SAN ANTONIO — REOC (Real Estate Operating Co.) Partners Ltd. has announced the end of its affiliation with the NAI Global network. The firm was founded in San Antonio in 1974 and has since expanded to employ more than 70 associates at its REOC San Antonio, REOC Austin, REOC Corpus Christi and REOC Del Rio offices. “With the national and international spotlight on Texas, we believe now is the time for REOC to reestablish its identity as a Texas-based and Texas-focused real estate company,” says Todd Gold, REOC president and managing partner. “By emphasizing our Texas roots, we are confident that new clients will recognize our distinct advantage over service providers not based in these Texas communities.”
Texas
HOUSTON — NAI Houston has brokered the sale of a 302,800-square-foot industrial property at 6501 Navigation Blvd. in Houston’s Downtown Eastside Industrial submarket. The building, a warehouse facility situated on 21.5 acres, houses multiple tenants. Clay Prichett of NAI Houston represented the buyer, Quasar Navigation LTD. Jim Foreman and Beau Kaleel of Cushman & Wakefield represented the seller, GSL Navigation SUB 34 LLC.
MESQUITE, TEXAS — ARA has brokered the sale of Trinity Place Apartments, a 267-unit, Class B multifamily community in Mesquite, a suburb approximately 12 miles east of downtown Dallas. The apartments, which average 987 square feet each, were 92 percent occupied at the time of the sale. Originally constructed in 1985, the property features elevators in each of its residential buildings. Richard Furr, Brian O’Boyle Sr. and Brian Murphy of ARA marketed the asset on behalf of the seller, the name of which was not disclosed.
DALLAS — SkyWalker Property Partners has acquired the historic Hughes Brothers Candy Factory property, located at 1401 S. Ervay St. in Dallas. Acting on behalf of the Hangover Opportunity Fund, SkyWalker plans to invest approximately $3.2 million into the conversion of the facility into apartments. The five-story building totals 7,000 square feet in The Cedars, one of the city’s oldest neighborhoods. Theron Bryant of SCM Real Estate Services brokered the transaction. Frieda Bosh, mother of Miami Heat forward and Dallas native Chris Bosh, was the seller.
CEDAR PARK, TEXAS — Cadence McShane Construction Co. has completed Scottsdale Crossing Building One, a speculative light industrial/office flex property totaling 27,500 square feet in Cedar Park, approximately 20 miles north of Austin. Located at 5900 Highway 183-A, the property is part of developer TIG Real Estate Services’ larger Scottsdale Crossing Commerce Park development. Built for a single or multiple tenants, the single-story facility features a tiltwall panel exterior, overhead dock doors and aluminum windows. Studio 8 Architects, based in Austin, provided architectural services for the project.
HOUSTON — HFF has brokered the sale of two office buildings totaling 165,146 square feet in Houston’s Energy Corridor. The 102,880-square-foot property located at 1250 Wood Branch Drive was 88.9 percent leased at the time of the transaction, and the 62,002-square-foot property located at 11931 Wickchester Lane was 76.6 percent leased. Both offer convenient access to Interstate 10. Martin Hogan and Dan Miller led the HFF team representing the seller, Peloton Capital Partners. Dornin Investment Group purchased the assets.
SAN ANTONIO — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Meridian, a 146-unit apartment complex in San Antonio. The asset, located at 680 E. Basse Road, is in close proximity to Quarry Golf Club, Alamo Quarry Market and two of the city’s most prestigious office properties, The Concord and One International Center. Features of the community include private alarms, garden tubs, double ovens, a clubhouse and multiple fitness rooms. Will Balthrope and Scott Lamontagne of IPA represented the seller, a private investor based in San Antonio. The buyer is a national acquisitions and management firm also based in San Antonio.
HOUSTON — Hoar Construction has completed Granite Briarpark Green, a 300,000-square-foot spec office property in Houston’s Westchase district. Developed by Granite Properties, the 12-story, Class A tower features a two-story entry lobby, fitness center and 361,000-square-foot parking facility exclusively for Granite Briarpark Green tenants. PGAL served as architect on the project, which is designed to achieve LEED Gold certification and boasts energy performance 21 percent above current construction sustainability standards.
DALLAS — Lee & Associates has arranged the lease of 81,255 square feet of industrial space at 2677 Northaven Road in Dallas. The property offers 28-foot ceiling clear heights, 18 dock-high loading doors and close proximity to the interchange of Interstates 635 and 35 East. Nathan Denton of Lee & Associates represented the landlord, GTI Management Co., in the negotiations. Tim Vogds with CBRE represented the tenant, Logistics Plus.
Dallas/Fort Worth’s office market has experienced some of the strongest leasing activity in its history and will continue to tighten through 2013 as job sectors that demand space lead to record expansion. Additions to local office inventory should more than double this year compared with 2012. Meanwhile, pre-leasing has been steady, and its impact on the vacancy rate is predicted to be minimal. However, vacancy may start to inch up in 2014 as developers fill the pipeline with sizable speculative projects. Far North Dallas has become a draw for major corporate relocations, and therefore a hotbed for office development. This is due in part to the area’s relatively affordable housing and well-rated schools. Space slated for delivery this year in Far North Dallas has been largely spoken for, but the area is also home to one of the largest speculative projects underway, a 342,000-square-foot office tower scheduled to become available in late 2014. Office development has also increased in the Fort Worth area. That being said, near-term deliveries are expected to be light and limited to buildings less than 75,000 square feet, including some properties dedicated entirely for medical uses. Looking at both quarterly trends and monthly updates, healthy employment …