUSTON — Sawyer Heights Village, a 107,626-square-foot retail power center located near Houston’s central business district at the intersection of Interstate 10 and Taylor Street, has been purchased for approximately $35 million by a joint venture between Inland Western Retail Real Estate Trust, Inc. and RioCan Real Estate Investment Trust. Staples and PetSmart anchor the Houston retail property and it is shadow-anchored by Target. Houston-based Property Commerce developed the property in 2004. This expands Oak Brook, Ill.-based Inland Western’s presence in the Houston market to more than 1.5 million square feet under management.
HOUSTON — Eastbourne Park Row LP, an affiliate of Fuller Realty Partners LLC, has sold 16400 Park Row, a three-story, 85,701-square-foot office building in Houston’s Energy Corridor, to RiverOak Investment Corp. LLC for an undisclosed amount. Situated on approximately 4 acres immediately north of Interstate 10, 16400 Park Row is close to Highway 6. The property is fully leased to Kraton Polymers on a NNN basis with a remaining lease term of 10.3 years. Dan Miller and Martin Hogan of HFF (Holliday Fenoglio Fowler) represented the seller. The Los Angeles office of Wells Fargo provided acquisition financing at closing.
HOUSTON — McCann Realty Partners, LLC has acquired Estancia at Shadowlake apartments in the Alief/Westchase submarket of metropolitan Houston. The 324-unit, garden-style multifamily community was built in 2005 and will be managed by Pegasus Residential, LLC. Wells Fargo Multifamily Capital originated a 7-year Freddie Mac fixed-rate loan with a rate of 4.42 percent for the acquisition.
HOUSTON — E.E. Reed Construction has broken ground on the $20 million Church Without Walls Queenston campus at 5725 Queenston Blvd. in Houston. The project will consist of a 94,000-square-foot sanctuary, a 10,000-square-foot chapel, and a 43,000-square-foot youth/children classroom building. The Church Without Walls has three locations with more than 20,000 members in the Houston area. Construction of the Queenston campus is expected to be complete in June 2012.
LEWISVILLE — Bright Realty is planning to break ground on Phase III of Castle Hills Village Shops and Plaza, located at 2560 King Arthur Blvd. in Lewisville, in the coming year. Currently in its pre-leasing phase, Phase III will include approximately 20,000 square feet for retail and dining, including an expanded outdoor dining and entertainment area. Second floor office space will feature approximately 25,000 square feet and is successfully pre-leased. Phases I and II of Castle Hills Village Shops and Plaza are 90 percent leased and include more than 82,861 square feet of retail and office space. With the addition of Phase III, Castle Hills Village Shops and Plaza will total 128,000 square feet of office and retail space.
HOUSTON – 712 Main Street, a 794,186-square-foot Class A office building in Houston’s central business district, has been financed with a non-recourse loan through Capital One Bank. Holliday Fenoglio Fowler (HFF) worked on behalf of an entity owned by Brookfield Real Estate Opportunity Fund (BREOF) to secure the loan. 712 Main Street is comprised of three towers situated on a full city block at the corner of Main and Capitol streets. Originally constructed in 1929, the property includes a historic 35-story art deco-style office building that is home to the Texas headquarters of JP Morgan Chase’s southwest banking operations. John Ahmed led the HFF team that secured the loan. BREOF is sponsored by Brookfield Asset Management, Inc., a global asset management company focused on the real estate, power generation and infrastructure sectors.
CHANDLER – SilverLeaf at Chandler II, a 44-unit seniors affordable housing complex and Phase II of SilverLeaf at Chandler, is scheduled to be completed in April 2012 by Mabank-based Solutions Plus!, Inc. Boston Capital has invested in the construction of the development, located at 801 FM 2010 in Chandler, which will include 22 duplex buildings with 20 one-bedroom units and 24 two-bedroom units. SilverLeaf at Chandler II will adjoin the 30-unit Phase I of SilverLeaf at Chandler, which is fully leased. The seniors affordable housing development is being built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, and it is available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI). In addition to a community room and central laundry area, the developer will arrange for support services for residents including basic audit education, legal assistance, credit counseling, and health and nutritional courses.
CARROLLTON – A local Carrollton physicians group has acquired a 1.07-acre tract of land at the northwest corner of Hebron Parkway and Huffines Boulevard in Carrollton for future development. The group plans to construct a medical office complex that will be completed by early 2012. Coppermark Bank, represented by Carter Kendall of Henry S. Miller Brokerage’s Dallas/Fort Worth land division, sold the parcel. Rebecca Cucovatz of Legacy Premier Group represented the physicians group.
DENTON — J&J Discount Outlets, d/b/a $1 Discount World, has recently signed a lease for its first North Texas location in Denton Center, a retail property located at the northwest corner of University Drive and North Carroll Boulevard in Denton. $1 Discount World plans to lease another five locations in the North Texas area through 2013. The discount store requires approximately 5,000 to 7,000 square feet of space for each location. Henry S. Miller Brokerage’s Daniel Harris is representing $1 Discount World in its expansion efforts.