Texas

CONSTRUCTION UNDER WAY FOR THE VILLAGE AT SPORTS CENTER

by admin December 16, 2008

ARLINGTON, TEXAS — Construction is under way for The Village at Sports Center, a two-story, 97,892-square-foot multi-use project located at 5001 South Cooper in Arlington, adjacent to the Harold Patterson Sports Center. The $17 million project is being developed by Oakhollow Group. It comprises 49,030 square feet of retail space and 48,862 square feet of office space. Completion is scheduled for September 2009. The Fort Worth, Texas, office of Key Construction is serving as general contractor. CHS Architects is providing design services.

December 16, 2008

LEE & ASSOCIATES COMPLETES INDUSTRIAL LEASE

by admin December 16, 2008

CARROLLTON, TEXAS — The Dallas-Fort Worth office of Lee & Associates has completed a 5-year, 10,596-square-foot industrial lease at 2105 Luna Rd. in Carrollton. Nathan Denton and Hanes Chatham of Lee represented the tenant, the Lone Star Chapter of the National Multiple Sclerosis Society. The landlord was LIT Industrial Texas Partnership.

December 16, 2008

Hospitality Texas

HOTELBROKERONE COMPLETES $3.6 MILLION HOTEL SALE

by admin December 15, 2008

TULSA, OKLA. — Oklahoma City-based HotelBrokerOne has completed the sale of the GuestHouse Inn & Suites located at 8181 East 41st St. in Tulsa for $3.6 million, or $38,000 per room. The 95-unit property was first constructed as a Residence Inn in 1982, but has undergone major renovations in the past 2 years. Mike Craddock and Bruce Holmes of HotelBrokerOne, along with Kamlesh Aggarwal of Sooner Properties, completed the transaction between the buyer, locally based SAMAATH LLC, and the seller, Nu-Gen Hotels. Acquisition financing was provided by First National Bank of Owasso through the SBA 504 program.

December 15, 2008

Office Texas

HSMC BROKERS OFFICE PURCHASE

by admin December 15, 2008

CARROLLTON, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has brokered the purchase of a 5,349-square-foot office property located at 3452 Forest Lane in Carrollton. The property, known as Building 300, was acquired by Farmers Branch, Texas-based Dina King Ventures, which plans to use the facility as a new office for its insurance business. Daniel Harris of HSMC negotiated the transaction on behalf of the buyer. The undisclosed seller was represented by Andrew Schendle of The Weitzman Group.

December 15, 2008

Texas

UNITED COMMERCIAL MANAGEMENT MERGES WITH PRIZM PARTNERS

by admin December 15, 2008

DALLAS — Dallas-based commercial real estate brokerage firms United Commercial Realty (UCR) and Prizm Partners have merged. The firm will continue to operate under the UCR name. Scott Weaver, the former CEO of Prizm Partners, has been brought on as president of the newly formed UCR Asset Services division. UCR Asset Services will retain Prizm’s employees, as well as the firm’s regional offices in Illinois and California. The two companies had previously had an almost 10-year joint venture relationship. UCR currently serves clients in eight states and has a portfolio in excess of 30 million square feet.

December 15, 2008

Multifamily Texas

CBRE BROKERS 384-UNIT MULTIFAMILY SALE

by admin December 12, 2008

HOUSTON — CB Richard Ellis (CBRE) has brokered the sale of a 384-unit multifamily property located at Two Goodson Dr. in the Greenspoint submarket of Houston. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller, LSF5 Phoenix Crossing LP. The buyer, Ian Hancock, was represented by locally based Lifestyles Unlimited. The acquisition price was not disclosed.

December 12, 2008

Industrial Texas

DUKE LEASES 65,000 SQUARE FEET TO VIRGO ENGINEERS

by admin December 12, 2008

STAFFORD, TEXAS — Duke Realty Corp. has leased more than 65,000 square feet to Virgo Engineers in Stafford. The manufacturer will occupy space within Stafford Distribution Center, a 241,800-square-foot industrial building located at 10225 Mula Rd. Situated on 13 acres, the facility features a cross-dock design, 28-foot clear ceiling heights, 60-foot staging bays and 76 dock doors. The building, which was completed in May, is now 85 percent leased. Kyle Fox of the Houston office of Staubach Retail represented Virgo in lease negotiations. Cory Driskill of Duke’s Houston office provided in-house representation. Terms of the lease were not disclosed.

December 12, 2008

Industrial Texas

OPUS WEST LEASES 73,500 SQUARE FEET AT 121 LAKEPOINTE CROSSING

by admin December 12, 2008

LEWISVILLE, TEXAS — Phoenix-based Opus West Corp. has signed two new leases totaling 73,500 square feet at 121 Lakepointe Crossing, an approximately 650,000-square-foot industrial facility located in Lewisville. Frisco, Texas-based Decorator’s Choice signed a 10-year lease for 45,300 square feet. The space will house offices, a showroom and a distribution center. In addition, Mustang Electric Supply signed a 5-year lease for 28,200 square feet of office and warehouse space, to be used as the base for the company’s growing Texas operations. Bob Hagewood, Blake Kendrick and Chris Jackson of Stream Realty Partners represented Opus in both lease deals. Andy Kampen of Banner Commercial represented Decorator’s Choice in its deal, and David Weatherington of Transwestern represented Mustang Electric Supply in its lease. Situated on 29 acres, 121 Lakepointe Crossing was developed by Opus in 2003. The two leases bring its occupancy up to 92 percent.

December 12, 2008

Healthcare Texas

OAKS DEVELOPMENT COMPLETES 35,000-SQUARE-FOOT MEDICAL OFFICE BUILDING

by admin December 11, 2008

SAN ANTONIO — The Texas office of Oaks Development Group has completed Shavano Oaks II, a 35,000-square-foot medical office building located at 3603 Paesanos Parkway in San Antonio. The property features a unique ownership model in which ownership is split amongst tenants, equity investors and the developer. Tenant owners already signed include Neurology Institute of San Antonio and Spine & Pain Center of San Antonio. Additional plans include offices for physical therapy, a sleep clinic and an imaging center. Locally based MSL Investments, which is handling leasing for the building, has signed leases or letters of intent for 85 percent of the building to date. The projects marks Oaks Development’s third project in San Antonio.

December 11, 2008

Hospitality Texas

GROUNDBREAKING HELD FOR NEW MOTEL 6 PROTOTYPE

by admin December 11, 2008

NORTHLAKE, TEXAS — Carrollton, Texas-based Accor North America has held the groundbreaking for a new Motel 6 located in Northlake. The new hotel is the first corporate-built and owned property to feature the chain’s new “Phoenix” prototype design. Features include a new exterior designed by Dallas-based BOKA Powell; a 24-hour food and beverage vending area; and rooms that include a 32-inch, flat-panel television, a multi-media panel and wireless Internet access. The new prototype will also include sustainable features such as wood-effect laminate flooring made from pre-consumer recycled material and a building designed to house solar panels for water heating. The Northlake Motel 6 is scheduled to open during the second half of 2009. Accor has also begun renovating existing corporate-owned hotels in Texas and select properties across the country with the new design.

December 11, 2008

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