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.
BLUE MOUND, TEXAS — Dallas-based Henry S. Miller Commercial (HSMC) has completed the sale of a 27-acre land parcel located in Blue Mound. The buyer, California-based Hearthstone Properties Delaware LLC, plans to use the property to expand its current industrial facility, which is used as an auctioning arena and storage facility for Truckcenter.com. The seller was Santa Barbara, Calif.-based Hilzer Family Trust. Pete Richardson and Drew Richardson of HSMC represented both parties in the transaction.
HOUSTON AND FORT WORTH, TEXAS —Holliday Fenoglio Fowler (HFF) has completed two Texas sales totaling 294,351 square feet. The first sale consists of a six-building, 225,859-square-foot office portfolio located in the NASA/Clear Lake submarket of Houston. The properties include Camino Center I and II, which total 81,108 and 80,751 square feet, respectively, and Armand Plaza, a four-building park that totals 64,000 square feet. Dan Miller and Marty Hogan of the Houston office of HFF represented the seller, KBS Realty Advisors. The property was acquired by John Cole of Twenty Twenty Properties for an undisclosed amount. Susan Hill, also of HFF, arranged acquisition financing for the portfolio through Viewpoint Bank. The second sale consists of Fossil Creek Shopping Center, a 68,492-square-foot retail property located at 4296-4398 Western Center Blvd. and 6401 Beach St. in Fort Worth. Situated on 6.4 acres, the shopping center is 98 percent leased to a tenant roster that includes Family Dollar, Card & Party Factory, Cato, Starbucks Coffee and H&R Block. The center is shadow-anchored by Albertson’s. Jim Batjer and Adam Howells of HFF’s Dallas office represented the seller, Dunhill Partners. Sandstone Fossil Creek Associates acquired the property and assumed an existing $8.64 million loan on the …
SOUTHLAKE, TEXAS — Colleyville, Texas-based Realty Capital Corp. has brokered the sale of a 4,646-square-foot office building located within Miron Grove Office Park in Southlake. The building is located within Phase I of the park, which consists of five buildings ranging in size from 3,350 to 5,690 square feet. It is located adjacent to Harris Methodist Surgical Center. Chad O’Neal of Realty Capital Corp. represented the seller, RCC Miron Office Ltd. The building was acquired by Greg Thorn, who will use it as the new headquarters for Thorn Financial Group. The acquisition price was not disclosed.