STAFFORD, TEXAS — Houston-based AVERA has broken ground for the development of Parker Corporation Energy Products Division Headquarters in Stafford. Situated on 5.4 acres at the intersection of Cash Road and Dublin Court, the 60,000-square-foot facility will serve as the head office for Parker Corp.’s Energy Product Line, and will serve as the center of operations for assembly, testing and warehousing for the product line. The Class A structure will be built with tilt walls, and will have the capacity for future expansion. AVERA sold the site to Parker in 2008, and will be serving as developer for the project. San Marcos, Texas-based K-W Construction will provide general contracting services, and Boston-based Three Square Design will serve as project architect. The construction timetable was not released.
Texas
AUSTIN, TEXAS — Hendricks & Partners has brokered the sale of Fountainhead, a 129-unit multifamily community located at 4100 Victory Dr. in Austin. Originally constructed in 1983, the property has recently undergone a complete exterior painting. The community features parking below the buildings, two elevators and three laundry rooms. Ellen Muskin and George Deuillet III of Hendricks & Partners’ Austin office negotiated the transaction. The acquisition price was not disclosed.
GRAND PRAIRIE AND ARLINGTON, TEXAS — Grubb & Ellis has arranged the sale of a four-building warehouse/distribution portfolio located in metro Dallas. The portfolio totals 325,745 square feet and consists of the three-building Northcourt Center, located in 901-909 Avenue T in Grand Prairie, as well as a building located at 2224 E. Randol Mill Rd. in Arlington. The portfolio is fully leased to 10 tenants. Lizzy Blake of Grubb & Ellis’ Dallas office represented the seller, Morristown, N.J.-based MetLife Real Estate Investments. The portfolio was acquired by Chicago-based Lincoln Advisory Group on behalf of Columbia Industrial Properties. The acquisition price was not disclosed.
DALLAS — Marcus & Millichap has brokered the sale of Wyndham Court Apartments, a bank-owned apartment community located near the intersection of East Lover’s Lane and Northwest Highway in Dallas. Constructed in 2005, the Class C community contains 147 units. It has undergone significant capital improvements since 2005, with much of the maintenance still not completed as of closing. The buyer, a private, California-based investor, plans to extensively rehab the property. Nick Fluellen of Marcus & Millichap’s Dallas office and Scott Harris of the firm’s Chicago office listed the property on behalf of the seller, Charlotte-based Bank of America. Will Jarnagin and Michael Ware, also of Marcus & Millichap’s Dallas office, represented the buyer. The acquisition price was not disclosed.
DALLAS — A joint venture between Irvine, Calif.-based Passco Companies Development and Seneca Development has acquired a site located at 12230 Coit Rd. in Dallas in a $1.3 million transaction. The joint venture plans to raze the vacant building currently on the property to make way for a new, Class A, medical office building. Construction will consist of a two-story, 31,964-square-foot building and a small parking structure. The new building will be situated in close proximity to Medical City, a large regional hospital located in north Dallas. The joint venture was represented by DM Realty Inc. in the land transaction. The seller, Tri-Con Coit, was represented by Dallas-based The John Bowles Company.
PLANO, TEXAS — Groundbreaking has occurred for CIGNA’s new regional headquarters located at the corner of the Dallas North Tollway and Plano Parkway in Plano. The four-story, 210,000-square-foot office building will be divided into two wings, with each floor containing approximately 50,000 square feet of space. The façade of the building features brick, aluminum and painted surfaces, as well as a glass curtain wall. The building’s top floor contains a glass and aluminum façade, as well as a taller floor height. Building amenities will include a gym and a company cafeteria. The project will be seeking LEED certification, and sustainable features will include a rain-capture roof system, an east-west orientation to minimize sun exposure and the use of recycled construction materials. The project is being designed by Dallas-based Corgan Associates. The building will be located on the northern 13 acres of a 43-acre, master-panned development; the CIGNA headquarters is the first building to be constructed in the development. Future plans for the development include walking paths, picnic areas, and the possibility of retail areas, additional office buildings, and hotel and residential units. Upon completion in September 2009, CIGNA will consolidate employees and operations from four separate facilities in the Dallas/Fort …
HOUSTON — Koll/PER has acquired Park Place 8, four adjacent flex-space buildings located in Houston. The single-story, concrete tilt-up buildings total 250,898 square feet, and are located on 21.74 acres adjacent to the Sam Houston Tollway, between Interstate 10 and Highway 290. The buildings were constructed in two phases from 2005 to 2007. They contain 18 units, and are 92 percent leased to a tenant roster that include Amerisciences, BP Microsystems, Cintas, Morrison Homes, Patterson Dental and Ryland Homes. Koll/PER, which is a limited liability company owned by joint venture between Newport Beach, Calif.-based The Koll Company and Boise, Idaho-based Public Employee Retirement System of Idaho, acquired the property from Plano, Texas-based Granite Properties. Koll/PER provided in-house representation, and Granite was represented by Tom Lynch of CB Richard Ellis. The Koll Company plans to manage the property.
GREENVILLE, TEXAS — Marcus & Millichap has arranged the sale of Arbors Apartments, a 100-unit multifamily community located in Greenville. Constructed in 1972, the community is situated on more than 7 acres. John Barker of Marcus & Millichap’s Dallas office listed the property on behalf of the seller, a Texas-based limited partnership. Barker also brought the buyer, a Dallas-area private investor, to the table. The purchase price was not disclosed, but the acquisition financing was arranged through Bank of America.
PROSPER, TEXAS — Addison, Texas-based CROSS Development is developing Prosper Plaza, a 355,000-square-foot retail center located along the Highway 380 Corridor in Prosper. The project marks the first big-box retail center in the city, and is located directly across from a 207,000-square-foot Wal-Mart Supercenter. The site is also surrounded by existing and future master-planned residential communities. While no tenants have been formerly announced, Dallas-based United Commercial Realty, which is handling marketing and leasing of the property, says that an anchor tenant has been signed and an announcement will be made later this fall. Negotiations are also underway for the project’s six available pad sites. The construction timetable was not released.
FORT WORTH, TEXAS — Arlington, Texas-based SCM Real Estate Services has arranged the sale of an office property located at 4800 Bluemound Rd. in Fort Worth. The property consists of a one-story, approximately 27,000-square-foot office building and 10 acres of land Theron Bryant of SCM represented both undisclosed parties in the transaction. The acquisition price was not released.