WYLIE — Ross Stores will open a new, 22,000-square-foot facility, located at Woodbridge Crossing Shopping Center in Wylie. The shopping center is anchored by Super Target and Kohl's and includes retailers such as Rue 21 and Rack Room Shoes. Direct Development is handling the property's development.
DALLAS — Stream Realty Partners is planning to lease 40,000 square feet of office space at Trammell Crow Center, a 1.2 million-square-foot office tower located in Dallas' Art District. The 50-story tower's tenants include Vinson & Elkins, Baker Botts and PricewaterhouseCoopers. Stream Realty will move into the tower in fall 2012. The firm is expanding its Dallas office to the tower due its 30 percent growth since January 2011. Stream Realty was recently awarded the tower's leasing and management duties.
Like other markets in the country, the Fort Worth office market began its decline in 2007, got worse in 2008 and 2009 and then visibly rebounded by the end of 2010. The ‘bottom’ of the market, by general consensus of local brokers, was in mid-2010. Without the booming energy business, conditions would have been much worse. Additional market drivers that helped support the local economy and office market during the recession were healthcare and government. The Central Business District Class A sector is comprised of 13 projects with 5.39 million square feet, while the Class B inventory includes 31 buildings with 3,726,829 square feet. Including Class C buildings, total office inventory is a little more than 10 million square feet and the current overall vacancy rate is 12.1 percent. The reported Class A rent averages $26.87 per square foot, plus electricity. The Class B reported average rent is $18.38 per square foot, plus electricity, according to the most recent CoStar Market Report. Other Fort Worth submarkets include Northside, Southside, Alliance, Wise County and Hood County. The downturn and recovery has looked like the classic hockey stick pattern — slow downturn and sharp upturn toward the previous high when things started …
HOUSTON — GE Energy will invest $10 million into the development of a 50,000-square-foot oil and gas training facility, located at GE's Drilling System Technology Center in Houston. The facility is slated to open in the fourth quarter of 2012, and will create approximately 100 new technical jobs.
LEAGUE CITY — Satterfield & Pontikes Construction has finished the construction of a $4 million Park and Ride facility for Gulf Coast Center MHMR Connect Transit, located at the University of Texas Medical Branch Victory Lakes campus in League City. The project includes a 1,872-square-foot terminal building and parking for more than 400 cars. PGAL provided architectural and design services, and The Goodman Corporation and the Office of Facilities Planning & Construction for UTMB-Galveston provided management services.
HOUSTON — Cadence McShane has completed the construction on a 253,838-square-foot tenant improvement assignment for an industrial property, located within the Guhn Road Distribution Center at 6535 Guhn Road in Houston. Cadence McShane worked on behalf of Forum Energy Technologies, completing a 20,000-square-foot office component and customized research and development space. Richard Moody Architects provided architectural services for the project.
DALLAS — A 364-room Holiday Inn Select North Dallas, located at 2645 LBJ Freeway in Dallas, has been sold. The 217,789-square-foot, two-tower hotel features 14,223 square feet of meeting space and an indoor/outdoor atrium pool. Hank Wolpert of Colliers International's Dallas office represented the seller, LNR Property, in the transaction.
HOUSTON — Hudson Realty Capital has funded a $5.6 million bridge loan for a 275-unit, garden-style apartment complex, located in Houston's Sharptown/Westwood submarket. The 232,895-square-foot complex is 92 percent occupied and featues two swimming pools, a courtyard, laundry facilities, covered parking and patio/balconies for the units. The loan is being used toward the property's acquisition and capital improvements on behalf of the borrower, a multifamily property owner.
HOUSTON — Atlanta-based Post Properties plans to develop a 242-unit, $34.3 million apartment complex called Post Richmond Avenue, located in Houston. Post is anticipating a third quarter 2013 delivery for the apartment community. Post currently has more than 1,810 units in six apartment communities under development.
HUMBLE — Lexington Realty Trust, in a joint venture with an 85 percent equity partner, has acquired a 55,650-square-foot inpatient rehabilitation hospital, located in Humble, for $27.8 million. The property is leased to SRP Triumph NE Houston LP for a remaining 17 years. The obligations of the tenant under the lease are unconditionally guaranteed by RehabCare Group and Kindred Healthcare. The acquisition was partially funded by a $15.3 million non-recourse mortgage.