Dallas/Fort Worth’s retail market continues to show the impact of the economic downturn, most notably in a lower occupancy rate. But the market at mid-year 2010 is showing signs of getting a little better. The market is helped by the improving economy. For example, April represented the third month in a row of positive job growth in D/FW, although overall unemployment remains more than 8 percent. As of mid-year, D/FW shows an occupancy rate of approximately 86.2 percent, compared to 86.4 percent at year-end 2009. The rate, which is very low, results in part from the many vacant boxes that were created in the past few years by the closures of Circuit City, Linens ‘n Things, Shoe Pavilion, Steve & Barry’s and Mervyn’s, plus underpforming grocer and department store locations. The rate remains fairly consistent thanks to a market where no major chains have gone out of business. Other than a handful of 2010 closings of underperforming Blockbuster stores (following a number of 2009 closings), we haven’t seen major chain pullbacks similar to when Linens ‘n Things failed in late 2008 and Circuit City and closed its last stores in early 2009, putting hundreds of thousands of feet back onto …
Texas
HUMBLE, TEXAS — Cole Real Estate Investments has purchased the 306,890-square-foot Atascocita Commons shopping center in Humble from Trammell Crow Co. for $56.5 million. The property, which is 98.5 percent leased, houses Kohl's, TJ Maxx/HomeGoods and other regional and national tenants. Clint Marchuck served as in-house representation for Cole. William Kent, Ryan West and Gary Lawrence of CB Richard Ellis represented the seller.
DALLAS AND HOUSTON — A joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund has purchased two multifamily properties from a private seller for an undisclosed price. Included in the sale was the 452-unit Fitzhugh Urban Flats, located at 2707 Fitzhugh Ave. in Dallas. The 1-year-old property includes a fitness center, a conference room and three swimming pools. The second property is the 352-unit Briar Forest Lofts, located at 13202 Briar Forest Drive in Houston. Amenities include two pools, a juice bar, a poker room, a fitness center and an art gallery.
DALLAS — A-1 Freemen Hill Country has sold a 120,596-square-foot warehouse to 10777 Shady Trail Properties LLC for an undisclosed amount. The property is located at 10777 Shady Trail in Dallas. CB Richard Ellis' David Easterling, Steve Berger and Sarah Carter represented the seller. TIG Real Estate Services' Tom Smolik represented the buyer.
DALLAS — CBRE Strategic Partners U.S. Value 5 has purchased four office buildings totaling nearly 725,000 square feet in Dallas from a private party for an undisclosed amount. Three buildings are in Preston Commons, which is located at 8111-8117 Preston Road, and total 421,997 square feet. Combined, the buildings are 73.7 percent leased. Located at 5949 Sherry Lane, the last building, Sterling Plaza, spans 302,747 square feet and is 82.6 percent occupied.
IRVING, TEXAS — Cushman & Wakefield has brokered the sale of two apartment properties in Irving. Plano, Texas-based QT Properties has purchased the 107-unit Brentwood Apartments from a special servicer for an undisclosed amount. The property is located at 831 S. Nursery Road. The firm's Stephannie Mower, Mart Martindale, Lamont Rattler and David Ellis represented the seller. The team, along with Ed Nwokedi, represented another special servicer in the sale of the 195-unit Woodside Villas to Vino T. Patel Real Estate for an undisclosed amount. The property, which is located at 3429 W. Rochelle Road, was built in 1969.
DALLAS — Spire Realty Group has broken ground on The Spire, a six-building mixed-use project in the Arts District of downtown Dallas. The first phase of development will include a 21-story building that will house 359,549 square feet of office space, 25,465 square feet of retail and 36 residences. The firm WDG designed the project, and Austin Commercial is acting as general contractor.
LEWISVILLE, TEXAS — CC Lewisville MOB has sold an 18,000-square-foot medical office building to a healthcare REIT for an undisclosed amount. Located at 2790 Lake Vista Drive in Lewisville, the property is fully leased to US Oncology Holdings. Coler Yoakam and Mark West of Holliday Fenoglio Fowler represented the seller in the transaction.
AUSTIN, TEXAS — The University of Texas System Board of Regents has tapped Education Realty Trust to develop a high-rise student housing community near The University of Texas at Austin campus. The property will be located on 1.43 acres of land at 600 W. 24th St. in Austin that has been leased to Education Realty Trust for 60 years. Hensel Phelps Construction Co. will built the property, which will be designed by Page Southerland Page Architects. Construction will start after a city approval process.
CLEAR LAKE, TEXAS — Weiss Realty has sold a 539-unit Safe-Keeping Self Storage facility to a subsidiary of WEDGE Real Estate Holdings for an undisclosed amount. The property is located at 900 West Nasa Parkway in Clear Lake. Aaron Swerdlin and Doug McCarron of Holliday Fenoglio Fowler represented the seller.