June 27, 2014 | ISSUE 437
Texas Real Estate Business E-Newsletter
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IndCor Properties Buys 1.1M SF Industrial Portfolio in El Paso

The 10/375 Industrial Portfolio in El Paso includes seven Class A bulk distribution buildings that are 83 percent occupied.

EL PASO, TEXAS -- CBRE has sold the 10/375 Industrial Portfolio, which totals nearly 1.1 million square feet. IndCor Properties purchased the assets for an undisclosed sum. The CBRE National Partners team of Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni, along with Anthony Mash of CBRE in El Paso, represented an institutional seller. 

 

The 10/375 Industrial Portfolio includes seven Class A bulk distribution buildings that are 83 percent occupied. Tenants include ProTrans International Inc., Electrical Components International and Handgards Inc. CBRE retains the leasing and property management assignments for the assets

 

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New CBRE, Maastricht University Study Lists Top 10 Green U.S. Cities

Dave Pogue, global director of corporate responsibility for CBRE


 
LOS ANGELES -- The 2014 Green Building Adoption Index, a joint project between CBRE Group Inc. (NYSE: CBG) and Maastricht University, has named Minneapolis as the greenest city in the nation, with 77 percent of the city's commercial real estate certified as green. 
 
The term "green" is in reference to buildings that are either certified by the EPA's Energy Star rating or the U.S. Green Building Council's LEED program. 
 
Rounding out the top 10 green cities are: 
 
2. San Francisco (67.2 percent) 
 
3. Chicago (62.1 percent) 
 
4. Houston (54.8 percent) 
 
5. Atlanta (54.1 percent) 
 
6. Los Angeles (49.7 percent) 
 
7. Denver (49.3 percent) 
 
8. Seattle (46.6 percent) 
 
9. Miami (46 percent) 
 
10. Washington, D.C. (42.4 percent) 
 
The study also emphasizes the dramatic increase in the number of green commercial real estate properties in the United States since 2005. During that time frame, the amount of Energy Star-labeled buildings has increased 600 percent, and the proportion of buildings that are LEED certified has jumped up 1,000 percent. 
 
LEED-certified space now totals 19.4 percent of the total building stock in the 30 office markets reviewed in the study when measured by floor area. The study is the first project in CBRE's Real Green Research Challenge (RGRC), the company's $1 million initiative for research and innovation in sustainability. CBRE launched the RGRC in September 2012.
 
"We have all seen the rapid growth in the number of green-certified buildings in the markets in which we work. However, we were quite surprised to see how large the numbers actually are. Green is absolutely the new norm," says Dave Pogue, global director of corporate responsibility for CBRE.

 

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Goddard Investment Group Acquires Fountain Place Office Tower in Dallas

The 56-story tower is located at 1445 Ross Ave. in Dallas.


 
DALLAS -- Goddard Investment Group LLC has acquired the 58-story Fountain Place office tower, located at 1445 Ross Ave. in Dallas. The 1.2 million-square-foot building is 88 percent occupied. The purchase of Fountain Place was completed through the Goddard Value-Add Office Fund I LP. 

  

Cassidy Turley has been retained to oversee leasing at the property. Goddard plans to renovate the building to re-establish it as a Class A asset. Specific property improvements include refurbishing the lobby and elevator banks and enhancing the exterior fountains and landscaping. 

  

In addition, Goddard plans to build a new parking garage adjacent to the building. Fountain Place was built in 1986 and designed by I.M. Pei.

 

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Rockspring Capital Acquires 121-Acre

Industrial Site Near San Antonio

The site is located off I-10, east of San Antonio and south of New Braunfels. 

SEGUIN, TEXAS -- Rockspring Capital has acquired a 121-acre industrial site in Seguin, a submarket of San Antonio. The parcel is situated between a Caterpillar engine plant and supplier facility, and is located off I-10, east of San Antonio and south of New Braunfels. The purchase was Rockspring's third of 2014, following the acquisition of a 7.6-acre site in San Antonio and a 22.5-acre property in Austin.

 

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M&M Arranges Sale of San Antonio Dairy Queen to Private Investor 

The Dairy Queen is located at 3301 Nogalitos St. 

SAN ANTONIO -- Marcus & Millichap has arranged the sale of a 2,172-square-foot, net-leased Dairy Queen, located at 3301 Nogalitos St. in San Antonio. Rehan Rajab and Chad Knibbe marketed the property on behalf of the seller, a private investor. 

 

Stephen Berchelmann and Chad Knibbe of Marcus & Millichap represented the buyer, a private investor. All are based out of Marcus & Millichap's San Antonio office. One-third of an acre, the Dairy Queen has been in operation since 1976 and was renovated in 1995.

 

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Hill & Wilkinson Awarded Construction Contract for Senior Living Facility

 

MANSFIELD, TEXAS -- Hill & Wilkinson has been awarded the construction contract for Rochester Springs, a senior living facility to be built at the corner of Matlock Road and East Broad Street in Mansfield. Construction begins this month and is expected to be by June 2015. 

 

The 73,073-square-foot, two-story, $11.5 million Rochester Springs project includes 51 assisted living units and 44 memory care units. Pritchard Associates Inc. will serve as the construction manager for the project, and 12 Oaks Management Services Inc. will be the facility's operator.

 

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Kislak Buys The Fairways Apartments in Grand Prairie
The 348-unit multifamily community is located at 1450 N. State Highway 360.

GRAND PRAIRIE, TEXAS -- The Kislak Organization has purchased The Fairways Apartments, a 348-unit multifamily community located at 1450 N. State Highway 360 in Grand Prairie. The Fairways is a garden-style apartment community that offers a mix of one- and two-bedroom apartment homes and townhomes with fireplaces, walk-in closets and private patios and balconies. 

 

The community was built in 1984. Kislak plans to upgrade the property's clubhouse and recreational facilities. Nearby attractions to the community include Six Flags Over Texas theme park, the Texas Rangers' Globe Life Park stadium and the Dallas Cowboys' AT&T Stadium.

 

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Henry S. Miller Brokerage Arranges Land Sale in Frisco

  

FRISCO, TEXAS -- John St. Clair, senior vice president of Henry S. Brokerage's executive division, has brokered the sale of approximately 2.2 acres in Frisco. The property is located north of El Dorado Market Place on the southbound service road of the Dallas North Tollway. An undisclosed investor purchased the 2.2 acres from American Bank of Texas. Citywide Alliance Realty represented the buyer in the transaction.   

 

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Stream Realty Negotiates Lease Expansion, Extension in Houston

The Paragon Center One is located at 450 Gears Road. (Photo courtesy of LoopNet)

HOUSTON -- Stream Realty Partners has negotiated a lease extension and expansion on behalf of attorneys Doyen Sebesta Ltd. LLP at Paragon Center One, located at 450 Gears Road. Doyen Sebesta now leases 5,694 rentable square feet in the building. 

 

Anthony Squillante and Greg Marconi of Stream Realty Partners represented Doyen Sebesta. Carrie Powledge, leasing director of Rosemont Realty, negotiated the lease on behalf of the landlord, Paragon Operating Associates LP.

 

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Hunington Arranges Sale of 15,600 SF Retail Center in Houston

 

HOUSTON -- Hunington Properties Inc. has arranged the sale of Highway 6 at Westpark, a 15,600-square-foot retail property in Houston. The property consists of two retail buildings near the intersection of Highway 6 and Westpark Drive. 

 

Todd Carlson and Sandy Aron of Hunington represented the seller, a local developer. The buyer is a local investment group. Highway 6 at Westpark was built in 2008. The shopping center was 50 percent occupied at the time of sale.

 

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Transwestern Brokers Sale of 176-Unit Apartment Complex in San Antonio
Springwood Apartments is located at 1400 Gardina St. 

SAN ANTONIO -- Transwestern's Austin-based Multifamily Capital Markets Group has brokered the sale of the Springwood Apartments in San Antonio. Springwood, developed in 1984, is a 176-unit residential community that went through foreclosure in March 2012. The property is located at 1400 Gardina St. in the Northeast submarket. 

 

Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Florida-based Ocwen. Calton Investments, a Texas-based multifamily investment firm, acquired the property for an undisclosed price. Approximately 80 percent of Springwood's units recently received interior upgrades ranging between $3,000 and $5,000 per unit.

 

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NAI Houston Arranges Sale 
of 22,000 SF Industrial Building
 

HOUSTON -- NAI Houston has arranged the sale of a 22,000-square-foot industrial building located at 10531 Fisher Road in Houston's Northwest submarket. The building is situated on 3.3 acres of land. Chris Caudill of NAI Houston represented the buyer, Greystone Alloys. Jim Copper of Cypressbrook Co. represented the seller, JKM Fisher Properties Ltd., in the sale of the property.

 

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CCIM Houston Chapter
Luncheon


11:30 a.m., Thursday, July 10
Maggiano's
2019 Post Oak Blvd., Houston
Click here for more info.


CREW Dallas
Strategic Leadership Communications Certificate


8:30 a.m.,Tuesday, July 22
SMU James M. Collins Executive Education Center
Dallas
Click here for more info.

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