GRAND PRAIRIE, TX-Americo Real Estate Ltd. liked a 25-year-old warehouse/flex building on Great South Parkway in Grand Prairie, TX enough to pay seller Solar Three Corp. $220,000 more than the list price.  The Addison, TX buyer paid all cash for the 75,000-square-foot asset.

Sam Pettigrew and Todd Franks with Cantrell Co. & Partners in Dallas tell GlobeSt.com that the building at 2125 S. Great Southwest Pkwy. attracted eight offers, with a couple of very competitive buyers bringing it to best-and final. “This asset attracted interest from a variety of potential buyers, from institutional to independent,” comments Franks who, with Pettigrew, represented Singapore seller Solar Three. “Even one of the tenants wanted to buy it.”

Ultimately,  Americo Real Estate won ownership rights because it had other assets in the area, and was able to close quickly. “The deal closed in 15 days, all cash,” Franks says. “The contract called for 45 days; and the buyer performed in 15.”

Pettigrew says the transaction is a management play, as the asset is 61% leased with below-market rents. “There’s not a whole lot of renovation needed,” he adds. “It’s in good condition. It just needs to be aggressively marketed and well managed.” Americo Realty will offer services such as finish-outs but in return, the new owner will want longer-term leases and higher rents, Pettigrew adds.

CONSTRUCTION

DALLAS-Alliance Residential Co. has broken ground on the 301-unit Avant.  Initial leasing efforts will begin Q2 2012, with completion slated for the Q2 of 2013. At completion, Avant will offer one- and two-bedroom units averaging 842 square feet, housed within four-story wood-frame construction. Interior finishes will include upgraded lighting and plumbing packages, granite countertops, accent walls, wood flooring, garden tubs and full-size washer/dryer connections. The 5.14-acre site is in Dallas’ Design District.

TUCSON, AZ- Graybar recently broke ground on a new facility that is expected to be built to Leadership in Energy and Environmental Design (LEED) specifications after completion in the spring of 2012. The building will be Graybar’s first-ever LEED certified facility and will house its Tucson operations. The 55,000 square-foot facility will feature many green technologies that Graybar distributes to its customers including solar panels, energy-efficient lighting, an electric vehicle charging station and daylight harvesting dimming systems. The facility will also have landscaping that is water-efficient and reduces surface heat.

LEASES

ADDISON, TX- VNR-1 Communications Inc.  leased 4,513 SF of office space at Addison Tower – 16415 Addison Road. Beth Boyd and Mace McClatchy of Holt Lunsford Commercial represented the landlord, Aque Investment Group, and Sharon Herrin of Herrin Commercial Real Estate represented the tenant.

ARLINGTON, TX- Regency has leased 3,588 square feet of retail space at Cooper Street Plaza, 4601 S. Cooper St., to Mattress Firm.  The store is slated to open for business in October 2011. Mattress Firm was represented by Tim Hughes with Falcon Realty Advisors. The 235,196-square-foot Cooper Street Plaza is anchored by a 137,840-square-foot The Home Depot alongside national retailers such as OfficeMax, T.G.I. Friday’s and State Farm Insurance.

ARLINGTON, TX- Medac Inc. signed a new 950 square foot lease at Brookside Office Park, 1161 W. Corporate Dr. Theron Bryant with SCM Real Estate represented the landlord in the transaction.

CASA GRANDE, AZ-Goodwill of Southern Arizona has taken down 20,360 square feet of space at TriValley Plaza, 1325 E. Florence Blvd. for a retail store. The store will be Casa Grande’s first, and will open in 2012.  David Blanchette with CB Richard Ellis’ Tucson office represented the tenant, Goodwill Industries of Southern Arizona of Tucson, in negotiating the 10-year lease agreement.  The landlord, Tri Valley Associates LLC of Tucson, was represented by Andy Seleznov of Larsen Baker in Tucson. 

DALLAS- DeLuca & Nemeroff LLP leased 7,057 SF of office space at 2626 Cole Avenue in Dallas. Beth Boyd of Holt Lunsford Commercial represented the landlord, TA Associates Realty, and Eliza Solender of Solender/Hall represented the tenant.

DALLAS-Dollar Tree Inc. has leased 12,000 square feet at Wheatland Towne Crossing at Interstate 20 and Wheatland Road. Jim Weir and Jack Weir with the Retail Connection represented the tenant. 

DALLAS-Lakewood Pizza Partners LLC has leased 2,500 square feet at Hillside Village, at the northeast corner of Mockingbird Lane and Abrams Road. The tenant, represented by Wyatt Russo with the Retail Connection, will open an Olivella’s Pizzeria in the space, which is owned by Twinrose Investments.

DALLAS- Stanley Korshak has renewed 63,000 square feet at the 159,000-square-foot Shops at Crescent Court, 500 Crescent Court. Tony Click, Crescent vice president leasing, brokered the renewal.

FORT WORTH-Monument Restaurants LLC, which runs Five Guys Famous Burgers & Fries, has leased 2,500 square feet at Sam Moon Center at Interstate 35W South and Heritage Trace Parkway. Mattress Giant Corp. also took 2,800 square feet at the center. Greg Bracchi with Edge Realty represented property owner SM Center Fort Worth Ltd. in both transactions transaction as did the Retail Connection’s Jim Weir, Brandon Trimble and Andrew Sudderth.

 IRVING, TX- Yasmesoft Inc. signed a 1,272 square foot lease at the 100,359-square-foot Meridian office building, 1425 Greenway Dr. Beaux Riley with SCM Real Estate Services represented the landlord in this transaction.

HOUSTON- Two Sigma Solutions LLC has leased 8,988 square feet office space at the Great Jones Building, 708 Main St. in Houston’s CBD. Jon Lee and Rich Pancioli of CB Richard Ellis represented the tenant in this transaction. Kevin Nolan and Griffin Jaggard of Moody Rambin represented the landlord.

LAS COLINAS, TX-Wave Two leased 7,737 square feet of office space at the Embassy, 1431 Greenway Dr. Todd Noonan with Stream Realty Partners LP represented WaveTwo and Chris Wright and Sean Dalton with Grubb & Ellis Co. represented the landlord in the transaction.

WINDCREST, TX-Mattress Firm has leased 4,000 square feet on a pad site at Windsor Park Centre, on Interstate 35 N and Walzem Road.  The company will open for business in mid-2012. The 200,000-square-foot Windsor Park Centre, located near San Antonio, is owned by Whitestone REIT.  Tenants include Ross Dress for Less, University of Phoenix, Michaels, Cavender's Boot City, Office Depot and PetSmart. Dan Nixon and Richard Vaughan, both of Whitestone REIT, represented the landlord, while Brian Lent of Highline Real Estate Group, Dallas, represented Mattress Firm.

THE WOODLANDS, TX-Peter B. Morgan, MD has taken 3,892 square feet at Pinecroft Professional Center, 9303 Pinecroft Dr. Matt Dickson and Paul Penland of CB Richard Ellis represented the tenant in this transaction. James Pisula of Pinecroft Realty represented the landlord.

THE WOODLANDS, TX- Aquatic Ventures Inc. (dba Swim Shops of the Southwest), has leased 1,500 square feet of retail space at Terramont Center, located at 9955 Woodlands Parkway in The Woodlands, Texas. Rip Reynolds of CB Richard Ellis represented the tenant in this transaction.

ACQUISITIONS/DISPOSITIONS

HOUSTON- O'Connor/Wafra Retail Partners, a fund sponsored by O'Connor Capital Partners and Wafra Investment Advisory Group, has acquired a 278,209-square-foot open-air center, Baybrook Village.  Baybrook Village is anchored by Sports Authority, Ross and Toys ‘R’ Us, and has an excellent mix of destination tenants including PetSmart, Ulta, Jos. A. Bank, and Jo-Ann Fabric & Crafts. 

HUNTSVILLE, AL- Irvine, CA-based IRA Realty Capital has purchased the 152,000-square-foot Verizon Headquarters in Huntsville, AL for $27.5 million.  IRA’s recent acquisition was structured as a joint venture between IRA and a Persian-Gulf based equity fund, with JP Morgan providing the debt financing.  According to IRA founding partners Samir Patel and Amer Kasm, the Verizon acquisition has a strong mix of fundamentals that make it a compelling opportunity. The built-to-suit facility cost more than $44 million to build and sits on 25 acres within Huntsville’s Thornton Research Park. 

PHOENIX-Sun Property Holdings LLC acquired 26.71 acres in Watermark, a commercial development located south of the southwest corner of Gilbert and Germann Roads at the Chandler Airpark. Mindy Korth, Bill Bayless and Barry Gabel with CB Richard Ellis negotiated the $4.65 million transaction on behalf of the seller, Johnson Bank of Scottsdale, AZ. The Phoenix-based buyer was represented by Todd Noel of Colliers International. The land is part of Watermark’s 38-acre master-plan.

PHOENIX-Summit Equity Investments Inc. of Los Angeles acquired the 224-unit Fountain Oaks at 1225 N. 40^th St. for $8.3 million.  Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office represented the seller, whose name was not disclosed. The buyer was self-represented.  Built in 1983, Fountain Oaks has all two-bedroom, one-bath units that range in size from 702 square feet to 720 square feet.

SCOTTSDALE, AZ- SCA Property LLC sold 26 units out of 226 units within the Bella Vita condominium project at 5995 N. 78^th Place. Buyer Strategic Real Estate IV LLC paid $1.9 million for the units.  The seller was represented by Greg Thielen of the Phoenix office of Hendricks & Partners.

CAPITAL MARKETS

MURPHY, TX-Love Funding has closed a $9.22 million construction loan for Orchard Park of Murphy, an 84-bed assisted living center that recently broke ground. Love Funding vice president Joshua Hausfeld secured the loan through the U.S. Department of Housing and Urban Development’s Section 232 LEAN loan program. Using the program enabled the property’s owners, McFarlin Group and Caddis Partners, to lock in a non-recourse loan at a low fixed interest rate with a 40-year term. The 75,510 square-foot facility at 210 W. Farm-to-Market Road 544 is scheduled to open in mid-2012 and once completed will house 51 assisted living beds and 33 memory care beds.

EXECUTIVE MOVES

FLOWER MOUND, TX-Kendra Hinderland has joined RED Development as managing vice president of asset management. In her new role, she’ll provide oversight of all property operations across the portfolio including staffing, reporting, investment analysis and portfolio management.

HOUSTON- Elissa (Palmer) Stone has been promoted to vice president of client strategy for Guardian Equity Companies (GEC), where she previously held a position of vice president of business development. In her new position, Stone will be responsible for new business and client relations for GEC’s management portfolio, delivery of asset performance evaluations, business development for construction and renovation services and delivery of pro-forma/due diligence overviews. Stone started her career with Robert Half International's office team division. Stone's roles with RHI included business development manager, director of sales and division director for Robert Half Technology.