Texas

OFFICE, MULTIFAMILY PROPERTIES REFINANCED FOR $60.3 MILLION

by admin January 9, 2009

AUSTIN AND LUBBOCK, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged the refinancing of two Texas properties for a total of $60.3 million. In the first transaction, HFF secured a $44 million loan for a downtown Austin office property located at the corner of 6th Street and Congress Avenue. The property comprises the 26-story, 261,609-square-foot Bank of America Building; a vacant parking garage situated on a 0.34-acre parcel; a 90,000-square-foot vacant commercial building; and a 0.81-acre covered parcel that is scheduled for development into a 1,150-space parking garage. HFF’s Andy Scott and Brandon Chavoya originated the loan between the borrower, a joint venture between locally based T. Stacey & Associates and Chicago-based Walton Street Capital, and the lender, CapitalSource Finance. Terms of the loan include an adjustable interest rate and a 30-month term. Loan proceeds will be used to complete capital improvements and future leasing of the property. In Lubbock, HFF secured $16.2 million in Freddie Mac financing for Ashton Pointe, a 366-unit multifamily community located at 308 Frankford. Completed in three phases from 1996 to 2003, the property was 92 percent occupied at the time of closing. The loan carries a 5.64 percent fixed interest …

January 9, 2009

MARCUS & MILLICHAP BROKERS MULTIFAMILY, RETAIL SALES

by admin January 9, 2009

HOUSTON AND AMARILLO, TEXAS — Marcus & Millichap has brokered two Texas sales. In Houston, Brian Janak of the firm’s Houston office represented the seller in the disposition of Byrne Heights Apartments, a 30-unit community located at 935 Byrne in the city’s Woodland Heights submarket. The property was constructed in 1963 and was 85 percent occupied at the time of closing. The seller was a California-based private investor, and the buyer was a locally based, limited liability company. The acquisition price was not released, but the property listed for $1.56 million. Additionally, Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office negotiated the sale of a 7,653-square-foot Bridgestone/Firestone store located in Amarillo. The property is situated on approximately 1 acre on South Coulter Street. The seller was a Texas-based limited partnership; the buyer was a Texas-based, limited liability corporation. The acquisition price was not disclosed.

January 9, 2009

Industrial Texas

J. BEARD COMPLETES SALE OF 14.93-ACRE INDUSTRIAL DEVELOPMENT SITE

by admin January 9, 2009

HARRIS COUNTY, TEXAS — The Woodlands, Texas-based J. Beard Real Estate Co. has completed the sale of a 14.93-acre industrial development site located at the intersection of Richey and Hardy Toll roads in Harris County. The buyer, a private partnership based out of The Woodlands, plans to market the property for build-to-suit and individual industrial sites; construction is slated to begin in April. The property was sold by Phoenix-based Airport 288 II. Herb Jackson of J. Beard will handle leasing and sales for the project. The acquisition price was not disclosed.

January 9, 2009

Industrial Texas

NAI FARBMAN BROKERS 478,810-SQUARE-FOOT INDUSTRIAL SALE

by admin January 8, 2009

WICHITA FALLS, TEXAS — Southfield, Mich.-based NAI Farbman has brokered the sale of a 478,810-square-foot industrial building located at 8600 North Central Freeway in Wichita Falls. Laney Cavazos of NAI represented the seller, Delphi Automotive Systems. The property was acquired by SBP Enterprises, which is also a tenant of the building. The acquisition price was not disclosed.

January 8, 2009

Industrial Texas

MOUNTAIN WEST ACQUIRES NORTHGATE III BUSINESS CENTER

by admin January 8, 2009

DALLAS — Colorado-based Mountain West Industrial Properties has acquired Northgate III Business Center, a three-building distribution center located in the Northeast submarket of Dallas. The property totals 161,729 square feet and was 75 percent occupied at the time of closing. Mountain West plans to renovate the property’s vacant units in order to better attract prospective tenants. The company has named Stephen Cooper of locally based NAI Robert Lynn to lease the project. The sale was negotiated by Larry Leon of CB Richard Ellis. It marks Mountain West’s second acquisition in the city.

January 8, 2009

Texas

ALLEN GROUP MOVES HEADQUARTERS TO DALLAS

by admin January 8, 2009

DALLAS — The Allen Group has relocated its corporate headquarters from San Diego to Dallas. The team will temporarily occupy space within the Chase Tower in downtown Dallas, where it will share offices with The Allen Group’s Texas development division. Key executives relocating to Dallas include CEO Richard Allen, CFO Ken Howell, director of leasing and marketing Jon Cross, and director of construction services David Hernandez. As part of the transition, Cross and Hernandez will both take on additional responsibilities for the company. Cross now manages leasing activities for the Dallas Logistics Hub, Allen’s 6,000-acre, multi-modal logistics park located in South Dallas County, in addition to his national marketing responsibilities. Hernandez is now responsible for managing the vertical and infrastructure construction activities at Dallas Logistics Hub.

January 8, 2009

Industrial Texas

RREEF DISPOSES OF FOUR-PROPERTY INDUSTRIAL PORTFOLIO

by admin January 7, 2009

RICHARDSON AND CARROLLTON, TEXAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has brokered the sale of a four-property Texas industrial portfolio. The properties total 248,279 square feet, and they are located in the Dallas suburbs of Richardson and Carrollton. They include: 400 Industrial Drive North and South, two buildings in Richardson that total 77,790 and 62,181 square feet, respectively; a 61,998-square-foot building located at 1030 Trend Dr. in Carrollton; and a 46,310-square-foot building located at 1101 Venture Ct., also in Carrollton. HFF’s Jud Clements and Robby Rieke represented the seller, RREEF Real Estate. The portfolio was acquired by a Dallas-based investment partnership for an undisclosed amount.

January 7, 2009

Office Texas

HE CAPITAL COMPLETING $1.2 MILLION RENOVATION TO OFFICE TOWER

by admin January 7, 2009

HOUSTON — HE Capital is completing a $1.2 million capital improvements plan for 2425 West Loop South, an 11-story, Class A office building located in Houston. Phase I, which was completed in August, consisted of the installation of two energy-efficient chillers and an upgraded energy management system. In December, renovations to the atrium lobby were completed; construction included a new granite floor, carpet insets and wall finishes, as well as a new security station and lighting. In the first quarter of this year, a semi-circular driveway will be completed, improving access from the West Loop. The renovation project was designed by architect I.M. Pei. Amenities at the office building include a deli, on-site management and security, multi-room conference facilities, and an attached, nine-story parking garage. Occupancy at the building is currently at 74 percent; leasing efforts are being undertaken by the Houston office of CAPSTAR Commercial Real Estate Services.

January 7, 2009

Office Texas

MARCUS & MILLICHAP COMPLETES OFFICE, MULTIFAMILY SALES

by admin January 6, 2009

DALLAS AND IRVING, TEXAS — Marcus & Millichap has completed two Texas sales. In Dallas, the company brokered the sale of Bent Tree Gardens Office Building, a two-story, 53,565-square-foot office building located at the corner of Dallas North Tollway and Quorum Drive. The multi-tenant property was constructed in 1985. Patrick Giles of Marcus & Millichap’s Dallas office represented the seller, a Texas corporation, and procured the buyer, a Dallas-area limited liability corporation. Marcus & Millichap also brokered the sale of Adrianna’s El Morocco, a 178-unit apartment community located in Irving. The property is situated on 6.5 acres in the northern part of the city; it was constructed in 1969 and has undergone extensive renovations, most recently in 2006. John Barker of Marcus & Millichap’s Dallas office and Mark McLellan of the firm’s West Los Angeles office represented the seller, a California-based private investor. Barker also represented the buyer, a Texas-based limited liability company.

January 6, 2009

Industrial Texas

TRANSWESTERN COMPLETES 122,634-SQUARE-FOOT INDUSTRIAL LEASE

by admin January 6, 2009

HOUSTON — Houston-based Transwestern has completed a lease for 122,634 square feet of industrial space at Port 225, a bulk distribution center located on Highway 225 in Houston’s East submarket. Darryl Noon and Jude Filippone of Transwestern represented the landlord, ING Investment Management. Trace Elrod of Jackson & Cooksey represented the tenant, Charleston, S.C.-based Hagemeyer North America. Hagemeyer will occupy part of Phase I of the multi-phase project. Completed in April 2008, Phase I comprises 697,000 square feet of space in three buildings. Current tenants include Bethel Logistics, Dixie Box & Crating, BKW Environmental Services and Bigler LP. Phase II of the project will consist of three additional buildings totaling 564,060 square feet. Plans for Phase II are complete and pre-leasing has begun.

January 6, 2009

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