SAN ANTONIO — NAI Partners, a regional commercial real estate services firm based in Houston, has opened an office in San Antonio. Clare Flesher will serve as managing director, and Melissa Crimson will serve as senior client services coordinator. Flesher began his commercial real estate career in Houston working for CBRE in the office tenant representation arena. He then moved to San Antonio and has spent the past eight years focused on office corporate services. Most recently, Flesher served as a director with Travis Commercial Real Estate Services.
In March 2012 The El Paso City Council unanimously adopted Plan El Paso, a comprehensive development plan based on the principles of green and smart growth. Smart Code, which is based on these same princples, was largely chosen to combat sprawl, large land use and carbon pollution. After numerous citywide meetings with citizens, government entities, nonprofit groups and business leaders, the plan moved forward. Smart Code emphasizes new urbanism, density, walkability, mixed-use development and open space with access to public transit. Developers have the choice in most instances to pick the traditional zoning code or opt for Smart Code. The Smart Code offers potential Chapter 380 economic incentives with city council approval. Sales, use and property tax abatements are available for qualified projects. Higher densities and higher property values through Smart Code generate greater taxes, which justify the rebates. Some developers say project costs are about 30 percent higher under Smart Code when compared to the traditional code. Smart Code typically makes the most sense for infill development in higher-income areas. Prior to the economic downturn of 2008, a large mixed-use development in northeast El Paso was slated to become the first project in the city to implement elements of …
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has arranged the sale of 4267 Dividend Drive, a 30,388-square-foot industrial building in Eastwood Industrial Park off White Road in eastern San Antonio. Paul Fagan of SACA represented the seller, while Edward Cross of SACA represented the buyer.
PASADENA, TEXAS — Construction is underway for Phase I of the Market at Crenshaw, a 168,924-square-foot, two-phase retail development located on 23.6 acres in Houston’s Pasadena submarket on Beltway 8 between Crenshaw Road and Fairmont Parkway. The developer is a partnership between Ley-Wilson Development LLC and H5 Ventures LLC. More than 90 percent of the first phase of development has been leased. Transwestern will provide property management and construction management services. Tenants that have signed leases at the property include: Burlington Coat Factory (55,000 square feet); Party City (18,000 square feet); Tuesday Morning (12,000 square feet); Mattress One (4,000 square feet); Xfinity by Comcast (4,000 square feet); and MOD Pizza (2,700 square feet). Phase I, totaling 108,924 square feet, is scheduled for delivery in the third quarter of 2015. Phase II, which will include an additional 60,000 square feet, will commence construction in the next 90 days and is slated for delivery in the second quarter of 2016.
OKLAHOMA CITY — Senior Living Investment Brokerage Inc. has arranged the sale of Quail Springs, an 80-unit assisted living and memory care community located in Oklahoma City. The community features 68 assisted living units and 12 memory care units. Quail Springs was an operational outlier for the seller, Elmcroft/Ventas, and was not producing a positive EBITDA at the time of closing. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Summit Senior Living purchased the seniors housing facility for an undisclosed price.
DALLAS — BT Global Services, a subsidiary of BT Group, is moving the headquarters for its Americas operations to Cypress Waters in Dallas. Noel Hutcheson and Fernando Araiza of Colliers International were the tenant’s representatives while Kathy Permenter, Moody Younger and Sean Dalton of Younger Partners represented the landlord, Billingsley Co. BT is moving into 28,000 square feet at Cypress Waters with approximately 250 employees. Cypress Waters features restaurants and retail, as well as multifamily housing options. BT decided on the location for its Americas headquarters because of the proximity to DFW International Airport and access to a quality talent pool. BT joins tenants including Cheddars, Nationstar Mortgage, Meritage Homes and 7-Eleven.
DALLAS — NorthMarq Capital’s Dallas-based regional office has arranged the $6.5 million refinancing of Lakewood Village Shopping Center, a 50,964-square-foot Dallas retail center located at 6434-6444 E. Mockingbird Lane in Dallas. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
HOUSTON — Olympus Property has acquired Renaissance Village at Shadow Lake, a 624-unit Class A apartment community located in Houston’s Westchase District submarket. The submarket employs nearly 200,000 individuals with 26,000 more jobs projected in 2015. Renaissance Village was built in two phases in 1998 and 1999 and spans 28 acres. Amenities include a lake, clubhouse, swimming pool with sundeck, fitness center and outdoor stone fireplace. Olympus is planning a $2.5 million renovation project to transform the property and provide residents with an improved living experience. The renovation plan will include upgrades to the interiors of the units, improvements to the clubhouse, new fitness center equipment and enhancements to the pool areas. In addition, Olympus will change the name to The Ranch at Shadow Lake. Floor plans include 372 one-bedroom, one-bath units; 180 two-bedroom, two-bath units; and 72 three-bedroom, two-bath units. Units feature nine-foot ceilings, two-tone paint, garden tubs, full-size washer and dryer connections and patios. Renaissance Village is the fourth property to be added to Olympus Property’s fourth fund, WW Olympus Property IV LLC.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Gardens Town Center, a 19,451-square-foot retail property located in Arlington. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also represented the buyer, a partnership. Gardens Town Center is located at 4130 South Bowen Road. The center is 100 percent occupied and all leases are triple-net. Fifty percent of the gross leasable area is leased to Fossil Creek Liquor, which is paying percentage rent in addition to base rent. Other tenants include Papa Murphy’s Take N Bake Pizza, Comet Cleaners, Subway and Town Garden Salon. The building was constructed in 2010 and sits on 2.2 acres.
NORTH RICHLAND HILLS, TEXAS — The Frank Kent Motor Co. has purchased a 125,000-square-foot facility at 6550 Wuliger Way in North Richland Hills. The facility will serve as the company’s new corporate headquarters for the relocation of its General Motors accessory distribution business and the creation of its Texas training facility. A former Sealy bedding plant, the 15-acre property located just north of NE Loop 820 near Iron Horse Boulevard was vacant for 18 months. Southwest ADI is the exclusive automotive accessories distributor for the General Motors brands in the Dallas-Fort Worth, Austin, San Antonio and Houston areas. This new location will employ 50 full-time employees in conjunction with space to train up to 75 people from the dealers the company services.