July 17, 2014 | ISSUE 443
Texas Real Estate Business E-Newsletter
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Balfour Beatty to Construct $38M
Housing Project at Tarleton State  

Bealfour Beatty will build a new 502-bed student housing complex at Tarleton State University's Stephenville campus.

STEPHENVILLE, TEXAS -- Construction is scheduled to start this month on the second phase of a new development at Tarleton State University, a unit of the Texas A&M University System.  

 

Balfour Beatty Construction will build a new, 502-bed student housing complex and renovate an existing 80-bed facility for the school's Stephenville campus. The company also helped the university buy two pieces of land next to the campus.  

 

The new facility will consist of a single four-story building with two- and four-bedroom units. The project will be owned by an affiliate of Collegiate Housing Foundation, a national 501(c)(3) non-profit organization.

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M&M Arranges Sale of Fort Worth Apartment Complex
Sun Ridge Apartments was built in 1967 and features one-, two- and three-bedroom units.

FORT WORTH -- Marcus & Millichap has arranged the sale of Sun Ridge Apartments, a 99-unit apartment complex in Fort Worth. John Barker, vice president of investments, and Alexander Skotarek, an associate in Marcus & Millichap's Fort Worth office, marketed the property on behalf of the seller, a private investor.  

 

The buyer, a limited liability company, was also secured by Barker and Skotarek. Sun Ridge Apartments is located at 6608 South Freeway in Fort Worth. The complex includes 99,345 square feet of total rentable space with an average unit size of 1,003 square feet.  

 

The property was built in 1967 and consists of 34 one-bedroom, 55 two-bedroom and 10 three-bedroom units. On-site amenities include a swimming pool, laundry facilities and grade-level parking.

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Embrey Partners, Stonelake Open Apartment Complex in Houston 
Highpoint at Cypresswood consists of two, four-story buildings with six elevators.

HOUSTON -- Embrey Partners LTD of San Antonio and Texas-based Stonelake Capital Partners LLC have opened a four-story apartment complex at the southwest corner of Highway 249 and Cypresswood Drive in northwest Houston.  

 

The project includes 336 units on 15.4 acres. Highpoint at Cypresswood consists of two, four-story buildings with six elevators. Rents on one- and two-bedroom units, which range from 574 to 1,188 square feet, start at $900 per month.  

 

The complex features a 6,500-square-foot clubhouse, pool, grilling areas, a dog park, bike station and fitness room.

 

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Tenant Rep Baker Katz Closes 16 Mattress One Leases 
Baker Katz has negotiated 59,608 square feet of Mattress One
 leases in the Houston area.

HOUSTON -- Baker Katz, a Houston-based commercial real estate brokerage firm, has negotiated 59,608 square feet of Mattress One leases in the Houston area during the first half of 2014. Clay Alberts of Baker Katz negotiated the leasing of 16 Mattress One locations with a number of brokers.

 

The leases are at both freestanding structures and shopping centers. Five stores are in Houston proper, while the others are in suburbs including Nederland, League City, Spring, Port Arthur, Beaumont, Tomball, Katy and Cypress.

 

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United Way leases 34,906 SF
in Houston 

 

HOUSTON --The United Way of Greater Houston has renewed and expanded its lease at 1300 Bay Area Blvd. in Houston. The charitable organization expanded its footprint from 31,770 square feet to 34,906 square feet. Trey Miller negotiated the lease on behalf of Boxer Property, while Jeff Lindenberger of Avison Young represented the tenant.

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HFF Secures Refinancing for Houston Area Apartments
Shadowbrooke and Silverbrooke are located at 1025 Dulles Ave.
and 1020 Brand Lane in Stafford.
STAFFORD, TEXAS -- HFF has secured refinancing for Shadowbrooke and Silverbrooke, two apartment complexes totaling 552 units in Stafford. HFF worked on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions.

The company negotiated five-year, fixed-rate loans at 3.1 percent with two years of interest-only payments through Freddie Mac's CME program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company first bought the assets in 2011.

Shadowbrooke and Silverbrooke are located at 1025 Dulles Ave. and 1020 Brand Lane in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke includes 240 units and is 95.8 percent leased. Silverbrooke consists of 312 units and is 96.2 percent leased.

 

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Sidley Austin Pre-leases Space in New McKinney & Olive Buildings in Dallas

DALLAS -- Sidley Austin LLP has preleased 75,000 square feet at the new McKinney & Olive office building in uptown Dallas. Crescent Real Estate Holdings LLC broke ground June 19 on the development located at 2021 McKinney Avenue. The office space will include 480,000 square feet, with Sidley Austin occupying the top 2.5 floors.

 

Craig Wilson and Randy Cooper of Cassidy Turley represented Sidley Austin in the transaction. Developer Crescent Real Estate Holdings was represented in-house by John Zogg. McKinney & Olive will be adjacent to the Ritz-Carlton and a few blocks from The Crescent. The McKinney Trolley service will provide access to Klyde Warren Park, the Dallas Arts District and other nearby attractions.

  

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TNA Realty to Develop Office/Medical Complex near DFW Airport

BEDFORD, TEXAS - TNA Realty LP has acquired 1.1 acres of land in Bedford, Texas for development of a 6,000-square-foot office building. Jim Turano, executive vice president of the Dallas-Forth Worth office/industrial division of Henry S. Miller Brokerage, represented TNA in the sale. The land is north of Highway 183 on Industrial Boulevard, less than 10 miles from Dallas-Forth Worth International Airport. Ledyard GC Jr Trustee bought the site from TNA and construction is projected to start this summer. Freddy Vestal of Vestal Investments represented Ledyard.

 

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HFF Brokers Sale of Atascocita Shopping Plaza in Houston Suburb
Atascocita Shopping Plaza sits on 16.7 acres in Humble, less
 than seven miles from I-69.

HUMBLE, TEXAS -- HFF has brokered the sale of Atascocita Shopping Plaza, a 158,613-square-foot retail center in Humble anchored by a grocery store. HFF marketed the property on behalf of the seller, Red Tail Acquisitions.  

 

A private investor bought the building. Atascocita Shopping Plaza sits on 16.7 acres at 6900-7072 FM 1960 in Humble, less than seven miles from I-69. The property is 94.7 percent leased to tenants including Aldi, Dollar Tree, Specs and Goodwill. HFF's sales team included senior managing director Rusty Tamlyn, managing director Ryan West and associate director Matt Berry.

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U.S. Equities Realty, CBRE Group Combine Chicago Operations

LOS ANGELES -- CBRE Group Inc. and U.S. Equities Realty LLC have announced they will combine their Chicago area operations. U.S. Equities Realty leases and manages 17 million square feet of commercial space in Chicago, including the Willis Tower (formerly Sears Tower) and 2.5 million square feet along Michigan Avenue.

It also has completed real estate transactions with companies such as Winston & Strawn, Boston Consulting Group, IBM, Hinshaw & Culbertson, Ventas, Lurie Children's Hospital, Taft, Stettinus & Hollister, Nike, Verizon Wireless and Crate & Barrel.

 

"Throughout our 36-year history, U.S. Equities has aggressively pursued every opportunity to anticipate the changing needs of our clients," says Bob Wislow, chairman and CEO of U.S. Equities. "CBRE's global platform, along with its extensive service offering and broad expertise, will expand and enhance our ability to serve clients -- in Chicago and around the world -- and to provide additional growth opportunities for our professionals.

In turn, the development/program management, owner's representation and consulting services we provide will strengthen the services CBRE can provide to its clients. Joining CBRE builds upon our solid foundation of success while enabling us to continue our strong, historic commitment to the city of Chicago and its important civic, professional and cultural institutions."

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CREW Dallas
Strategic Leadership Communications Certificate


8:30 a.m.,Tuesday, July 22
SMU James M. Collins Executive Education Center
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3rd Annual 
InterFace Multifamily Texas 

Wednesday, September 3
Dallas
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6th Annual 
InterFace Healthcare Real Estate


Thursday, September 4
Dallas
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1st Annual 
InterFace Texas Commercial Real Estate Trends  


Wednesday, October 1 and Thursday, October 2 
Dallas
Click here for more info.

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