Texas

HFF Arranges Sale, Acquisition Financing for Le Méridien Hotel in Dallas

by Haisten Willis July 21, 2015

DALLAS — HFF has arranged the sale of and acquisition financing for Le Méridien Dallas by the Galleria, a 258-suite hotel in Dallas. HFF marketed the property on behalf of the seller, a partnership between Arden Group Inc. and HEI Hotels & Resorts. NB Holdings purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to place the 10-year, fixed-rate acquisition loan with Principal Commercial Capital. Le Méridien Dallas by the Galleria is an all-suite, 11-story hotel with a European aesthetic. Originally constructed in 2002, the hotel was renovated in 2009 when it was converted into a Le Méridien. Hotel amenities include the recently renovated fitness center, 5,079 square feet of meeting space, indoor heated swimming pool, 24-hour business center and concierge service. Le Méridien Dallas by the Galleria is situated on 2.9 acres in the North Dallas Galleria market, a retail, office and entertainment district. Located at 13402 Noel Road, the hotel is across the street from the Dallas Galleria, a 1.8 million-square-foot mall that is the second most popular tourist attraction in North Texas with approximately 19 million visitors a year. Additionally, the hotel is surrounded by Class A office space serving as …

July 21, 2015

Retail Texas

Pierson Arranges Sale of Retail Building in Wichita Falls

by Haisten Willis July 21, 2015

WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Home Zone, a 37,500-square-foot, single-tenant retail building located in Wichita Falls. PRA represented the seller, BR Acquisitions, in the sale. A Texas buyer purchased the asset for an undisclosed price. Located at 3921 Fairway Blvd., Home Zone is situated along US Highway 82, one of several highways leading into Wichita Falls. Home Zone, with 15 locations throughout Texas, Oklahoma, and Louisiana, is a wholesale furniture manufacturer and outlet store, which provides home furnishings directly to various retailers as well as individual customers. Jennifer Pierson and Beth Pierson of Pierson Retail Advisors in Dallas arranged the sale.

July 21, 2015

Industrial Office Texas

Progressive Laboratories Sells Office/Warehouse Facility in Metro Dallas

by Haisten Willis July 21, 2015

IRVING, TEXAS — Progressive Laboratories Inc. has sold a 35,050-square-foot office/warehouse in the Las Colinas submarket to Chris Weir Commercial Enterprises LLC for an undisclosed price. Las Colinas Distribution Center, located on 1.9 acres at 1909 Hereford Drive in Irving, is the second building in the past year Progressive Laboratories has sold to make way for its expansion, consolidation and relocation. Brock Wilson and Joe Santaularia of Dallas-based Bradford Commercial Real Estate Services represented the seller. The building was developed in 1977 and features 8,601 square feet of office space, 26,449 square feet of distribution space, six loading docks, 20-foot clear heights and a sprinkler system. Progressive Laboratories used 1031 exchange funds to acquire a 200,000-square-foot building less than one mile away. Dallas-based Chris Weir Commercial Enterprises, also executing a 1031 exchange, is planning to occupy the Hereford Drive building in October. Rick Medinis of NAI Robert Lynn represented the buyer.

July 21, 2015

Multifamily Texas

Dallas Investor Completes Repositioning, Sells Multifamily Property in Fort Worth

by Haisten Willis July 21, 2015

FORT WORTH, TEXAS — In an all-cash transaction, Stag Apartments LLC has sold the 85-unit Lancaster Apartments to a local investor. The Dallas-based seller put Lancaster Apartments on the market after completing a repositioning plan within 18 months of buying the property in a foreclosure sale. Sam W. Pettigrew III, partner in Dallas-based Cantrell Co. & Partners, represented the seller. In the past year, $150,000 has been invested into improvements at the 10-building complex, which was developed in 1968 and renovated in 1999. Lancaster Apartments is a mix of efficiencies and one- and two-bedroom floor plans, averaging 830 square feet. The complex includes 137 parking spaces and two laundry facilities.

July 21, 2015

Industrial Texas

SACA Brokers Sale of Industrial Building in San Antonio to H-E-B

by Haisten Willis July 20, 2015

SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of 4702 Goldfield Drive, an industrial building in northeast San Antonio. Local grocery chain HEB purchased the asset for an undisclosed price. SACA’s Ed Cross and Zach Dobin represented the seller of the 80,000-square-foot manufacturing facility.

July 20, 2015

Retail Texas

Axis, Newland Arrange Sale of Retail Center in Metro Dallas

by Haisten Willis July 20, 2015

CROSS ROADS, TEXAS — Alex Payne with Axis Realty Group and Everett Newland with Newland Real Estate represented Denton Fireman’s pension fund in the purchase of The Village at Cross Roads, a new 24,000-square-foot, Class A retail center in Cross Roads. Northbridge Management & Consulting, a commercial property management company owned by Axis Realty Group, will manage the asset moving forward.

July 20, 2015

Industrial Texas

CyrusOne Expands Data Center in Metro Dallas

by Haisten Willis July 20, 2015

CARROLLTON, TEXAS — Global colocation solutions provider CyrusOne has expanded its Carrollton data center with the recent completion of a new data hall, adding nearly 60,000 square feet and 4.5 megawatts of power capacity. The company’s Carrollton data center is the largest facility of its kind in the state, featuring a 670,000-square-foot campus. The Carrollton data center also houses the infrastructure and 911 dispatch center for Carrollton, Coppell, Farmers Branch and Addison, Texas. The communities have consolidated 911 dispatch services to form the North Texas Emergency Communications Center (NTECC).

July 20, 2015

Multifamily Student Housing Texas

Carlton Strategic Ventures Negotiates Sale of Dobie Center in Austin

by Haisten Willis July 20, 2015

AUSTIN, TEXAS — Howard Michaels of Carlton Strategic Ventures and Avery Modlin of The Modlin Group have negotiated the sale of Dobie Center to Fowler Property Acquisitions LLC. Located in Austin, Dobie Center is the largest privately owned student dormitory at the University of Texas at Austin. The property consists of a 27-story glass and steel residential tower, a 90,000-square-foot retail mall and a six-story, 250,000-square-foot, above-grade parking garage. Brian Kelly of HFF was the broker on the transaction. The Carlton Group’s general counsel Daniel Bildner closed the transaction along with Larry Haber of Abrams Garfinkel Margolis Bergson LLP. Dobie Center is located next to the University of Texas at Austin campus, opposite the soon-to-be-completed 458,000-square-foot McComb’s Business School.

July 20, 2015

Industrial Texas

General Motors Buys 302,000 SF Industrial Building in Austin from Karlin Real Estate

by Haisten Willis July 20, 2015

AUSTIN, TEXAS — Karlin Real Estate has sold a 302,604-square-foot industrial building located at 13201 McCallen Pass in north central Austin to General Motors. GM acquired the building to complement its existing Austin IT Innovation Center at 717 E. Parmer Lane. The facility is located within Sector 6, the first phase of the 400-acre master planned technology and office park being developed by Los Angeles-based Karlin and Dallas-based Trammell Crow Co. Previously occupied by Dell Inc., Sector 6 comprises three existing institutional quality industrial buildings totaling approximately 1 million square feet. All three buildings have been leased or sold. Sector 6’s Other tenants include Allergan, Brown Traffic and Marco Fine Arts. Trammell Crow is completing the first phase of new construction at PARMER, a three-story, 192,000-square-foot office building and has plans to break ground on an identical building later this year. Both buildings are designed for single- or multi-tenant occupancy, and will feature 64,000-square-foot floor plates. PARMER is currently zoned for several million square feet of office, industrial, hotel and retail uses. The development will feature a central amenity area that will include covered outdoor dining and seating areas, extensive hardscape improvements, miles of jogging/walking paths and Wi-Fi enabled social …

July 20, 2015

Office Texas

DTZ Arranges 88,000 SF Lease Extension in Dallas Office Tower for Law Firm

by Haisten Willis July 17, 2015

DALLAS — Hunton & Williams, a corporate law firm, has signed a long-term lease extension at the downtown Dallas skyscraper known as Fountain Place, according to Goddard Investment Group. The 58-story glass building is located in the Dallas Arts District, a hub of performing arts, dining and entertainment venues. Johnny Johnson and Lauren Napper of DTZ represented the landlord in the transaction. Larry Toon, Elizabeth Cooper, Jeremy McGowan and Brad Selner of JLL represented the tenant in the 88,000-square-foot lease.

July 17, 2015

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