NEW BRAUNFELS — Marcus & Millichap has secured $10.32 million in refinancing with cash-out for a 164-unit multifamily property in New Braunfels. Jake Roberts and Anita Paryani of Marcus & Millichap's West Los Angeles office arranged the 7-year loan with a 30-year amortization schedule.
FLOWER MOUND — CIG Retail Properties has acquired 31,939 square feet of retail space from Town View Plaza Ltd., located at 1900 Long Prairie Rd. in Flower Mound. Jennifer Pierson and Beth Pierson of CBRE's Dallas office represented the seller in the transaction.
ARLINGTON — Lee & Associates has arranged a 50,888-square-foot flex lease, located at 2300 E. Randol Mill Rd. in Arlington. Mark Graybill and Donnie Rohde of Lee & Associates Dallas/Fort Worth office represented the landlord, RREEF Asset Management, in the lease transaction. Ken Boyd with Dallas-based Jackson & Cooksey represented the tenant, Petmate.
BIG SPRING — Houston-based Central Management has been retained as property manager for the 27,074-square-foot Big Spring Marketplace, a shopping center located at 111 E. Marcy Dr. in Big Spring. Jan Echard of Central Management's Dallas office will serve as the property manager.
As the national market recession began in 2008, and started to settle in throughout the city of Houston around mid-year 2009, businesses focused on the implementation of efficiency, accomplishing more with fewer resources applied to the daily routine. In most business models, the most expensive resources are the current staff, followed closely by office space. In that most office leases are illiquid, downsizing of non-essential personnel is logically the most expedient way to an immediate impact on the bottom line during an economic downturn. However, this also results in an immediate surplus of office space per person or phantom vacancy; a pattern logically should trend downward during a recessionary cycle in the economy. According to CoStar data from the 3rd quarter 2011 webinar, the average square footage per worker has increased by almost 10% since 2008, and leveling off after 2009 without significant decrease. Certainly, the trend is quite the opposite of what we would expect today, arguably even in a stable economy as the trend is increasingly toward efficiency. However, such excess may not only be to the lack of the ability to dispose of such vacancy, but the intentional positioning where employers are seeking to recruit quality personnel …
SAN ANTONIO — Criterion Property Co. and Regent Communities have started developing the 230-unit 1800 Broadway, a luxury multifamily community in downtown San Antonio. The property will include a fitness center, resort-style pool, outdoor grilling kitchen, covered wet kitchen and flat-screen TVs. The development broke ground in October and is slated for a summer 2013 completion. The property is being built to achieve National Green Building Standard and Energy Star certifications.
FARMERS BRANCH — Hartung Glass Industries has purchased an 81,700-square-foot manufacturing facility, located at 12900 Nicholson Rd. in Farmers Branch. Jerod Hangartner of TIG's Dallas office represented the buyer in the transaction. Jones Lang LaSalle represented the seller.
FRISCO — Del Taco has purchased a 36,000-square-foot retail pad site in Hickory Center at Preston, a shopping center located on the southwest corner of Preston Road and Gary Burns Drive in Frisco, for a new Del Taco restaurant. Ken Reimer and Amy Pjetrovic-Hunnicut of Venture Commercial Real Estate's Dallas office and Joe Gampper of Dallas-based Integral Real Estate Services represented the seller, Allegiance Frisco, in the transaction. Steve Ewing of EDGE Realty Partners represented the buyer.
FORT WORTH — Cushman & Wakefield of Texas has arranged the sale of a 14,674-square-foot industrial property, located at 1315 Riverside Dr. in Fort Worth. Pete Richardson and Drew Richardson of Cushman & Wakefield's Dallas office represented the buyer, Hearthstone Properties, in the transaction. The pair also negotiated the buyer's lease transaction with Houston-based TNT Crane & Rigging, the new tenant. Bob Scully of CBRE's Fort Worth office represented the seller, Bright Truck Leasing.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $7.58 in mortgage financing for the 206-unit Hunter Creek Apartments, located at 1563 S. 79th E. Ave. in Tulsa. Todd McNeill of MCA arranged the 10-year loan through the Fannie Mae DUS loan program. The property is currently 94 percent occupied.