CARROLLTON, TEXAS — Hendricks & Partners has brokered the sale of Greentree Apartments, a 365-unit multifamily rental community located at 1120 Mac Arthur Dr. in Carrollton. Situated on approximately 18 acres, the property contains 51 two-story, garden-style buildings. Units average 829 square feet and consist of one- and two-bedroom floorplans. Community amenities include a clubhouse with a leasing office, a kitchen and a 24-hour fitness center. Other amenities include three swimming pools, a playground, a lighted basketball court and barbecue grills. Occupancy averaged 96 percent in 2008. The seller was AIMCO/Greentree Associates, an Illinois limited partnership based out of Denver. The seller was represented by Tom Burns, Jay Gunnand Tom Warren of Hendricks & Partners’ Dallas office, as well as Jim Hearn and Greg Austin of the firm’s Houston office. The buyer was Greentree Carrollton Apartments LP, a Delaware limited liability company based out of Los Angeles. The new owner plans to spend approximately $4,000 per unit in interior upgrades in the near-term.
LA PORTE, TEXAS — The grand opening has been held for Somerton Plaza, a 25,000-square-foot retail strip center located at 8610 Spencer Highway in La Porte. The project was developed by Dallas-based Myers Commercial. Tenants at the center include Chili’s Grill & Bar, which opened a 5,500-square-foot restaurant, as well as Verizon Wireless and Lovely Nail Salon.
RICHMOND, TEXAS — The Healthcare Division of McShane Development Co. is advancing construction for OakBend Doctors Center — Grand Parkway, a medical office building located in Richmond. The project consists of a two-story, 60,000-square-foot building situated on Grand Parkway, between Morton Road and Longmeadow Farms Parkway. The Class A facility will provide office space convenient to both OakBend Medical Center campuses, one of which is currently under construction. McShane has already secured leases for approximately 50 percent of the space. Physician group OakBend Medical Group will occupy 2,500 square feet; PLEX will lease 7,200 square feet for a sports medicine and physical therapy center; Texas Sports Medicine will lease 7,400 square feet for an ambulatory surgery center; OakBend Medical Imaging will lease 3,000 square feet for a radiology center; and the Center for Women’s Health will lease 3,000 square feet that will contain an on-site pharmacy and a 24-hour urgent care clinic. The Houston office of Cadence McShane Construction Co. is providing design-build services for OakBend Doctors Center, with Denver-based Marasco & Associates providing conceptual design and space planning services, and Houston-based Seeberger + Associates serving as architect of record. Completion for the project is slate for late 2009. McShane …
PLANO, TEXAS — The Dallas office of Duke Realty Corp. has leased a 100,000-square-foot office building located in Plano to MedAssets. The building is situated at 5556 Tennyson Pkwy. within Legacy Business Park. MedAssets will take occupancy in two phases. In September, MedAssets will occupy 50 percent of the building, which was leased but not occupied by the current tenant, Oracle. In the fourth quarter of 2010, MedAssets will take occupancy of the remaining half of the building, concurrent with the termination of Oracle’s lease of the remaining space. MedAssets will be consolidating two of its Dallas-area offices into the new location, which will serve as the company’s new regional headquarters. MedAssets was represented in lease negotiations by John Flack of Cresa Partner’s Atlanta office, as well as CB Richard Ellis’ Jeff Ellerman, Scott Hobbs and Robert Blount. Oracle was represented in the termination of its lease by Greg Langston and Brett Hefton of Cresa Partners’ Dallas office. Duke was represented in-house by Ben Appleby and by Dale Ray of Peloton.
PLANO, TEXAS — Adler Realty Investments has signed three leases at Tennyson Office Park, located in Plano. CreditAnswers has signed a lease for 31,000 square feet; Real Estate Disposition Corp. has signed a lease for 14,000 square feet; and Infosys has renewed and expanded its lease by 10,000 square feet, bringing its total to 41,000 square feet leased. Rick Rensi and Clay Gilbert of CB Richard Ellis (CBRE) represented Adler in lease negotiations. Baron Aldridge CBRE represented CreditAnswers; Nelson Somerville of Vaughn Commercial Realty Group represented Real Estate Disposition Corp.; and Pat O’Keefe of CBRE represented Infosys. Terms of the leases were not disclosed.
DALLAS — Hard Rock Café Dallas is set to officially opens its doors at the Victory Park urban mixed-use development in Dallas on July 15. The 8,900-square-foot location features a 265-seat restaurant and an outdoor dining area with patio seating for 40, as well as a Rock Shop selling Hard Rock’s merchandise. The café was constructed with a “Lucid Dream” design aesthetic, which features uncommon materials that diffuse, project and absorb light. Hard Rock Café Dallas is located at 2211 N. Houston St., at the southern end of Victory Park.
THE WOODLANDS, TEXAS — Beusa Energy Inc. has leased the top floor of the new 4 Waterway Square office building in The Woodlands. Located at the intersection of Waterway Square Place and Woodloch Forest Drive in The Woodlands Waterway Square District, the Class A building is under construction with completion expected in early September. Beusa will relocate from its current offices in the Parkwood Building at 10077 Grogan’s Mill Rd. to its new 24,592-square-foot space at 4 Waterway Square in December. Boston-based Elkus-Manfredi designed the nine-story, 216,000-square-foot office building, which is being built by Harvey Builders of Houston. Gensler Houston is the architect of record. The Woodlands is a project of The Woodlands Development Company.
SOUTH PADRE ISLAND, TEXAS — Lynann Pinkham with Corpus Christi, Texas-based NAI Cravey Real Estate Services, along with Doug Lacy of The Retail Connection, recently represented National Retail Partners in the leasing of the former OfficeMax space at 5625 South Padre Island Dr. Spec’s Liquor, which will occupy the 25,390-square-foot space, will open later this year.
DALLAS — Indianapolis-based Simon Property Group has assumed leasing and management duties for Galleria Dallas, a 1.3 million-square-foot mall located at the interchange of Interstate 635 and the Dallas North Tollway in Dallas. The four-story shopping center contains over 200 stores. It is anchored by Saks Fifth avenue, Nordstrom and Macy’s; additional tenants include Luis Vuitton, Gucci, Baccarat and Tiffany & Co. The property also includes an office tower, a hotel and an ice skating rink — all of which were not included in the transaction. Simon will take control of the property August 1. Galleria Dallas. The mall was previously managed by General Growth Properties, which filed for bankruptcy earlier this year.
FORT WORTH, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged the sale of an 8,600-square-foot flex building, located at 3312-3320 Dooling St. in Fort Worth. The building features office and warehouse space, and is situated on approximately 2 acres. The buyer, Superior Fuels & Lubricants, will be relocating its headquarters from its previous facility at 3200 North Sylvania, also in Fort Worth. Todd Hawpe of HSMB represented the buyer and the seller, RLM Real Estate. The acquisition price was not disclosed.