Monday, August 27, 2012

Cityplace investor turns to Cedar Creek Lake

Back in 1990, when investor Don McNamara bought the 130-acre Cityplace property north of downtown Dallas, the local economy mas in deep recession.
McNamara knew that good real estate could survive any downturn if the ownership was strong enough.
It's hard to argue with hid success at Cityplace.
More than 20 years later, McNamara is moving ahead with plans for another project that was stalled by the latest recession.
His almost 1,000-acre tract on Cedar Creek Lake southeast of Dallas is being developed into a luxury home community.
In 2008, work crews began constructing a golf course residential development on the tract,
"The day Lehman Brothers failed, they shut the work down," said Christopher Kelsey, president of the project, which is now called LongCove. "What we were going to do wasn't going to work anymore.
Instead, the developers are building a 400-home neighborhood that will be more affordable to construct and maintain.
There will be a combination of smaller waterside cottages, larger home sites and a few big family compounds.











Steve Brown
Dallas Morning News

Building booms in Oak Lawn


Uptown gets all the attention, but there’s a real estate boom in Dallas’ neighboring Oak Lawn, too.
Developers are kicking off construction on a handful of large apartment projects, and more are in the works.
“It’s going to be an up-and-coming spot for more people to live,” said Brian Tusa, managing director of Trinsic Residential Group, which just started work on a 301-unit apartment complex on Wycliff Avenue. “This is a much more affordable alternative for residents to live near Uptown.
“They can be close to the entertainment areas, restaurants and bars, and not have to pay a big premium in rents.”
Trinsic’s four-story Wycliff building replaces old apartments constructed along Congress Avenue in the 1960s.
The project, among more than 1,000 new apartments in the area, will open in about a year.
“The visibility of that site on the Dallas North Tollway and along Wycliff was important to us,” Tusa said. “That area has gone through a gentrification.
“We certainly like the way the neighborhood is continuing to transform,” he said. “And obviously, our competition feels similarly.”
Developer Magnolia Property Co. is building a 32-unit luxury rental development a block away from Trinsic’s deal at 4320 Dickason.
The three-story Magnolia at Wycliff apartments will open in late February, said Randy Primrose, Magnolia managing partner.
“Our units will be very high-end and comparable to condos,” Primrose said. “The neighborhood is going to change overnight, and I’m glad we are on the front end of it.

By STEVE BROWN

Real Estate Editor

Dallas Morning News


Buckner to build housing for seniors near NorthPark


A prime three-acre development tract just south of NorthPark Center shopping mall has been purchased by Buckner International.
Dallas-based Buckner, a nonprofit Christian ministry that operates orphanages, senior housing and other community support programs, bought the property to build senior housing.
The land is on the west side of North Central Expressway just south of Northwest Highway and is part of the Lincoln Park mixed-use complex.
Buckner’s plans for the project include multiple levels of senior living and care, said Scott Collins, vice president of communications.
“It’s a great location,” Collins said Monday. “We have a lot of development to do on it.
“Probably the first resident won’t walk in the door for four or five years.”
Terms of the land purchase were not disclosed.
Buckner purchased the property from Lone Star Funds, which put the land and other Dallas-area real estate on the market a few months ago. HFF, formerly Holliday Fenoglio Fowler L.P., marketed the tract.
Lone Star Funds acquired control of the North Central Expressway property last year when it bought a $5 billion portfolio of distressed commercial real estate loans from Anglo Irish Bank Corp.
The Dallas-based investment group then took ownership of the properties through foreclosure.
The development site Buckner International purchased is one of the few vacant properties in that stretch of U.S. Highway 75.

By STEVE BROWN

Real Estate Editor

Dallas Morning News


Irving office complex sold; redo ahead


The sale of three Irving office buildings means a new headquarters campus for a major medical firm.
The redevelopment of the former Associates Corp. complex will also fill one of the largest empty blocks of office space in Las Colinas.
A partnership set up by local investors Wolverine Interests and Fairways Equities bought the 539,000-square-foot office center at 250 E. John Carpenter Freeway from a unit of investor Behringer Harvard.
The buildings were constructed in the late 1970s and early 1980s as the Associates Corp. headquarters. And after Citigroup bought Associates in 2000, it continued to house workers there.
But the high-profile buildings have been empty since Citigroup left for newer office space several years ago.
The new owners plan to start work immediately.
“We are going to spend about $5 million redoing all the common areas in the buildings and adding a parking garage,” said Jim Leslie, principal with Wolverine Equities, a private property investment firm. “It’s going to be like a brand new project.”
The new owners have signed a large office lease with health care company VHA Inc. to move its national headquarters into the project. VHA is now in buildings across the highway in the Las Colinas Urban Center.
VHA has committed to a 300,000-square-foot lease at the property and will relocate after the work is done in October 2013.

By STEVE BROWN

Real Estate Editor

Dallas Morning News


Hines buys Valley Ranch development sites


Houston-based real estate firm Hines has snapped up two development sites in Irving's Valley Ranch community.
Hines bought almost 27 acres on Valley Ranch Parkway just north of LBJ Freeway from Wells Fargo Bank.
"It's the two corners at LBJ," said Jones Lang LaSalle's Larry McCorkle who brokered the sale along with Michael Swaldi. "We had it under contract a couple of times after it was foreclosed on last year."
McCorkle said the residential property is just west of a greenbelt and park area.
A Hines land investment company bought the property, said spokeswoman Kim Jagger. "We are still working on our plans for the site," she said.
Hines has purchased and developed several tracts of land in the nearby Las Colinas community for residential developments.
The company is best known in North Texas for its big commercial projects like the Dallas Galleria.

By STEVE BROWN

Real Estate Editor

Dallas Morning News


McKinney Avenue buildings sold


A complex of six retail and commercial buildings in Dallas’ Knox Street business district has been sold out of receivership.
The buildings are on McKinney Avenue, North Central Expressway and Armstrong Avenue and contain about 37,000 square feet.
The buildings, which are 95 percent occupied, were purchased by Knox Promenade LLC, a group of local investors, said Doug Archer, the court-appointed receiver who oversaw the sale. Terms of the transaction were not disclosed.
“We put it on the market for $12.5 million, and there was a ton of interest in it,” said Archer, chief financial officer of Dallas’ P. O’B Montgomery & Co. “I’ve done about eight of these receiverships, and this one was a great success story.
“The property generated in excess of a dozen credible offers.”
Archer was appointed as receiver of the properties in mid-2011 after the previous owner ran into financial and debt problems. At the time, the complex was less than half leased.
Tenants in the project include Knox Street Pub, Enterprise Rental Car, Sushi on McKinney, Roti Grill, Potbelly, Green Lotus Spa, the UPS Store, TKO Nutrition, Pie Five, Salons of Dallas and Modia Home Entertainment.
The buildings were constructed or remodeled in 2004.
Along with P. O’B Montgomery & Co. as property manager, John Bowles Co. and Byrne Co. also worked on leasing and sale of the buildings.




By STEVE BROWN

Real Estate Editor

Dallas Morning News


Austin investor acquires Grand Prairie office project


An Austin-based property investor has purchased a Grand Prairie office building
Capital Commercial Investments bought the 6-story National Health Building at 1901 N. State Highway 360.
The multi-tenant building was construction in 1984 and contains about 100,000 square feet.
Major tenants in the project include the National Transportation Security Administration, National Health Corp. and FYI Television.
Capital Commercial bought the building from AIC Ventures.
Terms of the sale were not disclosed.
Creighton Stark and Ben Lurie with Colliers International negotiated the sale.
"We were able to produce a very competitive set of buyers and far surpassed our client’s pricing expectations,” Stark in a statement.
Capital Commercial Investments who owns and manages more than 8 million square feet of office and industrial properties nationwide.
In the Dalals area, the investor has the Campbell Center complex on North Central Expressway, the Oilwell Supply building downtown and several other office projects.

By STEVE BROWN

Real Estate Editor

Dallas Morning News


Groundbreaking apartments on Downtown Plano


Construction will start next week in Plano’s historic downtown on a high-density retail and apartment complex.
The project — being built by Tennessee-based Southern Land Co. — will have about 280 apartments and is just south of the DART light rail station on 15th Street. The property was previously occupied by the Eisenbergs Skatepark, which has been demolished.
“It is a project in historic downtown Plano we have been working on for several years,” Southern Land president Brian Sewell said Tuesday. “We’ve been working very closely with the city of Plano to get this project going.”
The five-story project will stretch along the rail line and I Avenue.
The first tenants should be moving into the building late next year.
“We think it will lease up very quickly,” said Southern Land chief financial officer Ken Howell. “We think it will be a home run for our portfolio.”
Howell said nearby apartment buildings are almost full.
“They have been at 96 percent to 98 percent occupancy,” he said.
Southern Land’s apartment and retail building is the latest effort to revitalize Plano’s old downtown on the east side of State Highway 75.
Since the light rail line opened a decade ago, developers have constructed apartments, townhomes and retail space near the 15th Street station.

By STEVE BROWN

Real Estate Editor

Dallas Morning News


New apartment and retail deal in Dallas Cityplace community

After almost a year of planning and negotiations, a new high-rise residential and retail development is moving ahead in Dallas' Cityplace neighborhood.
Ohio-based developer Forest City Enterprises on Wednesday completed its purchase of about three acres at McKinney Avenue and Blackburn Street.
The vacant block will be used to build a 20-story tower with almost 400 apartments and 37,000 square feet of retail space.
The entire development is projected to cost just under $100 million.
Cityplace Co. president Neal Sleeper confirms that Forest City has closed its purchase of the land, which has been under contract since mid 2011.
"This will launch that big project we've been planning for the last year," Sleeper said. "It will start this fall sometime – my guess is in October or November."
The property Forest City purchased was the site of the old Hank Haney Golf Center facing McKinney. It's just across the street from the popular West Village complex.
And the development site is about a block from the DART light rail station and McKinney trolley stop.
Forest City is well known in the Dallas urban apartment market.
In downtown Dallas, the developer is currently doing a 203-unit apartment conversion of the 61-year-old Mercantile Continental building at Commerce and St. Paul streets.
And Forest City developed the 15-story Element apartment building downtown on Main Street, and the remodeled the historic Mercantile National Bank Tower into 215 loft apartments.


By STEVE BROWN

Real Estate Editor

Dallas Morning News




http://www.dallasnews.com/business/commercial-real-estate/headlines/20120802-developer-forest-city-moving-ahead-with-big-apartment-tower-and-retail-deal-in-dallas-cityplace-community.ece

Victory Park’s Vista apartments sell to J.P. Morgan investment fund


Investor JPMorgan Asset Management has completed its purchase of the Vista Apartments at Dallas’ Victory Park.
The six-story, 129-unit Vista building on Houston Street was built in 2006 and is 98 percent leased.
Terms of the transaction were not disclosed.
The Uptown building was sold by a joint venture that includes the German investment fund that is Victory Park’s largest owner.
“We had a very significant amount of interest in that project,” said Lance Fair, chief operating officer of Florida-based Estein & Associates, which represents the owners. “They were willing to agree to the terms and close quickly.”
The Dallas office of Holliday Fenoglio Fowler LP marketed the property for sale. It came on the market in June.
The building’s ground-floor retail space was not part of the deal.
JPMorgan, which owns other North Texas apartment properties, quickly emerged as the top potential buyer for the Vista, real estate brokers say. It bought the posh property for one of its institutional investment funds.

By STEVE BROWN

Real Estate Editor

Dallas Morning News






Dallas condo project with Klyde Warren deck park views

Klyde Warren deck park views

If success in the real estate business is a function of location and timing, a Dallas project is already a winner.
And most folks don’t even know the building exists.
Lincoln Property Co.’s Parkside condominiums have Dallas’ new Klyde Warren Park over Woodall Rodgers Freeway for their front yard.
The five-story building, with only 30 units, has been so low-key that it’s been overlooked in all the construction along Woodall Rodgers.
And Lincoln hasn’t even been trying to sell the project for the three years that the building’s been finished.
“We’ve just let them sit in shell condition for so long,” said Lincoln vice president Chris Axley. “We are trying to decide what we are going to do with them.”
With the 5.2-acre park set to open on the building’s doorstep in October, it shouldn’t be hard to figure out a game plan.
“It’s like having a Central Park location,” but in Dallas, not New York, said veteran Dallas luxury home agent David Griffin. “Those condominiums on that park should be a home run.





By STEVE BROWN

Real Estate Editor

Dallas Morning News


Friday, August 24, 2012

Victory Park Apartment project


Work crews have started on Mill Creek Residential's new apartmetn community at Victory Park. 


round has been broken on the first new construction project in Dallas’ Victory Park project in five years.
Apartment developer Mill Creek Residential Trust has begun work on a 378-unit apartment complex adjacent to the DART light-rail station on Victory Avenue.
The six-story luxury rental community is being built in a partnership with investor Behringer Harvard.
It’s also the first major local project for Mill Creek, a Dallas-based apartment firm that was formed in 2010 by former top officers of Trammell Crow Residential.
The new Victory Park apartment community is likely to see strong demand.
Steve Brown
Dallas Morning News

Big & New Lake Highlands Redevelopment Project


The first phase of the 70-acre project will start soon.
Five years after ground was broken for the project, developers have finally gotten funding to move ahead with construction on the first buildings in the big Lake Highlands Town Center in northeast Dallas.
So far almost $86 million has been spent on the big project – including $13 million from the public sector and more than $10 million from DART to build a new light rail station in the development.
The first phase of construction included new roads, a lake park and other public amenities.
Plans for project include retail, homes and commercial space along Walnut Hill Lane. (Cypress Real Estate)
Story by Steve Brown 

http://bizbeatblog.dallasnews.com/2012/08/dallas-developers-get-key-funding-for-big-lake-highlands-redevelopment-project.html/

Wednesday, August 08, 2012

Downtown Dallas 33 Story High-Rise Sells For $5.9 Million at Foreclosure Auction


Atlanta-based Cousins Properties has been a big player in North Texas for years.
And the investor and developer now has a downtown Dallas skyscraper in its portfolio.
A company set up by Cousins paid $59.7 million on Tuesday to buy the 2100 Ross Avenue office tower at foreclosure sale.
The 33-story high-rise was constructed in 1982 and has been owned by a New York investor since 2006.
The previous owners originally borrowed more than $70 million to buy the tower, located across the street from the Arts District.
Cousins Properties is a major player in Irving’s Las Colinas community. And the firm leases the big Lincoln Center office complex on the Dallas North Tollway at LBJ Freeway.

The 2100 Ross building was originally known as San Jacinto Tower. (DMN files)


Story by Steve Brown 
ugust 7, 2012