STEPHENVILLE — Big Lots has leased 25,020 square feet of space at University Plaza, located at 2029-2133 W. Washington St. in Stephenville. Karen Mitchell of The Woodmont Company represented Big Lots. The Woodmont Company also represented the landlord in the transaction. Current tenants at University Plaza include Sherwin Williams, Quizno's, Merle Norman, Sprint and Burke's Outlet.
Texas
HOUSTON — Houston-based Whitestone REIT, a fully integrated real estate company that owns, operates and redevelops visibly located properties in established or developing culturally diverse neighborhoods, has announced the pricing of its public offering of 5 million of its Class B common shares at a price to the public of $12 per share. The offering was conducted pursuant to an effective registration statement filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to an additional 750,000 of Class B common shares from Whitestone at the public offering price, less the underwriting discount and commissions, to cover over-allotments, if any. BMO Capital Markets, JMP Securities and Wunderlich Securities are acting as joint book-running managers. Ladenburg Thalman & Co. Inc. is lead manager. Co-managers include J.J.B. Hilliard, W.L.Lyons, LLC; Southwest Securities, Inc., and Maxim Group LLC. The offering is expected to close on May 10, 2011, subject to customary closing conditions.
DALLAS — General Datatech, L.P. (GDT), a routing, communications and security solutions business, has moved its customer support center into a 50-year-old, renovated, 95,300-square-foot building located at 999 Metromedia Pl., near the intersection of West Mockingbird Lane and Interstate 35, in Dallas' Stemmons corridor. Situated on 6 acres, the space includes 65,300 square feet of renovated space and 30,000 square feet of newly built warehouse and staging facilities. Edwin Brantley Smith & Associates, Inc., served as the project architect. The building is anticipated for LEED Gold certification.
FORT WORTH — Fort Worth-based Trademark Property Co., a real estate services, investments and development firm, is relaunching its WestBend mixed-use development on University Drive in Fort Worth. Construction was halted in fall 2008 as the retail sector faltered. Completion of the seven-level garage to serve existing office buildings and restaurants will be Trademark's first order of business. New retail construction is slated to begin in mid 2012, with an opening date set for late 2013. Current tenants include Smashburger, Zoe's Kitchen, Silver Fox and the River Plaza office tenants. WestBend will include 90,000 square feet of retail space, 150,000 square feet of office space and 130 hotel rooms upon completion. Trademark is currently seeking a hotel developer for the mixed-use property.
PLANO — CB Richard Ellis Investors has acquired The Domaine, a 270-unit luxury apartment complex in Plano, for $33.25 million. The Connor Group, an Ohio-based real estate investment firm, sold the property in the third largest sale in its 20-year history. Located at 6400 Windcrest Dr., the seller purchased the community in 2006 for $26.5 million.
LONGVIEW — Cambridge Realty Capital Cos. has arranged a $4.5 million HUD Lean first mortgage loan to refinance Summer Meadows, a 115-bed, skilled-nursing facility in Longview. The loan was arranged for the property's owner, a Texas limited liability company, by Hymie Barber of Cambridge. It was underwritten by Cambridge Realty Capital Ltd. of Illinois. Summer Meadows is located at 301 Hollybrook Dr.
COPPELL — JP Morgan Chase Bank has leased Freeport IV, a 125,103-square-foot office and call center located at 1111 Northpoint Dr. in Coppell, from Duke Realty Corp. It will use the building for its mortgage operations, consolidating several other call center operations into the facility this August. Freeport IV is one of 13 buildings in Duke Realty's Freeport North development just off Interstate 635 and Texas State Highway 121 in Coppell. Paul Whitman and Russell Cosby of Jones Lang LaSalle represented JP Morgan Chase Bank in the transaction.
HUMBLE — Bethesda, Md.-based Crossbeam Capital has acquired Woodland Hills Apartments, a 282-unit, 18-month-old garden-style rental community in Humble. The 11.2-acre community was purchased for an undisclosed amount from Houston-based Verde Apartment Communities, which developed the property. Woodland Hills, located at 3918 Atascocita Rd., is the eighth apartment community acquisition that Crossbeam Capital has completed with its operating partner, Houston-based Concierge Management Services.
DALLAS — Transwestern's Dallas multifamily group has brokered the sale of Timmaron Ridge Apartments in Dallas, located at 9850 Whitehurst Dr. Timmaron Ridge is a 196-unit community that was developed in 1980. Mark Freeman and Taylor Snoddy of Transwestern represented the seller, an institutional special servicer based in Florida, as Timmaron Ridge was sold out of receivership. Knightvest Capital purchased the multifamily property with plans to renovate it.
HUMBLE — Stan Johnson Co. has completed the sale of a 1,850-square-foot, free-standing Starbucks at 3805 Atascocita Rd. in Humble to an individual investor. Hunter Jaggard of Stan Johnson Co. represented the seller, a New York-based investor, while Mansur Hussein of Hutaib USA represented the buyer. The Starbucks property is situated on the northeast corner of Atascocita Road and Will Clayton Parkway with nearby tenants Chase Bank, AutoZone, Walgreens and Kroger.