ADDISON, TEXAS — The Addison office of ML Realty Partners has purchased a 1.34 million-square-foot industrial portfolio from RREEF. The portfolio consist of eight Class A distribution buildings located within the Dallas/Fort Worth submarkets of Centreport and Valwood. The properties boast easy interstate access and close proximity to DFW International Airport. Cary Krier, Jack Crews and Seth Barne of Jones Lang LaSalle Americas represented RREEF in the transaction. The acquisition price was not disclosed.
DALLAS — Houston-based The Hanover Company, in partnership with MetLife, Inc., is nearing completion for 1900 McKinney, a 27-story apartment tower located in Dallas. The 230-unit project will contain a mix of one- and two-bedroom residences ranging in size from 1,065 to 2,400 square feet, with prices averaging $2.50 per square foot. Individual units feature high ceilings, expansive windows with UV protective solar shades, custom cabinetry, beech hardwood and travertine flooring, Berber carpeting in bedrooms, and other luxury finishes. Community amenities include a dedicated concierge, valet service, in-room dining from select restaurants, a fitness club with a personal trainer, wireless Internet access, an executive lounge, a rooftop terrace, a heated pool and a private entertainment suite. The project will be seeking LEED certification from the U.S. Green Building Council. First move-ins are expected in September. The project was designed by Gromatzky Dupree & Associates.
DALLAS — Marcus & Millichap has brokered the sale of the former Greyhound Office Building, a 93,087-square-foot office property located in Dallas. Situated on 2.66 acres at 15110 N. Dallas Pkwy., the property comprises the six-story office building and a three-level parking garage. The building was fully occupied by Greyhound and served as the company’s corporate headquarters until it relocated. Ron Hebert of Marcus & Millichap’s Dallas office and Matthew Kipp of the firm’s Newport Beach, Calif., office represented the seller; Hebert also procured the buyer. Both parties were undisclosed.
ROSENBERG, TEXAS — Construction will begin this month for a new 60,000-square-foot service center for National Oilwell Varco. Situated on approximately 11 acres on Reese Road in Rosenberg, the facility will be used to service drilling equipment. Completion is scheduled for mid-2009. Denver-based Site West Development is developing the project in partnership with National Oilwell. The project is estimated to cost $12 million. The company’s current facility is located just outside of Rosenberg; 50 jobs will be retained from that facility, and 100 more will relocate from other regional facilities.
AUSTIN, TEXAS — Spear Street Capital has acquired Riata Corporate Park and Riata Crossing, a 1.1 million-square-foot, Class A office complex located in Austin. The sale included the eight-building Riata Corporate Park, the five-building Riata Crossing and two development sites that comprise the remaining developable space in the Riata master-planned development. The complex is approximately 99 percent occupied; tenants include Apple, Centex, NVIDIA Corp., Computer Associates, Janus Capital Group and Pervasive Software. The seller, an institutional investment partnership advised by JPMorgan Asset Management and Equity Office, was represented by the Dallas office of Holliday Fenoglio Fowler. The acquisition price was not disclosed.
OKLAHOMA CITY — The groundbreaking has been held for the new AAA Operations Center in Oklahoma City. The three-story, 147,000-square-foot building will be located at 3100 Quail Springs Pkwy., and will also include 1,000 surface parking spaces. It is applying for LEED-Silver certification from the U.S. Green Building Council. AAA will occupy the entire building upon completion in September 2009. Dallas-based Koll Development Co. is developing the project, with St. Louis-based Forum Studio serving as project architect. Locally based Timberlake Construction is providing general contracting services.
AUSTIN, TEXAS — A partnership between Chicago-based Strategic Capital Partners and Austin-based Belco Equities has acquired Hampton Apartments, a 308-unit, distressed multifamily property located at the interchange of Interstate 35 and Wells Branch Parkway in Austin. The property was damaged by fire in 2006, and will be rebuilt and re-tenanted by the joint venture. The seller and the acquisition price were not disclosed.
HOUSTON — Cypressbrook Development Co. has acquired Interchange Business Center, a three-building, 102,278-square-foot industrial property located at 301-305 Wells Fargo Dr. in Houston. The property is situated on 7.71 acres at the corner of Interstate 45 and FM 1960. Tim Warren provided in-house representation for Cypressbrook in the transaction. The seller, K.B. Fund, was represented by Brian Gammill and Darryl Noon of Transwestern Commercial Services. The acquisition price was not disclosed.
HOUSTON — Chicago-based Adams LaSalle Realty has acquired The Lodge at Baybrook Apartments, a 322-unit, Class A multifamily property located in the Clear Lake submarket of Houston. Situated on 13.7 acres of land, the community comprises 12 two- and three-story buildings. Amenities include a clubhouse, a swimming pool and spa, a fitness center, a surround sound theater, and a game room with billiards tables, televisions and bar seating. The property was acquired by the multifamily arm of Adams LaSalle from MBS-Baybrook, Ltd. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller. The acquisition price was not disclosed.
IRVING, TEXAS — Construction is under way for DFW/161 Distribution Center, a 374,000-square-foot speculative warehouse project located at the corner of Northgate Drive and Valley View Lane in Irving. Situated on 25 acres, the project comprises a three-building complex. The first phase will include the construction of 176,000- and 103,700-square-foot buildings. The larger building will be cross-docked, contain 30-foot clear ceiling heights, and be able to accommodate tenants needing 45,000 square feet of space or more. It will lease for $4.25 per square foot with a $5 per square foot tenant improvement allowance. The $24 million project is being developed by Atlanta-based Republic Property Co., which recently opened a new office in Irving.