NAI PARTNERS REPRESENTS APPAREL FIRM IN INDUSTRIAL LEASE
HOUSTON — NAI Partners represented TSC Apparel in leasing 89,060 square feet of industrial distribution space at Apex Distribution Center, 10634 Tanner Road in Houston.
John Ferruzzo and Darren O’Conor of NAI Partners represented the apparel firm during negotiations while Matteson Hamilton and Blake Warren of Stream Realty Partners represented the landlord, Crow Holdings.
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L.A. FIRM JOINS NRP GROUP TO BUILD LUXURY UNITS NEAR AUSTIN
CEDAR PARK, Texas — Canyon Partners Real Estate, LLC, has made a $7.5 million preferred equity investment in a joint venture with The NRP Group, LLC, to build a 337-unit luxury apartment community, The Ranch at Parmer Lane, in the city of Cedar Park. The four-story, wood-frame development on 10.32 acres is 17 miles from downtown Austin.
Construction was scheduled to begin in June and the apartments are to be completed in August 2017. Amenities will include a clubhouse with a WiFi cyber café, gaming room with flat screen TVs, 24-hour fitness center, an outdoor, resort-style pool and dog park.
The 1-, 2- and 3-bedroom units will be part of a mixed-use master plan development that will include retail, dining and offices. It is the fourth investment made jointly by Canyon and NRP.
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KROGER, CHICK-FIL-A, TORCHY’S JOIN MARKET AT SPRINGWOODS VILLAGE
HOUSTON — Regency Centers Corporation, a national owner, operator, and developer of grocery-anchored shopping centers, is welcoming several new tenants to The Market at Springwoods Village. Located at the intersection of Holzwarth Road and Grand Parkway, it is a 170,000-square-foot project that will seek LEED Silver energy efficiency and sustainability certification.
Set for completion by the first half of 2017, it will be anchored by a Kroger Marketplace and will include a Chick-Fil-A, Torchy’s Tacos, Zoe’s Kitchen, MOD Pizza, Tarka’s Indian Kitchen, Cold Stone Creamery, Lovett Dental, Supercuts and Nails of America.
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NY FIRM CLOSES ON SEVEN-STORY OFFICE BUILDING IN DALLAS
DALLAS – DRA Advisors, LLC, a New York City-based investment firm, closed on 5050 Quorum Drive in Dallas, a property housing a seven-story, 133,799-square-foot office building.
DRA plans to renovate the structure and combine it with 5000 Quorum Drive, a seven-story, 165,434-square-foot office building it acquired in November 2014, to create a campus-style environment.
The company recently completed $8 million in renovations to its three-building Quorum portfolio: 5000 Quorum Drive; the nine-story, 181,737-square-foot Quorum Place building at 14901 Quorum Drive and the five-story, 118,532-square-foot Spectrum building at 15301 Spectrum Drive.
Stream Realty Partners was awarded the management, leasing and construction management duties for 5050 Quorum.
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BASCOM GROUP SECURES 19-BUILDING, 300-UNIT PROPERTY NEAR AUSTIN
ROUND ROCK, Texas — The Bascom Group, LLC, a private equity firm, acquired a multifamily property with more than 300 units spread among 19 buildings in the town of Round Rock, near North Austin.
Of the units on the 17-acre property, 51% are one-bedroom apartments, 40% are two-bedroom units and 9% have three bedrooms.
Debt financing was arranged by De’On Collins, John Brownlee and Charles Halladay of HFF. Sean Sorrell with HFF represented the seller in the transaction.
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CAPRIDGE PARTNERS ACQUIRES OFFICE PARK IN AUSTIN
AUSTIN — CapRidge Partners has acquired Lakewood on the Park, a 180,558-square-foot suburban office campus in Austin’s Northwest submarket, from Equity Commonwealth. Los Angeles-based Mesa West Capital provided financing.
The property, built in 1998 by local developer HPI, houses two three-story Class A office buildings on a 9.88-acre site overlooking Bull Creek. It was 77% leased at closing.
Andy Scott and Jim Curtin in the Dallas office of HFF arranged the financing. The seller was represented by HFF in Dallas.
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CBRE PICKED TO MARKET SINGLE-TENANT NATIONAL PORTFOLIO
DALLAS — CBRE Capital Markets’ National Partners team has been exclusively retained by Angelo, Gordon & Co. to market the Single Tenant National Portfolio, a long-term, triple-net lease collection consisting of some two million square feet of industrial space located in eight industrial facilities in Alabama, California, Georgia, Illinois, New Jersey, Texas and Wisconsin.
Facilities included in the portfolio are:
- 300 FM 1417 West, Dallas, 311,650 square feet
- 2505 & 2533 Foster Ave., Janesville, Wisc., 277,270 square feet
- 3202 Latham Drive, Madison, Wisc., 135,617 square feet
- 2400 West Central Road, Chicago, Ill., 527,661 square feet
- 1230 North Tustin Ave., Anaheim, Calif., 160,000 square feet
- 7000 LaGrange Blvd., Atlanta, Ga., 260,000 square feet
- 10 Corn Road, Dayton, N.J., 295,000 square feet
- 2750 Crestwood Blvd., Birmingham, Ala., 62,814 square feet
Jack Fraker, Chris Riley, Michael Hines, Michael Caprile and Darla Longo of CBRE’s National Partners will market the portfolio.
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DALLAS INVESTMENT TRUST SELLS CHICAGO OFFICE HIGH-RISE FOR $191M
DALLAS –TIER REIT, Inc., a Dallas-based real estate investment trust, has completed the sale of its FOUR40 office building at 440 South LaSalle St., Chicago, to a third party for $191 million.
The company is entitled to an additional payment of up to $12.5 million subject to future performance of the property.
FOUR40 is a 39-story office tower in Chicago’s Central Loop submarket with more than a million square feet of rentable space.
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NAI PARTNERS WORKS WITH PATTERSON-UTI TO LEASE NEW HEADQUARTERS
HOUSTON — NAI Partners represented Patterson-UTI Energy, Inc. in leasing 35,553 square feet of office space in the Remington Square II building at 10713 W. Sam Houston Parkway North in Houston. This location will serve as its corporate headquarters.
Currently, Patterson-UTI occupies some 29,172 square feet of office space in the Greenspoint area. However, the space is located on multiple floors and is not contiguous.
Dan F. Boyles Jr. and Liz Westcott-Brown of NAI Partners represented Patterson-UTI in the negotiations, while Ryan Bishop and Brad Fricks of Stream Realty represented the landlord, Sun Life Assurance Company of Canada.
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CLAIMS MANAGEMENT FIRM RENEWS LEASE FOR HOUSTON OFFICE
HOUSTON — Abercrombie, Simmons & Gillette, Ltd. renewed its lease for 12,080 square feet in the Hollister & Hillmont office building at 5300 Hollister Road in Houston. Terri Torregrossa of Moody Rambin represented the building owner, Genoso Holdings, Ltd. AS&G, including its affiliates, investigates and manages claims for self-insured’s, insurance companies, defense firms, major general agencies and risk management organizations.
June 29, 2016