MESQUITE, TEXAS — Proterra Properties Inc. has purchased a 31,650-square-foot industrial building in Mesquite, a suburb of Dallas approximately 13 miles east of downtown. Situated on 5.7 acres at 2615 Big Town Blvd., the property is currently occupied by Cummins Southern Plains LLC and includes 4,000 square feet each of office space and showroom space. Dave Anderson of CBRE represented both Proterra and the seller, the name of which was not disclosed in the negotiations.
Texas
LOWRY CROSSING, TEXAS — The Mansour Group of Marcus & Millichap has brokered the sale of Spec’s Wine Spirits and Distribution Center, a 14,261-square-foot net-leased property in Lowry Crossing, approximately 35 miles northeast of Dallas. The building is one of more than 190 Texas locations of Spec’s Family Partners, which was founded in 1962 and ranked as the fifth largest wine retailer in the U.S. in 2010. Alvin Mansour of The Mansour Group represented the seller, a developer. A California investor purchased the property as part of a 1031 tax-deferred exchange.
SAN ANTONIO — Full-service real estate firm Carter is developing a 590-bed student housing project less than half a mile away from the University of Texas at San Antonio (UTSA). The property will include 121 flats and 77 townhomes in two-, three- and four-bedroom floor plans plus amenities such as a swimming pool, dog park, fitness center and media room. Two prominent retail centers — The Shops at La Cantera and The Rim — and UTSA Park West, the school’s athletic facility, are located within less than a mile. Reese Vanderbilt & Associates is serving as architect, Pape-Dawson Engineers Inc. is acting as civil engineer, SpawGlass is working as contractor and Cardinal Group Management will be the property manager. Construction is slated for completion in July 2014.
ARLINGTON, TEXAS — United Commercial Realty (UCR) has brokered the sale of Plaza at the Parks, a 216,368-square-foot retail asset in Arlington. The shopping center was 85 percent leased at the time of sale to tenants including Michaels, Sam Moon, Chair King and Sun & Ski Sports. Adam Howells, Tommy Tucker, Kevin Catalani, Jessica Donnelli and Tim Axilrod of UCR represented the seller, the Dallas-based commercial real estate developer Hunt Properties. Regional Management Co. purchased the property, which is located in close proximity to the 1.5 million-square-foot Parks at Arlington mall.
HOUSTON — The Boulder Group has brokered the sale of a single-tenant net-leased retail property occupied by Walgreens at 9350 Highway 6 South in Houston for approximately $5.2 million. Completed in 2001, the building totals 15,020 square feet and is situated in close proximity to Home Depot and LA Fitness. More than 17 years remain on Walgreens’ lease of the space. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest investor, in the transaction. A high-net worth individual based in Texas purchased the property.
RICHARDSON, TEXAS — Dallas-based Fobare Commercial and architect Parmadesign have broken ground on Collins Center, a 153,000-square-foot speculative office building in Richardson, approximately 13 miles north of Dallas. Located adjacent to the Arapho Station of Dallas Area Rapid Transit at 1225 Alma Road, the building is slated for completion in January 2014 and will be the first speculative office development in Richardson in the past decade. Collins Center’s ground-level floorplate totals 128,000 square feet, while the mezzanine on the north end of the building totals 25,000 square feet. Rick Currey and Chris Doggett of Fobare will oversee leasing, targeting both call centers and corporate tenants.
IRVING, TEXAS — Taylor-Deal Aviation will relocate its headquarters approximately seven miles south of its current Northwest Dallas home to 911 Maryland Drive in Irving. The new facility totals 68,500 square feet of office and manufacturing space and has been unoccupied since it was vacated by Project Services Group in 2011. Paul Blight of Glacier Commercial represented Taylor-Deal in the lease negotiations. Blight will also market the facility previously occupied by Taylor-Deal.
HOUSTON — Trammell Crow Co. and Principal Real Estate Investors have completed the renovations of Noble Energy Center One, a 497,000-square-foot office building in Houston’s Northwest office submarket. The joint venture has also broken ground on Noble Energy Center Two, an adjacent 470,000-square-foot build-to-suit office building. The campus, located at the corner of State Highway 249 and Louetta Road, serves as the global headquarters for Noble Energy, an oil and gas exploration and production company. Noble Energy Center One has obtained LEED Gold certification, and Noble Energy Center Two is pre-certified LEED Gold. The development team consists of Aaron Thielhorn, Brandon Houston and Brain Altway of Trammell Crow, while Austin Commercial serves as general contractor and Kirksey serves as project architect. JP Morgan and US Bank provided construction financing.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has brokered the sale of Normandy Village, a 180-unit multifamily property in Corpus Christi. Located at 4848 South Alameda St., the complex offers apartments in efficiency, one-, two- and three-bedroom layouts, as well as amenities such as covered parking and three swimming pools. J. Patrick Burke, Kent Myers and Joe James of Marcus & Millichap’s Austin office represented the seller, a limited liability company, and secured the buyer, a California-based partnership.
ADDISON, TEXAS — Retail Realty has brokered the sale of a 30,660-square-foot multi-tenant flex building in Addison, approximately 14 miles north of Dallas. The property, located at 4500 Ratliff Lane, features two drive-in, grade-level doors and clear height ceilings of 14 feet. Dan Avnery of Retail Realty represented the seller, Indus Partners Ltd. Robert Powell with Powell Realty Advisors represented the buyer, GBN Inc.