Carroll Organization acquires
the 414-unit Villas at Edgewater,
to be rebranded ARIUM Edgewater.

WEBSTER, TX-Continuing to add to its growing Texas portfolio, Georgia-headquartered Carroll Organization, in conjunction with an institutional equity partner, bought the 414-unit Villas at Edgewater from Davis Development, which is also located in Georgia. Though the sales price was undisclosed, the Harris Central Appraisal District assesses the four-year-old multifamily property at $28.7 million.

The new owners plan to rebrand the asset, located at 200 Water St., ARIUM Edgewater. “This acquisition fits perfectly with our strategy of leveraging our operational expertise and historically low interest rates to generate attractive annual returns for our investors,” notes Josh Champion in a press release detailing the transaction.

The transaction is Carroll Organization’s 10th within the past 18 months. Carroll Management Group, an affiliate company, will manage the multifamily property.



ACQUISITIONS/DISPOSITIONS

DENTON, TX

  • Denton REI LLC purchased a 20,000-square-foot commercial/retail building at 110 W. University Dr. Russ Webb and Jim Leatherwood with Silver Oak Commercial Realty represented the seller, William L. Abernathy Charitable Trust. 

FORT WORTH

  • Gordon Wayne Davis purchased 22,239 square feet of industrial space at 4709 Lone Star. Jeff Givens, Amy Baker and Todd Hawpe with Transwestern represented the buyer.              

GRAPEVINE, TX

  • Phillips Land LC sold a 2,900-square-foot office building at 213 E. College St. Russ Webb and Jim Leatherwood with Silver Oak Commercial Realty represented the seller. Nelson Somerville represented the buyer.

IRVING, TX

  • SkyWalker Property Partners’ Hangover Opportunity Fund acquired a vacant 21,696-square-foot building on 1.5 acres at 3001 Skyway Circle N with plans for repositioning. Gary Walker with SkyWalker Property and and SCM’s Renee Efimoff represented the buyer. Shawn Hall of Bright Realty Co., formerly with Bradford Co., was the listing broker for the seller, a Connecticut trust. Troy Smith of SCM Real Estate Services will lease the single-story office building, SkyWalker Property’s affiliate SCM will manage the new holding.



DEVELOPMENT

BEE CAVE, TX

  • Galleria Texas LLC commenced construction on Building Q, a 58,000-square-foot office building, at Hill Country Galleria on Hill Country Boulevard. Kevin Granger and Brad Philp of Stream Realty Partners will handle leasing for the new building, which is scheduled for a June, 2013 completion.

FRISCO, TX

  • Hall Financial Group will launch construction in early 2013 on an eight-story, 200,000-square-foot site at 3001 Dallas Pkwy. The building will be the 16th one at Hall Office Park and is being bult on one of the two remaining sites in the park. The office building is scheduled for an April, 2014 completion.



LEASING

ADDISON, TX

  • Power Clinic Inc. leased 12,078 square feet of office/warehouse space in Marsh Business Park East, 3732 Arapaho Rd. from SeaCal Addison LLC. Susan Singer and Jason Miller with Bradford Commercial Real Estate Services represented the landlord. Matt Middendorf of Certus Group represented the tenant.

ALLEN, TX

  • Associated American Industries Inc. leased 21,027 square feet of office/warehouse space in Twin Creeks Business Center, 1307 N. Watters Rd. from Twin Creeks Warehouse Ventures LP. Susan Singer and Michel Grant with Bradford Commercial Real Estate Services represented the landlord. Transwestern Dallas represented the tenant.

ARLINGTON, TX

  • Ronald Brown with BOLT Insurance Agency renewed a 1,200 square foot lease at First Rate Place, 1901 Ascension Blvd. Beaux Riley with SCM Real Estate Services represented the tenant in this transaction.

AUSTIN

  • Urban Mattress leased 2,150 square feet at Central Market North – 4001 North Lamar Blvd. from HEB Grocery Co. Barshop Oles represented the landlord Alison Barnwell with CBRE represented the tenant. The tenant also leased 2,764 square feet at Sunset Valley Marketfair, 5400 Brodie Lane, with CBRE’s Alison Barnwell representing the tenant in this deal. Stacey Gilham with Edge Realty Partners represented landlord Kimco Realty.

DALLAS

  • Dallas Eye and Ear PLLC leased 6,394 square feet of office space at 10740 North Central Expwy. Jeff Anderson and Blair Huddleston with Transwestern represented the landlord.

EL PASO, TX

  • Bank of America leased 16,400 square feet at 29 Butterfield Trail. William Caparis of CBRE representd landlord Eastgroup Properties LP.
  • Robert Bosch LLC leased 72,000 square feet at 1450 Pullman Dr. from Indoor Properties. William Caparis of CBRE represented the landlord.
  • South Shore USA leased 51,400 square feet at 32 Spur from Eastgroup Properties LP. William Caparis of CBRE represented the landlord.

FORT WORTH

  • Willbros Engineers leased 22,918 square feet of office space at 777 Main St. Kirk Kelly with Transwestern represented the tenant.                                             

GARLAND, TX

  • Sant