AUSTIN, TEXAS — Bell Partners Inc. has acquired the 250-unit Presidio Apartments in Austin and will take over management responsibilities. Bell Partners has renamed the property Bell Lake Creek. The Bell Lake Creek complex offers one-, two- and three-bedroom floor plan options. The community’s amenities include a 24-hour fitness center, Mediterranean-style swimming pool with sun deck, resident clubroom and picnic areas with grills. To date, Bell has invested more than $190 million in apartment properties, including this latest purchase.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of five multifamily properties in Corpus Christi totaling 836 units. The sale completes the disposition of an 11-property, 1,773-unit Corpus Christi apartment portfolio. The other six assets in the portfolio were sold previously to multiple buyers. Joe James, Kent Myers and J. Patrick Burke of Marcus & Millichap represented the seller, a private individual. The buyer is a Texas-based limited partnership. The five properties include: Briarcroft and Sky Harbor Apartments, Carmel Manor Apartments, Churchill Square Apartments, Fairway Apartments and Harper’s Corner. Briarcroft and Sky Harbor Apartments was constructed on approximately 23.3 acres at 7218 S. Padre Island Drive. The property’s 299 units were nearly 95 percent occupied at the time of sale. Carmel Manor Apartments, a 72,549-square-foot property, is located at 1001 Carmel Parkway. All 74 units were occupied at close. Churchill Square Apartments is located at 302 Western Drive. All 107 units were occupied at close. Fairway Apartments is located at 6440 Everhart Road and its 149 units were 94 percent occupied at close. Lastly, Harper’s Corner is located at 6602 Everhart Road. At close, nearly 95 percent of the property’s 207 units were occupied.
CARROLLTON, TEXAS — CBRE’s Private Capital Group in Dallas arranged the sale of Hebron Heights Shopping Center in Carrollton. The 59,356-square-foot neighborhood shopping center is located in northwest Dallas at the corner of Hebron Parkway and Old Denton Road. Hebron Heights Shopping Center is 87 percent occupied with a tenant roster including Tuesday Morning, Dunkin’ Donuts/Baskin Robins, Just Fitness 4U and Quiznos Subs. The buyer, an affiliate of the Tabani Group, purchased the center for an undisclosed amount. Jennifer Pierson and Beth Pierson of CBRE’s Dallas office represented the seller.
TEXAS — Gander Mountain, an outdoor equipment retailer based in St. Paul, Minn., has plans to open four new stores in Texas this fall. The four stores will be located in Lewisville, Mesquite, Round Rock and San Antonio. The Lewisville store will be located at 723 Hebron Parkway in the Lakepointe Towne Crossing Shopping Center and will span 45,000 square feet. The Mesquite store will be home to the first Gander Mountain Firearms Super Center in Texas. The 31,000-square-foot store will be located at 3775 Childress Ave. The Round Rock store will span 49,000 square feet and be located in the Round Rock Shopping Center at 3021 S. Interstate 35. The San Antonio store will also span 49,000 square feet and be located in the Westover Marketplace Shopping Center at 8203 State Highway 151. The retailer expects to create approximately 350 jobs with the new stores.
COLLEGE STATION, TEXAS — CBRE'S National Retail Investment Group has arranged the sale of Bryan Towne Center, a 52,268-square-foot retail center in College Station. New Jersey-based Lamar Cos. purchased the property, which is 66 percent leased to retailers such as Dollar Tree, Rack Room Shoes, Maurice's and rue21. The center is also shadow-anchored by Target. Chris Cozby, Chris Gerard and Kevin Holland of CBRE represented the seller, a subsidiary of BMO Harris Bank N.A., in the transaction.
MARBLE FALLS, TEXAS — The Scott & White Specialty Clinic-Marble Falls, a 66,000-square-foot medical office building (MOB) in Marble Falls, has opened for business. Scott & White Healthcare partnered with the Dallas office of Duke Realty to develop the three-story medical office building, which is located on the campus of a planned 46-bed hospital in Marble Falls. The MOB will house multiple primary care and specialty and diagnostic clinics. Duke Realty Limited Partnership owns the property. The project team includes architect Jacobs Engineering Group and general contractor DPR Construction.
FORT WORTH, TEXAS — The General Services Administration (GSA) has selected a joint venture between Trammell Crow Co. and USAA Real Estate Co. to develop the southwest region headquarters for the Federal Aviation Administration (FAA). The six-story, build-to-suit office development will be located in the Alliance Park in Fort Worth. The headquarters building will span 357,214 square feet. Construction is slated to begin in September and wrap up in October 2015. The project team includes Gensler, Manhattan Construction Co., B & A Consulting Engineers, Haynes Whaley Associates, Mycoskie Mcinnis Associates, Pacheco Koch and Weidlinger Associates. GSA was self-represented in the 20-year build-to-suit lease by Nancy Lopez, along with Kelly Winn of Studley.
PLANO, TEXAS — Trammell Crow Co. and Principal Real Estate Investors (PREI) have formed a joint venture to develop Legacy Towers, a two-phase speculative office building project located at the southeast corner of the Dallas North Tollway and Legacy Drive in Plano. The joint venture has begun the demolition of the former Stacy Furniture headquarters building at the site. Phase I of Legacy Towers includes a 13-story, 342,066-square-foot office tower and six-story parking structure, which will be connected via an air-conditioned walkway. Trammell Crow and PREI expect the tower will be available for occupancy in third quarter 2014. The joint venture and the architect, HKS Inc., are designing Legacy Towers to achieve LEED Gold certification. Wells Fargo is the project lender, and CBRE Dallas is marketing and leasing Legacy Towers.
SAN ANTONIO AND HOUSTON — Dallas-based Fountain Residential Partners has broken ground on two student housing projects in Texas, which will house students from The University of Texas at San Antonio (UTSA) and The University of Houston (UH). Occupancy is slated to begin for fall 2014 for both Prado near UTSA and The Vue on MacGregor near UH. Prado, a 498-bed community with a 6,000-square-foot restaurant and 10,000-square-foot, two-level amenity center, will be located across the street from UTSA. The development will include granite countertops, open floor plans, wood-like flooring, stainless steel appliances, 50-inch flat-screen TVs with DVR and WiFi throughout. The Vue on MacGregor, a five-story, 347-bed community, is the first privately owned, off-campus student housing community serving UH. The project is located within walking distance to campus and near two new light-rail stations. Dallas-based Centerpoint Builders will be the general contractor for both projects. Dallas-based Grand Campus Living will provide leasing and management services for both communities. Stuart Roosth Architects designed Prado, and 5G Studio designed The Vue on MacGregor.
DALLAS — David Disney, formerly with UCR Investment Sales, has closed on the sale of Preston Oaks, a 103,000-square-foot grocery-anchored shopping center in Dallas. The center is located at the southeast corner of Preston Road and Royal Lane in the Preston Hollow neighborhood. H-E-B's Central Market grocery concept anchors Preston Oaks. Other tenants include White House | Black Market, Gap, Pier 1 Imports, Francesca's, Neighborhood Services and McDonald's. Jacksonville, Fla.-based Regency Centers acquired the center in an off-market transaction from a partnership controlled by Trademark Property Co. Disney, along with Stuart Brackenridge of Regency Centers, represented the buyer in the transaction. The seller was self-represented.