RICHARDSON — Dallas-based Pillar Commercial, a full-service real estate firm that specializes in repositioning underperforming investment properties, has acquired the former Nortel campus at 2201-2221 Lakeside Blvd. in Richardson's Telecom corridor. The property, built in 1991 as the U.S. headquarters for Nortel Networks, was acquired from a group of creditors that had taken over the facility as part of Nortel's bankruptcy proceedings. Final approval of the Pillar transaction was granted by the bankruptcy court on May 10, 2011, and closing is scheduled for June 3, 2011. The property creditors were represented by the CB Richard Ellis team of Gary Carr, Russell Ingrum, Eric Mackey, Jack Fraker and Josh McArtor. Brian Carlton of HFF secured transaction financing through Viewpoint Bank.
Texas
LEWISVILLE — The Praedium Group, based in New York City, and Dallas-based Price Realty Corp. have acquired the 362-unit Hidden Creek, located at 1200 College Pkwy. in Lewisville. Hidden Creek offers studio, one-, two- and three-bedroom units as well as a resort-style pool with gazebo and heated spa, a club house, a volleyball court, a fitness center, a billiard room and a business center. John Brownlee of HFF represented the lender, Freddie Mac, in direct negotiations with Praedium and Price Realty.
FORT WORTH — Hulen Mall, owned and managed by General Growth Properties, is set for an interior renovation at Interstate 20 at Hulen Street in Fort Worth. The renovation includes all new tile flooring, soft seating areas, new signage, new paint, new lighting fixtures, escalator enhancements, and an upgraded energy management system. The completion of the interior construction will coincide with the completion of the new 22,000-square-foot outdoor restaurant plaza currently underway on the east side of Hulen Mall. Two national restaurants, Abuelo's and BJ's Restaurant & Brewhouse, are targeting November opening dates.
HOUSTON — HFF has closed the sale of and arranged financing for 4600 Highway 6 North, a three-story, 53,037-square-foot office building in northwest Houston. HFF marketed the property on behalf of the seller, the Brookfield Real Estate Opportunity Fund, a division of Brookfield Asset Management. Rockwell Management Corp. represented the buyer. Renovated in 2007, the complex is 82 percent leased to tenants including JPMorgan Chase and the Attorney General's office. HFF arranged the acquisition financing through ViewPoint Bank.
HOUSTON — Hudson Realty Capital LLC has completed a $9.1 million first mortgage loan involving Glendale Park Apartments, an 810-unit, 49-building apartment complex in southwest Houston. The loan was utilized for the acquisition and renovation of the property. Located in the Braeswood submarket of Houston, the complex is comprised of one-, two- and three-bedroom units and 20 floor plans. Planned exterior renovations include remodeling the clubhouse and recreational space, swimming pool upgrades and landscaping upgrades.
DALLAS — Bradford Commercial Real Estate Services has been chosen by Younan Properties Inc. to market the 12-story, 187,644-square-foot Galleria Plaza at 4851 LBJ Freeway in Dallas. Galleria Plaza's lead tenant is Benefit Mall, which occupies two floors totaling 37,691 square feet. Sharon Friedberg and Melanie Hughes of Bradford are tasked with leasing the office property that is currently 72 percent occupied. Friedberg and Hughes also lease Younan's NCP III at 12801 N. Central Expressway and 9400 NCX.
DALLAS — Weeks Robinson has acquired a Class A portfolio in the Dallas Logistics Hub from The Allen Group. The property comprises two buildings totaling 827,890 square feet. Located in south Dallas near the intersection of Interstates 20 and 45, the property is adjacent to the Union Pacific Intermodal Terminal and the planned BNSF Intermodal Facility. The properties are approximately 40 percent leased. Tom Pearson and Chris Teesdale of Colliers International in Dallas brokered the sale and Scott McGarity and his management team will manage and lease the property for Weeks Robinson. Meanwhile, Atlanta-based Weeks Robinson has opened an office led by Bob Rice, formerly of Seefried Properties, in Dallas. During the past 10 years, Rice has been involved in the development and leasing of more than 7 million square feet of new industrial property.
GRAND PRAIRIE — Westmount Realty Capital recently completed negotiations with WGI Innovations, Ltd. to extend the tenant's 231,034-square-foot office lease term at 602 Fountain Pkwy. in Grand Prairie. David Dunn of Dunn Commercial, LP represented the tenant in the transaction. 602 Fountain Pkwy. is a 300,000-square-foot office and warehouse facility located near State Highway 360 and Interstate 30.
DALLAS — Rosebriar Properties has acquired Anthony Plaza, located at 6038 Luther Ln. in Dallas. It contains 38,500 square feet of contiguous available retail space and lies directly between Preston Hollow and Highland Park/University Park neighborhoods. Bill Hanks, Ryan Stewart and Adam Sumrall of Rosebriar negotiated the acquisition.
ALICE, LUFKIN, VICTORIA AND WHARTON — Seavest has closed on the sale of an eight-property medical office building (MOB) portfolio for approximately $30 million. Grubb & Ellis Healthcare REIT II Inc. purchased the portfolio, which totals 156,220 square feet and had been a part of the Seavest Properties I LLC investment fund since they were developed by the company from 2000 to 2002. The eight properties are located in Alice, Lufkin, Victoria and Wharton, Texas, Carlsbad and Hobbs, N.M., Hope, Ark., and Lake Charles, La. The MOBs were originally master-leased to Triad Hospitals Inc. for terms ranging from 12 to 15 years and are located on land leased from the hospitals. Three of the properties were later sold by Triad to Signature Hospitals in Wharton, Christus Spohn Health System in Alice, and Shiloh Health System in Hope. The other five properties are on the campuses of hospitals now operated by Community Health Systems Inc., which acquired Triad in 2007.