Texas

MARCUS & MILLICHAP COMPLETES WENDY’S SALE

by admin May 15, 2009

DALLAS — Marcus & Millichap has brokered the sale of a 3,000-square-foot Wendy’s restaurant located in Dallas. The restaurant is situated on 0.8 acres at 4018 Lemmon Ave. Wendy’s is occupying the property under a new 20-year lease. Glen Kunofsky and Russell Wachtler of Marcus & Millichap’s Manhattan, New York City, office, along with Jason Vitorino of the firm’s Dallas office, marketed the property on behalf of the seller, a fund manager. Vincent Knipp of Marcus & Millichap’s Fort Worth, Texas, office secured and represented the buyer, a limited liability company. The property traded at a 6.88 percent capitalization rate.

May 15, 2009

TWO NEW TENANTS OPEN AT VINTAGE PARK

by admin May 15, 2009

HOUSTON — Two new tenants have opened at Vintage Park, a 500,000-square-foot retail center located in Houston. The first tenant, Jeanne’s Monogramming & Gifts, is relocating from its Louetta Road and Champions Drive locations, also in Houston. The second tenant is restaurant Peli Peli. Its new location on Vintage Park’s piazza features a full bar and lounge, as well as outdoor dining. In July, Vintage Park will see the opening of Wacky Mongolian, a quick-service stir fry restaurant. Also opening soon will be restaurants Luxe Bar & Lounge, Coco’s Crepes & Coffee and Trio Prime Steakhouse & Bar, as well as service tenants Heritage Texas Properties and Kickerillo Cos. Vintage Park, which is being developed by locally based Interfin Cos., is the 84-acre retail component of a 630-acre master-planned community named The Vintage.

May 15, 2009

Industrial Texas

BOB MOORE COMPLETES TWO SPEC WAREHOUSES TOTALING 316,000 SQUARE FEET

by admin May 14, 2009

IRVING, TEXAS — Arlington, Texas-based Bob Moore Construction has completed two speculative distribution centers located in International Commerce Park at DFW Airport in Irving. Twinrose Regent I is a 256,000-square-foot, cross-docked warehouse that is located at 2611 Regent Blvd. It features 30-foot clear ceiling heights, 56 dock doors, 267 car parking spaces, 27 trailer parking spaces and is divisible to 40,000 square feet. Twinrose Regent II is a 60,000-square-foot facility that is located at 2555 Regent Blvd. Both buildings include two-story glass entries for office or reception areas, 50-foot by 50-foot column spacing and a 140-foot truck court. They were developed by Dallas-based Twinrose Development. Twinrose Regent II has already been leased to a single tenant, and Twinrose Regent I currently has 210,000 square feet available for lease.

May 14, 2009

Office Texas

CENCOR PARTNERSHIP BUYS OFFICE BUILDING FOR REDEVELOPMENT

by admin May 14, 2009

AUSTIN, TEXAS — A partnership assembled by the Austin office of Cencor Realty Services has acquired 4200 Lamar, a two-story office building located at the corner of North Lamar Boulevard and West 42nd Street in Austin. The building totals approximately 31,016 square feet and is situated on approximately 1.2 acres. Lance Morris of the Austin office of The Weitzman Group represented the buyer, 4200 Lamar Partners Ltd. The undisclosed seller was represented by Tom Martine of Martine Properties. The partnership has already begun a redevelopment of 4200 Lamar into a multi-use building with office and retail components. Three tenants have already signed leases for the retail component. They include sushi restaurant Uchiko, Mexican restaurant Tacodeli and Floyd’s 99 Barber Shop. The renovation project is slated for completion by the end of 2009, with the tenants opening by the following spring. The project was designed by Michael Hsu Design Office.

May 14, 2009

Retail Texas

GRUBB & ELLIS BROKERS RETAIL SALE

by admin May 14, 2009

HOUSTON — Grubb & Ellis has brokered the sale of a 13,500-square-foot retail property located in Houston. The freestanding building is situated at 5920 Telephone Rd. Gus Lagos with Grubb & Ellis’ Houston office represented the local buyer, 5920 Telephone LLC, as well as the seller, The Grocers Supply Co., in the transaction. The acquisition price was not disclosed.

May 14, 2009

Hospitality Texas

TURNER CONSTRUCTION COMPLETES $35 MILLION RESORT EXPANSION

by admin May 13, 2009

GRAPEVINE, TEXAS — The Dallas office of Turner Construction Co. has completed the $35 million expansion of Great Wolf Lodge, an indoor water park and resort located in Grapevine. The project included the addition of 202 guest suites and a 27,000-square-foot conference center, which brings the 45-acre resort up to 686,000 total square feet of space. Great Wolf Lodge contains 606 family-sized guest suites; an eight-story, 98,000-square-foot water park; and a 27,000-square-foot conference center. The water park contains more than 1,000 parking spaces. The conference center features a 7,500-square-foot grand ballroom, six meeting rooms, two boardrooms, more than 4,000 square feet of pre-function space and six outdoor event areas. The resort also includes themed restaurants, adult and kid spas, retail stores, a fitness room, a technology center and an arcade. Turner was also responsible the original construction of Great Wolf Lodge, a $93 million project that was completed in late 2007.

May 13, 2009

Retail Texas

MARCUS & MILLICHAP BROKERS 23,524-SQUARE-FOOT RETAIL SALE

by admin May 13, 2009

BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of Beaumont Fountain Plaza, a 23,524-square-foot retail strip center located in Beaumont. Situated at 3050 Dowlen Rd., the property is anchored by Pei Wei Chinese Restaurant. Occupancy was 100 percent at the time of closing. Alvin Mansour and Philip Sambazis of Marcus & Millichap’s San Diego office listed the property on behalf of the seller, a Texas-based limited liability company. Al Silva and Jason Heard of Marcus & Millichap’s Fort Worth, Texas, office represented the buyer, an out-of-state limited liability company participating in a 1031 exchange.

May 13, 2009

Multifamily Texas

HFF SECURES $5 MILLION FOR APARTMENT REFINANCING

by admin May 13, 2009

HUMBLE, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has secured a $5 million loan for the refinancing of Deerbrook Garden, a 162-unit multifamily community located in Humble. Located at 1230 FM 1960 East, Deerbrook Garden comprises one- and two-bedroom units. The property is managed by Houston-based Asset Plus Cos. and was fully occupied at the time of closing. HFF’s Jeff Knowles arranged the financing on behalf of Deerbrook Garden Apartments Ltd. Terms includes 5.83 percent fixed interest rate. The loan was funded by Wachovia Multifamily capital through Fannie Mae.

May 13, 2009

Multifamily Texas

HENDRICKS & PARTNERS BROKERS 200-UNIT MULTIFAMILY SALE

by admin May 12, 2009

SHERMAN, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodridge, a 200-unit multifamily community located at 301 Highway 1417 North in Sherman. Tom Burns and Jay Gunn of H&P’s Dallas office represented the seller, Centerline Servicing Inc./Wells Fargo Bank, which was acting as trustee for Irving, Texas-based DLJ 2000 CKP1. The property was purchased by Dallas-based Trost Living Trust for an undisclosed amount.

May 12, 2009

Multifamily Texas

LMI ARRANGES $2.92 MILLION APARTMENT ACQUISITION LOAN

by admin May 12, 2009

HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $2.92 million in acquisition financing for Witte Oaks Apartments, a 124-unit multifamily community located in Houston. Brandon Brown of LMI secured the loan on behalf of the undisclosed borrower. The lender, as well as the terms of the loan, were not released.

May 12, 2009

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