Texas

Skanska Awarded $94M Construction Contract for Irving Music Factory in Metro Dallas

by Haisten Willis February 3, 2016

LAS COLINAS, TEXAS — Skanska has signed a $94 million contract with the ARK Group of Charlotte, N.C., to build the Irving Music Factory in Las Colinas. Skanska will convert the existing 16.8-acre greenfield site into an entertainment destination. The new project will include an 8,000-seating capacity indoor/outdoor concert hall called the Pavilion operated by Live Nation. The venue includes seven buildings offering more than 250,000 square feet of entertainment, retail and restaurant space and an eight-screen Alamo Drafthouse Cinema. Additionally, there will be a four-story, 100,000-square-foot office tower sitting atop a six-level, 1,200-space parking garage. The project also features a 50,000-square-foot plaza and four outdoors stages. The venue is designed to host a variety of events, including music performances, fashion shows, farmers markets and food festivals throughout the year. Gensler is the architect for the project. Construction for the venue is expected to commence this month and is slated for completion in June 2017.

February 3, 2016

Retail Texas

Baker Katz Acquires 30,000 SF of Land, Arranges Retail Lease in Houston

by Haisten Willis February 3, 2016

HOUSTON — Houston-based Baker Katz, an X Team International partner and full-service commercial real estate brokerage firm, has purchased 30,000 square feet of land and completed a 7,000-square-foot lease on the property on behalf of Advance Auto Parts. Advance Auto Parts will be located at the intersection of FM 1960 and Aldine Westfield Road. Construction will begin in February and opening is slated for May 2016. Traci Holman and Jason Baker of Baker Katz represented Advance Auto Parts. Founded in 1932, Advance Auto Parts has grown to operate more than 5,200 stores in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. The retail store is the largest automotive aftermarket automobile parts provider in North America.

February 3, 2016

Loans Multifamily Texas

Marcus & Millichap Capital Corp. Arranges Bridge Loan in Lubbock

by Haisten Willis February 3, 2016

LUBBOCK, TEXAS — Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged a bridge loan to refinance an apartment complex in Lubbock. Peter Muntz, a director in MMCC’s Chicago Downtown office, arranged the debt placement. The non-recourse, interest-only debt placement was structured with a 14-month term and a fixed interest rate. The property is a garden-style apartment complex with more than 300 units.

February 3, 2016

Industrial Texas

SurePoint Self Storage to Open New Location in Metro Houston

by Haisten Willis February 3, 2016

PEARLAND, TEXAS — Robert Loeb, Jeff Bailey and Brian Cisarik of SurePoint Self Storage plan to open a fourth location in the Houston market. The new self-storage property will be located in Pearland near the intersection of Broadway and Kirby drives. Additionally, SurePoint Self Storage is poised to begin construction in the next 60 days on their third facility in the Houston market, a three-story, 119,000-square-foot self-storage facility on Barker Cypress Road in Houston. The SurePoint team is concluding construction on a similar project on Spring Cypress Road just east of Grant Road in Cypress, as well as a four-story self-storage building in Richmond near Highway 59 and the Grand Parkway.

February 3, 2016

Retail Texas

Pierson Retail Advisors Arranges Sale of Retail Center in Wichita Falls

by Haisten Willis February 3, 2016

WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Millennium Towers, a 40,000-square-foot shopping center located in Wichita Falls. PRA represented the seller, Shining Properties Inc. A Texas-based buyer purchased the asset for an undisclosed price. Retailers in the immediate area include Lowe’s Home Improvement, Walmart Supercenter, Home Depot, Sam’s Club, Academy Sports + Outdoors, Bed Bath & Beyond, PetSmart and Kohl’s. Millennium Towers is 100 percent occupied by tenants such as Texas Blood Institute, Texas Orthodontics and Looking Good Spa.

February 3, 2016

Hospitality Texas

Hyatt Place Houston Galleria Opens in Houston

by Haisten Willis February 2, 2016

HOUSTON — Atlanta-based Songy Highroads has opened Hyatt Place Houston Galleria, a 157-room hotel located across from the Galleria shopping center in Houston. Aimbridge Hospitality manages the 12-story hotel, situated at 5252 W. Alabama St. The hotel contains three floors of common space and nine guestroom floors with both suites and standard rooms. Onsite amenities include a swimming pool, fitness center, meeting space, business center, dining options, a market and a lobby coffee shop and bar. Songy Highroads began development of the hotel in August 2014 and also developed the Hyatt Regency Houston Galleria, a 325-room hotel located adjacent to the Hyatt Place that opened in October 2015. Songy Highroads owns both hotels, which are part of a 7.6-acre mixed-use development that also contains two office towers and retail space.

February 2, 2016

Industrial Texas

NAI Partners Arranges 40,000 SF Industrial Lease in Houston

by Haisten Willis February 2, 2016

HOUSTON — NAI Partners has represented Circle 8 Services in the lease of a 40,000-square-foot industrial building on 9.6 acres located at 3004 Aldine Bender Road in Houston. Chris Caudill of NAI Partners represented the tenant, Circle 8 Fluid Services, during the negotiations, while Hart Schleicher of Capital Real Estate Commercial represented the landlord, 3004 Aldine Bender Partners. Circle 8 Fluid Services is a mobile crane and fluid services operator.

February 2, 2016

West-Woods-shopping-center-west-lake-hills-texas

Retail Texas

Velocis Sells West Woods Shopping Center in Metro Austin

by Haisten Willis February 2, 2016

WEST LAKE HILLS, TEXAS — Velocis, a private equity real estate manager, has sold West Woods Shopping Center in West Lake Hills, an Austin suburb. The 189,340-square-foot center was sold to Global Retail Investors, an affiliate of First Washington Realty, for an undisclosed price. Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is located at the intersection of Bee Caves Road and Walsh Tarlton Lane and is anchored by Stein Mart, Michaels, Petco and CVS/pharmacy. The property was 98 percent leased at the time of sale. HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Co. provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.

February 2, 2016

Office Texas

Senderra RX Relocates, Expands Headquarters in Dallas

by Haisten Willis February 2, 2016

DALLAS — Senderra RX, a disease state management specialty pharmacy, has signed a long-term lease that will move its corporate office to Lake Highlands Tower, a Class A office building located at 9330 Lyndon B. Johnson Freeway in Dallas. Senderra RX will occupy 21,642 square feet of the 15-story office building, having outgrown its existing facility. Amenities at the property include a full-service bank, barber shop, dry cleaner, conference center and on-site security. Cushman & Wakefield’s Dan Harris and Craig Wilson represented Senderra RX in the transaction. Blake Shipley and Jay Bailey of JLL represented the landlord, Gregory & Malouf Interests.

February 2, 2016

Healthcare Industrial Texas

CVMC REIT II Acquires Healthcare, Data Center Properties for $58.9M

by Haisten Willis February 2, 2016

WACO, SHERMAN AND FORT WORTH, TEXAS — Carter Validus Mission Critical REIT II (CVMC) has acquired a portfolio comprising healthcare properties and a data center in Texas for $58.9 million. CVMC acquired the Heritage Park Portfolio on Nov. 20, 2015, for $33.9 million. The Heritage Park Portfolio consists of two healthcare properties located in Sherman that are 100 percent leased: Heritage Park – Sherman I (Heritage Park Surgical Hospital) and Heritage Park – Sherman II (Visionary Medical Imaging). Heritage Park Surgical Hospital is a 57,576-square-foot medical facility that was built in 2005 and renovated in 2010 to become a full-service surgical hospital. Heritage Park Surgical Hospital houses eight operating suites, three procedure rooms and 14 private recovery rooms, and supports an average of 15,000 surgeries per year. Visionary Medical Imaging, an 8,055-square-foot medical imaging center located adjacent to Heritage Park Surgical Hospital, was built in 2005 and offers MRI, CT, X-Ray and bone density scanning services. In addition to the Heritage Park Portfolio, CVMC acquired Baylor Surgery Center at Fort Worth, a one-story, 36,800-square-foot ambulatory surgery center located on 3.5 acres. The property, located one mile from Baylor Surgical Hospital at Fort Worth, was built in 1998 and renovated in 2015 …

February 2, 2016

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