Texas

Bright Realty Holds Topping Out Ceremony for $75M Apartment Development in Metro Dallas

by Haisten Willis January 7, 2016

LEWISVILLE, TEXAS — Bright Realty has held a topping out ceremony for its upcoming multifamily project known as Discovery at The Realm. The first of Discovery at The Realm’s 423 apartment units are on track to deliver in April. The topping out party celebrated the completion of the three apartment buildings’ major structural and environmental construction, which includes a lake with promenade pedestrian access. Members of Bright Realty development, leasing and marketing teams, general contractor Andres Construction, project architects from Charlotte, N.C.’s LandDesign, local officials and Bright Realty’s business partners attended the celebration. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins. Located south of Windhaven Parkway at Castle Hills Drive in Lewisville, Discovery at The Realm’s first phase features three podium-style buildings on 20.4 acres. All Phase I units should be delivered by October. Total project costs are $75 million. Discovery at The Realm is the first project in The Realm at Castle Hills, a mixed-use project to be built along State Highway 121 frontage. At completion, Discovery at The Realm will include more than 4,000 apartment units, with another 800 units planned within other parts of The Realm at …

January 7, 2016

Multifamily Texas

Draper and Kramer Acquires Sonterra Blue Apartment Community in San Antonio

by Haisten Willis January 7, 2016

SAN ANTONIO — Draper and Kramer, a Chicago-based real estate property and financial services company, has acquired the Sonterra Blue apartment community in San Antonio. Carleton Residential Properties was the seller. Located at 922 E. Sonterra Blvd. in San Antonio’s Stone Oak submarket, Sonterra Blue includes 342 units offering 17 one-, two-, and three- bedroom floor plans. Built in 2014, the 304,152-square-foot property is situated on a 14-acre site located across from Methodist Stone Oak Hospital. Institutional Property Advisors (IPA) managed the transaction on behalf of the seller.

January 7, 2016

Office Texas

Davis Commercial Arranges Sale of Office Building in Houston

by Haisten Willis January 7, 2016

HOUSTON — Davis Commercial has arranged the sale of a 5,955-square-foot office building on a 15,625-square-foot tract of land at 1214 Elgin St. in Houston. Bassak Investments was the buyer. The property was previously known as “The Lynch Building” where the law offices of Robert A. Lynch Jr. were headquartered. The buyer, Lance Kassab of Bassak Investments, will continue to use the building as law offices for the Kassab Law Firm. Ryan Neyland of Davis Commercial represented the seller, The Estate of Robert Lynch.

January 7, 2016

Industrial Texas

Lee & Associates Negotiates 16,800 SF Industrial Sale in Metro Dallas

by Haisten Willis January 7, 2016

GARLAND, TEXAS — Lee & Associates has negotiated a sales transaction for a 16,800-square-foot industrial building located at 520 Shepherd Drive in Garland. Brett Lewis and George Tanghongs of Lee & Associates represented the seller, KeyTech Inc., in the transaction. Michelle Hudson of Hudson Peters represented the buyer, MSMK Partners.

January 7, 2016

Industrial Texas

Syndication Partnership Purchases Plano Parkway Business Center

by Haisten Willis January 6, 2016

PLANO, TEXAS — Plano Parkway Business Center LLC, a syndication partnership set up by managing partners and promoters Steve Fithian, a Dallas-based commercial broker, and Thomas Wilson, founder of Wilson Investment Properties, has purchased Plano Parkway Business Center, a 113,299-square-foot office complex located at 2701 W. Plano Parkway in Plano. Steve Simon and Steve Rowland of Transwestern represented the seller, Plano Plaza LLC, in the transaction. Fithian represented the buyer. The office building was built in 1998. SVN | Trinity Advisors will manage the property, which is located on 8.8 acres just north of the George Bush Turnpike Corridor between the Dallas North Tollway (SH-190) and Central Expressway (US-75). Tenants include Republic Title of Texas, Wizetrade, Patient-Physician Network and Teradyne.

January 6, 2016

Industrial Texas

ML Realty Partners Finalizes Purchase of Industrial Building in DFW Airport Corridor

by Haisten Willis January 6, 2016

GRAPEVINE, TEXAS —ML Realty Partners has acquired a 58,775-square-foot industrial building in Grapevine. The single-tenant warehouse facility is 100 percent leased and located at 600 Westport Parkway. The property’s location offers access to both Dallas and Fort Worth, with the eastern property line bordering Dallas-Fort Worth International Airport. The building’s design includes 3.5 acres of secure, paved outside storage. Tyson Erwin of NAI Robert Lynn represented the seller in the transaction.

January 6, 2016

Industrial Texas

Lee & Associates Negotiates 25,600 SF Industrial Lease in Metro Dallas

by Haisten Willis January 6, 2016

RICHARDSON, TEXAS — Lee & Associates has completed a lease renewal transaction for 25,600 square feet of flex/office space located at 1350 N. Glenville Drive in Richardson. Brett Lewis and George Tanghongs of Lee & Associates’ Dallas/Fort Worth office represented the landlord, TPG. Mike Kay of CBRE represented the tenant, Extend Health Inc.

January 6, 2016

Industrial Texas

HFF Arranges Joint Venture Equity for Self-Storage Development Near Houston

by Haisten Willis January 6, 2016

SPRING, TEXAS — HFF has arranged joint venture equity for the development of a Class A, 851-unit self-storage facility in The Vintage master-planned community in Spring. HFF worked on behalf of the development manager, Vintage Hannah One, to arrange a joint venture equity partnership with an unnamed partner. Scheduled for completion in late 2016, the project will consist of four buildings totaling 82,675 square feet situated on 5.8 acres. Barbara Guffey led the HFF self-storage team representing the development manager.

January 6, 2016

Industrial Multifamily Office Retail Texas

NOVUS Brokers Sale of 11-Acre Tract on Highway 380 in Metro Dallas

by Haisten Willis January 6, 2016

PRINCETON, TEXAS — NOVUS Realty Advisors’ Tom Grunnah has completed the sale 11 acres for client and former property owner Wells Fargo Bank NA. The land is located at the southwest corner of the US Highway 380 and Cypress Bend intersection, just east of downtown McKinney in Princeton. The buyer, F&L LLP, plans to divide the property and sell commercial pad sites to end users.

January 6, 2016

Loans Office Texas

HFF Arranges $60.7M Acquisition Financing for Galleria Place in Houston

by Haisten Willis January 5, 2016

HOUSTON — HFF has arranged $60.7 million in post-closing acquisition financing for Galleria Place, two Class A office buildings totaling 401,000 square feet, plus a standalone retail site across from the Galleria Mall in Houston. HFF arranged the loan on behalf of the borrower, LPC Realty Advisors I, an affiliate of Lincoln Property Co. LPC Realty Advisors closed the loan on behalf of a pension fund client. HFF placed the three-year, floating-rate, interest-only loan with ACORE Capital. HFF also arranged the sale of the property earlier in 2015. Galleria Place consists of Galleria Place I, an 11-story, 217,006-square-foot office building; Galleria Place II, a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and IHS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from the Houston Galleria shopping and dining district. Susan Hill led HFF’s debt placement team representing the borrower.

January 5, 2016

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