FRISCO — Balfour Beatty Construction is nearing completion on a renovation of the Frisco Discovery Center, turning a 150,000-square-foot warehouse into a performance arts complex. The property, which is located at 8004 N. Dallas Parkway in Frisco, houses a 100-seat theater, an art gallery and a science discovery center. BOKA Powell designed the project, and the Frisco Community Development Corp. provided funding. The Frisco Association for the Arts will manage the space.
Texas
DALLAS — In a bid to increase its West Coast footprint, Dallas-based Carwin Advisors, a real estate advisory firm, has acquired Orange County, Calif.-based The Arges Group. Brett Berry and Scott Miller, Arges' co-founders, will serve as senior directors at the new company and will work for Carwin from California.
DALLAS — John Barker of Marcus & Millichap's Dallas office has represented both parties in the sale of two apartment communities for an undisclosed amount. Top Flight and Star East, which are located at 2700 Grand Ave. and 1628 S, Fitzhugh in Dallas, total 59 units. Both parties in the transaction are based in California.
HOUSTON — Ray Marshall of Q10 Kinghorn, Driver, Hough & Co. has secured a loan for a 119,367-square-foot office complex in Houston. The buildings are located in the West Memorial Business Park at the interchange of Katy Freeway and Bingle Road. Terms of the loan, which was sponsored by Ten Voss Ltd., were not disclosed.
IRVING — Impartial Services Group has committed to a 23,242-square-foot lease with TA Associates Realty for space in the Crestview Tower. The property, which is 65 percent leased, is located at 105 Decker Court in Irving. The tenant will occupy the third floor. Stream Realty Partners' Tim Terrell, Sarah Payne and Rebecca Rambie represented the landlord. Dave Besserer and Curt Linnof Bradford Commercial Real Estate represented the tenant.
HALTOM CITY — Anthony Tarter of Arbor Commercial Funding has secured a $1.08 million loan for Haltom Oaks Apartments. The 68-unit property is located in Haltom City. Fannie Mae funded the 25-year loan, which carries a 5.51 percent interest rate.
The resumption of job growth and significant reductions in new construction will support improvement in Dallas/Fort Worth apartment fundamentals through the end of the year. During the first half of 2010, employment in the metroplex increased by 32,600 jobs, a welcome turnaround after the loss of 124,000 positions during the recession. While the financial, information and trade, transportation and utilities sectors shed a combined 6,000 jobs in the first half, the government, manufacturing, and education and health services sectors led job creation, adding 34,000 positions. As a result, the unemployment rate in Dallas/Fort Worth dropped roughly 10 basis points to 8.2 percent in the first half and remains well below the national average. Developers will deliver approximately 7,600 apartment units in 2010, down nearly 56 percent from 2009 and more closely aligned with new-supply trends in 2006 and 2007. Construction remains focused on the Dallas side of the Metroplex, with developers in Tarrant County completing 2,675 units during the past year. New supply in Fort Worth was isolated to the North Arlington, Northern Tarrant County and Northwest Fort Worth submarkets. After rising 360 basis points through the recession, apartment vacancy in Dallas/Fort Worth declined 80 basis points to 8.9 percent …
HOUSTON — Medco Medical Supply has signed a 46,440-square-foot lease with Liberty Property Trust in Houston's Round Up Business Park. Liberty purchased the 227,800-square-foot industrial property, which is located near North Sam Houston Parkway, in July. Medco will move from its current location in the Legacy Center Business Park this December.
DALLAS — McGary Group II has leased 25,676 square feet of industrial space to Allied Stone in Dallas. The property is located at 2405 Crown Road. Lee & Associates' Nathan Denton and Hanes Chatham represented the landlord. CB Richard Ellis' Michael Chiocca represented the tenant.
DALLAS — Koll Bren Fund V has sold the 266,412-square-foot Gateway Tower to Hartman Income REIT for an undisclosed amount. Located at the intersection of Lyndon B. Johnson Freeway and North Central Expressway in Dallas, the property stands 15 stories tall. Tenants in the office building, which is 77 percent leased, include Ashton Residential, Humana Health Plan of Texas, and the Crane and Hernandez law firm. Jones Lang LaSalle's Jack Crews represented the seller. Dave Wheeler and Julian Kwok represented the buyer in house.