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.
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.
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.
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.
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.
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.
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.
HOUSTON — The Houston office of CB Richard Ellis (CBRE) has brokered the sale of a 10,290-square-foot retail building located at 11200 Northwest Freeway in Houston. The multi-tenant property was fully occupied at the time of closing. Ryan West of CBRE represented the seller, ODC 290, Ltd; the buyer was Trader Properties LLC. The acquisition price was not disclosed.
RICHARDSON, TEXAS — The grand opening is being held today for Eastside, a mixed-use project located in Richardson. The project includes more than 80,000 square feet of retail space, more than 200,000 square feet of office space, and 435 apartments surrounding a 1-acre park containing a fountain and an amphitheater. Post Eastside, the residential component of the project that is being developed by Atlanta-based Post Properties, includes four buildings rising four stories each. They include one- and two-bedroom apartments that range from 503 to 1,436 square feet in size and rent from $835 to $1,900 per month. The first building was completed in May, the second building was completed in July and the third building is opening at the ceremony, along with the new club room, fitness center and leasing office for the community. The final building is expected to be complete in the spring. Occupancy is currently at 86 percent. New restaurant tenants at Eastside include Panera Bread, Jersey Mike’s Subs and Boudreaux’s Cajun Kitchen. Other tenants include Dr. Goad Dentistry, Massage Envy and Frost Bank. Five new stores and restaurants are expected to open in January. Eastside is being developed in partnership by Post, Dallas-based Skyrise Properties and …
HOUSTON — The Houston office of Holliday Fenoglio Fowler (HFF) has brokered the sale of a seven-property retail portfolio. The portfolio comprises seven strip centers located in the Houston area that total 213,685 square feet. HFF’s Rusty Tamlyn and Mike Parker marketed the portfolio on behalf of the undisclosed seller. The buyer was Houston-based Joint Properties, Ltd., a partnership of locally based Satya, Inc. Management will be provided by Satya, with Josh Jacobs of locally based Page Partners handling leasing. As part of the transaction, the buyer also agreed to acquired an eighth property, which is expected to close in the first quarter of 2009.