Texas

Davis Commercial Arranges Sale of Ground Lease for Historic Houston Building

by Haisten Willis July 23, 2015

HOUSTON — Davis Commercial has arranged the sale of leasehold interest for the historic Sweeney, Coombs & Fredericks building at 301 Main St. in Houston for an undisclosed price. Designed and built by George E. Dickey in 1889, 301 Main St. is one of the last remaining Victorian-style structures in the city. The building is owned by Harris County and a ground lease on the property was assigned to a third party in the early 1990s. Ashley Casterlin of Davis Commercial Real Estate represented the unnamed seller of the ground lease in the transaction. The buyer was also undisclosed. Blini Hoxha with the Salt N Pepper Group plans to open a new restaurant on the first floor. The Salt N Pepper Group is responsible for many Houston concepts, such as Beer Market Co., The Moonshiners, Crisp, Pub Fiction, Celtic Gardens, Shot Bar and Third Floor. The top two floors of the three-story building are being leased to attorneys.

July 23, 2015

Roger-Williams-Showroom-Weatherford-Texas

Speed Fab-Crete Breaks Ground on Roger Williams Auto Dealership in Metro Dallas

by Haisten Willis July 22, 2015

WEATHERFORD, TEXAS — Fort Worth-based design-build general contractor Speed Fab-Crete has broken ground on a 60,000-square-foot auto dealership for Roger Williams, the only new car dealer in Weatherford. Slated for completion in April 2016, the new Roger Williams Chrysler, Dodge, Jeep and Ram dealership will be located at 1102 Washington Drive along I-20 and will replace the existing Roger Williams Auto Mall. The dealership’s exterior will be built using precast concrete walls, cast stone, metal accents and floor-to-ceiling panoramic glass. Interior amenities will include a customer lounge, open office spaces, display areas, 25 service bays, car wash facility and parts sector. The new dealership is the largest project included in the company-wide upgrade of Roger Williams’ auto facilities in Weatherford, all of which are being built by Speed Fab-Crete and designed by Callahan & Freeman Architects. Business operations will remain open during the construction process. In addition to Speed Fab-Crete and Callahan & Freeman Architects, the Roger Williams expansion project team includes Fort Worth-based Callahan Structural Engineering Inc. as the structural engineer and Lillian, Texas-based Hulsey Engineering as the mechanical, plumbing and electrical (MEP) engineer.

July 22, 2015

Loans Multifamily Texas

Dougherty Secures $4M Fannie Mae Loan for Townhomes in Metro San Antonio

by Haisten Willis July 22, 2015

SEGUIN, TEXAS — Dougherty Mortgage LLC has secured a $4 million Fannie Mae loan for the refinancing of Early Bird Townhomes, a 104-unit multifamily affordable housing property located in Seguin. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin office arranged the financing on behalf of the borrower, Seguin Housing Partners Limited. Early Bird Townhomes offers two-, three- and four-bedroom units with full-size washer and dryer connections and energy-efficient design throughout the units. The property includes a clubroom and playground.

July 22, 2015

Office Texas

IH Capital Opens New Office in Downtown Dallas

by Haisten Willis July 22, 2015

DALLAS — IH Capital LLC has opened its North Texas office at the Republic Center in downtown Dallas. The IH Capital Dallas office is led by Chance Johnson, who heads the company’s Southwest region CMBS lending platform. “I’m excited to open the Dallas office for IH Capital and expand its market presence throughout the Southwest region,” says Johnson. “I’m confident IH Capital’s local presence will result in a healthy deal flow and winning our fair share of business. Furthermore, boots on the ground locally will provide responsiveness with firsthand local market knowledge to serve our client needs throughout the South.”

July 22, 2015

Industrial Texas

Hines Begins Construction on Industrial Buildings in Irving

by Haisten Willis July 22, 2015

IRVING, TEXAS — Hines, in conjunction with AEW Capital Management, has begun construction on Phase II of Parc 114 Business Park in Irving. Phase II will include two new buildings totaling 191,262 square feet with a projected completion date in early 2016. Stream Realty Partners will provide leasing, marketing and property management services for the project. Parc 114 is a 52-acre master-planned business park located at 6501 N. Beltline Road. Phase I includes six industrial buildings totaling 404,777 square feet that are 100 percent leased. Tenants include Chrysler Group LLC, Nautilus Hyosung America, Nissan and Walgreens. Phase II of Parc 114 will feature a distinctive architectural design that will complement the existing buildings in the park. The rear-load, dock-high buildings will accommodate tenants ranging from 16,000 square feet to 135,253 square feet and will feature generous parking and truck courts. Centrally located in the Dallas-Fort Worth area, Parc 114 is directly adjacent to the DFW International Airport, just south of State Highway 114. Bob Hagewood and Jeremy Kelly of Stream’s industrial division in Dallas will lease and market Parc 114 on behalf of the landlord, Hines. Stream’s Priscilla McKinney will oversee property management of the property.

July 22, 2015

Retail Texas

Venture Arranges LA Fitness Deals in North, Central Texas

by Haisten Willis July 21, 2015

SACHSE AND SAN ANTONIO, TEXAS — Venture Commercial Real Estate has represented Fitness International LLC in deals for two new LA Fitness clubs in Sachse and San Antonio. Venture’s John Zikos, Jonathan Cooper and Cheryl Hill represented LA Fitness in both deals, working with Walt Brown Jr. and Tim Dollander of Diversified Partners, master brokers for LA Fitness in the Southern United States. In north Texas, LA Fitness has signed a lease and will soon begin construction on a 37,000-square-foot facility that will anchor the Woodbridge Gate development located on the southwest corner of Highway 78 and Woodbridge Parkway in Sachse. David Watson of Direct Property Services Inc. represented the landlord. The Sachse club is expected to open in early 2016. In central Texas, LA Fitness has acquired a five-acre tract of land and has begun construction on a prototype facility in the newest phase of the Potranco Village development, located on the northeast corner of Potranco Road and Loop 1604 in San Antonio. Wade McGinnis represented the seller, Barshop & Oles Co. The Potranco Village club is expected to open in late 2015. Founded in 1984, LA Fitness has more than 650 locations in the U.S. and Canada.

July 21, 2015

Hospitality Loans 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

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