CARROLLTON, TEXAS — Dan Spika of Henry S. Miller Brokerage’s industrial division represented Speed Boats of Texas in the lease of its new site in Carrollton. The 28,152-square-foot site is located at 3231 Commander Drive near Midway Road, the Dallas North Tollway and President George Bush Turnpike. Brett Owens of Transwestern represented the landlord, Colony Capital, in the transaction.
HOUSTON — Colvill Office Properties has leased, on behalf of Hines, 19,457 square feet of office space to Champions Pipe & Supply at 4 Greenspoint Place. The property is a 403,384-square-foot, Class A office building located in the 36-acre Greenspoint Place office/retail development at 16925 Northchase Drive. Kevin Saxe, Jerrod McQuain and Nick Bockhorn of CBRE represented Champions Pipe & Supply. Damon Thames, Richard Barbles and Tripp Pruet of Colvill Office Properties represented the landlord in lease negotiations. Hines owns and manages Greenspoint Place.
PLANO, TEXAS — Southern Land Co. has sold the five-story urban development known as Junction 15 to a commingled fund managed by New-York based real estate investment firm Clarion Partners. Junction 15, which opened in 2014 in downtown Plano, is a public-private partnership between Southern Land Co. and the city of Plano. The mixed-use development includes 7,700 square feet of retail space anchored by a 7-Eleven and 279 apartments. The development is close to Plano’s Old Town Square and Haggard Park, as well as several restaurants. Amenities include a pool, outdoor grilling stations and fitness center. Junction 15 is also located across the street from a Dallas Area Rapid Transit (DART) station.
EL PASO, TEXAS — Capital One has provided a $9.8 million Fannie Mae loan for the acquisition of Indian Springs Apartments, a 232-unit community in El Paso. Chad Thomas Hagwood of Capital One’s Birmingham, Ala., office originated the transaction. Built in 1982, Indian Springs was partially renovated by the prior owner and Talos intends to continue the renovation process. The 10-year, fixed-rate loan has two years of interest-only payments and a 30-year amortization schedule. Talos Holdings was the borrower. Talos develops, owns and operates multifamily properties in the southern United States, and has offices in Scottsdale and Dallas.
WACO, TEXAS — Stream Realty Partners has arranged the sale of Canyon Springs Apartments. The 80-unit, Class A apartment community is located at 2301 Woodgate Drive in Waco. Kelly Witherspoon and Charlie Marrs of Stream Realty’s Austin office represented the seller, Southern Financial Group, in the transaction. The newly built property consists of eight two-story, townhome-style apartment buildings. At the time of the sale, the 4.2-acre property was 96 percent occupied. Property amenities include controlled-access gates, perimeter fencing and a community clubhouse. Jeff Patterson leads Stream’s multifamily division.
EARLY, TEXAS — The Heartland Mall in Early has been sold to Victoria Retail Group LLC, according to the Brownwood Bulletin. The sale to the retail group, headquartered in Austin, was finalized last Wednesday, according to founding partner Todd Routh. The sale was made through Coldwell Banker Mark Campbell & Associates. Routh plans to renovate the 215,000-square-foot mall and add additional tenants. Work is expected to begin next week. Victoria Retail Group owns more than 55 malls and shopping centers in Texas. Opened in 1980, Heartland Mall is located at 300 Early Blvd. and sits on close to 24 acres with tenants including JC Penny, Hibbett Sports and Bath & Body Works, along with Regal Cinemas Heartland 8. Restaurants include Chick-fil-A and Corn Dog 7. The Retail Coach is handling leasing assignments for the property.
DENTON, TEXAS — Lee & Associates has arranged a lease transaction for a 10,000-square-foot industrial building located at 2834 Geesling Road in Denton. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, Automotive Tensioners. Donald Frazier of Frazier Commercial represented the landlord, Jim/Heritage LP.
ANGLETON, TEXAS — UC Funds has secured a $4.8 million bridge loan for the acquisition and renovation of a 152-unit apartment community located in Angleton. The sponsor will implement a renovation program focused on repositioning the property. The renovation will convert the existing clubhouse into four additional units, bringing the total unit count of the property to 156. The property is situated on a seven-acre site and spans 13, two-story buildings. Angleton is located 40 miles south of Houston.
The story of the tortoise and the hare can be used to describe the major metros throughout Texas. In recent years, Austin has sprung to life while San Antonio has developed slow and steady. Most recently, however, it appears San Antonio’s office market has received a jolt — the second quarter of 2015 saw three to four times more activity than historic averages indicate — and San Antonio now boasts its lowest vacancy rate since 2008. With a 3.4 percent unemployment rate, San Antonio ranks third on the list of major metropolitan cities across the country with the lowest unemployment rates, trailing only Austin at 3 percent and Salt Lake City at 3.1 percent. These numbers are indicative of a much larger picture of San Antonio. Uniquely positioned to capture the spillover of tech companies and supporting businesses from Austin, its neighbor, San Antonio’s low rental rates for both Class A and B office space along with stable infrastructure make it a viable, attractive alternative for many major businesses looking to expand. But where in San Antonio is all this activity erupting? San Antonio’s newest residents are interested in one area, and you need look no further than the central …
AUSTIN, TEXAS — A partnership between Austin-based Generational Commercial Properties and Houston-based HTZ Investments has purchased a 34,000-square-foot site located at 801 Barton Springs in Austin. The site, located between Bouldin Avenue and South First Street on Barton Spring Road, is currently a parking lot occupied by food trucks. The new owners will construct an office building featuring 90,500 square feet of office space and 1,800 square feet of retail. Four stories of office will sit atop four-and-a-half levels of parking. Generational Commercial is the project’s developer. The design incorporates central core network technology, which allows tenants to control lights, temperatures, security and other building features from a computer or at home. Austin-based architecture firm Runa Workshop will design the building to LEED Silver standards. A site development permit from the city of Austin has been secured, and construction is slated to commence in the first half of 2016. AQUILA Commercial will lease the building. Rob Wendt with Centric Commercial represented the seller, and Reagan Smith with SRI Commercial represented the buyer in the transaction. This is the partnership’s first investment in Austin.