Texas

CADENCE MCSHANE BREAKS GROUND FOR 92,000-SQUARE-FOOT MOB

by admin January 22, 2009

DALLAS — The Dallas office of Cadence McShane Construction Co. had broken ground for the construction of 10740 Medical Office Building, a Class A medical property located at 10740 North Central Expressway in Dallas. The four-story property will total 92,000 square feet; it will feature an ambulatory surgery center on the fourth floor, and medical office space on the bottom three floors. The project was designed by Marasco & Associates and Alliance Architects. Completion is scheduled for December. Three leases have already been signed for the building. Ophthalmology Surgery Center of Dallas has leased the entire 25,000-square-foot fourth floor. In addition, The Glaucoma Associates of Texas and The Cornea Associates of Texas have each leased 10,000-square-foot suites.

January 22, 2009

DISTRIBUTOR SIGNS 103,184-SQUARE-FOOT INDUSTRIAL LEASE

by admin January 22, 2009

LA PORTE, TEXAS — Overland Distribution has signed a lease for 103,184 square feet of industrial space at Port Crossing Corporate Center in La Porte. The building is located at 1701 S. 16th St.; it features 30-foot clear ceiling heights, 60 exterior docks, significant trailer storage and rail access. Bill Gold and Jeff Everist of CB Richard Ellis represented the landlord, a joint venture between National Property Holdings and ML Realty Partners. Greg Egan of LeaseSquareFeet.com represented Overland Distribution.

January 22, 2009

Office Texas

SCM NEGOTIATES 16,968-SQUARE-FOOT OFFICE SALE

by admin January 22, 2009

FORT WORTH, TEXAS — Arlington, Texas-based SCM Real Estate Services has negotiated the sale of a three-story, 16,968-square-foot office building located at 6750 Locke Ave. in Fort Worth. SCM’s Theron Bryant represented the seller, California-based KHI Locke LLC. The buyer was Dallas-based Parkwood Management. The acquisition price was not disclosed.

January 22, 2009

Office Texas

HESS CORP. SIGNS LEASE FOR ALL OF DISCOVERY TOWER

by admin January 21, 2009

HOUSTON — Hess Corp. has signed a long-term lease to occupy all of Discovery Tower, a high-rise office tower under construction at 1501 McKinney St. in downtown Houston. The project, which is being developed by a joint venture between Dallas-based Trammell Crow Co. and Principal Real Estate, has been under construction since March 2008. Given the early stage of construction, the tower is being customized to accommodate Hess Corp. It will rise 29 stories and total 844,763 square feet. Other features, such as floor plate sizes and ceiling heights, are also being customized. The project, which has been renamed Hess Tower, is applying for LEED-Gold certification and, upon receiving the designation, will be the first LEED-Gold office building in Houston’s central business district. Completion is scheduled for summer 2010. Hess Corp. will relocate from its current offices in Houston’s Allen Center to Hess Tower in 2011. Hess Corp. was represented in lease negotiations by Tim Relyea of Cushman & Wakefield. Trammell Crow and Principal were represented by John Pruitt and Cody Armbrister of CB Richard Ellis.

January 21, 2009

Retail Texas

STAN JOHNSON CO. COMPLETES NAPA PORTFOLIO SALE

by admin January 21, 2009

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has completed the sale of a 12-property NAPA Auto Parts portfolio. The properties are located Florida, Georgia, Illinois, Minnesota, Mississippi, Texas, Virginia and Washington. David Clary of Stan Johnson Co. represented the seller, a private investor. The buyer, a New York-based investor participating in three separate 1031 exchanges, was represented by Eric Dochter of Uniondale, N.Y.-based Excel Realty Advisors. The acquisition price was not disclosed, but the portfolio listed for $19.2 million.

January 21, 2009

Healthcare Texas

MARCUS & MILLICHAP BROKERS $2.57 MILLION MEDICAL OFFICE SALE

by admin January 21, 2009

BEAUMONT, TEXAS — The Houston office of Marcus & Millichap has brokered the sale of College Eye & Medical Center, a 22,750-square-foot medical property located in Beaumont, for $2.57 million. Built in 1984, the property is situated at 3129 College St. Marcus & Millichap’s Jason Ridenbaugh and Joshua Lass-Sughrue represented the seller, a locally based partnership. College Eye & Medical Center was acquired by a Clinton, Wash.-based private investor.

January 21, 2009

Office Texas

RESEARCH IN MOTION BUYS RIVERSIDE COMMONS

by admin January 20, 2009

IRVING, TEXAS — An affiliate of Research in Motion has acquired Riverside Commons, a six-building, 460,297-square-foot office campus located in the Las Colinas submarket of Irving. Constructed in 1986, the campus comprises 13 acres in a park-like setting. It recently underwent a $5.7 million renovation and repositioning campaign. Occupancy was 86 percent at the time of closing. The largest tenant presently at Riverside Commons is Sprint Nextel Corp., which occupies 211,315 square feet. Research in Motion had previously occupied 134,177 square feet at the property, which it was using as its company headquarters. Research in Motion was represented by Pat O’Keefe of CB Richard Ellis’ Dallas office; Gary Carr and Eric Mackey, also of the firm’s Dallas office, represented the seller, Dallas-based Westmount Realty Capital. The acquisition price was not disclosed. Research in Motion is most known as the maker of the Blackberry mobile device.

January 20, 2009

Office Texas

DUKE LEASES 182,700-SQUARE FOOT OFFICE BUILDING

by admin January 20, 2009

COPPELL, TEXAS — Duke Realty Corp. has leased all of Point West I, a 182,700-square-foot office building located at 1525 South Beltline in Coppell, to American Home Mortgage Servicing, Inc. (AHMSI). Point West I is a three-story structure that was developed on spec by Duke in 2008. AHMSI will be relocating its headquarters to the building from its previous location in Irving, Texas. AHMSI was represented in lease negotiations by Bo Bond and Forshey Hoobler of the Dallas office of Jones Lang LaSalle. Duke was represented in-house by Ben Appleby of the company’s Dallas office, along with Dale Ray and Joel Pustmueller of Peloton Realty Advisors. Terms of the lease were not disclosed.

January 20, 2009

Office Texas

REALTY CAPITAL CORP. SELLS LAST BUILDING AT HORIZON RIDGE

by admin January 20, 2009

ROCKWALL, TEXAS — Colleyville, Texas-based Realty Capital Corp. has disposed of a 3,650-square-foot office building located within The Offices of Horizon Ridge office park in Rockwall. It is the last building in the park to be sold. It was purchased by TK Development, which also owns the second building within the four-building, approximately 23,600-square-foot park. Construction of the park was completed in November 2008; it is located just west of the new Presbyterian Hospital.

January 20, 2009

Office Texas

CBRE BROKERS TWO OFFICE SALES

by admin January 19, 2009

AUSTIN, TEXAS — The Austin office of CB Richard Ellis (CBRE) has brokered two Austin office sales. In the first transaction, CBRE completed the sale of the Chase Bank Building, a 29,934-square-foot property located at 2711 W. Anderson Lane. The multi-tenant property was fully occupied at the time of closing. Walter Saad and Cathy Nabours of CBRE’s Private Client Group negotiated the transaction between the buyer, Newstreet Properties, and the seller, Brookfield Real Estate Opportunity Fund, which is operated by Brookfield Asset Management. Additionally, CBRE completed the sale of Arbor Square I and II, a 50,836-square-foot, multi-tenant property located at 12885 Research Blvd. The property was 98 percent occupied at the time of closing. The transaction also was negotiated by Saad and Nabours, along with Casey Ford of CBRE’s Austin Office Brokerage division. The buyer was California-based Asset Management Consultants. The seller, Arbor Square LP, has completed approximately $800,000 in renovations to the property since acquiring it in 2005. The acquisition prices in both transactions were undisclosed.

January 19, 2009

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