TULSA, OKLA. — Atlanta-based ARA has opened a new office in Tulsa, which marks the company's 25th office. ARA has selected Brandon Lamb, former founding principal of CrossCap Investment, to head the new operation. The new office is located at 7131 Riverside Pkwy. in Tulsa.
SOUTH PADRE ISLAND — New Braunfels-based Schlitterbahn has plans to open a 221-room, beachfront indoor waterpark hotel known as Schlitterbahn Beach Resort in South Padre Island. The hotel will feature retail, restaurants and an indoor/outdoor convertible waterpark. Phase I of the development is slated to open summer 2012. The hotel will operate year-round.
PLANO — A branch of Chase Bank, located at 161 W. Spring Creek Pkwy. in Plano, has been sold for $2.95 million. Alvin Mansour San Diego, Calif.-based The Mansour Group of Marcus & Millichap represented the seller, a local developer, in the transaction. The buyer was a private trust in a 1031 exchange.
KINGWOOD — Love Funding has secured $6.64 million in refinancing for the Rosemont Assisted Living and Memory Care center in Kingwood. Brian Robertson of Love Funding's St. Louis office arranged the 35-year loan through HUD's 232/223(a)(7) LEAN program.
HUMBLE — Dallas-based Net Realty Advisors has arranged the sale of a 8,000-square-foot freestanding retail property leased to Family Dollar, located at 10803 Will Clayton Pkwy. in Humble. Family Dollar has recently signed a 10-year lease at the location. Gavin Kam and Brad Kam of Net Realty Advisors represented the West Coast-based buyer in the transaction.
DALLAS — Newport Beach, Calif.-based KBS Realty Advisors signed Staffelbach Designs and Associate, an architectural firm, to a lease renewal of 19,855 square feet of office space at KBS' 2525 McKinnon office tower in Dallas. The 109,810-square-foot office tower is 90 percent leased. Staffelbach Designs was self-represented in the lease transaction. Kim Brooks of Transwestern's Dallas office represented the landlord.
Austin’s industrial market tends to be a bell-weather for the local economy, as the market is more focused on local consumption rather than logistics for the transport of goods to other markets. As a result, employment and the overall health of the local economy are reflected in the demand and supply of warehouse, flex and general industrial product. Austin’s go-go economy of 2005 until 2008 saw a rapid absorption of product, as well as more than 2 million square feet of new developments that hit the market during that period. As the economy turned south in 2008, employment numbers and consumer confidence followed. The result was that new product delivered in 2008 and early 2009 took longer to lease. There were also casualties over this time period as projects such as Centerpoint at Colorado Crossing and Plaza 35 went into foreclosure. We are now seeing a return to normalcy, as absorption improved markedly with 477,518 square feet of industrial product absorbed in the third quarter. This is broken down into 183,577 square feet of warehouse/distribution product, 150,121 square feet of general industrial product and 143,820 square feet of R&D/flex space. This market sector has witnessed significant fluctuations in absorption during …
SAN ANTONIO — Corporate Office Properties (COPT) has sold a 95,000-square-foot office building, located at Sentry Gateway 100 in the Sentry Gateway office campus in San Antonio, for $15.5 million. COPT built the property in 2010, and the building was vacant at the time of the sale. The sale represented an opportunistic asset for the end user.
ALLEN — Connecticut-based Frontier Communications Corp. has opened a 84,000-square-foot communications center, located at 805 S. Central Expy. in Allen. The center houses 500 employees and features a National Operations Center with specialized telecommunications equipment.
HOUSTON — Houston-based GSL Welcome Group has acquired a 48,710-square-foot office/warehouse property, located at 4300 Pasadena Freeway and Beltway Green Boulevard in Houston. The acquisition is GSL's 14th property in the Deer Park/Pasadena area. Hagemeyer North America is the property's sole tenant. Welcome Wilson and Danielle Gann represented the buyer in the transaction. Tyndall Yapp of Capital Commercial represented the seller, Capital Commercial Investments.