AUSTIN — Education Realty Trust has executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin (UT-Austin) campus. Construction is expected to begin this summer for a summer 2013 opening. Named 2400 Nueces for its address, located at the intersection of 24th Street and Nueces, the community will be two blocks from UT-Austin's core. The building will contain residential floors above parking along with mixed-use retail at street level. The 304 units will provide 622 beds in a mix of studio, one-, two-, three- and four-bedroom apartments. The project is targeted to meet LEED Silver certification requirements and will be financed through Education Realty Trust's On-Campus Equity plan — The ONE PlanSM. Page Southerland Page will serve as the project's architect and Hensel Phelps Construction Co. will serve as its general contractor.
Texas
FORT WORTH — Universal Recycling Technologies has leased the 19,800-square-foot balance of Northpoint Trade Center's Building II, located at 731 Eight Twenty Blvd. in Fort Worth. The lease makes the national recycling organization the largest tenant in the 100,500-square-foot warehouse, and the new space is contiguous to Universal Recycling's previous 20,000 square feet in the warehouse. Based in Janesville, Wis., Universal Recycling operates seven recycling facilities throughout the U.S. Tim Vogds of CB Richard Ellis (CBRE) represented Universal Recycling, while Todd Lambeth of Dallas-based Bradford Commercial Real Estate Services represented the landlord, Bel Air Industrial.
DALLAS — Nathan Denton of Lee & Associates has represented the seller in a 52,500-square-foot industrial sale at 14105 Inwood Rd. in Dallas. The seller, 14105 Inwood, LLC, sold the property to FR Warehouse Project, LLC, represented by Dave Anderson of CB Richard Ellis (CBRE).
DALLAS — Andy Austin and Patrick Halstin of Halstin Group have signed a 10-year lease to launch Private Social, a casual upscale dining concept with Tiffany Derry of Top Chef fame, at the 263,921-square-foot One McKinney Plaza at the corner of Hall Street and McKinney Avenue in Dallas. Marc Marrocco of The Weitzman Group negotiated the retail lease for Gaedeke Group, the leasing and management firm for the mixed-use building. Halstin Group was represented by Jason Puig of SRS Real Estate Partners. Private Social plans to launch this summer.
STILLWATER, OKLA. — Stillwater Plaza, a 122-room hotel located at 600 E. McElroy Rd. in Stillwater, has sold for $1.7 million. Jonathan Ruprai, a hospitality investment specialist with Marcus & Millichap's Tampa, Fla., office and David Bohanon with the firm's Oklahoma City, Okla., office marketed the hotel property on behalf of the seller, an unlisted bank and financial institution. Stillwater Plaza was built in 1982.
HOUSTON — Precision Flamecutting & Steel, Inc., has purchased 13.19 acres at Satsuma Station Industrial Park, located off U.S. Highway 290 and Highway 6 in northwest Houston. The new 105-acre, master-planned business park is a development of PinPoint Commercial LP and is currently home to FedEx Freight's 153,853-square-foot facility. Bill Rudolf and Gray Gilbert of CB Richard Ellis (CBRE) represented Precision Flamecutting & Steel, Inc., in the transaction.
ROWLETT — Expo Retail Center, a 28,511-square-foot retail property located on Lakeview Parkway near Rowlett Road in Rowlett has sold. Rowlett Lakeview Investments, L.P., sold it to Lakeview Expo, Ltd., and Tommy Crowell and Stacy Standridge of Standridge Cos. The property is 61 percent occupied with tenants including Fuzzy's Taco Shop, Fresenius Medical Care and Amelia's Mexican Restaurant. Sean Byrne of Byrne Co. and Jason Byrne of Venture Commercial represented Rowlett Lakeview Investments, L.P. Doug Archer of POB Montgomery served as the receiver and special servicer for Midland Loan Services for a year and a half before the property changed hands.
AUSTIN AND SAN ANTONIO — CoreNet Global, a corporate real estate association, is launching a Central Texas chapter, which will serve all of Central Texas including Austin and San Antonio. John Scoblick of Tovero Capital Group in Austin will become president of the new chapter and Scott Syamken of USAA in San Antonio will become president elect. The Central Texas chapter board will consist of five additional members and will hold its initial program in April. The additional members include R.G. Jerry Converse of Fulbright & Jaworski LLP, Christopher Harman of HCP Realty Advisors, Pat Orman of AT&T, Steve Ramseur of Jones Lang LaSalle and Shannon Schiermann of Symantec Corp.
DALLAS AND LEWISVILLE — Dallas-based SRS Real Estate Partners has represented Archon Group in its sale of a 4.8-acre tract of land to Centric Capital Partners. The site sits across from Prestonwood Town Center on the northwest corner of Monfort Road and Town Center Boulevard in Dallas. Centric Capital Partners intends to develop the land into four pad sites that will be put up for sale or lease. Mark Newman and Mark Reeder of SRS Real Estate Partners' Dallas-Fort Worth office represented Archon Group. In addition, Asbury Automotive Group has sold the former Saturn of Lewisville, located at 1515 S. Stemmons Fwy. in Lewisville, to Baum Auto Sales. The 4.05-acre lot includes a 19,400-square-foot building and the purchaser intends to operate an automotive sales facility. Newman and Ryan Johnson of SRS Real Estate Partners represented Asbury Automotive Group.
DALLAS — Dallas-based Mill Creek Residential Trust and Rockwood Capital have formed a joint venture partnership to invest in multifamily real estate development, construction and acquisitions throughout the United States. The partnership includes an investment of $200 million by Rockwood Capital and Crow Holdings in Mill Creek Residential Trust, which has an average of 28 years of industry experience among its senior management team that is entirely comprised of former Trammell Crow Residential veterans. The team includes Charles Brindell, Jr. as chief executive officer; Michael Collins as executive managing director, west; William MacDonald as executive managing director, east; Mark Dempsey as chief financial officer; and Michael Melaugh as executive managing director, national capital markets.