WEBSTER, TEXAS — DPG Investments LLC and affiliates have structured $9.8 million in limited partner capital, equating to approximately 95 percent of the required equity, for the acquisition and renovation of a 400-unit apartment complex in the Clear Lake submarket of Houston. The property, called The Falls at Clear Lake, is located on nearly 24 acres in Webster. The Falls is close to the Webster medical corridor and employment centers including the Port of Houston and NASA.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Renaissance II, a 51-unit apartment property located in Fort Worth. Scott Ogilvie and Trey Caldwell of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Ogilvie and Caldwell also procured the buyer, a limited liability company. Renaissance II is located at 2324 Ridgmar Plaza in Fort Worth, just north of I-30. Constructed in 1962, the 51-unit, Class C asset is situated on one acre. Renaissance II consists of one two-story building with one efficiency, 24 one-bedroom/one-bath and 26 two-bedroom/two-bath floor plans. At the time of listing, the asset was 98 percent occupied.
HOUSTON — HFF has arranged the sale of BBVA Compass Plaza, a Class A office building totaling 326,200 square feet in Houston. BBVA Compass Plaza is the first office building to be delivered to the Galleria area in nearly three decades. HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners, TRC Capital Partners (formerly The Redstone Cos.) and an institutional client of L&B Realty Advisors. Masaveu Post Oak Houston Delaware LLC purchased BBVA Compass Plaza for an undisclosed amount. Completed in 2013, BBVA Compass Plaza is a LEED Gold-certified, 22-story building that is 83 percent leased. BBVA Compass Bank occupies 58 percent of the net rentable area, and the remaining tenants are a mix of national and international firms. The recently completed property features a 1,144-space parking garage, a full retail bank branch, fitness center and two restaurants: Caracol and Oka Sushi. BBVA Compass Plaza is situated in Houston’s Galleria submarket with access to Loop 610, I-10, Highway 59 and Westpark Tollway. Scott Galloway, Dan Miller, Matt Kafka, Colby Mueck and Trent Agnew led the HFF investment sales team.
DALLAS — Paradigm Tax Group has relocated its headquarters to Dallas and added a new CEO. Paradigm provides property tax consulting services for commercial property owners and has more than 30 regional offices across the U.S. Paradigm will retain its presence in its former headquarters in the Phoenix area. Steve Stubitz will remain chairman of the company but step down from his interim CEO role to welcome Mark Wanic as CEO. Stubitz held the position following the retirement of Paradigm’s prior CEO Bob Dunlap. Wanic comes to Paradigm after holding a variety of executive positions at Cushman & Wakefield. Wanic is the latest addition to a new management team, which includes new CFO Francoise Mattice, who joined Paradigm in March. Paradigm helps clients identify potential tax-saving opportunities.
PLANO, TEXAS — Boxer Property has concluded long-term lease negotiations on a 17,000-square-foot lease with GuideIT, a Perot company. GuideIT has been a tenant of Boxer in the Plano Tower building since early 2013. Plano Tower is located at 101 E. Park Blvd. and is owned and managed by Boxer Property. Mark Dowdle, of Boxer Property’s Dallas office, negotiated the agreement on behalf of Boxer, and Louis Pascuzzi of Jackson Cooksey represented GuideIT. Plano Tower includes 13 stories with a total of 225,445 square feet of office space for rent. The Class A building features a mirrored glass exterior, surface and covered parking, an upgraded lobby, granite floors, elevator service, on-site banking services and drop boxes.
HOUSTON — Construction has begun on 183 new residences at The Buckingham, a seniors housing community in Houston. Once completed, the $72 million construction project will add 80 new jobs to the local economy and provide living for nearly 200 additional residents. Located at 8580 Woodway Drive, The Buckingham currently includes 205 independent living residences, 43 private assisted living apartments, 16 private memory support apartments and 60 private skilled nursing suites. Six additional acres were acquired to accommodate the project, which will add 106 independent living apartment homes, 27 assisted living suites, 18 memory care residences, 32 private skilled nursing rooms, additional underground parking and more surface level spaces. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.
HOUSTON — Bracewell & Giuliani LLP has signed a 189,061-square-foot, long-term lease renewal at Pennzoil Place, located at 711 Louisiana St. in Houston. David Lee, Doug Little and Ben Quinton of Transwestern’s Houston headquarters negotiated the deal on behalf of the building owner, Metropolis Investment Holdings Inc. Bracewell & Giuliani is an international law firm with 450 lawyers in Texas, New York, Washington, D.C., Connecticut, Seattle, Dubai and London, serving Fortune 500 companies, major financial institutions, leading private investment funds, governmental entities and individuals concentrated in the energy, technology and financial services sectors worldwide. Tim Relyea and Brooke Wommack of Cushman & Wakefield represented the tenant.
PLANO, TEXAS — McCarthy Building Cos. has been awarded a new facility that will house the Children’s Health Andrews Institute for Orthopaedics and Sports Medicine on the Children’s Health Plano campus. McCarthy partnered with design architect Page on the development, which broke ground on Nov. 6. Located on the southwest corner of Preston Road and Quincy Lane, the facility will house the new Children’s Health Andrews Institute, the first institute of its kind in Texas, offering pediatric orthopaedic and sports medicine care, as well as pediatric-focused injury prevention, rehabilitation and therapy. When completed in 2017, the four-story, 185,000-square-foot building will include four operating rooms, an imaging center, physical therapy space and orthopaedic and other pediatric clinics. The institute will also feature indoor and outdoor athletic performance facilities, including a half-size football field and running track. A new five-level parking structure accommodating 1,000 cars will connect to the building.
ADDISON, LAS COLINAS AND RICHARDSON, TEXAS — CREA Investments, a privately held real estate investment services firm, has acquired three office buildings in the Dallas area. The properties include The Belvedere,in Addison, The Meridian in Las Colinas and 2929 NCX in Richardson. Cushman & Wakefield will handle leasing and management services for all three properties. The Belvedere, which features 141,180 square feet of Class A office space, will undergo renovations to corridors, restrooms and the building lobby. The asset also offers 100 percent structured parking. The Meridian, which features 100,359 square feet of office space, will undergo renovations to all corridors, restrooms and a tenant lounge, as well as building systems. Capital improvements also include the addition of spec suites on two floors. 2929 NCX features 85,089 square feet of office space. Since the acquisition, renovations to the lobby, corridors, and restrooms have been completed. Spec suites ranging from 1,500 square feet to 2,000 square feet are also under construction. In addition, the building has been repainted.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Shops at Regent Cross, a 27,611-square-foot retail property located in Irving. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Ronnie Issenberg and Gabriel Britti of the firm’s Miami office secured the buyer, a private investor. Shops at Regent Cross is located at 3601 Regent Blvd. in Irving. The property is a 27,611-square foot, multi-tenant retail center that is 100 percent occupied. Tenants include Zushi Wok and Grill, BurgDawgs, Cavalli Pizza, Anytime Fitness, Salsa’s Mexican Grill, Indian Café, Scott R. Alexander DDS, Burrito Jimmy, Paragon Cleaners, Advantage HR, Saladworks, AT Donuts and Subway. The building was constructed in 2007 and sits on 3.9 acres. The property is located off of LBJ Freeway (I-635) on Regent Boulevard at its intersection with Belt Line Road.