FORT WORTH, TEXAS — Vertical construction has commenced for Presidio Junction, a 300-acre mixed-use project located at the intersection of North Tarrant Parkway and Interstate 35W in north Fort Worth. The project will comprise more than 1 million square feet of retail and restaurant space; 1,300 apartments; and 750,000 square feet of fitness, hotel and Class A office space. Construction has already begun for 348 apartments units, which will begin leasing this summer. In addition, Lowe’s Home Improvement Warehouse has been announced as the project’s first major retail tenant. Presidio Junction is being developed by Newport Beach, Calif.-based LNR Commercial Property Group in conjunction with several companies. Gables Residential is assisting with the multifamily component; The Weitzman Group is handling the retail component; and Stream Realty Partners is listing multifamily, office and medical office spaces for the project.
BLUE MOUND, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged a 45,000-square-foot industrial lease in Blue Mound on behalf of Oilfield Equipment Rental Co. The Hobbs, N.M.-based company will occupy the space, located at 1001 Blue Mound Rd., as its Texas operations. In addition to distribution space, the building also contains approximately 2,000 square feet of office space. The landlord of 1001 Blue Mound Road is Hilzer Family Trust. HSMB’s Pete Richardson and Drew Richardson were the sole brokers in the transaction. Terms of the lease were not disclosed.
COPPELL AND DALLAS, TEXAS — Lee & Associates has arranged two leases in the Dallas/Fort Worth area. First the company brokered a 30,374-square-foot lease on behalf of Matrix Network. The company will be expanding into space within Royal Park Coppell, a speculative industrial development located at 850 Freeport Pkwy. in Coppell. It had previously been located in nearby Carrollton. Conrad Madsen and Greg Nelson, both of Lee & Associates, represented the tenant. The landlord, Hays & Jones, was represented by Dave Anderson of CB Richard Ellis. In Dallas, Lee & Associates completed the lease of a 16,950-square-foot industrial facility, located at 2552 Merrell Rd. The tenant, Prestige Landscape, will occupy the building for a 3-year term. Prestige was represented by Lee & Associates’ Adam Graham. The undisclosed landlord was represented by Nathan Denton and Hanes Chatham, also of Lee & Associates.
TEMPLE, TEXAS — Philadelphia-based Binswanger has brokered the sale of 160 acres, located within Temple Industrial Park in Temple. The parcel was acquired by San Antonio-based grocery store chain H-E-B, which plans to construct a 400,000-square-foot distribution center on the site. The facility will serve the grocer’s north central Texas stores. Binswanger negotiated the sale between H-E-B and the sellers, the Temple Economic Development Corp. and the city of Temple. H-E-B currently operates 300 stores in Texas and Mexico.
MANSFIELD, TEXAS – San Antonio-based K Partners Hospitality Group has opened a Fairfield Inn & Suites in Mansfield. The 83-room property is located at 1480 U.S. Highway 287 North, between Dallas and Fort Worth. Hotel amenities include high-speed Internet access in all rooms and wireless access in the lobby, a whirlpool, an on-site business center and access to nearby Joe Pool Lake. It is K Partners’ second hotel to open in Mansfield. The first, an 88-room Hampton Inn & Suites, opened in October 2008.
HOUSTON – Goodyear Tire & Rubber Co. has leased space at Houston’s Hammerly Business Park. Goodyear leased 17,658 square feet of the facility, which is located at 1811 Brittmore Road in the city’s northwest submarket. Colliers International’s Cody Smoot represented the tenant; Gray Gilbert and Bill Rudolf of CB Richard Ellis represented the landlord, Clay Development and Construction. Goodyear is the first tenant to sign at the new 140,000-square-foot project, which contains office and distribution/warehouse space.
HOUSTON — Hendricks & Partners has brokered the sale of Williamstown, a 272-unit, Class C apartment community located at 9200 Bissonnet St. in Houston. Ed Cummins and Clint Duncan with Hendricks’ Houston office represented the seller, locally based Creekstone Holdings I LLC. Williamstown was acquired by locally based Diep Residential for an undisclosed amount. The purchase was financed by Metro Bank with loan carrying a 7-year term and a 75 percent loan-to-ratio.
UNIVERSAL CITY, TEXAS — The first phase of renovations are nearing completing for the Taj Mahal, one of the buildings located on Randolph Air Force Base in Universal City. Construction under way includes the $800,000 renovation of the building’s movie theater. The roof is being replaced, the ceiling is being restored, new air conditioning equipment is being installed, walls are being re-plastered and painted, carpeting is being replaced and a handicapped-accessible restroom is being built. Completion is scheduled for July. The theater renovation is part of a $10 million project designed the improve the Taj Mahal, which houses the headquarters for the 12th Flying Training Wing and the 12th Mission Support Group, as well as base offices for the legal, public affairs and inspector general departments. The next phase of construction, which will begin in 2010 or 2011, will include ensuring ADA compliance, installing elevators and re-plastering work.
SAN ANTONIO — NorthMarq Capital has arranged first-mortgage financing for 8500 Village Medical Office Building, a 23,165-square-foot property located in San Antonio. The building is currently occupied by Radiology Associates, Monarch Dental, Pathways Services and other medical groups. Roger Trapnell and Warren Hitchcock of NorthMarq’s Houston office secured the loan, which carries a 25-year term and a 25-year amortization schedule. The lender was StanCorp Mortgage Investors. The borrower and the loan amount were not disclosed.
HOUSTON — The University of Houston has selected the Austin, Texas, office of Hardin Construction Co. for a new $50 million undergraduate housing project. The facility, which will be situated on the university’s central campus, will consist of a seven-story, 300,000-square-foot residential building. It will feature 1,172 beds. Resident advisor offices, a social lounge, a computer lab, multi-purpose rooms, a fitness center and a convenience store. Construction will begin this month, with completion expected by the start of the fall 2010 semester. The new facility will accommodate incoming freshmen and is part of the university’s goal to increase the number of students living on-campus. The university eventually plans to house the entire first-year class on campus. According to university officials, this new project marks the first time since 1970 that the university will have a residential building dedicated specifically to freshmen.