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Real Estate Bisnow
   
January 2, 2013 
 
 
Gig 'em, Aggies!;
The Deal Sheet

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The $425M Texas A&M University Kyle Field redevelopment kicked off and now the board of regents is putting a game plan together with the selection of a JV partner.
 
Kyle Field
The construction partners: Manhattan Construction and Vaughn Construction. Populous was selected as architect. Additions include a new upper deck on the south side, a grand façade, upgraded amenities, and a farewell to the west side stands and the east side lower stands. The Aggies will play at the Manhattan-built Cowboys Stadium in Arlington on Friday versus Oklahoma in the Cotton Bowl. No time frame for the project yet.
 
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SALES

Invesco Real Estate bought 1,000 apartments across two Class-A multifamily properties in Billingsley Co’s Austin Ranch in The Colony for an undisclosed amount. Billingsley will retain ownership of the remaining 2,000 multifamily units at Austin Ranch.

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Maxim Integrated Products sold two flex buildings in an ongoing disposition of 13 structures that were retired earlier this year as business units transitioned to 138k SF of new research and development space on its North Dallas campus. CK & LK Properties acquired a 19k SF flex building with a 3,240 SF data center at 4215 N Beltwood Pkwy in Farmers Branch while startup D3 Semiconductor purchased a 24k SF structure, outfitted with light manufacturing equipment, at 15050 E Beltwood Pkwy in Addison. Bradford Commercial Real Estate Services SVP Leigh Richter is handling the disposition of the properties. Bradford market director Jason Miller worked with Leigh on the CK & LK deal.

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Stream’s Jamie Jennings and Tim Terrell brokered the sale of an 11k SF office building at 5220 McKinney Ave in Dallas to a user who intends to occupy the facility.

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CBRE closed 160k SF in leases in buildings owned and operated by Caddo Holdings. Thirteen of the 21 transactions are new leases and the remaining eight are renewals or expansions including Texas Neurology for 32k SF and Crosstex Energy for 109k SF. The leases have occurred in Crosstex Court at 2501 Cedar Springs in Uptown and Lakewood Towers. CBRE’s David Reed and Michael Dudley represented Caddo.

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501 Elm Place

An undisclosed buyer bought the 190k SF 501 Elm Place (home of the Dallas Holocaust Museum, office, retail, and residential space) from a German investor group represented by International Capital. Colliers International SVP Creighton Stark and senior associate Ben Lurie repped the seller. The property was built in 1903 and underwent a full renovation. 

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The 2711 LBJ Partners purchased The Meridian Tower, a 229k SF Class-A office space at the intersection of LBJ Freeway and I-35 in Farmers Branch. The 2711 group has plans to complete common area enhancements, build spec office suites, and tenant conference rooms. Stream Realty Partners will handle leasing and property management.

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Stream Realty Partners and Goddard Investment Group partnered to acquire the 230k SF Waterview Place I & II vacant office campus (the former corporate HQ for Alliance Data Systems) near Richardson. The property was acquired through a foreclosure sale at the Collin County Courthouse. Stream VPs Ramsey March and Matt Wieser will handle operations and leasing for the partnership. The project has been renamed Waterview 190.

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AmREIT purchased the 229k SF Preston Royal Village Shopping Center at Preston and Royal in Preston Hollow in an off-market deal directly with Preston Royal Realty Co (a JV for the acquisition). The northwest corner was purchased in fee simple while the northeast corner was purchased as a leasehold estate subject to an underlying ground lease. The ground lease has 27 years remaining. The NW corner was financed with a $23.4M mortgage at an interest rate of 3.21%. The 97% leased shopping center is anchored by Tom Thumb. The NW corner of Preston Royal Village was developed in 1958 by a partnership that included Henry S. Miller, Trammell Crow, and Bob Cullum (one of the Tom Thumb founders). The partnership acquired the NE corner in 1965, and the same group continued to operate the center until the sale to AmREIT.
 
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GREAT CAUSES
 
Morrow Hill Corporate Real Estate Strategies

Morrow Hill Corporate Real Estate Strategies’ David Jimenez, Jonathan Hill, Brettany Schovanec, Carlie Wilmes, and Chris Morrow gathered new shoes for the Salvation Army and volunteered for about five hours hands-on, too. Jonathan says this was his fourth year participating.

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Colliers food drive
Colliers International’s brokerage, national accounting, and real estate management services competed last month to see who could collect the most food items for the North Texas Food Drive. To make it a level playing field, the items were divided by the amount of people in each department. REMS brought in the most items and won a pizza party, but the food bank won, too, as the firm donated 3,014 pounds of food in addition to nearly $900.

PEOPLE ON THE MOVE

CBRE EVP Phil Puckett was selected to the Business Council for the Arts board of directors. The non-profit is a consortium of business leaders who believe that a strong cultural sector is necessary for quality of life and economic growth in North Texas.

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Henry S. Miller Realty Services promoted Missy Hodges to VP of marketing and research services. She’ll be responsible for the company’s overall corporate communications and research capabilities. Missy has been at HSM for five years.

LEASES

Just before Christmas, Victory Park announced that HFF leased almost 32k SF at One Victory Park, just south of the American Airlines Center, bringing occupancy in the 19-story tower to 94%. HFF will move 105 staffers in September 2013. Cushman & Wakefield’s Bill Brokaw and Mark Dickenson repped the landlord. Jones Lang LaSalle’s Jon McNeil and Matt Craft represented HFF.

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Colliers International worked 36k SF of leases:

  • A 16k SF renewal for Northwestern Mutual Financial at 1300 Summit Ave in Fort Worth from PRG/CHIEF SUMMIT. Colliers’ Daniel Rudd and Billy Vahrenkamp repped the tenant and Centra Partners’ Jeff Day repped the landlord.

  • Kleinfelder Central expanded its flex lease to 20k SF at 7803 Mesquite Bend in Irving from FSCP Dallas Portfolio. Colliers’ Kevin Brookmole and Kari Pearce repped the landlord. Mohr Partners’ Dina Zamblah repped the tenant.

 

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Queens Beauty Supply leased 10k SF at 3030 N Josey Ln in Carrollton. Structure Commercial’s Eric Deuillet negotiated the lease.

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Rally House Texas leased almost 10k SF in the Overton Ridge Shopping Center at 4920 Overton Ridge Blvd in Fort Worth. Venture Commercial’s Charlotte Cooper and Michael Dearden represented the landlord. The Retail Connection’s Jeremy Zidell repped the tenant
 
Our favorite Christmas gift: Baylor's Holiday Bowl win. What was yours? tonie@bisnow.com
 
 
 
 
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