Thursday, April 19, 2012

High-rise overlooking deck park on the market


The 17-story Advancial Tower on Woodall Rodgers Freeway is for sale.

An Uptown office tower with a front row view of the new Klyde Warren Park is up for grabs.
The 17-story Advancial Tower at Woodall Rodgers Freeway and St. Paul Street has been listed for sale by investor Ray Washburne.
Washburne has owned the 148,000-square-foot office high-rise for more than a decade.
Now Holliday Fenoglio Fowler LP is marketing the building for sale.
The tower was built in 1984 and is almost fully leased.
“There seems to be a huge demand for quality office, and I have moved to the Highland Park Village,” Washburne said, explaining his decision to sell the building. “The park opening will be great.”
The 5.2-acre park built over the freeway is set to open this year and is already having a big effect on real estate in the area, property brokers say
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APARTMENT DEMAND DROPS IN DFW


DALLAS (Dallas Morning News) – Apartment leasing in Dallas-Fort Worth dipped for the first time in over two years.
Net leases fell by 270 during first quarter 2012, with most of the declines occurring in the northern suburbs.
Greg Willett of apartment analyst MPF Research believes the slight dip is nothing to worry about.
“I don’t think one quarter of slight resident loss should be viewed as a big deal, especially when demand in first quarter usually is pretty mild anyway,” he said. “The job numbers still look good, and a comeback for the for-sale housing sector actually could drive them higher.”
The North Texas area has added about 40,000 apartment units since the beginning of 2010. An additional 12,000 units are either planned or under construction — more than twice the units a year ago.
Despite the decline, rents and occupancy are both up. North Texas apartments rent for an average $806 a month, the highest ever for the area. Occupancy is at about 93.1 percent, up 1.5 percent from first quarter 2011.

BILLINGSLEY SETS SAIL ON CYPRESS WATERS


DALLAS (Dallas Morning News) – Billingsley Co. has begun construction on its 1,000-acre Cypress Waters, a residential development that Lucy Billingsley said has the potential to house 10,000 units.
Billingsley bought the property on North Lake almost eight years ago. The first 673 apartments are expected to be ready early next year.
WDG Architecture designed the buildings.

DFW OFFICE MARKET: RECOVERY CONTINUES . . . SLOWLY


DALLAS (PM Realty Group) – The Dallas-Fort Worth office market’s recovery continued in first quarter 2012, but at a slower pace than during the second half of 2011, according to PM Realty Group (PMRG) in its latest market report.
The office market posted a "respectable" 451,464 sf of positive direct net absorption during the first quarter, which comes on the heels of the highest annual gains in four years with over 2.7 million sf absorbed in 2011.

During the first quarter, the Class-B leasing market gained momentum, posting its fifth consecutive quarter of leasing gains with 447,421 sf absorbed, causing occupancy rates to improve by 170 basis points to 79.3 percent within the past year.

The Class-A market recorded 56,417 sf of negative direct absorption during the quarter, largely attributed to vacancies by Verizon Communications (126,750 sf), Highland Capital Management (108,103 sf), Nokia (96,165 sf) and Computer Associates (73,314 sf). As a result, Class-A occupancy rates remained flat at 80.3 percent during the quarter but have improved by 50 basis points within the past 12 months.

Despite the sense of uncertainty for businesses on a national level, PMRG said local tenants are more bullish on making longer-term decisions as they explore the office market, weighing the possibilities of relocation or renewal in order to capitalize on favorable lease terms.

This year, reports PMRG, the local office leasing market is positioned to benefit from several corporate relocations, including Christus Health, Alcon Laboratories and Copart.

Wednesday, April 18, 2012

Dallas-area industrial properties sold to Blackstone


More than a dozen Dallas-Fort Worth area industrial buildings are included in a huge sale by an Australian investor.
Sydney-based Dexus Property Group said this week that it is selling 65 U.S. properties it owns for $770 million to Blackstone Real Estate Partners of New York.
The acquisition is being described as one of the largest such recent purchases of U.S. industrial properties.
The acquistion includes more than 16 million square feet of warehouse space located in almost a dozen major U.S. markets.
The Dallas-area properties purchased by Blackstone are valued at more than $101 million and contain more than 2 million square feet of space.
For complete article please visit:

Friday, April 13, 2012

Dallas-area commercial real estate transactions


Sales
Stroud Development bought 7.5 acres at 2020 Hebron Road in Carrollton to build an assisted living center and dementia care facility. Construction will start in May. Kyle E. Robertson of Bright Realty brokered the sale.
Polytronix Inc. purchased a 100,065-square-foot building at 701-735 N. Plano Road in Richardson. Dave Peterson and Stephen Cooper of NAI Robert Lynn Co. brokered the sale by First Industrial Texas with John Roper of CBRE Group.
Dueno A Dueno LLC bought the Las Brisas apartments at 4203 Gilbert Ave. and the Villas on Bowser at 4330 Bowser Ave. in Dallas. Henry S. Miller Brokerage’s Lane Kommer arranged the sale by California-based CityView.
A local investor purchased the View Pointe Apartments, an 85-unit complex built in 1971 at 2700 Grauwyler Road in Irving. The property was acquired after a foreclosure and is 73 percent leased. Todd Franks and Sam Pettigrew of the Cantrell Co. & Partners brokered the sale.
Intrasonic Technology purchased a 24,000-square-foot building at 9525 Forest View in Dallas. Stephen Cooper of NAI Robert Lynn Co. brokered the sale with Dorian Hara of William Davis Realty.
Leases
Brothers Produce of Houston leased 63,000 square feet of space in Garland Business Park at 2600 McCree Road in Garland. The company is almost doubling its space in the move. Todd Lambeth of Bradford Commercial Real Estate Services negotiated the lease with Kevin Kelly of CBRE Group.
Walgreens leased 34,574 square feet of space for a district office in the 52-acre Parc 114 Business Center on Belt Line Road in Irving. The property is owned by Jackson-Shaw and ORIX Capital Markets. Blake Kendrick and Jeremy Kelly of Stream Realty Partners negotiated the lease with Michael A. Peinado of Lincoln Property Co.
7-Eleven leased 37,509 square feet of land at Jefferson Boulevard and Cockrell Hill Road in Cockrell Hill for a new location. United Commercial Realty’s Pete Podesta, Darrell Hernandez and Lou Miranda negotiated the lease.
Coolglow LLC subleased 29,932 square feet of space at Freeport XV at 700 Bethel Road in Coppell. Jones Lang LaSalle’s Michael Haggar, Forshey Hoobler and Terry Darrow negotiated the lease with Lee and Associates’ Brian Flaherty.
Earthmotor Cars LLC signed a lease for 25,937 square feet of space with Jackson-Shaw in the Cascades at The Colony on State Highway 121 in the Colony. Burson Holman and Adam Hammack of CBRE Group negotiated the lease with Chad Albert of NAI Robert Lynn Co.
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Lincoln Property planning big White Rock retail center


David Woo/Staff Photographer
A few years ago, builders proposed tearing down the retail complex at Gaston Avenue and Garland Road, but Lincoln Property plans to remodel instead.
Developer Lincoln Property Co. is buying both sides of Gaston Avenue at Garland Road near White Rock Lake for a major retail center.
The shopping center project will include redeveloping the property now occupied by the East Dallas YMCA, along with the two-story shopping center across the street.
The project is close to 15 acres, making it one of the largest such developments on tap for East Dallas.
“We are looking at a big retail center,” said Lincoln Property executive vice president Robert Dozier. “This is one of the best potential development sites in the city.”
Lincoln Property bought the Lakeview Centre at the southwest corner of Gaston and Garland Road where East Grand Avenue intersects. Built in 1987, the 82,000-square-foot shopping center is mostly vacant.
A few years ago, builders proposed tearing down the retail complex to replace it with new mixed-use construction.
But Dozier said Lincoln plans to remodel the property and will keep it as a shopping center.
Across the street, Lincoln is under contract to buy the YMCA’s 46,000-square-foot building and the adjoining space used for a nightclub.
The YMCA is working on plans for a new facility up the street at Gaston and Loving Street.
For complete article please visit:

Turtle Creek high-rise site being sold to developer


David Woo/Staff Photographer
Before the economy and debt markets faltered in 2009, a California developer wanted to build a $200 million, 22-story St. Regis Hotel and Residences on the vacant tract at Cedar Springs Road and Carlisle Street in Dallas.
A vacant lot on Turtle Creek is being sold to a local apartment developer.
A California investor and developer once planned to build a $200 million, 22-story St. Regis Hotel and Residences on the tract at Cedar Springs Road and Carlisle Street.
JLB Partners, a North Texas apartment developer, is under contract to buy the 2.3-acre property. It’s one of the last vacant sites in the area and faces the popular Katy Trail.
“We are purchasing the site as an investment as we believe in the quality of the neighborhood and the long-term potential of the site,” said Scott Sherwood of JLB Partners. “Currently, we are looking at all options for this well-positioned property.”
The St. Regis deal died when the national economy and debt markets faltered in 2009.
Investor Lone Star Funds acquired the property earlier this year when it foreclosed on the previous owners, who had defaulted on about $16 million in debt.
Holliday Fenoglio Fowler LP marketed the property and arranged the pending purchase.
The land is zoned for a combination of residential, hotel and retail space. JLB Partners will have to seek city approval to make any changes.
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Downtown tower set for sale by lenders


David Woo
The KPMG Centre office tower in downtown Dallas is one of about 150 commercial proeprties set for auction by lenders next month.
A downtown Dallas skyscraper that's already in the hands of receivers has been scheduled for foreclosure next month.
The 34-story KPMG Centre office tower on Harwood Street has $64 million in debt held by securities investors.
Built in 1980, the 850,000-square-foot office tower is still owned by a company set up by California-based Younan Properties, which bought the building in 2006.
But in February a court appointed receiver took control of the building at the request of LNR Partners LLC, a Florida firm which represents debt holders on the tower.
KPMG Centre is one of several large commercial properties scheduled for sale by lenders next month, according to data gathered by Addison-based Foreclosure Listing Service.
A Far North Dallas building owned by a unit of investor Behringer Harvard on Waterview Parkway is also posted for foreclosure. Addison-based Behringer Harvard has been in default since last year on more than $70 million in debt on the office complex, which previously housed operations of Alliance Data Systems.
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Billingsley starts work on ambitious Dallas rental development

Billingsley
An overhead shot shows the construction under way on Cypress Waters near North Lake. Utililty companies previously owned the acreage.
1of2
Cypress Waters may turn out to be North Texas’ biggest rental home community yet.
Developer Billingsley Co. has started construction on the 1,000-acre development, with the first 673 apartments expected to be ready by early 2013.
Eventually, thousands of residences, mostly apartments, will be built on the north side of LBJ Freeway facing North Lake.
“We have the potential to build 10,000 units here, so we needed to start this project in a major way,” developer Lucy Billingsley said. “Our hope and dream is we build a master-planned rental living community.”
The project has been a long time in the making.
Billingsley bought the property surrounding North Lake almost eight years ago from utility companies. During the 1950s, the reservoir was built by Dallas Power and Light Co. to provide cooling for its electric plant on Belt Line Road.
Decades later, the property, surrounded by Irving and Coppell but in Dallas’ city limits, was developed for recreation, with parks, fishing and boating.
“This is where everyone went for years to water ski,” Billingsley said. “And my kids used to practice running for track meets out there.”
In 2004, the electric utilities agreed to sell the property to Billingsley, who began planning to develop it.
The surrounding suburbs initially opposed the project and sued to stop construction.
But in 2008, the builder and city governments settled their differences. Since then, Billingsley Co. has been working to plan the property and design the first rental units.
Close to work, roads
“This is one of the largest in-fill development sites in America,” Billingsley said. “It is a site close to tremendous employment, freeways and great neighborhoods.
“In the first phase, we are building three different neighborhoods,” she said.
Designed by WDG Architecture, the buildings will range from high-end townhouse-style units to contemporary Texas-themed designs.
Each project will have a different feel and will tie in with walking trails and other features, including resort-style swimming pools, project manager Tom Holland said.
For complete article please visit:

Monday, April 09, 2012

American Airlines Center operator, Hillwood spar over Dallas arena parking


Steve Brown
The parking lot just north of the American Airlines Center may soon close for construction.

By STEVE BROWN
Real Estate Editor
stevebrown@dallasnews.com


Hundreds of fans who attend games at American Airlines Center in Dallas may soon be parking in a new location.

That’s because the operator of the Victory Park arena and developer Hillwood Investments haven’t reached an agreement regarding the large parking lot just north of the popular sports and entertainment venue.

Late last month, Hillwood said it would close most of the six-acre parking lot soon to make way for an apartment development.

Houston-based developer Camden Property Trust has the land under contract to purchase, real estate brokers say.

The shutdown of the lot right at the arena’s door means the loss of 600 prime parking slots.
Arena manager Center Operating Co. asked if Hillwood could put off closing the lot until the professional basketball and hockey seasons are over in summer.

But Thursday, Hillwood put out a statement that it couldn’t go along with the deal.

“For more than a week, we’ve negotiated with Center Operating Co. regarding its request to continue using parking Lot F for Dallas Mavericks’ and Dallas Stars’ games through the end of the current season, including any playoff games,” Hillwood representatives said in an email.

For complete article please visit:  http://www.dallasnews.com/business/commercial-real-estate/headlines/20120405-american-airlines-center-operator-hillwood-spar-over-dallas-arena-parking.ece?action=reregister

Wednesday, April 04, 2012

North Dallas retail center purchase financed with $6.75 million loan



Cohen Financial
Purchase of the Lakeside Village shopping center on Walnut Hill Lane was financed for $6.75 million.
A Dallas retail investment firm has purchased a high-profile retail center at the southwester corner of Walnut Hill Lane and North Central Expressway and arranged new financing for the property.
The Lakeside Village Shopping center was was financed with a $6.75 million loan that closed on March 30, according to Cohen Financial which arranged the 10-year loan.
Built in 1986, the retail center is 85 percent leased.

D-FW apartment demand falls for first time since 2009

DMN files
There were 12,400 apartments under construction in North Texas in the first quarter.

The North Texas apartment boom hit a bump in the first quarter.
Net apartment leasing fell by 270 units in the first three months of 2012.
It was the first such decline in more than two years.
The drop in apartment demand came as sales of preowned homes in the area rose by about 20 percent.
"I don’t think one quarter of slight resident loss should be viewed as a big deal, especially when demand in first quarter usually is pretty mild anyway," said Greg Willett, vice president with apartment analyst MPF Research  "The job numbers still look good, and a comeback for the for-sale housing sector actually could drive them higher."
The first quarter decline in apartment rentals ends a long streak of strong demand for rental housing in the D-FW area.
Since the start of 2010, net apartment leasing in North Texas has added up to almost 40,000 units, according to Carrollton-based MPF Research.
And in the fourth quarter of 2011 alone, apartment occupancies in the D-FW were up by almost 3,000 rental units.
Willett said most of the first quarter declines in leasing occurred in the northern suburbs.

Dallas apartment community sold

Bascom Group
The Villas at Monterey apartments in Far North Dallas has 272 units.
California-based apartment investor Bascom Group has added to its Texas holding with the purchase of a Dallas rental community.
Bascom purchased the 272-unit Villas at Monterey at 15534 El Estado Drive. The complex in Far North Dallas is on 14.5 acres near Arapaho and Coit roads.
Terms for the sale of the project, which has 21 apartment buildings, were not disclosed.

Monday, April 02, 2012

Granite Properties buys 3-building Uptown Dallas office complex

Granite Properties
The 3-building Cedar Maple Plaza was built in 1985.
A three-building office purchase has just added to Granite Properties’ holdings in Uptown Dallas.
The Plano-based commercial real estate firm said Friday that it has acquired the Cedar Maple Plaza complex on Cedar Springs Road.
The 120,000-square-foot office project is just across the street from the landmark Crescent complex.
“Space in Uptown is always in demand, and one of the benefits of this acquisition is that it is a boutique building in an ideal location,” Granite chief operating officer Greg Fuller said in a statement.
While the buildings weren’t widely marketed, there were several bidders. “There always is, even with an off-market deal — four to five that I’m aware of,” Fuller said.

Turtle Creek Village complex up for sale

Holliday Fenoglio Fowler
Dallas' 43-year-old Turtle Creek Village complex is for sale.
Investors who foreclosed on Dallas’ Turtle Creek Village have put the Oak Lawn office and retail project up for sale.
Dallas-based Lone Star Funds took control of Turtle Creek Village in January after buying the distressed $63 million loan on the property and foreclosing.
Lone Star Funds has hired Holliday Fenoglio Fowler LP to sell the almost 9-acre project.
Turtle Creek Village includes 282,000 square feet of office space in two buildings, connected by more than 82,000 square feet of retail.
But a redevelopment plan for the project on Oak Lawn Avenue at Blackburn Street would allow up to 1.48 million square feet of commercial and residential space.
“Given their age and location on the site, the redevelopment will likely entail the demolition of the obsolete retail and office properties,” Holliday Fenoglio Fowler said in its marketing brochure for Turtle Creek Village. “The acquisition of Turtle Creek Village represents one of the premier redevelopment opportunities in the United States.”