OAK HILL, TEXAS — Petco has leased 13,108 square feet of retail space at Center of the Hills, a community retail center located at 7010 W. State Highway 71 in Oak Hill, a western suburb of Austin. H-E-B, Tuesday Morning, Firestone, Mattress Firm, Advance Auto Parts and Cricket Wireless are tenants at the retail property. Nash Frisbie and Britt Morrison of Weitzman represented the undisclosed landlord, while Roger Anderson of CBRE represented the tenant in the deal.
AUSTIN, TEXAS — The Travis County Commissioners Court has approved Blakefield LLC’s plans to develop Thomas Ranch, a 2,200-acre master-planned community off Highway 71 and Paleface Ranch Road in Western Travis County near Austin. The community will be situated around the shoreline along the Pedernales River. Thomas Ranch will include approximately 3,300 single-family homes; apartments; a marketplace of shops, entertainment venues and restaurants; a resort hotel and spa; a town square; and community gardens. The property includes five ecosystems, direct access to Lake Travis, natural creeks and miles of nature trails. An extensive network of walking, jogging and hiking trails will connect the areas. Overall, approximately one third of the development — 700 acres — is reserved for parks and trails. Construction on the community’s infrastructure is scheduled to begin in 2018, with single-family homes following in 2019. Each section will be built in four to five phases over the course of 15 to 20 years, according to the developers. Blakefield is the lead developer of the project and is partnering with Dannenbaum Engneering, Sherwood Engineers, SWCA Environmental Consultants, Kimley Horn, Ten Eyke Landscape Architects and Integra Group. Blakefield LLC is a Wilmette, Ill.-based developer of large-scale mixed-use and master-planned …
UNIVERSAL CITY, TEXAS — Frontline Capital Partners has acquired Sable Ridge Apartments, a 333-unit multifamily property located near the intersection of Interstate 35 and Loop 1604 in Universal City. On behalf of the buyer, Mark Brandenburg of JLL Capital Markets secured financing through LegacyTexas Bank for the acquisition and rehabilitation of the property. The property features two pools, a 24-hour fitness center, sand volleyball court, outdoor basketball court, playground area and internet café.
HOUSTON — Boyd Commercial/CORFAC International has arranged the sale of an industrial building located at 6550 Bingle Road in Houston. Tube America Inc. sold the 26,274-square-foot property for an undisclosed price. David Boyd and Wes Williams of Boyd Commercial represented the seller, while Greg Barra, also of Boyd Commercial, represented the buyer in the deal.
FORT WORTH, PLANO AND HILLSBORO, TEXAS — John T. Evans Co. has arranged three land sales in Texas for the development of retail properties. In the first deal, SCSD-Finnell Ltd. acquired a 1.1-acre land parcel at the southwest corner of Heritage Trace Parkway and North Beach Street in Fort Worth. Hillwood Alliance Residential sold the property for an undisclosed price. The buyer plans to construct a retail center on the property. Jim Jamerson of John T. Evans Co. represented the buyer, while Edward Bogel and David Davidson of Davidson Bogel Real Estate represented Hillwood Alliance Residential. In the second land sale, SCSD-Finnell purchased 0.9 acres of land at 1224 N. Central Expressway in Plano for the development of a Schlotzsky’s Deli. Jamerson represented the buyer in the deal. The name of the seller and acquisition price were not released. In the third transaction, Tang Lu acquired 27,677 square feet of land with an existing building at 1400 Interstate 35 S.W. in Hillsboro. The buyer plans to redevelop the building into a fast food restaurant. Zach Berman of John T. Evans Co. represented the undisclosed seller in the deal. The acquisition price was not released.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of a multi-tenant office and retail property located at 1251 W. Green Oaks Blvd. in Arlington. A developer sold the 6,186-square-foot property to an undisclosed buyer. At the time of sale, the property was fully leased to a mix of tenants including Alamo Title, Farmers Insurance and Edward Jones Investments. Blake Burnett of Marcus & Millichap represented the seller in the deal, while Chris Parker of Mark One Capital arranged financing for the acquisition. The acquisition price was not released.
ARLINGTON, TEXAS — KW Commercial has brokered the sale of an office and retail property located at 1215 W. Randol Mill in Arlington. Acupuncture & Allergy Center sold the 1,512-square-foot property for an undisclosed price. David Tuttle of KW Commercial represented the seller and procured the undisclosed buyer in the deal.
HOUSTON — Provident Realty Advisors has completed the redevelopment of the former Texaco building in Houston as a luxury multifamily complex. The project costs were estimated at $95 million. The skyscraper, located at 1111 Rusk St., has been a historic landmark in Houston since its completion over 100 years ago. The 410,000-square-foot property was built in 1915, but has been vacant since 1989. The founders of Texaco originally commissioned the building, which the famed New York architectural firm Warren & Wetmore designed, according to the Houston Chronicle. The newly opened space, rebranded as The Star, offers 286 units ranging from 730 to 1,730 square feet with 21,000 square feet of street-front retail. The property features one- and two-bedroom units with bed-to-bath parity. Community amenities include a hotel-style lobby lounge, complimentary coffee and snack bar, 24/7 concierge and free valet services. Beginning this spring, the property will also offer a fitness center with on-demand cardio and spin classes; resort-style courtyard with heated pool, summer kitchen, gas grills and cabanas; climate-controlled storage area; media/theater room; covered dog run and grooming station; and business center. The 16th floor of the building will feature a recreation area including a two-story foyer, club room, commercial demonstration kitchen, …
FORT WORTH, TEXAS — IKEA has submitted a proposal to the City of Fort Worth for the development of IKEA Fort Worth on 27 acres at the southwest corner of Interstate 35 and North Tarrant Parkway in Fort Worth. Pending necessary approvals and agreement, construction of the retail location could begin in spring 2018, with an opening of summer 2019. The 289,000-square-foot store would offer 900 parking spaces and create more than 250 jobs upon opening. This location would be the third in the Dallas-Fort Worth area and the sixth in the state of Texas.
DALLAS — Pierson Retail Advisors and Vitorino Group have entered a definitive agreement to merge and combine operations. The merged companies will operate as Strive, a new full-service retail real estate brokerage firm headquartered in Dallas. Combined the two firms have sold close to $3 billion in commercial real estate. The merger will be complete by the summer, with plans to unveil the new branding and image by then. Jennifer Pierson leads Pierson Retail Advisors, and Jason Vitorino leads Vitorino Group.