Texas Real Estate Business

MAY 2016

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

Issue link: https://texasrealestatebusiness.epubxp.com/i/674650

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Page 10 of 49

10 • May 2016 • Texas Real Estate Business www.REBusinessOnline.com D A L L A S & F O R T W O R T H KBS REALTY ADVISORS SIGNS 13,590 SF IN LEASES AT PARKWAY OFFICE CENTER DALLAS — KBS Realty Advisors has signed two renewal leases total- ing 13,590 square feet at Parkway Ofce Center in Dallas. IOA Nine Hundred Executive Suites signed a 9,376-square-foot lease, and Great Southern Video signed a 4,214-square- foot lease. Renovated in 2012, Park- way Ofce Center is a Class A, two- building ofce park ofering 224,289 rentable square feet. Located of the Dallas North Tollway between Spring Valley Road and Quorum Drive, ten- ants can access restaurants, retail shops, public transportation and Dal- las's central business district. Ameni- ties at the property include a deli, con- ference center, parking garage, tenant lounge, security and on-site manage- ment. Michael Grifn of Transwestern represented IOA Nine Hundred Exec- utive Suites, and Bob Acuf of Colliers represented Great Southern Video in their respective deals. Trey Smith and Lauren Napper of Cushman & Wake- feld represented KBS Realty Advi- sors. IPA ARRANGES SALE OF APARTMENT COMPLEX BURLESON, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Reserve at Village Creek, a 191-unit apartment commu- nity in Burleson. Will Balthrope, Drew Kile and Rowan Burch of IPA repre- sented the seller and procured the buyer in the transaction. Built in 2012, the property is located at 444 E. Ren- fro St., with visibility and frontage on I-35. Texas Health Hughley Hospital is located three miles from the proper- ty and Alcon Laboratories, a manufac- turer of eye care products, is six miles away. Community amenities include a ftness center and a swimming pool. CBRE | UCR COMPLETES 94-ACRE LAND SALE FOR MIXED-USE DEVELOPMENT DALLAS — CBRE | UCR has bro- kered the sale of 94 acres at the north- west corner of Lancaster Road and I-20 in southern Dallas. Centurion American, based in Farmers Branch, purchased the tract from Sun NLF for an undisclosed price. The parcel will be added to an assemblage of land, currently spanning 294 acres, for a proposed mixed-use development called University Hills. The develop- ment will include townhomes, multi- family units, entertainment and retail. Lots should be available beginning in summer 2017. Thurston Witt of CBRE | UCR represented the seller in the transaction. Robert Maxey of Metro- Com Properties represented the buyer. JPI SELLS 360-UNIT APARTMENT COMMUNITY, OPENS NEW COMPLEX RICHARDSON AND DALLAS, TEXAS — JPI, a developer, builder and invest- ment manager of Class A multifamily assets, has sold the 30-acre Jeferson Center development in Richardson. In addition to the sale, JPI has opened an- other Jeferson project known as South Side Flats by Jeferson. The project is a 290-unit apartment community sitting on 3.9 acres in the South Side neigh- borhood of Dallas. South Side Flats is a joint venture between JPI and land- owner Matthews Southwest, as well as a partnership with the City of Dal- las and Dallas County. Residents are within walking distance of the Dallas Farmer's Market, Alamo Drafthouse, South Side Ballroom and Soda Bar. South Side Flats includes 22 one- and two-bedroom open foor plans as well as live-work studios with views of Downtown Dallas. Amenities include 10-foot and 14-foot ceilings, kitchens with islands and granite countertops and private balconies. RIDGE DEVELOPMENT TO BUILD 1.6M SF INDUSTRIAL PARK IN ARLINGTON ARLINGTON, TEXAS — Ridge Devel- opment, the industrial development arm of Transwestern Development Co., will break ground in the second quarter of 2016 on Park 20/360, a speculative, 1.6 million-square-foot industrial park in Arlington. The lo- cation feeds into the Great Southwest Industrial District, one of the largest individually platted industrial dis- tricts in the country. A joint venture between Invesco and Ridge Develop- ment owns the 119-acre project. Phase I will consist of four buildings totaling 1.2 million square feet and is expected to be complete in the frst quarter of 2017. Phase II will also include four buildings and will total 356,060 square feet. It is scheduled to break ground in the third quarter of 2017 and be com- pleted in the second quarter of 2018. Transwestern's Joe Rudd and John Brewer are providing leasing services. Park 20/360's buildings will accom- modate users from 20,000 square feet to 715,000 square feet. Alliance Ar- chitects Inc. is the project's architect, Pacheco Koch Consulting Engineers is the civil engineer and Professional Services Industries Inc. will handle geotechnical and environmental as- pects of the project. CRESCENT HOTELS & RESORTS TO OPEN NEW COURTYARD BY MARRIOTT THE COLONY, TEXAS — Crescent Hotels & Resorts will manage a new Courtyard by Marriott hotel opening this spring in The Colony. Crescent Hotels & Resorts manages over 100 hotels and resorts in the U.S. and Can- ada. Jackson-Shaw is the developer of the 100-acre, master-planned devel- opment The Cascades at the Colony, which encompasses the hotel campus. PIATTELLO ITALIAN KITCHEN TO OPEN IN WATERSIDE MIXED-USE DEVELOPMENT FORT WORTH, TEXAS — Marcus Paslay, chef and owner of Clay Pi- geon, will open his second restaurant, Piattello Italian Kitchen, this fall in Fort Worth's Waterside mixed-use de- velopment. Piattello will feature a sea- sonal menu. Paslay's take on Italian fare will include pastas as well as piz- zas from a wood-burning oven. In the mornings, part of the restaurant will be open as Piattello Cofee Bar. The restaurant will span 5,300 square feet with a covered patio. Mitchell Gar- man Architects of Dallas will design the interior. STREETLIGHTS BREAKS GROUND ON APARTMENT TOWER DALLAS — Street Lights Residential and Tricon Capital Group Inc. have broken ground on a high-rise apart- ment community located at the corner of Harvard Avenue and Tracy Street in the Knox Henderson neighborhood of Dallas. The project, named The McK- enzie, is a 22-foor building that will ofer 183 units ranging from 990 to 2,700 square feet. The McKenzie will include one-, two- and three-bedroom foor plans with limited penthouse units. The average unit size is 1,600 square feet. Amenities will include a bar, garden room, ftness room, va- let service, elevated pool deck and outdoor dining. The apartments are scheduled to be available in early 2018. Looney Ricks Kiss Architects is the architect for the project, Linda Tycher & Associates is handling land- scape architecture and Waldrop + Nichols Studio is the interior designer. PAUL VERNON NAMED RETAIL DIVISION HEAD AT HENRY S. MILLER DALLAS — Paul Vernon has been hired as executive vice president and head of Henry S. Miller Brokerage's retail division. Vernon will oversee the retail division's brokerage ser- vices, including landlord and tenant representation, retail and land devel- opment and property disposition, as well as income properties and land sales. Vernon brings over 30 years of commercial real estate experience to the Miller team. He started his career with Evans, Birmingham, Williamson, which later became Cornerstone Com- mercial Real Estate. Most recently, Vernon was executive vice president at John T. Evans Co. and director of retail development at Crest Commer- cial Real Estate. He began his career in project leasing and pad site sales, then transitioned to tenant representation, later adding property disposition, in- come sales and retail development to his responsibilities. Crescent Hotels & Resorts will manage a new Courtyard by Marriott hotel opening this spring in The Colony. Jackson-Shaw is the developer of the 100-acre, master-planned development The Cascades at the Colony, which encompasses the hotel campus.

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