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.
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.
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.
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.
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.
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.
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.
TYLER, TEXAS — Henry S. Miller Brokerage (HSMB) has arranged the sale of a 19.8-acre development site located at the intersection of Interstate 20 and FM 14 in Tyler. Knoxville, Tenn.-based Pilot Travel Centers acquired the parcel and plans to construct a new, full-service travel center on the site. Jerry Yoder of HSMB’s Dallas retail division was the sole broker in the transaction between Pilot and the seller, Yoder Partners, Ltd. The acquisition price was not disclosed.
AUSTIN, TEXAS — The Dallas office of Walton Construction Co. has been selected the build the new Main Instructional and Public Square Buildings for the Texas School for the Blind & Visually Impaired in Austin. New construction will consist of five buildings totaling more than 118,360 square feet. It will include a two-story main instructional building, a natatorium, a student activity center, a kitchen and dining facility, and a fine arts auditorium. Construction began in December and is expected to be complete in December 2010. The owner is Texas Facilities Commission, and the project architect is Halff Associates.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $28.9 million in financing for Riverwalk Crossing Shopping Center, a 250,000-square-foot lifestyle center located on the banks of the Arkansas River in south Tulsa. MCA secured a $17.5 million first mortgage and a $1 million mezzanine loan for Phase I of the project, which is 98 percent leased. Additionally, MCA secured a $10.4 million interim construction loan for Phase II of the project. The phase will total 50,000 square feet and is expected to be complete within 12 months. It is already fully pre-leased to Lewis & Clark and McDermott’s Grill. The lender for the mezzanine loan was a private investor, and the lender for the first mortgage and construction loans was a Texas regional bank. The borrower was Jerry R. Gordon Development.