IRVING, TEXAS — Marcus & Millichap has completed the sale of West Wind, a 160-unit apartment community located in Irving. The property, which is situated at 1306 N. Nursery Rd., was constructed in 1980. Will Balthrope and Ryan Epstein of Marcus & Millichap's Dallas and San Antonio offices represented the seller, an undisclosed partnership. The pair also represented the owner, an undisclosed limited liability company. The acquisition price was not released.
DENTON, TEXAS — Appliance and electronics retailer Conn's has leased 30,281 square feet of retail space at The Shops at Colorado in Denton. Situated at the corner of Loop 288 and Colorado Boulevard, the space was previously occupied by Circuit City. The location marks Conn's first in Denton, and it is scheduled to open by early November. The retailer will join a tenant roster that includes Staples and Party City. Earl Harris and Blake Shipp of The Weitzman Group represented the landlord in lease negotiations. Conn's was represented by Jennifer Frank of The Woodmont Company. Terms of the lease were not disclosed.
AUSTIN, TEXAS — The Austin office of Stream Realty Partners has brokered a 59,049-square-foot industrial lease in Austin. Flare Technologies will occupy the space, which is located at 16310 Bratton Lane within Building Three of Raceway Crossing. The company will take occupancy in the third quarter. David Blackbird and Daniel Farrar of Stream Realty represented the undisclosed landlord in lease negotiations. Mike Tipps of Oxford Commercial represented Flare Industries. Raceway Crossing consists of three warehouse buildings totaling 249,000 square feet that are situated on 22 acres. Terms of the lease were not disclosed.
WILMER, TEXAS — US Industrial REIT II, an affiliate of USAA Real Estate Co., has leased 286,000 square feet of industrial space at I-45 Tradeport 1 to an undisclosed tenant. The distribution facility, which totals 520,000 square feet, is located at 101 Sunridge Blvd. in Wilmer. Amenities include 47 dock doors, an ESFR sprinkler system, 44 trailer positions with expansion room, 140 truck courts and perimeter security fencing capabilities. Gary Collett, Dan Cook, Mark Becker and Ashley Pope of Cushman & Wakefield are providing brokerage services for the remaining 234,000 square feet of the facility.
ROCKWALL, TEXAS — San Diego, Calif.-based Equity Based Services, Inc. (EBS) has purchased Advantage Storage, a Class A, self-storage property in Rockwall. The 68,075-square-foot facility, which features 311 non-climate-controlled units and 247 climate-controlled units, sits on the corner of Justin Road and South Goliad Street in the Dallas suburb. It is approximately 90 percent occupied. EBS will re-brand the facility under the American Mini Storage brand name, and All American Property Management, Inc., a wholly owned subsidiary of EBS, will manage the property. The Rockwall property marks the 23rd facility that EBS owns and operates in Texas.
HOUSTON — Clay Pritchett and Troy Collins of Holt Lunsford Commercial have completed the sale of an 18,150-square-foot office/warehouse facility in Houston. The 2.34-acre property is located at 3625 Jensen Dr. Pritchett and Collins represented the seller, Rosemary Crawford. Jesse Cantu of Realty Associates represented the buyer, Scott Ferguson.
SAN ANTONIO — Phoenix Hospitality Group has announced plans to rebrand the Radisson San Antonio Market Square, a 250-room hotel located at 502 W. Durango Blvd., as a Doubletree by Hilton. Phoenix developed the hotel in 1992 and currently manages it. The company will complete an approximately $7 million renovation that will include new guest rooms, restaurant facilities and common areas. The renovated hotel will feature 20 oversized suites, 8,000 square feet of meeting space, a full-service restaurant with indoor and outdoor seating, a fitness center, concierge service, and an outdoor pool and hot tub. The hotel will remain open during construction and is slated for a spring 2010 completion.
SAN ANTONIO — Marcus & Millichap has completed the sale of Stepping Stone Apartments, an 80-unit multifamily property located in San Antonio. The community was built in 1985 and is situated at 7737 Skolout Dr. near the interchange of Highway 90 and Loop 410. Ryan Epstein and Moses Siller of Marcus & Millichap's San Antonio office represented the seller, a financial institution, and the buyer, locally based Terravista Corp. The acquisition price was not disclosed.
GARLAND, TEXAS — TIG Real Estate Services has brokered the acquisition of a 43,000-square-foot warehouse located at 2747 Oakland Ave. in Garland. The buyer was Kingsley Industrial and the seller was Northfield Properties. Michael Grant and Ryan Wolcott of TIG handled negotiations, with Chris Stout of Bradford representing the owner.
Overall, the Austin office market is facing many of the challenges that other major metropolitan areas are confronting. However, the Austin market has relatively strong employment fundamentals and continues to attract office-using employers and skilled employees. The office market should rebound earlier and stronger than the national bounceback once positive absorption returns, with the South, Southeast and CBD submarkets leading the way. Austin currently boasts the strongest employment market of any major metropolitan area in the country, though significant weakening in the office sector is projected due to overbuilding. The amount of vacant space increased by more than 1 million square feet in 2008, an addition of 14 percent to existing inventory. These additions shifted the leverage in lease negotiations to tenants, resulting in lower rents and elevated concessions; this was particularly true in the Northwest and Round Rock/Georgetown/Cedar Park submarkets, which experienced the greatest increases in inventory. As a result, asking rents are forecast to fall to $24.66 per square foot, and effective rents are projected to end 2009 at $20.72 per square foot, annual declines of 6.2 percent and 7.1 percent, respectively. Office investment sales have slowed as financing constraints hamper the market. The median sales price, however, …