Texas

FIRST BUILDING OPENS AT PARIS JUNIOR COLLEGE Ð GREENVILLE

by admin July 2, 2009

GREENVILLE, TEXAS — Construction is complete for the first building at Paris Junior College’s new Greenville campus. The $13 million project included the construction of a two-story, 42,000-square-foot multi-purpose building. It features technology-enabled classrooms, a science lab, a computer lab, a library, administrative offices and a large meeting room that can also be used as a classroom. The building is situated at 6500 Monty Stratton Blvd. within a 172-acre tract of land that will be used as the college’s new Greenville campus. The multi-phase master plan, as well as the design of the new building, was completed by Dallas-based SHW Group. Once additional buildings are complete, support functions currently housed in the first building will be relocated and it will be converted into a classroom building. The general contractor for the project was Dallas-based Charter Builders. Upon full built-out, Paris Junior College’s Greenville campus will ultimately house up to 7,500 students; the new building can house up to 2,500 students.

July 2, 2009

STAN JOHNSON CO. COMPLETES SALE OF BANK GROUND LEASE

by admin July 2, 2009

KATY, TEXAS — Stan Johnson Co. (SJC) has completed the sale of the ground lease to a 5,000-square-foot, freestanding bank branch building located in Katy. The building, which is situated at 8027 W. Grand Parkway South within a newly developed, Kroger-anchored shopping center, is currently leased to JPMorgan Chase. Hunter Jaggard and Daniel Herrold of SJC’s Houston office represented the seller, Houston-based Read King Commercial Real Estate. The buyer, a Washington-based individual investor, was represented by Chad Carper of Spokane, Wash.-based Kiemle & Hagood Co. The acquisition price was not disclosed.

July 2, 2009

Industrial Texas

UGL EQUIS ARRANGES 30,985-SQUARE-FOOT LEASE FOR TESTING FACILITY

by admin July 2, 2009

PLANO, TEXAS — UGL Equis has arranged a 30,985-square-foot lease at 801 Klein Rd. in Plano. The tenant, Underwriters Laboratories, is relocating its HVAC product testing facility to the new space from its previous location at 2805 Plano Pkwy., also in Plano. The warehouse and office facility will be fully operational within a year. Stuart Smith of UGL Equis’ Dallas office represented the tenant. The landlord, Weingarten Realty Investors, was represented in-house by Matt Smith.

July 2, 2009

Multifamily Texas

BEHRINGER HARVARD JV ACQUIRES 301-UNIT LUXURY MULTIFAMILY COMMUNITY

by admin July 1, 2009

HOUSTON — A joint venture involving Dallas-based Behringer Harvard has purchased The Verandah at Meyerland, a 301-unit luxury multifamily community located in Houston. The property comprises two buildings situated on 5.3 acres at 4620 N. Braeswood Blvd. The first building is a four-story, mid-rise tower that contains 238 units, and the second is a nine-story tower previously used as office space that was converted into 63 units. Community amenities include a 12,500-square-foot social center, an outdoor entertainment area, a resort-style swimming pool and a heated lap pool, a fitness center, a business center with a conference room, a movie theater and covered access to the property’s five-story parking garage. The property was purchased by a joint venture between Behringer Harvard Multifamily REIT I, one of the company’s non-traded REITs, and PGGM, a Dutch pension fund. The acquisition price was not disclosed.

July 1, 2009

Multifamily Texas

HENDRICKS & PARTNERS BROKERS SALE OF GREENTREE APARTMENTS

by admin July 1, 2009

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.

July 1, 2009

Retail Texas

SOMERTON PLAZA OPENS

by admin July 1, 2009

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.

July 1, 2009

Healthcare Texas

MCSHANE ADVANCES CONSTRUCTION FOR MEDICAL OFFICE BUILDING

by admin June 30, 2009

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 …

June 30, 2009

Office Texas

DUKE COMPLETES LEASE OF 100,000-SQUARE-FOOT OFFICE BUILDING

by admin June 30, 2009

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.

June 30, 2009

Office Texas

ADLER SIGNS THREE LEASES AT TENNYSON OFFICE PARK

by admin June 30, 2009

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.

June 30, 2009

Restaurant Texas

HARD ROCK CAF TO OPEN AT VICTORY PARK

by admin June 29, 2009

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.

June 29, 2009

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