Texas

BOB MOORE COMPLETES 1.16 MILLION-SQUARE-FOOT BUSINESS PARK

by admin April 21, 2009

ARLINGTON, TEXAS — Bob Moore Construction has completed Pioneer 360 Business Center, a 1.16 million-square-foot business park located along State Highway 360 in Arlington. The 70-acre property contains three buildings. Buildings A and B total 194,845 and 152,800 square feet, respectively. They are designed for warehouse, office, showroom and flex tech users requiring rear-loading capability. The buildings feature 24-foot clear ceiling heights and a combined 86 loading dock bays. Building C is an 815,820-square-foot, cross-docked distribution facility. It features 32-foot clear ceiling heights, more than 100 trailer storage spaces and 158 loading dock bays. The project is applying for the Gold level of LEED – Core & Shell certification, and is one of the first industrial projects in the state to register for the designation. The developer of Pioneer 360 Business Center is Flaherty Development, and the project architect was Alliance Architects.

April 21, 2009

MARCUS & MILLICHAP BROKERS SALE OF BURGER KING

by admin April 21, 2009

HOUSTON — Marcus & Millichap has brokered the sale of a 3,390-square-foot, freestanding Burger King located in Houston. The property, which was built in 1990, is situated on 1.24 acres at 7801 Highway 6 North. Ed Benton and Monte Lowery of Marcus & Millichap’s Houston office represented the seller, a limited liability company. The buyer, a California-based private investor, was represented by Stephen Sauter of Marcus & Millichap’s Palo Alto, Calif., office. The acquisition price was not disclosed.

April 21, 2009

Restaurant Texas

FIVE GUYS TO OPEN THREE NEW RESTAURANTS

by admin April 21, 2009

HARKER HEIGHTS, AUSTIN AND SAN ANTONIO, TEXAS — Five Guys Burgers & Fries has signed leases for three new restaurants in Texas. The locations consists of a 2,605-square-foot space within Market Heights Shopping Center in Harker Heights; a 2,497-square-foot restaurant located at 3208 Guadalupe in Austin; and a 2,208-square-foot location within Quarry Village Shopping Center in San Antonio. All three restaurants are scheduled to open this summer. Mike Minicucci, Robert O’Farrell, and Todd Wallace of SRS Real Estate Partners represented Five Guys in lease negotiations. Jennifer Hargis of Reata represented the landlord of Quarry Village and Megan Kneipp of Direct Development represented the landlord of Market Heights. Terms of the leases were not disclosed.

April 21, 2009

Office Texas

MILLERCOORS EXPANDS AT HALL OFFICE PARK

by admin April 20, 2009

FRISCO, TEXAS — MillerCoors has signed a 5-year lease extension and expansion for 25,271 square feet of office space within Hall Office Park in Frisco. The company originally signed a lease in 2006 for 12,357 square feet at 2600 Network Blvd. The office is used as MillerCoors’ Southwest Region sales office. Jean Farris provided in-house representation for the landlord, Hall Financial Group. The tenant was represented by Bo Estes of Grubb & Ellis. Hall Office Park is a 162-acre office campus that is master-planned for 3 million square feet of Class A office space. It currently has space available in 15 different buildings.

April 20, 2009

Office Texas

NAI HOUSTON ARRANGES 27,480-SQUARE-FOOT OFFICE LEASE

by admin April 20, 2009

HOUSTON — NAI Houston has arranged a lease for a 27,480-square-foot office building in Houston. Acosta Sales & Marketing Co. will occupy Building 5 at 5050 Westway. NAI’s Griff Bandy and Dan Boyles, along with Bill Knight of GVA-Atlanta, represented the tenant. The landlord, Panattoni Development Co., was represented in-house by Justin Bennett and by John Pruitt, Kristin Rabal and Jessica Ochoa of CB Richard Ellis. Terms of the lease were not disclosed.

April 20, 2009

Office Texas

GRUBB & ELLIS TO LEASE MERCER CROSSING, MANAGE TESORO HQ

by admin April 20, 2009

DALLAS AND SAN ANTONIO — The Dallas office of Grubb & Ellis has been selected as leasing agent for the office component of Mercer Crossing, a 1,200-acre mixed-use development located in Dallas. The assignment consists of 1.8 million square feet of Class A office space in three separate office parks. Fenton Centre is located at 1501-1507 LBJ Freeway and comprises two seven-story office buildings. Browning Place is located at 1601-1607 LBJ Freeway and consists of three eight-story office buildings. Hickory Center consists of one eight-story building and two four-story buildings. Grubb & Ellis’ leasing team for the project includes Kathy Permenter, Russ Johnson and Heather Shover. The office component of Mercer Crossing is currently 63.5 percent leased. In addition, Grubb & Ellis’ San Antonio office has been awarded the management assignment for Tesoro Corporation’s new 618,000-square-foot corporate headquarters, located within Ridgewood Park in San Antonio. Situated on 15 acres, the campus includes a 14-story tower and a 6-story mid-rise building, both of which are connected by a main lobby, as well as a 2,400-space parking garage. The management team consists of Eric Forshee, Baryn Mieure, Kris Weideman and Mark Upton. Tesoro will take occupancy of the property in June.

April 20, 2009

Industrial Texas

NAI HOUSTON BROKERS PURCHASE OF 50,740-SQUARE-FOOT INDUSTRIAL BUILDING

by admin April 17, 2009

HOUSTON — NAI Houston has brokered the purchase of a newly constructed, 50,740-square-foot industrial building located at 8550 Telephone Rd. in Houston. NAI’s Chris Caudill and Joel Michael represented the buyer, Metal Works Properties. The seller, Cerda Corp., was represented by Stuart Rosen of Greater Houston Commercial Properties. The acquisition price was not disclosed.

April 17, 2009

Multifamily Texas

LMI CAPITAL ARRANGES $3.7 MILLION APARTMENT ACQUISITION LOAN

by admin April 17, 2009

HOUSTON — The Woodlands, Texas-based LMI Capital has arranged $3.7 million in acquisition financing for Forest Pointe Apartments, a 270-unit multifamily community located in Houston. LMI’s Brandon Brown secured the loan, which carries a fixed interest rate. The borrower and lender were undisclosed.

April 17, 2009

Office Texas

BANK OF NY MELLON RENEWS 78,500-SQUARE-FOOT CBD OFFICE LEASE

by admin April 17, 2009

DALLAS — Bank of New York Mellon has signed a long-term lease extension for the approximately 78,500 square feet of office space it occupies at Bryan Tower, a 40-story, Class A office tower located at 2001 Bryan St. in Dallas. The tenant’s lease covers three floors of the building. The renewal marks the largest lease transaction in Dallas’ central business district so far this year. Jones Lang LaSalle represented Bank of New York Mellon, as well as the tenant, Spire Realty Group, in lease negotiations. Spire acquired the 1.1 million-square-foot Bryan Tower in 1998 and has since completed $30 million in upgrades to it.

April 17, 2009

Market Reports Texas Texas Market Reports

Tough times still ahead for Dallas office market.

by admin April 17, 2009

“Are we there yet?” seems to be the big question with the Dallas/Fort Worth office market. The most likely answer is no, there is still tough times ahead. The Dallas/Fort Worth (DFW) Metroplex refused to participate in the recession for most of 2007 and 2008, but the fourth quarter of 2008 started a down trend that has so far continued in the first quarter of 2009. Sales volume is down, rental rates are down and vacancies are up. National annual sales volumes for office properties peeked at nearly $208 billion in 2007 to be followed by a drop of 75 percent in 2008 according to Real Capital Analytics. Sales volume for office investments held up slightly better in the Dallas market decreasing only 65 percent in 2008 as the credit markets began tightening. The rental rates and vacancy percentages held up much better in the DFW Metroplex than did the national averages. According to CoStar DFW hit its high vacancy rate in mid 2003 around 18 percent. Since that time it has steadily dropped with 2007 and 2008 remaining fairly stable at slightly above 16 percent. In 2007 and 2008 the Metroplex added 11,278,582 square feet of new office space …

April 17, 2009

Newer Posts

Older Posts