Greater downtown Waco is experiencing a renaissance of growth offering an exciting front door to visitors and residents. This district comprises between 5 and 7 square miles of land right along Interstate 35 in Central Texas. The Brazos River flows through the downtown area, linking Baylor University, Interstate 35, Cameron Park and Cameron Park Zoo. The Downtown Business District encompasses approximately 350 acres, featuring an emerging Central Business District and an array of redevelopment opportunities. Currently, there are approximately 18,000 residents in greater Downtown Waco and 16,000 jobs all within 1.25 miles of the heart of Downtown. There is resurgence in office development in the downtown Waco market. In 2008, an unprecedented 100,000 square feet of Class A office space was added to downtown. A vast majority of the space has been leased. More projects are under development for owner-occupied refurbishment, new construction and speculative lease space. In addition to these office developments, there are several new projects gaining momentum in downtown Waco totaling more than $200 million in new public and private investment. Phase I of Waco Town Square, which is nearing completion, will add 17 acres of mixed-use residential and retail space. This includes the 46-unit Austin Avenue …
Texas
GRAND PRAIRIE, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged an $8 million loan for the refinancing of Corey Place Apartments, a 276-unit multifamily community located at 602 W. Pioneer Pkwy. in Grand Prairie. The property was renovated in 2008 and was 95 percent occupied at the time of the sale. HFF’s Travis Anderson secured the financing on behalf of Granite Redevelopment. The loan includes a 10-year term and a 5.76 percent fixed interest rate. The lender was Wachovia Multifamily Capital, which utilized Fannie Mae’s DUS program. Proceeds from the loan will be used to refinancing an existing acquisition and rehab loan.
GRAND PRAIRIE, TEXAS — The former Blue Ribbon Delivery building, a 10,000-square-foot industrial property located at 1314 Oakdale Rd. in Grand Prairie, has been sold. Situated on 2.5 acres near DFW International Airport, the facility comprises 8,500 square feet of warehouse space and 1,500 square feet of office space. Pete and Drew Richardson of Henry S. Miller Brokerage represented the seller, Blue Ribbon Delivery. The buyer, Houston-based Gajeske Inc., was represented by Chuck Precopia of ART Properties. The buyer plans to utilize the space as a storage and distribution facility, as well as for training. The acquisition price was not disclosed.
MESQUITE, TEXAS — The grand opening will be held this month for Zaina World Food Market, a Mediterranean grocery store located in Mesquite. The store will occupy 12,000 square feet within Independence Plaza, a 179,000-square-foot shopping center located at the corner of Town East Boulevard and Galloway Avenue. The grocery store will also contain Amir’s Café & Bakery, a restaurant serving Middle Eastern food and baked goods. Independence Plaza is controlled by Houston-based Weingarten Realty Advisors.
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has brokered the sale of the Brookfield Real Estate Opportunity Fund Chase Bank Portfolio, a five-building, Class B office portfolio located in Houston. The portfolio totals 157,672 square feet and includes: 2900 Woodridge Drive, 6200 Highway 6 South, 9525 Bissonnet Street, 11806 Wilcrest Drive and 13103 FM 1960. JPMorgan Chase Bank is the anchor tenant of the portfolio, occupying 43 percent of the portfolio through 2021. HFF’s Dan Miller and Trent Agnew negotiated the transaction. The parties involved were not disclosed.
SAN ANTONIO — Construction firm Skanska USA Building has been selected to build Tri-Service Research Laboratory, a $61.1 million military medical training facility located at Fort Sam Houston in San Antonio. The project will include the construction of approximately 54,000 square feet of laboratory space. Groundbreaking is expected to occur in August, with completion scheduled for March 2011.
HOUSTON — Grubb & Ellis has arranged an approximately 144,620-square-foot industrial lease at Portwall Distribution Center in Houston. Cadeco Industries will occupy space in two buildings located at 530-542 Portwall St. the company will occupy 81,800 square feet in one building and 62,820 square feet in the other. Doug Nicholson and John Nicholson of Grubb & Ellis’ Houston office represented Cadeco Industries. The landlord, locally based Warehouse Associates, provided in-house representation. Terms of the lease were not released.
DALLAS — Willow Pond Apartment Homes, a 387-unit multifamily community located in Dallas, has been sold. The rental property is situated on 13 acres at the corner of Northwest Highway and Abrams Road. It was acquired by an investment group sponsored by Clark Willingham of Dallas. The new owner plans to launch a capital improvements program and continue to operate the community as affordable housing. Tim Kay of Kay Commercial represented the buyer. The undisclosed seller was represented by William Coolidge of Coolidge & Associates. The acquisition price was not disclosed.
AUSTIN — The Austin office of Transwestern has been selected to handle leasing and management of two Austin office portfolios controlled by UNUM and DivcoWest Real Estate Investments. The UNUM portfolio comprises five buildings totaling 436,457 square feet. Notable properties include Northview Business Center, a 254,972-square-foot office building located in the city’s Northwest submarket, and Summit Park A and B, two flex buildings also located in the Northwest submarket that total 96,950 square feet. Notable tenants include AT&T, Verizon, Texas Workforce Commission and CustomerLinx Corp. The DivcoWest portfolio primarily comprises Parmer Business Park, a six-building office park in northwest Austin that totals 266,737 square feet. The other property in the portfolio is Bergstrom Tech Center 312, a 203,884-square-foot office building located in the city’s Southeast submarket. Sun MicroSystems occupies all of Parmer Business Park; Bergstrom Tech Center 312 is vacant.
STAFFORD, TEXAS — The Houston office of NorthMarq Capital has arranged first-mortgage financing for Shadowbrooke Apartments, a 240-unit multifamily community located in Stafford. The Class A property is currently 95 percent occupied. NorthMarq’s Roger Trapnell and Warren Hitchcock originated the loan, which carries a 7-year term with a 30-year amortization schedule. The lender was Freddie Mac. The principal and interest rate of the loan were not released.