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.
HOUSTON — Houston-based Live Oak Capital has arranged $7 million in fixed-rate, permanent financing for Office Pavilion – Houston, a 108,048-square-foot flex property located in Houston. Situated on 8.52 acres, the property comprises a single-story, 83,200-square-foot distribution building and a two-story, 24,848-square-foot office building. The property was completed this month; it is presently configured as a single-tenant furniture warehouse, showroom and distribution facility, and provides space for the Houston area distributor of Herman Miller office furniture. John Fenoglio of Live Oak Capital secured the financing on behalf of the borrower, locally based SASL LLC, with the lender, National Integrity Life Insurance Co. (Eagle Realty). It was recently announced that Charlotte, N.C.-based Grandbridge Real Estate Capital has made plans to acquire Live Oak Capital.
DENTON, TEXAS — Hendricks & Partners has brokered the sale of Bellmere, a 60-unit multifamily property located at 816 N. Bell Ave. in Denton. Peter Hartnett and Ryan Warren of the firm’s Dallas office represented the seller, Laguna Niguel, Calif.-based 816 N. Bell LLC. The property was acquired by Muenster, Texas-based Rohmer Denton Properties, Ltd. for an undisclosed amount.
HOUSTON — Banta Corp., a subsidiary of Chicago-based RR Donnelley, has renewed its lease for 259,200 square feet within the West by Northwest Business Park, located at 6315 West by Northwest Blvd. in Houston. Micheal Palmer, John Simons and Susana Rosas of CB Richard Ellis’ Houston office represented Banta in the transaction. The landlord, locally based Claymoore Northwest, was represented by Brian Gammil of the Houston office of Transwestern. Terms of the lease were not released.
COPPELL, TEXAS — The Dallas office of Grubb & Ellis has negotiated the sale of a 66,619-square-foot industrial property located at 505 Airline Dr. in Coppell. Gary Lindsey of Grubb & Ellis represented the undisclosed seller. The property was acquired by Houston-based DAC Realty Group for an undisclosed amount.