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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8 • May 2016 • Texas Real Estate Business www.REBusinessOnline.com LEE & ASSOCIATES NEGOTIATES 25,175 SF INDUSTRIAL LEASE CARROLLTON, TEXAS — Lee & As- sociates has negotiated a lease trans- action for a 25,175-square-foot indus- trial space located at 2005 McDaniel Drive in Carrollton. Adam Graham of Lee & Associates' Dallas/Fort Worth ofce represented the tenant, GP Ser- vices Inc.. Lincoln Property Co. repre- sented the landlord, ProLogis. PEI WEI OPENS SECOND LOCATION IN RICHARDSON RICHARDSON, TEXAS — Pei Wei, a fast casual restaurant with an Asian- inspired menu, has opened its second location in Richardson. The restaurant has a staf of 50 employees. The new Pei Wei location is located at 1425 E. Renner Road, Suite 610, and is open from 11 a.m. to 9 p.m. Sunday through Thursday and 11 a.m. to 11 p.m. Fri- day and Saturday. PIERSON RETAIL ADVISORS ARRANGES SALE OF SOUTHWEST PLAZA ARLINGTON, TEXAS — Pier- son Retail Advisors (PRA) has ar- ranged the sale of Southwest Plaza, a 104,766-square-foot neighborhood retail center located in Arlington. PRA represented the seller, Bo Avery SWP Enterprises, in the transaction. Manu- el Ramon of Green Earth Realty, who will also lease and manage the center, represented the buyer, Ravi Randal Investment Group. The asset is shad- ow-anchored by Albertsons with a mix of national, regional and local ten- ants. The property sits on a hill and is visible from I-20. Southwest Plaza was 98 percent leased at the time of sale to tenants such as Ofce Depot, Sears Outlet, Ace Hardware, H&R Block, Cato Fashions and CiCi's Pizza. The entire team at Pierson Retail Advisors in Dallas handled the sale. STREAM REALTY PARTNERS HIRES VICTORIA KNUDSON AS EXECUTIVE VICE PRESIDENT DALLAS — Stream Realty Partners, a real estate investment, develop- ment and services company, has hired Victoria Knudson as executive vice president and leader of the company's national industrial property man- agement division. Knudson will be responsible for expanding and lead- ing the direction and operations of Stream's industrial property manage- ment platform. Prior to joining Stream, Knudson served as senior managing director and national property man- agement leader at Cushman & Wake- feld. Prior to her time at Cushman & Wakefeld, Knudson was with AMB Property Corp. and Trammell Crow Co. Knudson will be based in Stream Realty Partners' Dallas ofce. ALIGN AUTO COLLISION & PAINTING LEASES INDUSTRIAL SPACE KENNEDALE, TEXAS — Align Auto Collision & Painting has leased a 9,060-square-foot industrial building located at 7204 Mansfeld Highway in Kennedale. The property will serve as a temporary location for the business following the sale of its previous loca- tion in Arlington. Align will relocate by the end of March to the temporary location. The new site is zoned for in- dustrial use and has a large parking area to accommodate Align Auto Col- lision's customers. Coldwell Banker Commercial Alliance arranged the transaction. The temporary location was the only vacancy in a four-build- ing complex south of I-20. Jim Eaton of RDS Real Estate represented the land- lord, Tarrant County-based investor Ron Sturgeon, in the lease transaction. Align Auto's owner, Anastasio Favila, is concentrating the company's per- manent site search on the mid-cities between Dallas and Fort Worth. RENOVATION PLANS ANNOUNCED FOR GALLERIA OFFICE TOWERS DALLAS — The Galleria Ofce Tow- ers in Dallas will undergo a $19 mil- lion capital improvement, according to CBRE. The three Class A ofce buildings are located on the corner of the Dallas North Tollway and LBJ Freeway and are directly connected to the Westin Galleria Hotel as well as the Galleria mall. The assets were built between 1982 and 1991 and total 1.4 million square feet. Renovations will include a new parking system that will be the frst of its kind at an ofce building in North America. The system includes license plate recogni- tion technology that provides in and out access, electronic signs that dis- play the number of spaces available on each level and overhead LED lights to alert drivers of open spots on each row. Other improvements include new tenant lounges at each building, mul- tiple conference centers, an expanded ftness center and renovations to the lobbies, common corridors, restrooms and elevator cabs. CBRE Global In- vestors owns the buildings, which in- clude tenants such as MetLife, Merrill Lynch and Ryan Cos. Celeste Fowden, Shannon Brown and Kenzie Killgore of CBRE's Dallas ofce are the leasing agents for the Galleria Ofce Towers. The properties are managed by CBRE under the direction of general man- ager Pam Baker, and CBRE's project management team is leading renova- tions. KIRKWOOD HOLDINGS ACQUIRES 50 ACRES PROSPER, TEXAS — Kirkwood Holdings LLC has purchased 50 acres in Prosper. Wayne Burgdorf of Coldwell Banker Commercial Alli- ance DFW in Arlington represented the Tarrant County-based buyer that plans to hold the land until neighbor- ing developments start to take shape, then market individual tracts or the entire parcel to mixed-use commercial or residential developers. The 50-acre site is situated in the Tollway District overlay and includes 1,500 feet of frontage along West First Street. The acreage is directly across the road from Jerry Jones' Blue Star Land Co.'s proposed 1,000-acre Star Trails' com- munity, and adjacent to Matthews Southwest's planned 157-acre busi- ness park. Just to the south, Lincoln Property Co. is under construction on the 300,000-square-foot Gates of Pros- per shopping center, the frst phase of a 500-acre mixed-use project, and United Commercial Development is planning a 43-acre shopping center nearby. Phil Darland, an independent broker from McKinney, represented the seller, Bell 2005 Trust. D A L L A S & F O R T W O R T H Pei Wei is a fast casual restaurant with an Asian-inspired menu. The company has opened its second location in Richardson with a staff of 50 employees. THIS LANDMARK TRANSACTION PUSHED DIG PAST $2 BILLION IN SALES DISNEYIG.COM | 214.706.9322 DIG

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