Texas Real Estate Business

MAY 2016

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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16 • May 2016 • Texas Real Estate Business www.REBusinessOnline.com D A L L A S & F O R T W O R T H GREYSTEEL NEGOTIATES SALE OF WALKER PLACE APARTMENT COMPLEX DALLAS — Greysteel has negotiated the sale of Walker Place, a 67-unit multifamily community in Dallas. Greysteel's Boyan Radic, Doug Ba- nerjee, Andrew Mueller and Ryan Hill served as advisor and agent to 12 Walker MGMT LLC in the sale to Walker Place Apartments LLC. Built in 1987, Walker Place features 17 ef- fciency units, 45 one-bedroom/ one-bathroom units and fve two- bedroom/two-bathroom units. Com- munity amenities include private fenced patios, in-unit washer and dryer connections, ceiling fans and an on-site laundry facility. The prop- erty is located along Highway Loop 12 giving access to major Dallas/Fort Worth thoroughfares such as SH-67 and SH-12. CUSHMAN & WAKEFIELD ARRANGES PAIR OF OFFICE LEASES DALLAS — Cushman & Wakefeld has arranged two ofce leased in Dal- las. In the frst transaction, Condon Thornton Sladek has leased 10,502 square feet of ofce space at 8080 Park Lane. Mike Wyatt and Billy Gannon of Cushman & Wakefeld represented Condon Thornton Sladek in the trans- action. Trey Smith and Ward Eastman of Cushman &Wakefeld represented the landlord, Northwood Investors. In the second transaction, Freese & Goss has leased 9,465 square feet of ofce space in Parkside Tower at 3500 Maple Ave. David Glasscock of CBRE repre- sented Freese & Goss in the transac- tion. Johnny Johnson, Trey Smith and Layne Mayfeld of Cushman & Wake- feld represented the landlord, Cham- pion Partners. M&M ARRANGES SALE OF 185-UNIT APARTMENT BUILDING DALLAS — Marcus & Millichap has arranged the sale of Newport Land- ing Apartments, a 185-unit apartment property in Dallas. John Barker and Daniel Burton of Marcus & Millichap's Fort Worth ofce marketed the prop- erty on behalf of the seller, a limited liability company. Barker also secured the buyer, a private investor. Newport Landing Apartments is located in the Highland Meadows neighborhood of northeast Dallas. The property spans 185 units and 168,802 square feet, with an average unit size of 912 square feet. The complex includes 36 buildings constructed with wood siding and concrete slab foundations. On-site amenities include a swimming pool, 326 parking spots, controlled access gates, business center, clubhouse, courtyard and fve laundry facilities. Unit amenities include freplaces, walk-in closets, frost-free refrigerators and private balconies. IMPERIUM TO REDEVELOP WEATHERFORD TOWN SQUARE WEATHERFORD, TEXAS — Impe- rium Holdings will develop units totaling 18,000 square feet overlook- ing the Parker County Courthouse in downtown Weatherford. The com- pany is leasing and targeting several regional restaurants and entertainers for the town square redevelopment project. An average of 33,000 cars pass through the square, located at the in- tersection of US 51 and US 80, each day. Government, ofce, education and healthcare services are located on and around the square. Imperium ex- pects to complete planning and leas- ing of the town square project in the coming months. MILESTONE ELECTRIC & AIR OPENS OFFICE, TRAINING CENTER GRAND PRAIRIE, TEXAS — Mile- stone Electric & Air Inc. has opened an 11,715-square-foot ofce and train- ing center in the Grand Prairie Tech Center in the Upper Great Southwest Industrial District. The local HVAC contractor has signed a long-term lease at 2302 113th St. Will Dillard and Michael Spain of Dallas-based Brad- ford Commercial Real Estate Services represented the landlord, 2302 113th Street GP. David Rouble of David Rouble Brokerage represented Mile- stone. LEE & ASSOCIATES NEGOTIATES 10,500 SF INDUSTRIAL LEASE DALLAS — Lee & Associates has completed a lease transaction for a 10,500-square-foot industrial space lo- cated at 1606 S. Barry Ave. in Dallas. Corbin Blount of Lee & Associates' Dallas/Fort Worth ofce represented the tenant, The Dallas Firefghter's Museum Inc. Josh Barnes of Holt Lun- sford Commercial represented the landlord, City Warehouse LP. PIERSON RETAIL ADVISORS ARRANGES RETAIL SALE DESOTO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Townsend Square, a 147,235-square- foot retail center in DeSoto. PRA represented the seller, Global Fund Investments LLC. An investor from Dallas, Ron Avneri, purchased the asset. Townsend Square is 67 percent leased to tenants such as Bealls, Fre- senius Medical Care, Chase Bank, Boston Market, Leslie's Pool Supplies, GNC and H&R Block. The entire team at Pierson Retail Advisors in Dallas handled the sale. HUFFINES BREAKS GROUND ON PHASE IV OF APARTMENT COMMUNITY LEWISVILLE, TEXAS — Hufnes Communities has begun construction on Phase IV of Hebron 121 Station in Lewisville. The transit-oriented com- munity's existing 678 units are near 100 percent occupancy. Once Phase IV is complete, Hebron 121 Station will total 1,148 units. The property is near I-35, State Highway 121, the President George Bush Turnpike and the Den- ton County Transit Authority Rail Sta- tion. The city of Lewisville owns and maintains 150 adjacent acres devoted to trails, lakes and green space. Phase IV will consist of four buildings and is being built near the main entrance to 121 Hebron Station on Penn Station Road. Amenities include a pool with swim up bar, a 10,000-square-foot clubhouse, fre pits, sand volleyball courts, ftness center, outdoor grills and Wi-Fi. HYATT HOUSE EXTENDED STAY HOTEL OPENS IN FRISCO FRISCO, TEXAS — A six-foor, 132-suite Hyatt House extended stay hotel has opened in Frisco. The new Hyatt House features one- and two- bedroom suites, all with full kitchens. Other amenities include an indoor pool, business center, ftness center and two meeting rooms. With the hotel's opening, Dallas-based New- crestImage now owns and operates 19 properties with another 11 under construction or in development. CBRE BROKERS 161-UNIT MULTIFAMILY SALE FARMERS BRANCH, TEXAS — CBRE Capital Markets' Investment Prop- erties has brokered the sale of Villa Creek, a 161-unit multifamily commu- nity in the Dallas suburb of Farmers Branch. Villa Creek Drive LLC pur- chased the asset from Villa Creek As- sociates LLC. Chris Deuillet of CBRE's Dallas ofce represented the seller. The 131,562-square-foot asset is locat- ed at 2835 Villa Creek Drive and was 93.5 percent occupied at closing. Villa Creek includes 15 two-story apart- ment buildings with one-, two- and three-bedroom units. The complex was built in 1964 on 7.5 acres. TRANSWESTERN BROKERS SALE OF 3,050 SF INDUSTRIAL BUILDING FOREST HILL, TEXAS — Tran- swestern has arranged the sale of a 3,050-square-foot industrial building located at 5901 Parker Henderson Road in the Fort Worth suburb of For- est Hill. Todd Hawpe of Transwest- ern Dallas represented the buyer, Adder Minnis LP, and Chris Mendez of Coldwell Banker Commercial Alli- ance DFW represented the seller, local investor Jennifer Pool, in the transac- tion. Imperium Holdings will develop units totaling 18,000 square feet overlooking the Parker County Courthouse in downtown Weatherford. The company is leasing and targeting several regional restaurants and entertainers for the town square project.

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