AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Silver Star Self Storage located at 1905 E. William Cannon Dr. in Austin. A California-based investment group purchased the 68,050-square-foot, 622-unit property from an undisclosed seller. Mark Villanueva of Marcus & Millichap’s Austin office represented the seller in the transaction, for which the sale price was undisclosed.
HURST, TEXAS Stonehenge Equity Partners has completed the purchase of 2.22 acres for a mixed-use development located at 1161 W. Hurst Blvd. in Hurst. The company plans to develop the property into four buildings consisting of office, retail and warehouse space totaling 52,650 square feet. Stonehenge Equity Partners is pre-leasing space for the project, which is set to commence construction this June. Rob Rutherford of Rutherford Realty, Southlake represented the buyer in the transaction, while Chris Stewart of Coldwell Banker represented the seller.
PEARLAND, TEXAS — CBL & Associates Properties has sold approximately 7 acres to Sueba USA Corp. for the development of apartments at Pearland Town Center in Pearland. Sueba will develop The Residences at Pearland Town Center, which will feature 188 upscale units in a landscaped, park-like setting. Apartments will be available for occupancy in fall 2009. An additional 62 luxury apartment units, which will be owned by CBL, will be developed above the retail shops at the center. Southhampton will manage and lease all 250 units. Pearland Town Center is a 1.2-million-square-foot mixed-use development underway at FM 518 and Highway 288. The center’s grand opening is scheduled for the end of July.
DALLAS — Granite Properties has acquired Spectrum Center, a 598,000-square-foot office complex, from Crescent Spectrum Center LP. The Class A complex, which is located at the northwest corner of Beltline and the Dallas North Tollway, comprises two 12-story towers with a common lobby and a connecting second floor. Currently, the buildings are 85 percent leased, with Wachovia Bank and Concentra Health Care as anchor tenants. Andrew Levy and Todd Savage of Holliday Fenoglio Fowler represented the seller. Paul Bennett of Granite Properties represented the buyer.
DALLAS — The new Texas Capital Bank Building located at 2000 McKinney in Dallas’ Uptown district recently topped out. The 20-story office tower is part of a $120 million project that also features a five-story residential/retail building. Texas Capital Bank will occupy 100,000 square feet when the 445,0000-square-foot office tower opens this fall. The residential building will open in 2009. A Woodall Rodgers Park is being planned for the adjacent 5.2 acres. Lincoln Property Co. and Corrigan Properties are the owners and project developers. The Beck Group is building the project, and HKS Inc. is the architect.
KELLER, TEXAS — Richmond, Va.-based 5001 Enclave LLC has acquired the 273-unit Enclave on Golden Triangle apartment community in Keller. Located at 5001 Golden Triangle Blvd., the property features two-story, garden-style buildings on 16.7 acres. Amenities include direct access garages, a cyber caf, a two-story fitness center, a sport court and a resort-style swimming pool. Westlake, Texas-based Enclave on Golden Triangle Investors LP sold the community. Jim Hearn and Ed Cummins of the Houston office of Hendricks & Partners, and Tom Warren and Christopher Thomson of the Dallas office, represented the seller in the transaction.
SPRING, TEXAS — LodgeWorks will develop an AVIA hotel at Market Street-The Woodlands, a mixed-use center located at 9595 Six Pines Dr. in Spring. The 70-room hotel will feature a wine bar, a coffee bar, in-room flat-screen televisions and iPod connections, a terrace with a pool and 2,240 square feet of event space. The hotel will be completed, along with 24,000 square feet of additional retail, in fall 2009. The property, which will be AVIA’s fourth hotel nationwide, is being developed along with equity partner Open Hospitality Partners.
SAN MARCOS, TEXAS — Apartment Realty Advisors’ (ARA) National Student Housing Group has completed the sale of Bishop’s Square Apartments, a residential complex located in San Marcos near Texas State University. Chicago-based Campus Acquisitions purchased the property from Austin-Texas-based Falcon Southwest for an undisclosed amount. Built in 2002, the 134-unit property comprises 16 buildings featuring 27 one-bedroom units, 33 two-bedroom units and 74 three-bedroom units. Patton Jones and Chris Bancroft of ARA represented the seller in the transaction.
FORT WORTH, TEXAS — Pacific Retirement Services Inc. (PRS) will develop a new high-rise residential building within Trinity Terrace, a senior living facility located at 1600 Texas Street in Fort Worth. The building, called River Tower, will offer penthouses, apartment homes and brownstone-style patio homes offering underground parking. The property’s amenities will include a penthouse view dining room and a health care center, which will provide nursing and rehabilitation care in all private suites. Portland, Ore.-based Ankrom Moisan Associated Architects will provide architectural services for the project.
GARLAND, TEXAS — Bob Moore Construction has completed construction on the second phase of First Garland Business Center, an office property located at 3901 W. Miller Rd. in Garland. The 435,180-square-foot building, which was developed by First Industrial Trust, is now available for lease at a minimum of 100,000-square-foot units. Hardy McCullah/MLM Architects provided architectural services for the project. Bob Moore Construction also provided construction services for the first phase, a 509,000-square-foot property that was completed in 2001.