FRISCO — Cousins Properties Inc., on behalf of Dallas investor Tom Hicks, has sold 7.3 acres of land in Frisco to AMLI Residential, a Chicago-based multifamily firm. The parcel is part of Champions Park, a 75-acre mixed-use development located at the northeast corner of State Highway 121 and the Dallas North Tollway, home to Dr. Pepper Arena, which hosts the NHL's Dallas Stars, and Dr. Pepper Ballpark, which hosts the Frisco Roughriders. Cousins Properties will continue to manage and direct development for the remaining land at the site.
VICTORIA — Lack Properties and Lack's Stores, Inc., an independently owned retail home furnishings chain operating as Lack's and Lack's Home Furnishings, has hired DJM Realty to manage the disposition of all leased and owned retail and warehouse facilities located throughout Texas. DJM Realty will market 35 Texas retail locations that range in size from 16,000 to 70,000 square feet. In addition, four warehouse facilities will be marketed including a 380,000-square-foot distribution center in Schertz. Lack's Inc. recently filed for Chapter 11 and the retention of DJM is subject to the approval of the U.S. Bankruptcy Court overseeing Lack's Chapter 11 proceedings in Victoria.
HOUSTON — In a deal first announced on RE Business Online on November 15, 2010, Atlanta-based Goddard Investment Group has finalized the sale of Heritage Plaza, a landmark office complex in downtown Houston, to New York-based Brookfield Properties Corp. for $325 million. Heritage Plaza, located at 1111 Bagby St., comprises an office tower, which is approximately 84 percent leased, constructed in 1986 and the Federal Land Bank building built in 1935. Tenants of the office tower include Deloitte, EOG Resources and Tudor Pickering Holt & Co. It is Houston's second highest price ever paid for an office building, behind only the Bank of America Center sale for $367 million in August 2007.
DALLAS — The Terrapark Group, based in Toronto, Canada, has purchased the Northern Trust Bank building in downtown Dallas from Crow/Williams L.P. to complete the entire acquisition of the 2.6-acre 2000 block of Ross Avenue bounded by Ross Avenue to the north, San Jacinto Street to the south, Olive Street to the east and North Harwood Street to the west. Terrapark's near-term plans are to improve the parking lot operations on the block to service parking shortages of neighboring office buildings, Trammell Crow Center and 2100 Ross. Long-term plans, however, include positioning the property for incremental stage development, including a hotel component. John Bradley and Jerry Bradley of Bradley & Bradley REALTORS represented Terrapark. Terrapark initially purchased the city block sans the Northern Trust Bank building in a transaction announced on RE Business Online on November 30, 2010.
HOUSTON — The University of Houston and Hardin Construction Co. have completed a new $42 million freshman housing facility called Cougar Village that will serve as a model for future expansion. The seven-story, 291,000-square-foot building houses 1,132 students, who are grouped into themed communities based on their academic disciplines. Cougar Village features suites and single units and provides amenities such as a central lounge, study and lecture areas, a fitness center, kitchens, a convenience store, a computer room and student services offices. The new freshman housing facility is part of the University's long-term plan to transform from a traditionally commuter campus. HADP Architecture served as project architect.
LIVE OAK AND CORPUS CHRISTI — Institutional Property Advisors' (IPA) Balthrope Group, led by Will Balthrope and Ryan Epstein, has recently brokered two multifamily sales: the 378-unit Mira Loma in the San Antonio suburb of Live Oak and the 270-unit Alta Bayside in Corpus Christi. Developed in 2009 by Godfrey Residential Group, Mira Loma is a 335,260-square-foot luxury apartment complex situated on 20.8 acres located near the interchange of Interstate 35 and Loop 1604 in Live Oak. Godfrey sold the property to Concierge Asset Management. The 295,593-square-foot Alta Bayside is located along Ennis Joslin Road in Corpus Christi. Built in 2007, it sits on 14.5 acres and was sold to Camden Property Trust by Wood Partners.
RICHMOND — Lane Co. has purchased Villas at River Park West, a 252-unit multifamily community located at 21811 Wildwood Park in the Houston suburb of Richmond. The seller, 2005 RP West Ltd., was represented by Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fenoglio Fowler's (HFF) Houston office. Completed in 2007, Villas at River Park West has one- and two-bedroom floor plans and is 98 percent leased. Amenities include a business center, a laundry facility, a fitness center and a resort-style swimming pool.
SAN ANTONIO — Stephen Berchelmann and Chad Knibbe of Marcus & Millichap's San Antonio office have facilitated the sale of Marbach Plaza, a 105,974-square-foot grocery-anchored shopping center at the corner of West Military Drive and Marbach Road in San Antonio, on behalf of the seller, a limited liability company. A 32,400-square-foot La Fiesta Supermarket anchors the property, which was purchased by a private investor. Vincent Knipp of Marcus & Millichap's Fort Worth office secured the buyer.
LAKEWAY — San Diego-based Pacific Medical Buildings (PMB) and Nashville, Tenn.-based RD Development Partners (RD) are partnering with Franklin, Tenn.-based Surgical Development Partners and a group of local Lakeway physicians and investors, for the development of Lakeway Regional Medical Center, scheduled to open in April 2012. Located at RR 620 and Flintrock Trace in Lakeway, Phase I includes an eight-story, 270,000-square-foot hospital, a parking structure and a helipad. The hospital will have 103 inpatient beds and a Level 3 trauma center with 23 emergency room beds. A surgery department with six operating rooms, two endoscopy rooms and two pain management rooms will also be housed at Lakeway Regional Medical Center. Credit Suisse is providing construction and permanent loan financing, backed by the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) Section 242 Hospital Mortgage Insurance program, and Hoar Construction is the project's general contractor.
PLANO — Investors Business Daily and O'Neil Data Systems have purchased a 218,000-square-foot office and warehouse facility, located at 3100 E. Plano Pkwy. in Plano. O'Neil Data Systems will occupy 190,000 square feet, while Investors Business Daily will occupy 28,000 square feet. Bob Edge, Gary Collett, Matt Heidelbaugh, Mari Jones and Billy Gannon of Cushman & Wakefield of Texas represented the buyers, while Holmes Davis of Binswanger represented the seller.