DALLAS—In this week’s wrap up of Texas and Southwest deals…
Binswanger has been named exclusive agent by First Bank to represent them with the sale of two single-story modern manufacturing facilities totaling 462,500 square feet on 97.1 acres. The buildings are located at 8600 Central Freeway North in Wichita Falls, TX. Formerly used by Delphi Automotive for the production of ceramic automobile oxygen sensors, the property consists of a 348,000-square-foot South Building and 90,000-square-foot North Building. The property is located on I-44 and is minutes to Highway 287 and 82. The Wichita Falls Municipal Airport is an approximately 15 minute drive and Dallas/Fort Worth International Airport is approximately 100 miles from the site. Binswanger is aggressively marketing the property to manufacturers of wood, petroleum and coal, chemicals, plastics and rubber, metals, machinery, computer and electronic products, electrical equipment, motor vehicle body and parts and furniture, as well as wholesale trade, transportation and warehouse, and information users.
Also in Dallas, CBRE’s national retail investment group has brokered the sale of Northpark Village in Lubbock, TX. Cincinnati, Ohio-based Phillips Edison & Co. purchased the grocery-anchored center for an undisclosed price. Lubbock-based United Supermarkets anchors the 70,479-square-foot Northpark Village, at the intersection of 4th Street and Slide Road. Texas Tech University is approximately two miles from the center on 4th Street. The asset is 96.8% occupied. National tenants, including Starbucks and GNC, promote cross shopping and provide a steady customer draw. Chris Cozby, Chris Gerard and Kevin Holland, with CBRE, represented the unnamed seller in an off-market sale.
Over in Forth Worth, TX, the next phase of the highly anticipated WestBend mixed-use development is now underway. Work recently began on construction of a four-story, 57,500-square-foot class-A office building and an 84,000-square-foot freestanding retail building, which will complete the 278,000-sqaure-foot mixed-use project. Crews will be utilizing approximately 490 tons of steel, which arrived on site last week. Initial prep work began back in February with the relocation of four mature trees on the site. Located in the University District directly across from University Park Village in Fort Worth, WestBend will include several restaurants with large trailside patios on the Trinity Trail, new public spaces, and specialty retailers creating a walkable urban experience. Under development by Fort Worth’s Trademark Property Co., grand opening is scheduled for spring 2015.
And on the executive move front, Joseph Bowen is the new CEO at Ingenium Construction, based in Austin, TX. Bowen, an individual used to working on contracts ranging from $15,000 to $150 million, previously spent the last year at LeChase Construction as a project executive and the four years prior at URS Corp.—Kennedy Space Center/Cape Canaveral Air Force Station as a Construction Branch Supervisor. Bowen succeeds Jerome Schoffler, who helped rebrand and realign Ingenium Construction’s services to include healthcare and commercial construction. “I’m very excited to be a part of Ingenium Construction during this period especially in the robust Texas construction markets,” Bowen says. “We are well positioned to assume more growth in the future focusing on several different market sectors as part of our strategic plan. I am looking forward to the opportunities here in Austin and surrounding locales both professionally and personally.”