DALLAS — Newport Beach, Calif.-based KBS Realty Advisors has acquired Providence Towers, a 12-story, approximately 500,000-square-foot office tower located at 5001 Spring Valley Rd. in Dallas. Amenities at the Class A property include a fitness center, two conference rooms, an on-site restaurant and a bank branch. The project is approximately 90 percent occupied by a tenant mix that includes DeGolyer & MacNaughton, Time Warner, Morgan Stanley, Hilton Hotels and Henry S. Miller. The property is in the process of applying for LEED certification. The seller was CB Richard Ellis Investors. The transaction was negotiated by CB Richard Ellis. The acquisition price was not disclosed.
Texas
HOUSTON — Parsippany, N.J.-based B&G Foods has renewed its lease for 151,966 square feet of warehouse space for an additional 5-year term. The space is located at Suite 140 of 7150 Business Park Dr. in Houston. Edward Bane of Houston-based Holt Lunsford Commercial represented the landlord, Des Moines, Iowa-based Principal Financial Group. B&G Foods was represented by Mike Hill of Michael Hill Properties.
HOUSTON AND ATASCOCITA, TEXAS — Chipotle Mexican Grill has signed leases for two new locations in metropolitan Houston. In northwest Houston, the restaurant signed a ground lease for a 15,432-square-foot location within Vintage Park Shopping Center, located at the intersection of Tomball Parkway and Louetta Road. Debbie Knox of H-E-B, also the anchor of the center, provided in-house representation for the landlord. Matt Keener, Russell Janicek and Mark Raines of CB Richard Ellis (CBRE) represented Chipotle. In Atascocita, Chipotle leased 2,261 square feet of space at the West Lake Crossing retail center. Alex Makrus and Jazz Hamilton of CBRE represented the landlord, Trammell Crow Co. Chipotle was again represented by Keener, Janicek and Raines. Terms of the leases were not disclosed.
FLOWER MOUND, TEXAS — Brad and Gavin Kam of Dallas-based commercial real estate investment sales and advisory firm TKG recently closed the sale of Towne View Shopping Center in Flower Mound. The 31,939-square-foot retail center, which is located off of the intersection of Long Prairie and Flower Mound roads, includes tenants such as Anamia’s Tex Mex Restaurant, i Fratelli Pizza and Edohana Sushi. TKG represented the buyer, a Texas-based limited partnership, in the sale. A local property owner was the seller.
HOUSTON — Brandon Brown of The Woodlands, Texas-based LMI Capital has arranged approximately $3.92 million in permanent debt for the acquisition of Aspen Ridge Apartments, a 256-unit multifamily project in Houston. LMI worked on behalf of the buyer to secure the fixed-rate financing with one of the company’s lending sources.
FRISCO, TEXAS — Bravo Health Texas, Inc., Net Traffic, America Unit and DaVita Inc. have all signed leases at Hall Office Park, Hall Financial Group’s 15-building, master-planned, Class A office park in Frisco. Bravo Health Texas will take 4,775 square feet at 6801 Gaylord Parkway. Rebecca Griffin of Newmark Knight Frank negotiated the lease on behalf of the tenant. Net Traffic has signed a lease for 4,564 square feet at 3000 Internet Blvd.; and American Unit will occupy 3,950 square feet of space at 2801 Network Blvd. DaVita has signed on for 2,602 square feet at 6801 Gaylord Parkway. Louis Carpenter of USI Real Estate Brokerage Services, Inc. negotiated for the tenant. Jean C. Farris and Tammy Lomonaco handled all negotiations on behalf of the owner and landlord, Hall Financial Group.
TYLER, TEXAS — The city of Tyler has secured $8.6 million in federal stimulus funds for the construction of a 160-bed extended care facility for the Department of Veterans Affairs. The facility will provide ongoing care and basic medical services for military veterans. The project will be located on Texas Highway 155, just west of Texas Highway 271, at a 20-acre site that was donated by the University of Texas Health Science Center at Tyler for the construction of a new VA nursing homes. The construction timeline was not released. In addition, the city of Houston received the other portion of an approximately $17 million block of stimulus funds allocated for the construction of VA nursing homes in east Texas.
AUSTIN, TEXAS — CyrusOne, a data center services provider, has opened a new 50,000-square-foot data center in Austin. The facility is located within The MetCenter, a data center business park that features two on-site electrical substations, underground electrical infrastructure, and redundant telecommunications and water infrastructure. CyrusOne already had the ability to provide disaster recovery and business continuity services for its customers at the Austin site. Data center space is expected to come online in the third quarter of this year.
FORT HOOD, TEXAS — The federal economic stimulus package will provide $621 million for the construction of a new military hospital at Fort Hood. The base’s current hospital, the five-story Carl R. Darnell Army Medical Center, was constructed in 1964. It has the capacity to accommodate 30,000 troops but serves almost twice that amount, as well as military families and veterans. The new medical center is expected to be able to serve 55,000 soldiers, 67,000 military families and 52,000 veterans. Construction plans were not released.
OKLAHOMA CITY AND TULSA, OKLA. — Indianapolis-based Simon Property Group has refinanced two of its Oklahoma shopping malls. In the first transaction, Simon secured a $100 million loan for Penn Square Mall, located in Oklahoma City. The loan includes a 7.75 percent interest rate and a 7-year term. The property’s previous mortgage carried a 7.03 percent interest rate and a $65.8 million principal. In the second transaction, Simon secured $97.5 million for Woodland Hills Mall, located in Tulsa. The loan carries a 7.79 percent interest rate and a 10-year term. The previous mortgage carried a $78.6 million principal at a 7 percent interest rate. Financing in both transactions was provided by major life insurance companies.