AUSTIN — A 481,000-square-foot office and research-and-development building in Austin has entered the market listed at $49.9 million. The building, known as Domain 45, has been fully leased to IBM since 2000 and is located at 11400 Burnet Rd. in Austin. Grubb & Ellis is advising the seller, a partnership of wealthy individuals.
Texas
SHENANDOAH — The Woodlands-based J. Beard Real Estate Co. has arranged the sale of a 17,000-square-foot sports and recreation facility located at 17951 Interstate 45 in Shenandoah. The buyer, Sports Culture USA, is planning on remodeling the existing facilities and adding stadium seating to the sports fields. Emilio Guzman of Colliers International represented the buyer, and Josh Feinberg of the J. Beard Real Estate Co. represented the seller, an out-of-state partnership.
OKLAHOMA CITY, OKLA., AND BIRMINGHAM, ALA. — On behalf of Stonegate Real Estate Investments, Jones Lang LaSalle (JLL) secured $70 million for the refinancing of two Class A office properties in Oklahoma City and Birmingham. The properties include the 298,510-square-foot Quail Springs Parkway Plaza in Oklahoma City and the four-building, 4,000-acre mixed-use Urban Center Office Portfolio in Birmingham. Wells Fargo provided the two 10-year, fixed-rate senior mortgage notes. Tom Melody of Jones Lang LaSalle’s Houston office led the Jones Lang LaSalle team.
HOUSTON — Jeffrey Fript of Marcus & Millichap Real Estate Investment Services’ Houston office has arranged the sale of the Village of Fondren Apartments, a 72-unit property located at 6255 West Airport Rd. in Houston, to a Miami-based company for $2.85 million. The buyer, also represented by Jeffrey Fript, plans to reposition the property by renovating the interiors and adding amenities.
SOUTHLAKE — An affiliate of Dallas-based Realty Capital Corp. has arranged the sale of a 3,200-square-foot building in its Miron Grove Office Park, located on Miron Drive in Southlake, to a medical imaging physician’s group. The seller, RCC Miron Office, was represented by Mark Boone with Realty Capital Corp.
HOUSTON — Greg Austin and Chip Nash of Jones Lang LaSalle’s Houston office have been hired to market the 285,000-square-foot Legends at Cinco Ranch in Houston for Dallas-based Sterling Investco, a multifamily developer. The 260-unit community in Houston’s Energy Corridor is expected to fetch in excess of $40 million. The firm has also been hired to secure $8 million in construction financing for Phase II of the project. Phase I has recently been completed and Phase II will break ground this summer.
HOUSTON — Six office leases for a total of 146,987 square feet have recently been completed at Sage Plaza, a 519,966-square-foot, Class A office development located at 5151 San Felipe St. in Houston's Galleria/Uptown area. Bonnie Kelley of CB Richard Ellis (CBRE) represented the landlord, a fund managed by BlackRock, in all six transactions. Meanwhile, Rich Pancioli of CBRE represented Columbia Gas Transmissions in its 55,500-square-foot lease; Dan Foster of Jones Lang LaSalle (JLL) represented Science Applications in its 41,132-square-foot lease; David Bale of JLL represented OTC Global in its 21,150-square-foot lease; Chris Lewis of Griffin Partners represented Higginbotham Insurance Agency in its 20,841-square-foot lease; Steve Beigel of Studley represented Black & Veatch Corp. in its 6,255-square-foot lease; and Justin Leighton of Studley represented Global Ground Transport in its 2,109-square-foot lease.
SAN ANTONIO — BPG Properties, Ltd. has sold Madison at Pipers Creek, a 292-unit multifamily community in San Antonio. It is a mixture of one-, two- and three-bedroom garden-style apartments offering nine different floor plans. BPG acquired Madison at Pipers Creek in 2003 as part of a $240 million portfolio acquisition of 17 multifamily communities across Texas, Colorado and Arizona from DEC Investment Group.
DALLAS — Lionel Morrison, FAIA, Mark Dilworth, AIA, LEED AP and Cari Walls, LEED AP, have formed a new partnership and architectural design firm named Morrison Dilworth + Walls Partners. The three partners began their architectural careers at the same Dallas-based firm, Omniplan, where Dilworth most recently served as its chief executive officer and design director and Walls as a partner, serving as the principal leadership for the firm's interior practice. Morrison has led Morrison Seifert Murphy, an internationally acclaimed practice for 22 years. The new firm will serve office, mixed-use, retail and residential buildings. Currently, it is engaged in a variety of design projects at NorthPark Center in Dallas, is in the planning stages for ArtHouse II and is a part of the design team for the renovation of the World Financial Center in New York City.
HOUSTON — URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Falcon Southwest have acquired Villas at Hermann Park, a 320-unit Class A apartment community located in the Texas Medical Center submarket of Houston. The joint venture purchased the multifamily property from Austin-based Cypress Real Estate Advisors, and URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P. (Fund II), a closed-end private real estate fund managed by Urdang Capital Management, Inc. Improvements to the property will include the installation of stainless steel appliances, painting and updating the common areas and leasing office with better lighting, furniture and artwork.