Thursday, December 19, 2013

Macfarlan Capital Partners buys AT&T building in Richardson

Macfarlan Capital Partners has purchased this Telecom Corridor building located near North Central Expressway and President George Bush Turnpike for an undisclosed sum.

Staff Writer-Dallas Business Journal
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Dallas-based real estate investment firm Macfarlan Capital Partners purchased a Richardson office building housing Dallas-based telecom giant AT&T Inc.
Terms of the deal were undisclosed.
The two-story, 205,817-square-foot office building, Campbell Glen II, is located southeast of North Central Expressway and the President George Bush Turnpike in Richardson's Telecom Corridor. It is 100 percent leased to AT&T.
The property was appealing to investors based on the high efficiency of the office building and provides a secure income stream with a world-class corporate tenant, said Eric Mackey, senior vice president in CBRE's Dallas office.

Tuesday, December 17, 2013

Encore Bringing Housing to Mansfield

MANSFIELD (Dallas Business Journal) – Encore Land LLC has purchased 15 acres at 2011 Callender Rd. for a new residential community, The Villages of Park Hill.
Dallas-based Dunhill Homes will build the 59 single-family homes. Sizes will range from 2,290 to 3,600 sf.
Featuring mature trees, walking trails and a nearby park, the project is expected to be completed by next summer.

Texas Condo Sales Soar in 2013, New Report Shows

AUSTIN (Texas Association of Realtors) – The single-family home market isn't the only market going strong in Texas this year. Condominium sales are doing just as well according to the 2013 Texas Condominium Sales Report.
The report, which was released yesterday by the Texas Association of Realtors (TAR), shows double-digit growth in condominium and townhome sales among the state's four major markets. Austin, Dallas, Houston and San Antonio had an average 26 percent jump in condo sales between January and September 2013. Individually, Dallas condo sales jumped 38 percent, followed by Houston at 25 percent, Austin at 24 percent and San Antonio at 18 percent.
In Dallas, 4,468 condos were sold between January and September 2013. Compared with the same period in 2012, the median price increased 10 percent to $153,000. The number of new listings also increased 10 percent to 6,311. Active listings dropped 26 percent to 1,607 listings, and pending sales jumped 33 percent to 4,077 year-over-year. Days on the market dropped to 67, down 28 percent from the previous year.
In Houston, 5,067 condos were sold during the first nine months of the year. The median price increased 7 percent over last year to $140,000. New listings increased 3 percent to 7,552, active listings dropped 31 percent to 1,737, and pending sales increased 17 percent to 2,827 year-over-year. Days on the market dropped to 61, a 27 percent decrease from last year.
Meanwhile, in Austin, 2,450 condos were sold between January and September. The median price increased 7 percent to $192,420. New listings increased 8 percent to 3,306, active listings dropped 28 percent to 635, and pending sales jumped 22 percent to 2,706 year-over-year. Units spent an average of 52 days on the market, a 30 percent decrease from 2012.
Finally, 469 condos were sold in San Antonio between January and September. The median price increased 6 percent over last year to $98,900. New listings decreased 3 percent to 776, active listings dropped 22 percent to 379, and pending sales increased 11 percent to 415 year-over-year. Average days on the market dropped to 113, down 23 percent from a year ago.
“Inventory is at an all-time low for both condominiums and single-family homes, but the development of new condos and townhomes has lagged behind that of single-family homes through the housing recovery," said Real Estate Center Research Economist Dr. Jim Gaines. "As a result, we’re at least a year or two away from delivering the condos that are currently needed in Texas’ metro areas.”

North Texas Home Sales Up, Dallas Foreclosures Down

DALLAS (Fort Worth Star-Telegram, Dallas Morning News) – Housing market news continued to be positive in North Texas as existing single-family home sales were up 4 percent last month. Meanwhile, foreclosures continued to decline in Dallas.
The Fort Worth Star-Telegram yesterday reported that 5,960 homes were sold in the 29-county North Texas region, according to Real Estate Center data. The median price was $170,000, 10 percent higher than last year.
Year to date, 82,234 homes were sold, an 18 percent increase over the same period last year.
Homes sold in November were on the market for 59 days, a 20 percent drop from November 2012.
On the same day, the Dallas Morning News reported Dallas home foreclosures for the year ending in October were down 36 percent from a year ago.
According to CoreLogic data, lenders foreclosed on 7,624 area homes during that time — the lowest volume in forced home sales in more than five years.
The Dallas area ranked ninth nationally for foreclosures among the major cities CoreLogic surveyed. Nationwide, home foreclosures were down 30 percent.

Less Than 5 Percent of Dallas Mortgage Holders Underwater

DALLAS (Dallas Morning News) – CoreLogic reported this week that roughly 36,000 area home loans (4.7 percent) were underwater in third quarter 2013.
Nationally, 13 percent of home mortgage holders — 6.4 million properties — owed more than their homes were worth during that period.
Home prices in North Texas are up about 10 percent this year from 2012 levels, helping homeowners regain lost equity, said CoreLogic Chief Economist Mark Fleming.
“Negative equity will decline even further in the coming quarters as the housing market continues to improve," Fleming said.

Development Projects in the Works for 2013

Thursday, December 05, 2013

HFF Arranges $100M for Tower at Cityplace

DALLAS-HFF says it has arranged $100 million in financing for Miami-based Parmenter Realty Partners to acquire Tower at Cityplace, a 1.3 million-square-foot, class A office tower in the Uptown District.

HFF worked exclusively on behalf of the borrower, to secure a loan through GE Capital Real Estate. Loan proceeds were used to buy the asset with a future funding component for leasing and capital expenditures.
The Tower at Cityplace is located at 2711 North Haskell Avenue just north of downtown Dallas and visible from the North Central Expressway in Dallas’ Uptown District.  The 45-story tower is 69% leased to tenants including Dean Foods, Lone Star/Hudson Advisors, AON Service Corporation and Headington Oil.  The property features a 35,000-square-foot Larry North Fitness Center and Spa, 55,000 square feet of meeting room space, a 300-seat amphitheater, several dining options and direct access to the DART rail and McKinney Avenue Trolley service.
By David Phillips 

KBS Pays $31M for Uptown Tower

Highland Park Place
DALLAS-KBS Realty Advisors has acquired the 164,011-square-foot Highland Park Place for $31.3 million. The Newport Beach, CA-based buyer struck a deal with Heitman Capital Management LLC of Chicago for the class A, 17-story office tower and an adjoined seven-level parking garage.
The property is located at 4514 Cole Avenue in Uptown’sKnox-Henderson District and is also within the Knox Street Public Improvement District. CBRE’s Gary Carr, John Alvarado and Eric Mackey arranged the transaction on behalf of the seller, Heitman. Details of the sale, including price and terms, were not disclosed.
“Highland Park Place presented investors with an exceptional opportunity to establish a presence in Dallas’ coveted Uptown submarket, which contains a limited supply of class A office properties,” says Carr, vice chairman of CBRE. “This offering checked all of the boxes with respect to what investors are looking for today – a stable, in-place cash flow coupled with compelling upside potential.”
By David Phillips

Boxer Properties Picks Up Ten-Story Office Building

4100 Spring Valley Rd.
DALLAS-Houston-based Boxer Property has acquired the ten-story, 153,387 square foot office building at 4100 Spring Valley Rd. in north Dallas.
The building is anchored by Panda Energy, Comerica Bank and Joint Venture Business Center, and features recent common-area renovation and enjoys easy access from all directions with its Spring Valley at Midway Rd location.
Boxer Property noticed a great opportunity with this Energy Star rated acquisition.
“4100 Spring Valley is another great addition to our growing Dallas Portfolio,” stated Andre Pereira Boxer’s director of acquisitions.
By David Phillips

Krikorian to Head Trammell Crow's Dallas Office

DALLAS, TX-Trammell Crow Company has appointed Scott Krikorian leader of the company’sDallas-Fort Worth Business Unit. In this role, he will oversee the entire business unit, including all development and acquisition projects, new business pursuits, finance and overall day-to-day operations. Krikorian succeeds and reports to Adam Saphier, president-central pperations for Trammell Crow Company.
“Scott is a natural fit for this role, having been a part of TCC’s Dallas-Fort Worth offices for more than 25 years,” said Saphier. “He is an excellent leader whose management skills and deal making acumen make him the ideal choice to lead TCC’s headquarters city and one of the company’s most significant markets. Scott’s integrity, strong work ethic, outstanding customer service and ability to drive growth and business performance will serve him well in this leadership role.”
Krikorian previously served as a managing director and principal responsible for industrial development throughout the Dallas-Fort Worth Metroplex. He began his career with Trammell Crow as an industrial leasing agent in 1988 and grew to oversee all industrial developments and investments. Prior to CBRE’s acquisition of Trammell Crow Company, Scott led the Dallas-Fort Worth Industrial Services Group, which leased and managed over 20 million square feet annually. Under his leadership, TCC has completed over 9.8 million square feet of industrial development, currently has 1.8 million square feet under construction and 4.3 million square feet in its pipeline. Current notable projects include Trade Center I-IX, a 3 million square foot industrial park in its third phase located on the north side of DFW Airport and I-20 Distribution Center, a 2.5 million square foot bulk distribution center, also in its third phase, located in South Dallas.
By David Phillips

Construction Begins on $36M Alta Maple Station

Alta Maple Station Rendering
DALLAS-Wood Partners has broken ground on its 249-unit, four-story multifamily property named Alta Maple Station. The $36.6 million development is adjacent to the Dallas Area Rapid Transit's Inwood/Love Field Station, and is close to the area's Medical Center District.
The project, located at 522 Maple Ave., will begin leasing in late 2014, with construction completed by early 2015. Wood Partners is acting as its own general contractor, providing supervision and contracting with qualified subcontractors to perform the work. Good, Fulton & Farrell Architects is the architect of record.
By Amy Wolff Sorter

Construction starts on Southlake retail center

The new retail center will open in the Fall of 2014. (Woodmont)
Developers have broken ground on a new shopping center in Southlake.

Woodmont Co. said Tuesday that it is building the 190,000-square-foot Park Village shopping center on 22 acres at the southwest corner of Carroll Avenue and Southlake Boulevard.

The retail center is already more than 50 percent leased and will open in late 2014. The project was designed by Herschman Architects.

Tenants in the center will include a specialty gourmet grocer and recreation goods retailer REI.

By Steve Brown

Las Colinas office complex trades at lender auction

The Campus Circle office complex was built in 1985. (SkyWalker)
A Las Colinas office complex has been purchased by a North Texas property investor.

SkyWalker Property Partners bought the 3-building, 66,885 square-foot Campus Circle offices on 

Campus Circle Drive. The buildings constructed in 1985 are only about 20 percent occupied and were purchased at an auction.

Monarch Behavioral Health Therapy leases 13,730 square feet in one building.

The new owner – which acquired the real estate for an investment fund – plans to remodel the complex.

By Steve Brown

Tuesday, December 03, 2013

First look: New Victory Park apartment project near downtown Dallas

Camden's Victory Park rental community will have more than 400 units. (Camden Property Trust)
Developer Camden Property Trust has taken the wraps off designs for its new Dallas apartment project in Victory Park.

The 423-unit rental community is slated for the block of parking lots just north of the American Airlines Center arena between Houston Street and Victory Avenue.

Houston-based Camden bought the 6-acre property last year and is ready to begin construction on the 4-story apartment project. The construction will take more than a year.

By Steve Brown

Investment partnership buys apartments near Telecom Corridor

The Dallas apartments were built in the 1970s. (Performance Properties)
A longtime Dallas-area apartment investor has made a purchase near Richardson’s Telecom Corridor.

Performance Properties LLC acquired the 416-unit Vista Buena Apartment Homes at 13350 Maham Rd in North Dallas.

The apartment community is almost fully leased and was built in the 1970s.

“This is a classic value-add property with a good location and high occupancy,” David McQuaid, principal of Dallas-based Performance Properties, said in a statement.

The investor bought the property for a new partnership that was formed to buy apartments priced between $10 million to $20 million. Terms of this sale were not disclosed.

By Steve Brown

New housing neighborhood in the works for Dallas’ medical district

InTown Homes has been building townhouses near downtown's Farmers Market. (DMN files)
A builder who’s developed a successful townhouse project at downtown Dallas’ Farmers Market is working on a large project in the medical district.

InTown Homes plans to build a 118-home neighborhood on 5.5 acres on Hawthorne Street near Maple Avenue.

The new home project would be built on vacant land now zoned for apartments.
Plans for the development show it will include a swimming pool and several common areas.

By Steve Brown

Florida investor makes second apartment buy southwest of Dallas

The Spyglass apartments were built in 2002. (IPA)
A Florida investor has purchased its second apartment community in Mansfield south of Arlington.

Advenir Inc. has purchased the 256-unit Spyglass Apartment Homes at 3251 Matlock Road.

Built in 2002, the rental community was sold by Kaplan Cos.

Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, brokered the sale.  Will Balthrope and Drew Kile negotiated the transaction.

“We marketed the property broadly and had lots of interest,” Balthrope said. “Advenir doubled down on its holdings in Mansfield.

“Mansfield all of a sudden has become a popular market to invest in.”

The previous owner of Spyglass had begun upgrading the units.

By Steve Brown

Dallas office building getting major facelift

The Knox Place II building is on North Central Expressway near Knox Street. (Corinth Properties)
A Dallas office building is getting a complete makeover.

Developer and investor Corinth Properties is giving a high-profile facelift to its building at 4633 North Central Expressway near Knox Street.

The 3-story office building was built in 1965 and contains about 22,000 square feet.

Corinth has stripped the glass and metal exterior off the property and is putting on a new fa├žade.

“We are under construction with the framing now and should have glass next month,” says CEO Frank Mihalopoulos.

By Steve Brown