AUSTIN — George Deuillet III of Hendricks & Partners' Austin office has represented the seller, So Xhosa Holding Corp., in the REO sale of Walnut Grove, a multifamily community located at 7211 Northeast Dr. in Austin. Praxis Capital purchased the property, which features 39 one-bedroom and 15 two-bedroom units, and plans a significant rehabilitation.
Texas
HOUSTON — KBS Real Estate Investment Trust II, a publicly offered, non-traded real estate investment trust, has acquired Two WestLake Park, a 17-story, 388,142-square-foot office tower in the Katy Freeway/Energy Corridor submarket of Houston. Developed by Hines in 1982, Two WestLake Park is part of the 58-acre Westlake Office Park, a master-planned complex of 2.3 million square feet of Class A office space in four buildings near the intersection of Interstate 10 and State Highway 6. Two WestLake Park features the private WestLake Club, a 67,000-square-foot members-only dining and athletic club located on the fifth and sixth floors of the parking structure. KBS Capital Advisors represented KBS REIT II, while Danny Miller and Trent Agnew of Holliday Fenoglio Fowler's Houston office represented the seller.
HOUSTON — Telecheck Services, which provides electronic check conversion services, has leased 120,458 square feet of office space at Galleria Plaza I, located at 5251 Westheimer Rd. in Houston. Galleria Plaza I and II is a 424,295-square-foot mixed-use property that consists of two Class A office buildings totaling 395,473 square feet. Scott Panzer and Steven Rotter of Jones Lang LaSalle's New York office and David Bale and Ronnie Deyo of the firm's Houston office represented Telecheck. David Baker and Kelli Crutchfield of Transwestern's Houston headquarters represented the landlord, Chase Merritt Four Corners LLC.
PASADENA — Dallas-based CONTI Organization has purchased a 308-unit distressed multifamily property in Pasadena, located outside of Houston. The property, built in 1969 and located at 3500 Red Bluff Rd., features pitched roofs, individual HVAC units, laundry rooms, two swimming pools and a playground. Occupancy was 68 percent at takeover and CONTI plans its standard rehabilitation of the property with new roofs, landscaping, parking lot improvements, a fully remodeled leasing office and interior unit upgrades. CONTI specializes in rehabilitating distressed multifamily properties in Texas markets.
IRVING — Houston-based PM Realty Group (PMRG), a national, full-service commercial real estate firm, has been awarded the leasing assignment for President's Medical Center, located at 380 W. LBJ Fwy. in Irving. The 54,000-square-foot Class A medical facility is adjacent to Baylor Irving Medical Center. Kyle Libby of PMRG will be the leasing manager for President's Medical Center.
DALLAS — Gary Gene Olp, founder and president of GGOArchitects, has been elected chairman of the North Texas Green Council chapter of the U.S. Green Building Council (USGBC). The North Texas Green Council was formed in 2002 by 12 individuals to pursue a stronger and more sustainable building practice in North Texas. The chapter now has more than 900 members and serves as a resource for information and education on sustainable practices in the North Texas region. Olp has been involved with the LEED rating system since the inception of the USGBC and has acquired Silver certification for five buildings, Gold certification for two buildings and Platinum certification for one building.
DALLAS — The Stephen B. Swann Athletic and Wellness Center at the Episcopal School of Dallas, located at 4100 Merrell Rd. in Dallas, has received LEED Gold certification. Opening last fall, the 114,000-square-foot facility includes a gymnasium, an indoor running track, strength and conditioning workout rooms, sports medicine facilities, a dance studio, locker rooms, a team room and coaching offices. ARC/Architectural Resources Cambridge and The Beck Group of Dallas completed the project for the Episcopal School of Dallas. A significant feature includes daylight sensors on all light fixtures within 15 feet of exterior walls.
ALLEN — Austin-based Capital Commercial has acquired Millennium Business Park, a two-story, 95,877-square-foot office building at 505 Millennium Dr. in Allen that sits on 10 acres of land. Creighton Stark, a senior vice president of Colliers International, brokered the office transaction.
HENDERSON — Atwoods Ranch & Home, a retailer, has acquired a 140,373-square-foot industrial building at 1610 Industrial Dr. in Henderson. Atwoods currently operates 47 stores in five states offering a wide range of products including clothing, tools and hardware, lawn and garden supplies, sporting goods, pet supplies, feed, farm and ranch supplies and seasonal goods. The company plans to use the facility as a distribution center for its retail stores. Kipp Collins of Binswanger represented Atwoods in the acquisition.
DALLAS — Memphis, Tenn.-based Financial Federal has expanded its commercial/multifamily division by opening an origination office in Dallas under the direction of Don Farmer, a mortgage banking veteran. Farmer most recently served Bridger Commercial Funding in Dallas. Financial Federal is a Program Plus Seller/Servicer for Freddie Mac as well as a loan production and servicing correspondent for several life insurance companies.