FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a 40,304-square-foot retail property in Fort Worth. Located at 7300 Rosewood St., the property is net-leased to automotive repair firm Caliber Collision. Vincent Knipp of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not disclosed
RICHARDSON, TEXAS — EDGE Realty Capital Markets has brokered the sale of 1910 N. Collins Blvd., a 7,580-square-foot office building located at the intersection of North Collins Boulevard and West Campbell Road in Richardson. Stroud Arthur of EDGE represented the seller, 1910 N. Collins Medical LP, in the transaction. Linda Marver Trust acquired the asset for an undisclosed price.
TORONTO AND HOUSTON — Canada Pension Plan Investment Board (CPPIB) and Parkway Inc. (NYSE: PKY) have entered into a definitive agreement under which CPPIB will acquire Parkway, a Houston-based real estate investment trust, for $1.2 billion. The transaction, expected to close in the fourth quarter of this year, equates to $23.05 per share. Parkway owns the largest office portfolio in Houston, according to CPPIB. Located in the Westchase, Greenway and Galleria submarkets, the 19 properties span approximately 8.7 million square feet and were 87 percent leased as of March. Financial services, technology and commodities tenants anchor the buildings. TPG Capital and its affiliates, which collectively own approximately 10 percent of the outstanding common stock of Parkway, have agreed to vote in favor of the transaction. Parkway will pay its previously announced second quarter dividend today, but will suspend all future quarterly dividend payments through the expected close of the transaction. “We believe there are still some near-term headwinds in the office sector for Houston, but the implied asset valuation of this transaction shows CPPIB’s appreciation for the high-quality portfolio we have assembled and the near-term stability it provides during the current downturn in the market,” says James R. Heistand, president and CEO of Parkway. …
The Houston healthcare sector has gotten off to a slow start in 2017. Financial concerns are impacting several healthcare systems as they adapt to a changing marketplace. Industry challenges such as increasing technology costs, as well as changes in payer mixes and reimbursement rates, have impacted organizations’ operating models as a whole. While the majority of organizations have effectively adjusted or are adapting to the change, companies such as CHI St. Luke’s Health, Adeptus Health Inc. and Foundation Healthcare have not fared as well, resulting in a sluggish start to the year. In late March, CHI St. Luke’s announced another round of layoffs, stating that it would eliminate more than 459 jobs and an additional 161 vacant positions statewide. This is the fourth round of layoffs CHI has announced over the previous two years as the company continues to struggle with lower patient volumes, reduced reimbursement via Medicaid and Medicare, and increased technology-related operating costs. Adeptus Health, a freestanding emergency room operator with more than 29 Houston-area locations, appears to be headed for bankruptcy, having announced in March that it would be hiring a restructuring chief. Adeptus has grown rapidly over the past several years, initially opening facilities that lacked …
AUSTIN, TEXAS — Minnesota-based 3M, which manufactures more than 55,000 material goods, will sell its 156-acre flex campus located at 6801 River Place Blvd. in Austin to World Class Capital Group, a private investment firm headquartered in the state capital, for an undisclosed price. The deal is expected to close during the fourth quarter. 3M is investing in a new 272,000-square-foot facility within the Class A Parmer development on the city’s north side, which currently houses the likes of Apple, General Motors, Dell and Samsung, among others. Construction of the new facility is scheduled to begin later this year, with move-ins slated for April 2019.
DALLAS — A fund advised by CBRE Global Investors has acquired 8750 NCX, a 508,102-square-foot, Class A office tower located at 8750 N. Central Expressway in Dallas. The fund purchased property for roughly $120 million, according to The Dallas Business Journal. The 20-story property, which was 91 percent leased at the time of sale, features an on-site fitness center, conference center and cafe. The fund will invest an undisclosed amount of additional capital in the property’s mechanics and cosmetics
AUSTIN, TEXAS — TIER REIT Inc., a publicly traded, Dallas-based investment firm, has begun developing Domain 11, a 16-story, 324,000-square-foot office building in Austin. Scheduled for a late 2018 delivery, the property is 98 percent preleased to Austin-based vacation rental firm HomeAway. TIER REIT is also planning to develop a 306,000-square-foot office tower adjacent to Domain 11.
ENNIS, TEXAS — Hunt Mortgage Group has provided $23.5 million in construction financing for Spyglass Apartments, a 192-unit apartment community in Ennis, a city roughly 45 miles south of Dallas. Situated on 12.9 acres, the property will feature a pool, fitness center, jogging trail and on-site parking for 364 vehicles. The borrower, Spyglass Apartments of Ennis LP, will undertake energy-saving measures to ensure the property is certified under the National Green Building Standards program.
KATY, TEXAS — NAI Partners has negotiated a pair of industrial lease renewals totaling 20,000 square feet at Westgreen Business Center in Katy. Ignition Systems and Controls Inc. renewed its 8,750-square-foot lease at the property, which is located on Vanderwilt Lane, and Ogburn Trucking renewed its 11,250-square-foot lease. Shaffer Braun of NAI Partners represented the landlord, Westgreen Business Center Ltd., in both lease negotiations.
DALLAS — Beck Ventures has begun demolitions of the Valley View Mall at the future site of Dallas Midtown, a $4 billion mixed-use project in Dallas that will encompass more than 400 acres. The development site will be located near the intersection of Preston Road and Interstate 635 in the city’s Galleria neighborhood. Phase I of construction will cost approximately $500 million and deliver 500,000 square feet of office space, 400,000 square feet of retail space, more than 1,000 apartments and an 18-story hotel, according to D Magazine. Completion of Phase I is scheduled for late 2019.