FORT WORTH, TEXAS — Hillwood Properties has leased 292,500 square feet of industrial space within Alliance Global Logistics Hub in Fort Worth. The space, which is located within the 562,500-square-foot Westport 20 building, will be occupied by Alliance Brokers Inc., an affiliate of Trans-Trade. The building is located in the newly created Alliance Heavy-Load Container Area, which provides heavy-load logistics support for the adjacent BNSF Intermodal Facility. The Westport 20 building is one of five speculative buildings totaling 1.8 million square feet that were completed between 2007 and 2008. Alliance Global Logistics Hub is part of the 17,000-acre, 29 million-square-foot AllianceTexas development.
DALLAS — The Woodall Rodgers Park Plaza Foundation is set to receive $16.7 million in federal stimulus funds toward the construction of a deck plaza over the Woodall Rodgers Freeway in downtown Dallas. The Texas Department of Transportation Commission awarded the funds. The project will connect downtown, the Arts District, Uptown, and Victory Park, and a 5-acre urban park called The Woodall Rodgers Park will be built on top of the deck plaza structure. Plans for the $80 million deck park include jogging trails, a dog park, a children’s playground, a restaurant, a performance pavilion, a water sculpture, and an area for games. The Office of James Burnett, in conjunction with engineering firm Jacobs Carter Burgess, is designing the park. Bjerke Management Solutions is project manager. The Woodall Rodgers Freeway Deck Plaza is funded and developed through a public/private partnership including the Texas Department of Transportation, the City of Dallas, the North Central Texas Council of Governments, and the private sector’s Woodall Rodgers Park Foundation. Utility construction began in February; deck construction is slated for late summer or early fall. The shovel-ready transportation enhancement project is estimated to create 1,000 immediate jobs and stimulate additional economic development and job growth …
GARLAND, TEXAS — Metro Wing LLC, a Denver-area investment group, has acquired a 59-unit multifamily community in the Dallas/Fort Worth suburb of Garland. The group purchased the foreclosed property, Kent Apartments, from the Wachovia Bank REO division for $900,000. Kent Apartments, which was put into foreclosure last fall, consists of one- and two-bedroom units throughout four buildings on 2.1 acres. Metro Wing has implemented a 60-day property stabilization plan and improvements are already under way.
FORT WORTH, TEXAS — A 24,340-square-foot Goody Goody Liquor store recently opened at Ridglea Plaza, Centro Properties Group’s retail center located south of Interstate 30 on the southwest corner of Camp Bowie Boulevard in Fort Worth. Ron Patton of Dallas-based Patton Interests represented the tenant in the transaction. Mike Watson with New York-based Centro Properties Group represented the owner.
SAN ANTONIO — Marcus & Millichap has completed the sale of Stoneterra Medical Plaza, a 57,211-square-foot medical property located at 150 E. Stoneterra Blvd. in San Antonio, for $13.7 million. The three-story building was constructed in 2006. It is fully occupied, with San Antonio Orthopaedic Group as the primary tenant. The medical center is situated near North Central Baptist Hospital, Baptist Regional Children’s Center, Methodist Ambulatory Surgery Center, Laurel Ridge Treatment Center, North Central Urgent Care and Spine Hospital of South Texas. Alex Zylberglait with Marcus & Millichap’s National Office & Industrial Properties Group and Ryan Shaw with the firm’s Miami office represented the seller, a locally based medical group, and the buyer, a New York-based group. Marcus & Millichap’s Dallas office provided local representation.
TULSA, OKLA. — Hendricks & Partners (H&P) has brokered the sale of The Highlands, a 593-unit apartment community located at 6000 S. Memorial Dr. in Tulsa, for $11.5 million. The Highlands is the second largest multifamily community in Tulsa and consists of 97 two-story, garden-style buildings on 33.39 acres. They contain a mix of studio, one-, two- and three-bedroom residences. Community amenities include a two-level fitness center, three swimming pools, several laundry facilities, a leasing office/clubhouse, a conference room and a business center. The buyer was Omaha, Neb.-based Tulsa Highlands LP, and the seller was the Federal Home Loan Mortgage Corp. Aaron Hargrove of H&P’s Tulsa office, Tim McKay of the firm’s Oklahoma City office and John Clayton of the firm’s Little Rock, Ark., office negotiated the transaction.
HOUSTON — HREC Investment Advisors has arranged the sale of the Hampton Inn & Suites Cypress Station, a 74-room hotel located in Houston. The property was acquired by an out-of-state owner/operator from a Houston-based developer. The buyer also acquired an land parcel adjacent to the Hampton Inn for a future hotel development. The acquisition price was not disclosed.
FORT WORTH, TEXAS — Beverly Hills, Calif.-based StarPoint Commercial Properties has acquired the commercial component of The Tower Complex, located at 500 Throckmorton St. in downtown Fort Worth. Included in the sale was two levels of retail and Class A office space at the base of The Tower that total approximately 73,000 square feet, as well as 109,000 square feet of retail and office space located in the Annex, which is situated directly across the street from The Tower. Notable tenants include Capital One, Chesapeake Energy, Cantina Laredo and Texas Capital Bank. The Tower also contains 295 residential condominiums over 37 floors that were not included in the sale. StarPoint Commercial Properties provided in-house representation in the transaction. Tom Salanty with the Dallas office of Cushman & Wakefield represented the seller, TLC Green Property Associates. The acquisition price was not disclosed.
SAN MARCOS AND LEAGUE CITY, TEXAS — Dallas-based Dunhill Partners has disposed of San Mar Plaza, a 185,092-square-foot community shopping center located in San Marcos. The property was 100 percent occupied at the time of closing by a tenant roster that is anchored by Hobby Lobby, Tractor Supply and Hastings Entertainment. Additional tenants include Dollar General, Payless ShoeSource and Verizon Wireless. The property was acquired by San Francisco-based Ratel Value Fund I. In addition, Dunhill Partners has acquired South Shore Marketplace, a 32,013-square-foot community shopping center located in League City. Tenants at the property include Subway, AT&T, Century 21 and Chase Bank. The center is shadow-anchored by a Kroger. The seller was Jacksonville, Fla.-based Regency Centers. The acquisition prices in both transactions were undisclosed.
DALLAS — Coppell Beer & Wine Inc. has acquired a 1.45-acre land parcel, located at 3203 Kirnwood St. in Dallas, for the construction of a new Sleep Inn & Suites hotel. The site is situated near a Walmart Supercenter and Wheatland Marketplace, a fully occupied retail center. Randall Chrisman of The Chrisman Company represented the buyer. Thad Beckner of locally based Henry S. Miller Brokerage represented the seller, Newcastle Plaza Associates LP. The construction timetable was not released.