May 13, 2014 | ISSUE 425
Texas Real Estate Business E-Newsletter
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Copeland Commercial to Commence

on First Phase of Industrial Park

The two-building first phase of Interstate Commerce Center will total 414,106 square feet.

HOUSTON -- Copeland Commercial LLC, in a joint venture with Hillwood Investment Properties, will break ground next month on the 414,106-square-foot first phase of Interstate Commerce Center, a planned 717,706-square-foot office and industrial park in Houston. The first phase of the development, slated for completion in the fourth quarter of this year, will include a 284,170-square-foot cross-dock building with 32-foot ceiling clear heights, as well as a 129,936-square-foot front-load building. Interstate Commerce Center will be located south of FM 1960, in proximity to I-45 and the George Bush Intercontinental Airport. Stream Realty Partners will manage and lease the complex.


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Midway Readies Houston Site
for New 270-Unit Multifamily Property
Avenue Grove will be part of the Kirby Grove mixed-use development, which is located adjacent to Levy Park.

HOUSTON -- Development firm Midway has commenced site preparations for Avenue Grove, a 270-unit multifamily property at the Kirby Grove mixed-use development in Houston. The eight-story building will offer studio, one- and two-bedroom apartments, as well as a swimming pool and fitness center. Architecture firm munoz albin designed the property, and its affiliate HOUSE + partners is the architect of record. Institutional investors advised by J.P. Morgan Asset Management are providing equity, and Cadence Bank is providing construction financing. Avenue Grove is slated for completion in the fall of 2015. The Kirby Grove development is being built in conjunction with the Upper Kirby Redevelopment Authority's revitalization of Levy Park.


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Disney Investment Group Brokers
$35M Sale of Two Shopping Centers
Mansfield Pointe, which totals 148,529 square feet, houses tenants including Sports Authority and Bed Bath & Beyond.

FLOWER MOUND AND MANSFIELD, TEXAS -- Disney Investment Group (DIG) has brokered the sale of two Dallas/Fort Worth Metroplex shopping centers for approximately $35 million. The properties include Cross Timbers Village, located in Flower Mound at the intersection of FM 1171 and Bruton Orand Blvd.; and Mansfield Pointe, located in Mansfield on the corner of Highway 287 and Debbie Lane. The 19,333-square-foot Cross Timbers Village is shadow-anchored by a Tom Thumb grocery store and is in proximity to the Wellington Estates community.


The 148,529-square-foot Mansfield Pointe was 97 percent occupied by tenants including Sports Authority, Bed Bath & Beyond, PetSmart and Party City. In the sale of Cross Timbers Village, David Disney and Adam Crockett of DIG represented the seller, an entity controlled by Direct Development and Thackeray Partners, and also procured the buyer, a private buyer. In the sale of Mansfield Pointe, David Disney brokered the deal between the seller, The Retail Connection, and the buyer, Inland Real Estate Acquisitions.


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Clarion Partners Buys Office Portfolio, Retail Property in Austin

Clarion Partners has acquired a 171,872-square-foot office portfolio that includes the Mira Vista (pictured) and The Overlook properties in Austin.

AUSTIN, TEXAS -- Clarion Partners LLC has acquired a two-building, 171,872-square-foot office portfolio, as well as a 59,546-square-foot retail building, in Austin. The office portfolio, which includes the Mira Vista and The Overlook properties in southwest Austin, was 98.2 percent leased at the time of the sale to a variety of professional service providers. The retail property, located within The Domain mixed-use project, was fully leased by Whole Foods. HFF represented the seller in both transactions.


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HFF Brokers Sale of 300-Room DoubleTree Dallas - Campbell Centre

Located at 8250 N. Central Expressway, the DoubleTree Dallas - Campbell Centre includes 15,000 square feet of meeting space.


DALLAS -- HFF has brokered the sale of the 300-room DoubleTree Dallas - Campbell Centre. Constructed in 1980 and renovated in 2008, the full-service hotel includes 15,000 square feet of meeting space, a full-service restaurant, lobby lounge, fitness center, business center, gift shop and complimentary shuttle. Located at 8250 N. Central Expressway, the property is in proximity to the Dallas central business district, NorthPark Center Mall, the George W. Bush Presidential Library and Southern Methodist University. Bill Stadler and John Bourret led the HFF team representing the seller, a joint venture between GTIS Partners and Aimbridge Hospitality. Black Forest Ventures was the buyer.


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Marcus & Millichap Brokers Sale
of 46-Unit Dallas Apartment Complex 
Constructed in 1986, Community Cliff Apartments offers one- and two-bedroom units with an average of 623 square feet.

DALLAS -- Marcus & Millichap has brokered the sale of Community Cliff Apartments, a 46-unit multifamily property in Dallas. Constructed in 1986, the garden-style complex is located at 3810 Bonnie View Road, in proximity to I-45. The community includes one- and two-bedroom units with an average of 623 square feet, as well as a laundry facility and courtyard. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Allen and Barker also secured the buyer, a limited liability company.


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Gault Co., RTG Capital Sell

10,000 SF Retail Property in Allen

Bethany Center's tenant roster includes Lucky Paws Pet Lodge and Royal Chopstix.

ALLEN, TEXAS -- A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Bethany Center, a 10,000-square-foot strip shopping center in the Dallas/Fort Worth suburb of Allen. Located on the northwest corner of Bethany Boulevard and Highway 5, the recently remodeled property houses tenants including Royal Chopstix and Lucky Paws Pet Lodge. Sean Byrne of The Byrne Company represented the seller. Jose Thankachan of Beam Real Estate represented the unnamed buyer.


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Land Forecast Luncheon
May 14
H.E.S.S. Club
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Monthly Luncheon
May 21
Park City Club
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John McCurdy, Editor
Texas Real Estate Business
France Media, Inc.


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