Texas

KDC, HARBERT BREAK GROUND FOR INDUSTRIAL PARK

by admin August 14, 2008

AUSTIN, TEXAS — Dallas-based KDC and Birmingham, Ala.-based Harbert Management Corp. have started construction for Northpointe Trade Center, a three-building industrial park located at 2251 Piccadilly Dr. in Austin. The three buildings will total 448,550 square feet, and each will include 24- to 28-foot clear ceiling heights and ESFR sprinkler systems. The project will apply for LEED certification from the U.S. Green Building Council. Construction of the building shells is scheduled for completion in March 2009. Spring Valley Construction will provide construction services, with Azimuth Architecture serving as project architect. Brian Liverman, Scott Flack and Doug Thomas of Live Oak Gottesman will be handling leasing for the project.

August 14, 2008

GENCOM, LEHMAN BROS. SELL SIX-HOTEL PORTFOLIO

by admin August 14, 2008

DALLAS, HOUSTON AND AUSTIN, TEXAS — Miami-based Gencom Group, in partnership with Lehman Brothers Real Estate Partners, has sold a six-property hotel portfolio to RLJ Real Estate Fund III, an affiliate of RLJ Development. The six hotels are all of the Hyatt Summerfield Suites brand: three hotels are located in the Dallas area, one is located in Houston, one is located in Austin and the last one is located in Colorado Springs, Colo. Each of the properties had recently undergone a conversion to the Hyatt Summerfield Suites Brand. RLJ has selected Aimbridge Hospitality to manage the three Dallas hotels, and White Lodging Services to manage the other three. The acquisition price was not disclosed.

August 14, 2008

Multifamily Texas

HENDRICKS & PARTNERS BROKERS 255-UNIT MULTIFAMILY SALE

by admin August 14, 2008

AUSTIN, TEXAS — The Austin office of Hendricks & Partners (H&P) has brokered the sale of Cooper’s Hill Apartments, a 255-unit multifamily community located at 739 W. William Cannon Dr. in Austin. The property contains two-story walk-up buildings situated on 8.78 acres. Community amenities include a swimming pool with a hot tub, a clubhouse and barbecue pits. Ellen Muskin and George Deuillet III of H&P represented the seller, Santa Rosa, Calif.-based Coopers Hill Apartment Associates of Austin. The property was acquired by Scottsdale, Ariz.-based Coopers Hill Apartments LLC for an undisclosed amount.

August 14, 2008

Industrial Texas

MARCUS & MILLICHAP ARRANGED 624-UNIT SELF-STORAGE SALE

by admin August 13, 2008

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Extra Space Storage, a 624-unit storage facility located at 2220 East Riverside in Austin. The property is situated on approximately 4.67 acres. Mark Villanueva of Marcus & Millichap’s Austin office represented the undisclosed seller and procured the buyer, Equity Based Services. The acquisition price was not disclosed.

August 13, 2008

Civic Texas

SPEED FAB-CRETE BREAKS GROUND FOR ATHLETIC BUILDING

by admin August 13, 2008

FORT WORTH, TEXAS — Speed Fab-Crete, in its role as general contractor, has commenced construction of the $5.27 million Dale Keeling Field House for the Everman Independent School district in Fort Worth. The 24,100-square-foot building will be located at Everman Senior High School. It will house facilities for the school’s football teams, including player weight rooms, locker rooms, showers, an equipment room, a film room, a laundry room, and offices for the athletic director and his assistants. Completion is scheduled for spring 2009. Design services are being provided by locally based Callahan & Freeman Architects.

August 13, 2008

Industrial Texas

CBRE, TRAMMEL CROW BROKER INDUSTRIAL LEASE

by admin August 13, 2008

HOUSTON — CB Richard Ellis (CBRE), along with Trammell Crow Co., have arranged the leasing of 18,884 square feet of industrial space at East Belt Business Park, located at 1475 E. Sam Houston Pkwy. in Houston. The property was leased by Northern Safety Co., a national distributor of safety and industrial supplies. Patrick Rollins of CBRE and Jeremy Garner of Trammell Crow represented the landlord, East Belt BP Phase II LLC. LeDon Wissner of Smith Raines Co. represented the tenant. Terms of the lease were not disclosed.

August 13, 2008

Office Texas

PRIME ACQUIRES OFFICE TOWER

by admin August 12, 2008

DALLAS — Prime Income Asset Management, a Dallas-based advisory and management company, has acquired Stanford Corporate Centre and the adjoining Telos Fitness Center building, located in the Far North submarket of Dallas. Also known as the Clear Channel Buildings, Stanford Corporate centre is a 13-story, 274,684-square-foot office building. It is anchored by Clear Channel and EnCana Oil & Gas, which combined occupy more than half of the building’s rentable space. Additional tenants in the 98 percent-leased tower include CRC Insurance Services, and Premier Business Centers. The office property also contains a four-level parking garage with 1,005 spaces. The Telos Fitness Center building totals 63,000 square feet. Prime purchased the property from Morgan Stanley Real Estate. Locally based NexBank syndicated a $26 million acquisition loan to fund the purchase. Regis Property Management, an affiliate of Prime, will manage daily operation of the office building.

August 12, 2008

Multifamily Texas

HENDRICKS & PARTNERS BROKERS 220-UNIT MULTIFAMILY SALE

by admin August 12, 2008

FORT WORTH, TEXAS — Hendricks & Partners has brokered the sale of Crescent Oaks, a 220-unit multifamily community located at 3001 W. Normandale St. in Fort Worth. Peter Harnett of Hendricks & Partners’ Dallas office represented the seller, Miami-based FUCMT 2001-C3 W. Normandale LLC. The buyer, Harleysville, Pa.-based Prattco Crescent Oaks LP, acquired the property for an undisclosed amount.

August 12, 2008

Mixed-Use Texas

WHOLE FOODS SIGNS AT THE VILLAGE AT FAIRVIEW

by admin August 12, 2008

FAIRVIEW, TEXAS — Dallas-based MGHerring Group has signed Whole Foods Market to it’s the Village at Fairview mixed-use project. The grocer will occupy 45,000 square feet within the development, located at the corner of U.S. 75 and Stacy Road in the Dallas suburb of Fairview. Whole Foods will join a tenant roster for the project’s 1 million-square-foot retail component that is anchored by Dillard’s, Macy’s, JC Penney, The Container Store and Barnes & Noble. The project will also include a 200,000-square-foot, Class A office building; 675 residential units; a 280-room hotel with an adjoining 80,000-square-foot conference center; and an eight-screen Village Roadshow Gold Class Cinema. Construction is expected to begin later this year, with the grand opening of the entire project expected in August 2009. The Village at Fairview is being developed in conjunction with The Village at Allen, a mixed-use development located across Stacy Road in Allen, as one contiguous project. Upon completion, The Village at Fairview and The Village at Allen will span 400 acres and 3 million square feet.

August 12, 2008

Retail Texas

MARCUS & MILLICHAP BROKERS SALE OF PYRAMID CENTER

by admin August 11, 2008

WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Pyramid Center, a 39,991-square-foot retail property located at 2924 Kemp Blvd. in Wichita Falls. Situated on approximately 3 acres, the two-story facility is 85 percent occupied by a tenant roster that includes Blockbuster Video, Quizno’s, Sprint and Papa John’s Pizza. A freestanding Starbucks Coffee also is located on the property. Jason Vitorino and Philip Levy of Marcus & Millichap’s Dallas office, along with Chris Keenan of the firm’s Phoenix office, represented the undisclosed seller. The property was acquired by a Texas-based limited partnership participating in a 1031 exchange.

August 11, 2008

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