GRAND PRAIRIE, TEXAS — The Dallas office of Grubb & Ellis has completed the sale of a 12,800-square-foot industrial property located at 1701 E. Main St. in Grand Prairie. Gary Lindsey of Grubb & Ellis represented the buyer, Smith Lawler Properties, and the seller, United Rentals Realty. The acquisition price was not disclosed.
IRVING, TEXAS — The Richland Companies has acquired Gateway South, a 78,195-square-foot office/flex building located in the Las Colinas submarket of Irving. Situated on approximately 5 acres at the intersection of Gateway and Commerce drives, the building is in close proximity to Gateway II, another Richland property. It was fully occupied at the time of closing by a tenant mix that includes C3 Primedia Solutions, Numantra LP, LESCO Distributing, PremRock Drywall Services, Billor Machine Tool Service and others. Michelle Kirsch of Richland Investments' Dallas office provided in-house representation for Richland. The seller and acquisition price were not released.
DALLAS — Dallas-based Henry S. Miller Brokerage has completed the sale of a 2.12-acre land parcel located at 2630 Royal Lane in Dallas. Currently used as parking and an ATM for the adjacent Bank of Texas, the site will be redeveloped into retail space by the new owner. Jim Turano of Henry S. Miller Brokerage represented the seller, Bank of Texas, N.A. Bobby Rollings of RBR Properties represented the buyer, Texas Forest Properties. The acquisition price was not disclosed.
HOUSTON — Houston-based Transwestern has completed a 118,150-square-foot build-to-suit project for Oceaneering International at Port Northwest in Houston. The space will be used by the tenant for the manufacturing of deep sea drilling equipment. Transwestern's development team was led by Sean Suffel and Mark Miller. Brian Gammill, also of Transwestern, represented Port Northwest's owner, TIAA-CREF, in lease negotiations. Doug Nicholson and John Nicholson of Grubb & Ellis represented Oceaneering. Port Northwest is a 75-acre industrial center located near the intersection of Sam Houston Tollway and U.S. Highway 290. Oceaneering is occupying space within a 1.3 million-square-foot bulk distribution facility that features 28-foot clear ceiling heights throughout most of the building and a 40-foot clear section that houses a 50-ton crane that services the entire building. In addition to the fit out, Transwestern developed an 89,000-square-foot speculative warehouse at the park. The next phase of development will include an additional 250,000 square feet of new space.
PLANO, TEXAS — NorthMarq Capital has arranged $27.6 million in first-mortgage financing for Legends at Ridgeview Ranch, a 480-unit multifamily community located in Plano. The loan includes a 7-year term and a 30-year amortization schedule. Jeff Frankel of NorthMarq's Chicago office secured the funds on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
GRAND PRAIRIE AND PLANO, TEXAS — Colliers International has arranged two industrial lease renewals in Texas. In the first transaction, Atlanta-based Aaron Rents renewed its lease for 140,000 square feet of warehouse space at Heinz Way II, which is located at 901 Heinz Way in Grand Prairie. The company uses the space as its North Texas regional distribution hub. Noel Hutcheson, Larry Kell and Cash McWhorter with Colliers' Dallas office, along with Price Weaver and Ben Logue of the firm's Atlanta office, represented the tenant. Robert Allen of First Industrial Realty Trust provided in-house representation for the landlord. In the second transaction, Luminator renewed its lease for a 104,104-square-foot flex building at Plano Tech Center, which is located at 900 Klein in Plano. The single-story building contains 85,580 square feet of warehouse space and 18,500 square feet of office space. Jim Nelms and Scott Jessen of Colliers' Dallas office represented the tenant in lease negotiations. The landlord was represented by RREEF.
UNIVERSAL CITY, TEXAS — Construction is complete for Northeast Lakeview College, a 285-acre college campus that is part of Alamo Colleges. The campus, which is located at the intersection of Loop 1604 and Kitty Hawk Road in Universal City, contains nine buildings totaling 375,500 square feet. Designed by San Antonio-based Overland Partners Architects in conjunction with Ford Powell Carson, the college was built over the past 4 years at a cost of $125 million. The general contractor was Austin Commercial and the construction manager was Broaddus & Associates.
ARLINGTON, TEXAS — The Salvation Army has signed a lease for a 99,831-square-foot warehouse located at 2900 Ave. E in Arlington. The organization will take occupancy immediately and plans to use the facility as its Southeast regional disaster relief center. Brock Wilson and Mackenzie Schriber of Grubb & Ellis represented the landlord, First Industrial Realty Trust, in lease negotiations. Bill Davenport of The Davenport Group represented The Salvation Army. Terms of the lease were not disclosed.
DALLAS AND LEWISVILLE, TEXAS — CB Richard Ellis (CBRE) has brokered two industrial leases in the Dallas/Fort Worth Metroplex. In the first transaction, Ozburn-Hessey Logistics has expanded its existing lease at 4001 Adler Road in Dallas by 181,400 square feet. CBRE's Ann Huntington represented the tenant and Jake Marks, also of CBRE, represented the landlord, I-30 Distribution LP. In the second transaction, Golden Star Classic Auto Parts signed a lease for 71,400 square feet at 1800 Waters Ridge Drive in Lewisville. CBRE's Steve Trese represented the landlord, TIAA-CREF. Golden Star was represented by Dan Spika of Henry S. Miller Commercial.
SAN ANTONIO — Place/BV Student Housing Fund has closed on the land acquisition and construction loan for a new student housing project serving the University of Texas – San Antonio. Known as Avalon Place, the project will consist of 246 units in a mix of one-, two- and four-bedroom units. Community amenities include a clubhouse featuring an activity room, pool tables, a computer lab and a fitness center. Other amenities include a fitness center and a spa. Construction for the project has begun, and completion is slated for July. The manager of Place/BV Student Housing Fund is BVP Managers LLC, a joint venture between Chicago-based Blue Vista Capital Management and Atlanta-based Place Companies, an Affiliated Group.