HOUSTON — Parkway Properties has signed a contract agreement to acquire the 626,000-square-foot Phoenix Tower, a 26-story Class A office building located in the Greenway Plaza submarket of Houston, for $124.5 million. The office tower is LEED Gold certified and is 84.5 percent leased. Parkway has plans to place a secured first mortgage on the property after closing that will equate to 65 percent of the purchase price, approximately $80.6 million.
ALLEN — A joint venture between Fort Worth-based Trademark Property Co., New York-based Coventry Real Estate Advisors, Tennessee-based Southern Land Co. and Los Angeles-based PCCP has acquired Watters Creek at Montgomery Farm, a Class A mixed-use project in Allen. Watters Creek is a 706,000-square-foot development that consists of 100,000 square feet of office space, 356,000 square feet of retail space and the 233-unit Lofts at Watters Creek. The joint venture acquired the note on the property from a multi-bank syndicate led by PNC Bank. PCCP provided the capital through its PCCP Equity VI fund. Trademark has also signed leases at Watters Creek with Z Gallerie for 8,500 square feet and Texas Health Resources for 6,000 square feet.
DALLAS AND HOUSTON — AutoNation has signed agreements to acquire Audi, Porsche and three Volkswagen dealerships in the Dallas area, along with Spring Chrysler Jeep Dodge Ram in Houston. The six dealerships are projected to sell 14,000 new and used vehicles in 2012. At the end of this deal, AutoNation will have 50 franchises in Texas. The Boardwalk Audi and Boardwalk Porsche are located in Plano and the Boardwalk Volkswagen stores are located in Dallas, Richardson and McKinney.
JACKSONVILLE — Lon Morris College, a 168-year-old junior college in Jacksonville, will be sold at auction following filing for bankruptcy. AmeriBid will conduct the auction at 300 Crescent Court on the 12th floor in Dallas. The 112-acre campus features a library, chapel, administration building, classroom facilities, student center, dormitories and intramural fields. The former United Methodist college was formerly the state's oldest two-year college.
EULESS — ARA has arranged the sale of The Stoneleigh at Bear Creek, a 436-unit Class A multifamily property located in Euless. Brian O'Boyle, Sr., Brian O'Boyle, Jr., and Brian Murphy of ARA's Dallas office represented the seller in the transaction. The property is 96 percent occupied.
ODESSA — SCC Healthcare Group has broken ground on the $10 million, 43,000-square-foot Madison Medical Resort, a post-hospital recovery, skilled nursing and long-term care community located in Odessa. The facility, which is slated for a summer 2013 opening, should create 150 new jobs. The property will feature personal laundry services, a courtyard, private dining room and large flat-screen TVs in every room.
MANSFIELD — California-based Don Lee Farms has acquired a 140,000-square-foot food production and distribution facility in Mansfield. Don Lee Farms produces beef, pork, turkey, chicken, vegetarian and vegan food products, which are sold at Costco, Whole Foods, Sam's Club and Walmart.
KATY — Marcus & Millichap has secured the sale of Cinco Ranch Plaza, a 14,269-square-foot shopping center located at 5131 S. Fry Road in Katy's Cinco Ranch community. The center's list price was $2.53 million. Tanner McGraw and Jonathan Peranich of Marcus & Millichap's Houston office represented the seller, a developer, in the transaction. Justin Miller and David Knobler, also of Marcus & Millichap's Houston office, secured and represented the buyer, a private local investor.
DALLAS — The AIDS Healthcare Foundation (AHF) is opening a new 3,600-square-foot clinic known as the Dallas AHF Magic Johnson Healthcare Center. The clinic will be located in Medical City at 7777 Forest Lane, Suite B-122 in Dallas. The property will feature four exam rooms and a pharmacy. AHF operates 21 other clinics nationwide.
FORT WORTH — Jones Lang LaSalle has arranged Residential Credit Solutions' 106,500-square-foot office lease at 4708 Mercantile Drive in Fort Worth. Pat McDowell and Matt Montague of Jones Lang LaSalle represented the tenant in the lease transaction. Brian Randolph and Andrew Ward of Mercantile Partners represented the landlord.
